REGISTERED NUMBER: |
Financial Statements For The Year Ended 31 December 2023 |
for |
Pinnacle Surveyors (England And Wales) |
Limited |
REGISTERED NUMBER: |
Financial Statements For The Year Ended 31 December 2023 |
for |
Pinnacle Surveyors (England And Wales) |
Limited |
Pinnacle Surveyors (England And Wales) |
Limited (Registered number: 03522287) |
Contents of the Financial Statements |
For The Year Ended 31 December 2023 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 3 |
Pinnacle Surveyors (England And Wales) |
Limited |
Company Information |
For The Year Ended 31 December 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Senior statutory auditor: |
Auditors: |
Prospect House |
1 Prospect Place |
Pride Park |
Derby |
Derbyshire |
DE24 8HG |
Pinnacle Surveyors (England And Wales) |
Limited (Registered number: 03522287) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 9 |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Capital redemption reserve |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Pinnacle Surveyors (England And Wales) |
Limited (Registered number: 03522287) |
Notes to the Financial Statements |
For The Year Ended 31 December 2023 |
1. | Statutory information |
Pinnacle Surveyors (England And Wales) Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
The financial statements are prepared in sterling (£) and rounded to the nearest (£), which is the functional currency of the Company. |
Going Concern |
Forecasts prepared anticipate a higher level of activity in 2024, already borne out in the first month, and that the company will have adequate cash resources for the next 12 months and beyond. |
The directors, therefore, consider that they have a reasonable expectation that the company has |
adequate resources to continue in operational existence for at least 12 months from the date of |
authorising these financial statements and therefore continues to adopt the going concern basis |
in preparing its financial statements. |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Pinnacle Surveyors (England And Wales) |
Limited (Registered number: 03522287) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
3. | Accounting policies - continued |
Tangible fixed assets |
Tangible fixed assets under te cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. |
Depreciation is provided on the following basis: |
Computer equipment - 25% straight line |
The assets' residual value, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pinnacle Surveyors (England And Wales) |
Limited (Registered number: 03522287) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
3. | Accounting policies - continued |
Operating lease commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Impairment of assets |
Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that |
those assets have suffered an impairment loss. If there is an indication of possible impairment, |
the recoverable amount of any affected asset is estimated and compared with its carrying amount. |
If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated |
recoverable amount, and an impairment loss is recognised in profit or loss. |
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the |
revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
4. | Employees and directors |
The average number of employees during the year was |
Pinnacle Surveyors (England And Wales) |
Limited (Registered number: 03522287) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
5. | Tangible fixed assets |
Computer |
systems |
£ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Debtors: amounts falling due within one year |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to participating interests | 149,000 | 49,000 |
Taxation and social security |
Other creditors |
Other creditors includes £349,750 (2022 £nil) outstanding on a loan of £419,700 repayable over 12 instalments of £36,982 at a fixed rate of 10.4%.The final payment is due in October 2024. |
Pinnacle Surveyors (England And Wales) |
Limited (Registered number: 03522287) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
8. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
The land and building lease expires in September 2025 and motor vehicle leases expire in December 2025, January 2026 and October 2026 respectively. |
9. | Provisions for liabilities |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 3,453 | 5,690 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Credit to Income statement during year | ( |
) |
Balance at 31 December 2023 |
The amount of the net reversal of deferred tax expected to occur next year relates to the reversal of existing timing differences on tangible fixed assets and is considered to be immaterial. |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
A Ordinary Shares | .01 | - | - |
B Ordinary | .01 | 1 | 1 |
1 | 1 |
Pinnacle Surveyors (England And Wales) |
Limited (Registered number: 03522287) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
11. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the auditors was unqualified. |
for and on behalf of |
12. | Related party disclosures |
Amounts due to directors (2023 £9, 2022 £51,009), other shareholders (2023 £149,000, 2022 £49,000) and the parent company (2023 £7,690, 2022 £7,690) are interest free and repayable on demand. |
Dividends of £nil (2022 £810,000) were paid to the parent company. CO2 Commercial Limited owns the whole of the equity capital and was the ultimate holding company and controlling party throughout the year. CO2 Commercial Limited is not under the control of any individual or group. |