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Registration number: OC407250

Pinnacle Wealth Management LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Pinnacle Wealth Management LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Balance Sheet

2

Notes to the Financial Statements

4

 

Pinnacle Wealth Management LLP

Limited liability partnership information

Designated members

Mr C J Hodgins

Mr F D Shawish
 

Registered office

Midway House
Herrick Way
Staverton
Cheltenham
England
GL51 6TQ

Accountants

Harbour Key Limited
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

 

Pinnacle Wealth Management LLP

(Registration number: OC407250)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

2

4,793,244

5,483,149

Tangible assets

3

48,577

54,679

 

4,841,821

5,537,828

Current assets

 

Debtors

5

1,993,384

1,959,898

Cash and short-term deposits

 

157,336

751,340

 

2,150,720

2,711,238

Creditors: Amounts falling due within one year

6

(510,735)

(1,859,566)

Net current assets

 

1,639,985

851,672

Total assets less current liabilities

 

6,481,806

6,389,500

Creditors: Amounts falling due after more than one year

7

(4,453,018)

(3,597,731)

Net assets attributable to members

 

2,028,788

2,791,769

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

1,166,238

1,166,238

Other reserves

 

862,550

1,625,531

 

2,028,788

2,791,769

   

2,028,788

2,791,769

Total members' interests

 

Equity

 

2,028,788

2,791,769

   

2,028,788

2,791,769

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

 

Pinnacle Wealth Management LLP

(Registration number: OC407250)
Balance Sheet as at 31 March 2024

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Pinnacle Wealth Management LLP (registered number OC407250) were approved by the Board and authorised for issue on 28 October 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr C J Hodgins
Designated member

 

Pinnacle Wealth Management LLP

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

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention and in accordance with Financial Reporting Standard 102 1A (FRS 102 1A) issued by the Financial Reporting Council and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017).

The functional currency of Pinnacle Wealth Management LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Monetary amounts in these financial statements are rounded to the nearest pound.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

 

Pinnacle Wealth Management LLP

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

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Tangible fixed assets

Individual fixed assets costing £100.00 or more are initially recorded at cost.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Plant and machinery

Straight line over 5 years

Office equipment

Straight line over 5 years

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

Pinnacle Wealth Management LLP

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

2

Intangible fixed assets

Goodwill
 £

Total
£

Cost

At 1 April 2023

6,891,240

6,891,240

Additions

3,245

3,245

Disposals

(5,328)

(5,328)

At 31 March 2024

6,889,157

6,889,157

Amortisation

At 1 April 2023

1,408,091

1,408,091

Charge for the year

688,532

688,532

Eliminated on disposals

(710)

(710)

At 31 March 2024

2,095,913

2,095,913

Net book value

At 31 March 2024

4,793,244

4,793,244

At 31 March 2023

5,483,149

5,483,149

3

Tangible fixed assets

Plant and machinery
 £

Office equipment
 £

Total
£

Cost

At 1 April 2023

7,478

109,284

116,762

Additions

-

15,012

15,012

At 31 March 2024

7,478

124,296

131,774

Depreciation

At 1 April 2023

4,987

57,096

62,083

Charge for the year

1,495

19,619

21,114

At 31 March 2024

6,482

76,715

83,197

Net book value

At 31 March 2024

996

47,581

48,577

At 31 March 2023

2,491

52,188

54,679

 

Pinnacle Wealth Management LLP

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

4

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 52 (2023 - 49).

5

Debtors

2024
£

2023
£

Trade debtors

882,928

853,975

Other debtors

1,108,466

1,105,923

Prepayments and accrued income

1,990

-

Less non-current portion

(156,000)

(200,000)

Total current trade and other debtors

1,837,384

1,759,898

The non- current debtor shown above of £156,000 (2023: £200,000) relates to the deferred consideration due after one year from the disposal of client BSP's.

6

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans and overdrafts

290,230

542,964

Trade creditors

200,446

204,281

Other creditors

-

1,097,965

Accruals and deferred income

20,059

14,356

510,735

1,859,566

7

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans and overdrafts

4,453,018

3,597,731

8

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.