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COMPANY REGISTRATION NUMBER: 14123622
Pinnacle Systems Ltd
Filleted Unaudited Financial Statements
31 May 2024
Pinnacle Systems Ltd
Balance Sheet
31 May 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
1,388,700
980,976
Tangible assets
6
65,146
12,159
------------
---------
1,453,846
993,135
Current assets
Debtors
7
106,700
164,882
Cash at bank and in hand
2,490
469
---------
---------
109,190
165,351
Creditors: amounts falling due within one year
8
529,556
110,829
---------
---------
Net current (liabilities)/assets
( 420,366)
54,522
------------
------------
Total assets less current liabilities
1,033,480
1,047,657
Creditors: amounts falling due after more than one year
9
1,402,354
1,174,459
------------
------------
Net liabilities
( 368,874)
( 126,802)
------------
------------
Capital and reserves
Called up share capital
10,752
10,000
Share premium account
348,496
Profit and loss account
( 728,122)
( 136,802)
---------
---------
Shareholders deficit
( 368,874)
( 126,802)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income (including profit and loss account) has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Pinnacle Systems Ltd
Balance Sheet (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 17 February 2025 , and are signed on behalf of the board by:
Mr R Martin
Director
Company registration number: 14123622
Pinnacle Systems Ltd
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Laurel House, First Floor,, Tytherington Business Park, Macclesfield, Cheshire, SK10 2XA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The business continues to receive the support of the Principal Shareholder via the loan from Sensory International Ltd and as a result, it is considered appropriate to prepare the financial statements on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses .
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Development costs
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 5 ).
5. Intangible assets
Development costs
£
Cost
At 1 June 2023
1,001,848
Additions
877,581
------------
At 31 May 2024
1,879,429
------------
Amortisation
At 1 June 2023
20,872
Charge for the year
469,857
------------
At 31 May 2024
490,729
------------
Carrying amount
At 31 May 2024
1,388,700
------------
At 31 May 2023
980,976
------------
6. Tangible assets
Equipment
£
Cost
At 1 June 2023
12,394
Additions
58,157
--------
At 31 May 2024
70,551
--------
Depreciation
At 1 June 2023
235
Charge for the year
5,170
--------
At 31 May 2024
5,405
--------
Carrying amount
At 31 May 2024
65,146
--------
At 31 May 2023
12,159
--------
7. Debtors
2024
2023
£
£
Other debtors
106,700
164,882
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
129,388
54,685
Amounts owed to group undertakings and undertakings in which the company has a participating interest
200,752
Social security and other taxes
62,483
32,144
Other creditors
136,933
24,000
---------
---------
529,556
110,829
---------
---------
During the year and loan was advanced by Lusso Travel Ltd, a company under common control, and a loan agreed. The loan agreement dated 25 April 2024 specifies that the loan is repayable on demand with a 1% interest rate. The directors do not expect to repay the loan before 31 May 2025.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,402,354
1,174,459
------------
------------
During the year further amounts were advanced by Sensory International Limited, a company under common control, and a loan facility agreed. The loan agreement dated 1 June 2023 specifies a rolling 12 month facility, with annual review by the lender and 7.5% interest rate. The loan was reviewed at 1 June 2024 and extended to 31 May 2025. The directors do not expect to repay the loan before 31 May 2025.
10. Related party transactions
During the year, further payments were made on behalf of the company by Sensory International Ltd, a company under common control. As at 31 May 2024, £1,402,354 (2023 £1,174,458) is outstanding and a loan facility was agreed. During the year payments were made in behalf of the company by Lusso Travel Ltd, a company under common control. As at 31 May 2024 £61,832 was still owed and included within trade creditors. Also during the year, a loan was advanced to the company, by Lusso Travel Ltd. As at 31 May 2024 £200,752 was outstanding and a loan was agreed.