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REGISTERED NUMBER: SC279951 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

PINNACLE SYSTEMS (SCOTLAND) LIMITED

PINNACLE SYSTEMS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC279951)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PINNACLE SYSTEMS (SCOTLAND) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: P R Hagan
Mrs T Hagan





SECRETARY: Mrs T Hagan





REGISTERED OFFICE: Railwayside House
Summerlee Road
Larkhall
Lanarkshire
ML9 2UH





REGISTERED NUMBER: SC279951 (Scotland)





ACCOUNTANT: John Murphy & Company (Scotland) Limited
Chartered Accountants
Castle Chambers
67 Main Street
Bothwell
Lanarkshire
G71 8ER

PINNACLE SYSTEMS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC279951)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 300 600
Tangible assets 5 195,691 171,118
195,991 171,718

CURRENT ASSETS
Stocks 6 13,500 13,500
Cash at bank 17,621 15,687
31,121 29,187
CREDITORS
Amounts falling due within one year 7 137,105 113,315
NET CURRENT LIABILITIES (105,984 ) (84,128 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

90,007

87,590

CREDITORS
Amounts falling due after more than one
year

8

(19,167

)

(29,167

)

PROVISIONS FOR LIABILITIES 9 (1,556 ) (565 )
NET ASSETS 69,284 57,858

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 69,184 57,758
SHAREHOLDERS' FUNDS 69,284 57,858

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PINNACLE SYSTEMS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC279951)

BALANCE SHEET - continued
29 FEBRUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 10 September 2024 and were signed on its behalf by:





P R Hagan - Director


PINNACLE SYSTEMS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC279951)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Pinnacle Systems (Scotland) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

PINNACLE SYSTEMS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC279951)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 6,000
AMORTISATION
At 1 March 2023 5,400
Amortisation for year 300
At 29 February 2024 5,700
NET BOOK VALUE
At 29 February 2024 300
At 28 February 2023 600

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2023 166,597 2,725 8,374
Additions 21,610 - -
At 29 February 2024 188,207 2,725 8,374
DEPRECIATION
At 1 March 2023 - 2,710 8,250
Charge for year - - 107
At 29 February 2024 - 2,710 8,357
NET BOOK VALUE
At 29 February 2024 188,207 15 17
At 28 February 2023 166,597 15 124

PINNACLE SYSTEMS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC279951)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 18,790 1,107 197,593
Additions 5,871 - 27,481
At 29 February 2024 24,661 1,107 225,074
DEPRECIATION
At 1 March 2023 14,871 644 26,475
Charge for year 2,523 278 2,908
At 29 February 2024 17,394 922 29,383
NET BOOK VALUE
At 29 February 2024 7,267 185 195,691
At 28 February 2023 3,919 463 171,118

6. STOCKS
29.2.24 28.2.23
£    £   
Stock 13,500 13,500

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 14,717 28,096
Corporation tax 99,776 63,880
Payroll taxation 1,023 1,556
Pension fund control - 71
Arrestments 138 -
VAT 8,886 8,555
Directors' current accounts 53 270
Accrued charges 2,512 887
137,105 113,315

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 9,167 19,167
19,167 29,167

9. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£    £   
Deferred tax 1,556 565

PINNACLE SYSTEMS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC279951)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 March 2023 565
Provided during year 991
Balance at 29 February 2024 1,556

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company occupies premises owned by the directors. A normal commercial rent of £9,600 per annum was paid during the trading period and at the balance sheet date no amount was outstanding in this respect.

11. ULTIMATE CONTROLLING PARTY

The controlling party is P R Hagan.