Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-01falseNo description of principal activity1415truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03659758 2023-05-01 2024-04-30 03659758 2022-05-01 2023-04-30 03659758 2024-04-30 03659758 2023-04-30 03659758 c:Director1 2023-05-01 2024-04-30 03659758 d:OfficeEquipment 2023-05-01 2024-04-30 03659758 d:OfficeEquipment 2024-04-30 03659758 d:OfficeEquipment 2023-04-30 03659758 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03659758 d:CurrentFinancialInstruments 2024-04-30 03659758 d:CurrentFinancialInstruments 2023-04-30 03659758 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 03659758 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 03659758 d:ShareCapital 2024-04-30 03659758 d:ShareCapital 2023-04-30 03659758 d:RetainedEarningsAccumulatedLosses 2024-04-30 03659758 d:RetainedEarningsAccumulatedLosses 2023-04-30 03659758 d:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2023-05-01 2024-04-30 03659758 d:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2024-04-30 03659758 d:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2023-04-30 03659758 c:FRS102 2023-05-01 2024-04-30 03659758 c:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 03659758 c:FullAccounts 2023-05-01 2024-04-30 03659758 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03659758 2 2023-05-01 2024-04-30 03659758 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 03659758










Pinnacle Financial Contracts Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 April 2024

 
Pinnacle Financial Contracts Limited
 
  
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Pinnacle Financial Contracts Limited for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pinnacle Financial Contracts Limited for the year ended 30 April 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Pinnacle Financial Contracts Limited in accordance with the terms of our engagement letter dated 9 July 2024Our work has been undertaken solely to prepare for your approval the financial statements of Pinnacle Financial Contracts Limited and state those matters that we have agreed to state to the director of Pinnacle Financial Contracts Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pinnacle Financial Contracts Limited and its director for our work or for this report. 

It is your duty to ensure that Pinnacle Financial Contracts Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Pinnacle Financial Contracts Limited. You consider that Pinnacle Financial Contracts Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Pinnacle Financial Contracts Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
7 November 2024
Page 1

 
Pinnacle Financial Contracts Limited
Registered number: 03659758

Balance sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
986
866

  
986
866

Current assets
  

Debtors: amounts falling due within one year
 5 
212,398
186,010

Cash at bank and in hand
  
211,529
754,867

  
423,927
940,877

Creditors: amounts falling due within one year
 6 
(156,911)
(183,620)

Net current assets
  
 
 
267,016
 
 
757,257

Total assets less current liabilities
  
268,002
758,123

Provisions for liabilities
  

Other provisions
 7 
(112,171)
(140,584)

  
 
 
(112,171)
 
 
(140,584)

Net assets
  
155,831
617,539


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
155,829
617,537

  
155,831
617,539


Page 2

 
Pinnacle Financial Contracts Limited
Registered number: 03659758

Balance sheet (continued)
As at 30 April 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 November 2024.




N J Brushett
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
Pinnacle Financial Contracts Limited
 

 
Notes to the financial statements
For the Year Ended 30 April 2024

1.


General information

Pinnacle Financial Contracts Limited ("the company") is a private company limited by shares and is incorporated in England with the registration number 03659758. The address of the registered office is Montague Place, Quayside, Chatham Maritime, Kent, ME4 4QU. The principal place of business is 2 Hawkwell Barn, Maidstone Road, Tunbridge Wells, Kent, TN2 4AG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
Pinnacle Financial Contracts Limited
 

 
Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 5

 
Pinnacle Financial Contracts Limited
 

 
Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.



3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 - 15).

Page 6

 
Pinnacle Financial Contracts Limited
 

 
Notes to the financial statements
For the Year Ended 30 April 2024

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 May 2023
70,264


Additions
976



At 30 April 2024

71,240



Depreciation


At 1 May 2023
69,398


Charge for the year on owned assets
856



At 30 April 2024

70,254



Net book value



At 30 April 2024
986



At 30 April 2023
866


5.


Debtors

2024
2023
£
£


Trade debtors
178,334
165,810

Other debtors
27,708
10,326

Prepayments and accrued income
6,356
9,874

212,398
186,010



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,721
9,255

Corporation tax
-
59,030

Other taxation and social security
9,621
11,812

Other creditors
63,183
59,197

Accruals and deferred income
80,386
44,326

156,911
183,620


Page 7

 
Pinnacle Financial Contracts Limited
 

 
Notes to the financial statements
For the Year Ended 30 April 2024

7.


Provisions





Clawback provision

£





At 1 May 2023
140,584


Charged to profit or loss
(28,413)



At 30 April 2024
112,171


8.


Related party transactions

During the year the company declared and paid total dividends of £259,182 (2023 - £377,976) to the director who is also a shareholder of the company. 
All other transactions with related parties that arose during the current and prior years, including any director's remuneration payable, were done so under normal market conditions.


Page 8