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Registered number: 07794141
Pinnacle Storage Solutions Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07794141
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 23,000 23,000
Tangible Assets 5 132,211 184,145
155,211 207,145
CURRENT ASSETS
Debtors 6 272,572 61,807
Cash at bank and in hand 75,491 336,276
348,063 398,083
Creditors: Amounts Falling Due Within One Year 7 (352,327 ) (359,432 )
NET CURRENT ASSETS (LIABILITIES) (4,264 ) 38,651
TOTAL ASSETS LESS CURRENT LIABILITIES 150,947 245,796
Creditors: Amounts Falling Due After More Than One Year 8 (24,841 ) (47,350 )
NET ASSETS 126,106 198,446
CAPITAL AND RESERVES
Called up share capital 10 101 101
Profit and Loss Account 126,005 198,345
SHAREHOLDERS' FUNDS 126,106 198,446
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Louise Bruno
Director
9 August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Pinnacle Storage Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07794141 . The registered office is Units 1-3 Forest Oaks, Aimes Green, Galley Hill Road, Waltham Abbey, Herts, EN9 2BJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Useful life
Motor Vehicles 25% Straight line
Computer Equipment 33% Straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist.Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cashgenerating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cashgenerating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 7 7
7 7
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2022 23,000
As at 31 October 2023 23,000
Net Book Value
As at 31 October 2023 23,000
As at 1 November 2022 23,000
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5. Tangible Assets
Land & Property
Freehold Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2022 60,000 460,896 1,331 522,227
Additions - - 1,498 1,498
As at 31 October 2023 60,000 460,896 2,829 523,725
Depreciation
As at 1 November 2022 - 337,860 222 338,082
Provided during the period - 52,663 769 53,432
As at 31 October 2023 - 390,523 991 391,514
Net Book Value
As at 31 October 2023 60,000 70,373 1,838 132,211
As at 1 November 2022 60,000 123,036 1,109 184,145
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 60,282 57,612
Other debtors 210,003 -
Other taxes and social security 2,287 4,195
272,572 61,807
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 22,510 49,965
Trade creditors 14,322 8,507
Bank loans and overdrafts 25,833 35,833
Corporation tax 89,344 61,523
VAT 40,301 50,315
Pension fund 521 253
Directors' loan accounts 159,496 153,036
352,327 359,432
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 24,841 47,350
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9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 22,510 49,965
Later than one year and not later than five years 24,841 47,350
47,351 97,315
47,351 97,315
10. Share Capital
2023 2022
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.000 each 100 100
1 Ordinary A shares of £ 1.000 each 1 1
101 101
11. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans to directors:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr John Bruno (153,036 ) 13,983 (20,443 ) - (159,496 )
The above loan is unsecured, interest free and repayable on demand.
12. Ultimate Controlling Party
The company's ultimate controlling party is Mr John Bruno by virtue of his ownership of more than 50% of the issued share capital in the company.
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