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Registered number: 08357519
Pinnacle Elevators Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 08357519
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 11,965 11,965
11,965 11,965
CURRENT ASSETS
Stocks 5 126,750 116,230
Debtors 6 122,444 163,086
Cash at bank and in hand 4,862 42
254,056 279,358
Creditors: Amounts Falling Due Within One Year 7 (214,767 ) (242,894 )
NET CURRENT ASSETS (LIABILITIES) 39,289 36,464
TOTAL ASSETS LESS CURRENT LIABILITIES 51,254 48,429
Creditors: Amounts Falling Due After More Than One Year 8 (30,018 ) (38,788 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,337 ) (1,337 )
NET ASSETS 19,899 8,304
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 19,799 8,204
SHAREHOLDERS' FUNDS 19,899 8,304
Page 1
Page 2
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Steven Cullis
Director
29/01/2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Pinnacle Elevators Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08357519 . The registered office is 14 Beech Crescent, Darrington, Pontefract, West Yorkshire, WF8 3AD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 33% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 5)
2 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2022 1,200 24,900 1,983 28,083
As at 31 January 2023 1,200 24,900 1,983 28,083
Depreciation
As at 1 February 2022 1,063 14,062 993 16,118
As at 31 January 2023 1,063 14,062 993 16,118
...CONTINUED
Page 3
Page 4
Net Book Value
As at 31 January 2023 137 10,838 990 11,965
As at 1 February 2022 137 10,838 990 11,965
5. Stocks
2023 2022
£ £
Stock 126,750 116,230
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 119,444 160,086
Other debtors 3,000 3,000
122,444 163,086
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 2,909 2,910
Bank loans and overdrafts 5,000 8,322
Other taxes and social security 15,085 58,621
VAT 37,374 11,936
Net wages 3,905 3,905
Other creditors 145,035 156,000
Accruals and deferred income 1,200 1,200
Director's loan account 4,259 -
214,767 242,894
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 30,018 38,788
30,018 38,788
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 4