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REGISTERED NUMBER: 04669624 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

PINNACLE PROPERTY & DEVELOPMENT LIMITED

PINNACLE PROPERTY & DEVELOPMENT LIMITED (REGISTERED NUMBER: 04669624)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PINNACLE PROPERTY & DEVELOPMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mr C J Mountain
Mrs M Mountain
Mrs E L Miller
Mrs E A Bull





SECRETARY: Mrs E L Miller





REGISTERED OFFICE: 27 Station Road
Beamish
Stanley
County Durham
DH9 0QU





REGISTERED NUMBER: 04669624 (England and Wales)





ACCOUNTANTS: RMT Ribchesters
Accountants and Business Advisors
Finchale House
Belmont Business Park
Durham
DH1 1TW

PINNACLE PROPERTY & DEVELOPMENT LIMITED (REGISTERED NUMBER: 04669624)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 236
Investment property 5 950,000 950,000
950,000 950,236

CURRENT ASSETS
Debtors 6 315 285
Cash at bank and in hand 16,109 20,412
16,424 20,697
CREDITORS
Amounts falling due within one year 7 31,214 26,325
NET CURRENT LIABILITIES (14,790 ) (5,628 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

935,210

944,608

PROVISIONS FOR LIABILITIES 105,503 105,562
NET ASSETS 829,707 839,046

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 829,607 838,946
SHAREHOLDERS' FUNDS 829,707 839,046

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 PROPERTY & DEVELOPMENT LIMITED (REGISTERED NUMBER: 04669624)

BALANCE SHEET - continued
31 MAY 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by:





Mr C J Mountain - Director


PINNACLE PROPERTY & DEVELOPMENT LIMITED (REGISTERED NUMBER: 04669624)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Pinnacle Property & Development Limited is a private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.

Turnover
Turnover is recognised in respect of rents due from the investment property on a receivable basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 PROPERTY & DEVELOPMENT LIMITED (REGISTERED NUMBER: 04669624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Going concern
The directors have considered the future cashflow of the company and the expected working capital available to the company for a period in excess of 12 months from the date of this report. They are satisfied that the company will generate sufficient resources to continue operations. The financial statements have therefore been prepared on the going concern basis.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023
and 31 May 2024 2,864
DEPRECIATION
At 1 June 2023 2,628
Charge for year 236
At 31 May 2024 2,864
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 236

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 950,000
NET BOOK VALUE
At 31 May 2024 950,000
At 31 May 2023 950,000

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2024 950,000

PINNACLE PROPERTY & DEVELOPMENT LIMITED (REGISTERED NUMBER: 04669624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 506,414 506,414

Investment property was valued on an open market basis on 14 April 2022 by Johnson Tucker Chartered Surveyors .

The directors believe this to be the fair value at the year-end.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 315 285

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 93 149
Taxation and social security 22,396 19,067
Other creditors 8,725 7,109
31,214 26,325

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1.00 - 100
50 Ordinary A Shares £1.00 50 -
50 Ordinary B Shares £1.00 50 -
100 100

On 6 December 2023 a special resolution was passed to change the existing 100 Ordinary shares into 50 Ordinary A shares and 50 Ordinary B shares.

9. RELATED PARTY DISCLOSURES

During the year the directors maintained interest free loans to the company. As at the year end an amount of £3,021 remained outstanding (2023: £2,004).

10. RESERVES

Retained earnings is comprised of £455,110 of distributable reserves and £374,497 of non-distributable
reserves.