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COMPANY REGISTRATION NUMBER: 11844903
Pinnacle Harnesses Ltd
Filleted Unaudited Financial Statements
29 February 2024
Pinnacle Harnesses Ltd
Statement of Financial Position
29 February 2024
2024
2023
(restated)
Note
£
£
Fixed Assets
Tangible assets
5
29,304
27,732
Investments
6
365,737
---------
--------
395,041
27,732
Current Assets
Stocks
125,640
63,029
Debtors
7
123,515
324,092
Cash at bank and in hand
180,588
219,649
---------
---------
429,743
606,770
Creditors: amounts falling due within one year
8
271,870
318,484
---------
---------
Net Current Assets
157,873
288,286
---------
---------
Total Assets Less Current Liabilities
552,914
316,018
Creditors: amounts falling due after more than one year
9
19,167
29,167
Provisions
5,268
6,586
---------
---------
Net Assets
528,479
280,265
---------
---------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
528,379
280,165
---------
---------
Shareholders Funds
528,479
280,265
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Pinnacle Harnesses Ltd
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 21 November 2024 , and are signed on behalf of the board by:
Mr P S Harry
Director
Company registration number: 11844903
Pinnacle Harnesses Ltd
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor, Pembroke House, Ellice Way, Wrexham Technology Park, Wrexham, LL13 7YT, Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
50% straight line
Plant and machinery
-
25% reducing balance
Equipment
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in Associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in Joint Ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of Fixed Assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that 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 cash-generating 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Tangible assets
Short leasehold property
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 March 2023 (as restated)
2,656
48,721
4,910
56,287
Additions
3,345
5,470
2,740
11,555
Disposals
( 2,428)
( 436)
( 2,864)
-------
--------
-------
--------
At 29 February 2024
6,001
51,763
7,214
64,978
-------
--------
-------
--------
Depreciation
At 1 March 2023
2,656
24,256
1,643
28,555
Charge for the year
669
7,240
866
8,775
Disposals
( 1,452)
( 204)
( 1,656)
-------
--------
-------
--------
At 29 February 2024
3,325
30,044
2,305
35,674
-------
--------
-------
--------
Carrying amount
At 29 February 2024
2,676
21,719
4,909
29,304
-------
--------
-------
--------
At 28 February 2023
24,465
3,267
27,732
-------
--------
-------
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 March 2023 as restated
Additions
365,737
---------
At 29 February 2024
365,737
---------
Impairment
At 1 March 2023 as restated and 29 February 2024
---------
Carrying amount
At 29 February 2024
365,737
---------
At 28 February 2023
---------
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
R&J Harnesses Limited
Ordinary
100
7. Debtors
2024
2023
(restated)
£
£
Trade debtors
116,999
317,576
Other debtors
6,516
6,516
---------
---------
123,515
324,092
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
96,233
127,349
Corporation tax
45,617
57,539
Social security and other taxes
41,705
31,057
Other creditors
78,315
92,539
---------
---------
271,870
318,484
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
19,167
29,167
--------
--------
10. Prior period adjustment
As the company no longer qualifies as being eligible to prepare accounts under FRS105, financial statements for the year ended 29 February 2024 have been prepared in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The transitional adjustments made related to the recognition of a provision for deferred tax liability which has been recognised as a prior year adjustment in these financial statements as follows:
2024 2023
£ £
Brought forward as previously reported 286,751 52,783
Prior year adjustment:
Year ended 28 February 2022 deferred tax creditor (6,551) (6,551)
Year ended 28 February 2023 movement on deferred tax creditor (35)
--------- --------
Brought forward reserves as restated 280,165 46,232
--------- --------
There were no other adjustments necessary to comply with Section 1A of FRS102.