REGISTERED NUMBER: |
Pinnacle Business Solutions Limited |
Financial Statements For The Year Ended 31 May 2024 |
REGISTERED NUMBER: |
Pinnacle Business Solutions Limited |
Financial Statements For The Year Ended 31 May 2024 |
Pinnacle Business Solutions Limited (Registered number: SC158161) |
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 Business Solutions Limited |
Company Information |
For The Year Ended 31 May 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4 North Guildry Street |
Elgin |
Moray |
IV30 1JR |
BANKERS: |
Nairn |
PO Box 17235 |
Edinburgh |
EH11 1YH |
Pinnacle Business Solutions Limited (Registered number: SC158161) |
Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) | ( |
) |
( |
) | ( |
) |
The director acknowledges his 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 Business Solutions Limited (Registered number: SC158161) |
Balance Sheet - continued |
31 May 2024 |
The financial statements were approved by the director and authorised for issue on |
Pinnacle Business Solutions Limited (Registered number: SC158161) |
Notes to the Financial Statements |
For The Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Pinnacle Business Solutions Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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 |
Equipment | - |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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 Business Solutions Limited (Registered number: SC158161) |
Notes to the Financial Statements - continued |
For The Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The balance sheet shows that liabilities exceed assets by £43,796 including a liability to the director of the company of £96,320. The director of the company has confirmed that he will maintain financial support for the foreseeable future to enable the company to continue normal trading operations. The financial statements are therefore drawn up on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
AMORTISATION |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | TANGIBLE FIXED ASSETS |
Equipment |
£ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Pinnacle Business Solutions Limited (Registered number: SC158161) |
Notes to the Financial Statements - continued |
For The Year Ended 31 May 2024 |
6. | DEBTORS |
31.5.24 | 31.5.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Other creditors includes £Nil (2023 - £12,002) of loans which are secured by a bond and floating charge over the company's assets. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
9. | CALLED UP SHARE CAPITAL |
Number | Class | Nominal value | 31.5.24 | 31.5.23 |
40 | Ordinary A shares | 1 | 40 | 40 |
40 | Ordinary B shares | 1 | 40 | 40 |
40 | Ordinary C shares | 1 | 40 | 40 |
20 | Ordinary D shares | 1 | 20 | 20 |
20 | Ordinary E shares | 1 | 20 | 20 |
10 | Ordinary F shares | 1 | 10 | 10 |
10 | Ordinary G shares | 1 | 10 | 10 |
10 | Ordinary H shares | 1 | 10 | 10 |
10 | Ordinary I shares | 1 | 10 | 10 |
200 | 200 |
Pinnacle Business Solutions Limited (Registered number: SC158161) |
Notes to the Financial Statements - continued |
For The Year Ended 31 May 2024 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 June 2023 | ( |
) |
Profit for the year |
Dividends | ( |
) |
At 31 May 2024 | ( |
) |
11. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £2,000 were paid to the director . |
At 31 May 2023 the company owed the director £78,104. During the year the director met expenditure of £18,216 on behalf of the company. At 31 May 2024 the company owed the director £96,320. This loan bears interest at 10% per annum and has no fixed repayment terms. |