Pinnacle Motor Engineering Company Limited 01694458 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is those of commercial motor vehicle repairers, investment property management and the development of properties for resale. Digita Accounts Production Advanced 6.30.9574.0 true true 01694458 2023-04-01 2024-03-31 01694458 2024-03-31 01694458 core:CurrentFinancialInstruments 2024-03-31 01694458 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01694458 core:FurnitureFittingsToolsEquipment 2024-03-31 01694458 core:LandBuildings 2024-03-31 01694458 bus:SmallEntities 2023-04-01 2024-03-31 01694458 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01694458 bus:FullAccounts 2023-04-01 2024-03-31 01694458 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01694458 bus:RegisteredOffice 2023-04-01 2024-03-31 01694458 bus:Director1 2023-04-01 2024-03-31 01694458 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01694458 core:Buildings 2023-04-01 2024-03-31 01694458 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 01694458 core:LandBuildings 2023-04-01 2024-03-31 01694458 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 01694458 countries:EnglandWales 2023-04-01 2024-03-31 01694458 2023-03-31 01694458 core:FurnitureFittingsToolsEquipment 2023-03-31 01694458 core:LandBuildings 2023-03-31 01694458 2022-04-01 2023-03-31 01694458 2023-03-31 01694458 core:CurrentFinancialInstruments 2023-03-31 01694458 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01694458 core:FurnitureFittingsToolsEquipment 2023-03-31 01694458 core:LandBuildings 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 01694458

Pinnacle Motor Engineering Company Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Pinnacle Motor Engineering Company Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Financial Statements

3 to 6

 

Pinnacle Motor Engineering Company Limited

(Registration number: 01694458)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

127,185

43,374

Investment property

5

503,579

250,000

 

630,764

293,374

Current assets

 

Debtors

6

259,703

283,405

Cash at bank and in hand

 

871,289

875,263

 

1,130,992

1,158,668

Creditors: Amounts falling due within one year

7

(334,332)

(230,967)

Net current assets

 

796,660

927,701

Total assets less current liabilities

 

1,427,424

1,221,075

Provisions for liabilities

(25,951)

(4,517)

Net assets

 

1,401,473

1,216,558

Capital and reserves

 

Called up share capital

64,000

64,000

Other reserves

54,745

54,745

Retained earnings

1,282,728

1,097,813

Shareholders' funds

 

1,401,473

1,216,558

 

Pinnacle Motor Engineering Company Limited

(Registration number: 01694458)
Statement of Financial Position as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

.........................................
Mr P A T Turner
Director

   
     
 

Pinnacle Motor Engineering Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Gordon Street
Lancashire Hill
Stockport
Cheshire
SK4 1RS

These financial statements were authorised for issue by the Board on 11 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Pinnacle Motor Engineering Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Over 25 years

Other

25% reducing balance/ 50% straight line

Investment property

Investment property is included at fair value and any surplus or deficit is dealt with in the Income Statement. Deferred taxation is provided at the rate expected to apply when the property is sold.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 9).

 

Pinnacle Motor Engineering Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

119,711

178,266

297,977

Additions

-

95,783

95,783

At 31 March 2024

119,711

274,049

393,760

Depreciation

At 1 April 2023

119,711

134,892

254,603

Charge for the year

-

11,972

11,972

At 31 March 2024

119,711

146,864

266,575

Carrying amount

At 31 March 2024

-

127,185

127,185

At 31 March 2023

-

43,374

43,374

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings.
 

5

Investment properties

2024
£

At 1 April 2023

250,000

Additions

253,579

At 31 March 2024

503,579

The director, Mr P A T Turner, considers that the value of the original Investment property at 31 March 2024 remains unchanged at £250,000. The new property is included at cost until the refurbishment is completed. These valuations are on an open market basis. The original cost of the properties is £448,834.

 

Pinnacle Motor Engineering Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Debtors

2024
£

2023
£

Trade debtors

206,926

263,420

Other debtors

47,534

15,765

Prepayments

5,243

4,220

259,703

283,405

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

197,674

69,996

Taxation and social security

91,310

145,627

Accruals and deferred income

41,714

6,340

Other creditors

3,634

9,004

334,332

230,967