REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PINNACLE TOWERS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PINNACLE TOWERS LIMITED |
PINNACLE TOWERS LIMITED (REGISTERED NUMBER: 04009945) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PINNACLE TOWERS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
69 High Street |
Southgate |
London |
N14 6LD |
PINNACLE TOWERS LIMITED (REGISTERED NUMBER: 04009945) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 7 |
Share premium |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PINNACLE TOWERS LIMITED (REGISTERED NUMBER: 04009945) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | Statutory information |
Pinnacle Towers Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised on a straight line basis over the life of the related lease agreements. Revenue is recorded in the month in which it is due. Any rental amounts received in advance of the month due are recorded as deferred income. One hundred percent of revenue relates to the United Kingdom market. |
Tangible fixed assets |
Depreciation is provided in order to write off each asset over its estimated useful life. Land is not depreciated as it is considered to have an indefinite life. |
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. |
Impairment of long-lived assets |
The company evaluates the recoverability of its long-lived assets wherever adverse events or changes in business climate indicate that the expected undiscounted future cash flows from the related asset may be less than previously anticipated. If the net book value of the related asset exceeds the undiscounted future cash flows of the assets, the carrying amount would be reduced to the present value of the expected future cash flows and an impairment loss would be recognised. |
PINNACLE TOWERS LIMITED (REGISTERED NUMBER: 04009945) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
4. | Tangible fixed assets |
Land and |
buildings |
£ |
Cost or valuation |
At 1 January 2023 |
and 31 December 2023 |
Depreciation |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
Included in cost or valuation of land and buildings is freehold land of £ 5,455,025 (2022 - £ 5,455,025 ) which is not depreciated. |
The amounts included above as depreciation represent an impairment provision created in 2001 as a consequence of a revaluation of assets at that date. |
5. | Debtors: amounts falling due within one year |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Prepayments and other debtors |
6. | Creditors: amounts falling due within one year |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
PINNACLE TOWERS LIMITED (REGISTERED NUMBER: 04009945) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | $0.01 | 78,316 | 78,316 |
Ordinary | $1.00 | 828,991 | 828,991 |
907,307 | 907,307 |
8. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
10. | Ultimate controlling party |
The company's ultimate parent company is Crown Castle Inc. which is incorporated in the USA. Crown Castle Inc. is the largest company in the group and the company prepares consolidated financial statements which are available to the public. Copies of the financial statements of Crown Castle Inc. may be obtained from 8020 Katy Freeway. Houston TX 77024. |