Company registration number 4591451 (England and Wales)
PINHEIROS CORPORATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
PINHEIROS CORPORATION LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
PINHEIROS CORPORATION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
380,894
284,385
Current assets
Stocks
2,391,479
1,542,518
Debtors
4
3,641,577
3,217,258
6,033,056
4,759,776
Creditors: amounts falling due within one year
5
(5,160,876)
(3,800,695)
Net current assets
872,180
959,081
Total assets less current liabilities
1,253,074
1,243,466
Creditors: amounts falling due after more than one year
6
(328,439)
(371,093)
Provisions for liabilities
7
(15,643)
(3,437)
Net assets
908,992
868,936
Capital and reserves
Called up share capital
8
70
70
Capital redemption reserve
33
33
Profit and loss reserves
908,889
868,833
Total equity
908,992
868,936
PINHEIROS CORPORATION LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 2 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
J D Pickup
Director
Company registration number 4591451 (England and Wales)
PINHEIROS CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Pinheiros Corporation Limited is a private company limited by shares incorporated in England and Wales. The registered office is 38 Dewsbury Road, Ossett, West Yorkshire, WF5 9NQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line basis
Fixtures and fittings
25% reducing balance basis
Motor vehicles
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PINHEIROS CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
PINHEIROS CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
276,068
51,265
125,367
452,700
Additions
60,205
88,000
148,205
At 30 June 2024
336,273
51,265
213,367
600,905
Depreciation and impairment
At 1 July 2023
88,111
48,862
31,342
168,315
Depreciation charged in the year
5,588
601
45,507
51,696
At 30 June 2024
93,699
49,463
76,849
220,011
Carrying amount
At 30 June 2024
242,574
1,802
136,518
380,894
At 30 June 2023
187,957
2,403
94,025
284,385
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,589,771
2,158,467
Corporation tax recoverable
15,788
16,551
Amounts owed by group undertakings
67,444
89,509
Other debtors
964,574
948,731
Prepayments and accrued income
4,000
4,000
3,641,577
3,217,258
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,640,093
1,658,100
Obligations under finance leases
28,497
12,897
Other borrowings
657,882
910,157
Trade creditors
70,519
14,056
Corporation tax
91,247
173,100
Other taxation and social security
8,874
6,144
Other creditors
1,659,179
1,011,306
Accruals and deferred income
4,585
14,935
5,160,876
3,800,695
Bank loans are secured. Obligations under finance leases are secured on the assets to which they relate.
PINHEIROS CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
198,951
283,147
Obligations under finance leases
129,488
87,946
328,439
371,093
Bank loans are secured. Obligations under finance leases are secured on the assets to which they relate.
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
15,643
3,437
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of £1 each
31
31
31
31
B Ordinary Shares of £1 each
31
31
31
31
C Ordinary Shares of £1 each
4
4
4
4
D Ordinary Shares of £1 each
4
4
4
4
70
70
70
70