IRIS Accounts Production v24.3.2.46 13996201 Board of Directors 30.6.24 1.7.23 30.6.24 30.6.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. The principal activity of the Company during the period was a holding company for a group of companies involved in the distribution electrical components and supplies. true true false true true false false false true true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh139962012023-06-30139962012024-06-30139962012023-07-012024-06-30139962012022-03-21139962012022-03-222023-06-30139962012023-06-3013996201ns15:EnglandWales2023-07-012024-06-3013996201ns14:PoundSterling2023-07-012024-06-3013996201ns10:Director12023-07-012024-06-3013996201ns10:Consolidated2024-06-3013996201ns10:ConsolidatedGroupCompanyAccounts2023-07-012024-06-3013996201ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3013996201ns10:Consolidatedns10:MediumEntities2023-07-012024-06-3013996201ns10:Consolidatedns10:Audited2023-07-012024-06-3013996201ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3013996201ns10:Medium-sizedCompaniesRegimeForAccounts2023-07-012024-06-3013996201ns10:Consolidated2023-07-012024-06-3013996201ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3013996201ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-07-012024-06-3013996201ns10:FullAccounts2023-07-012024-06-301399620112023-07-012024-06-3013996201ns10:OrdinaryShareClass12023-07-012024-06-3013996201ns10:Director22023-07-012024-06-3013996201ns10:RegisteredOffice2023-07-012024-06-3013996201ns10:Consolidated2022-03-222023-06-3013996201ns5:CurrentFinancialInstruments2024-06-3013996201ns5:CurrentFinancialInstruments2023-06-3013996201ns5:Non-currentFinancialInstruments2024-06-3013996201ns5:Non-currentFinancialInstruments2023-06-3013996201ns5:ShareCapital2024-06-3013996201ns5:ShareCapital2023-06-3013996201ns5:RetainedEarningsAccumulatedLosses2024-06-3013996201ns5:RetainedEarningsAccumulatedLosses2023-06-3013996201ns5:ShareCapital2022-03-222023-06-3013996201ns5:RetainedEarningsAccumulatedLosses2022-03-222023-06-3013996201ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-301399620112023-07-012024-06-3013996201ns5:NetGoodwill2023-07-012024-06-3013996201ns5:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-3013996201ns5:ComputerSoftware2023-07-012024-06-3013996201ns5:PlantMachinery2023-07-012024-06-3013996201ns5:FurnitureFittings2023-07-012024-06-3013996201ns5:MotorVehicles2023-07-012024-06-3013996201ns5:ComputerEquipment2023-07-012024-06-3013996201ns5:CostValuation2023-06-3013996201ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3013996201ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3013996201ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-06-3013996201ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-06-3013996201ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-06-3013996201ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-06-3013996201ns10:OrdinaryShareClass12024-06-3013996201ns5:RetainedEarningsAccumulatedLosses2023-06-30
REGISTERED NUMBER: 13996201 (England and Wales)















Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 30 June 2024

for

Gipfel Electrical Holdings Limited

Gipfel Electrical Holdings Limited (Registered number: 13996201)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 17


Gipfel Electrical Holdings Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: D Bramwell
V Goldberg





REGISTERED OFFICE: Unit 4, c/o Pinnacle
Turbine Road
Birkenhead
CH41 9BA





REGISTERED NUMBER: 13996201 (England and Wales)





INDEPENDENT AUDITORS: Haines Watts
Statutory Auditor
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Group Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
Sales for the year to June 2024 were 8.7% ahead of the previous 12-month period. Given the tough trading conditions, this was a satisfactory performance. Pleasingly, notwithstanding the difficult market, the gross margin held up well and was very similar to the previous year at 21.7%. Overheads were higher than the prior year as the group invested in additional staff, particularly in sales, to support its future growth plans. Discretionary marketing spend was also higher than the previous year resulting in an operating profit margin before amortization of goodwill of 5.3% against 5.8% in the previous year.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the Company's strategy are subject to a number of risks that are set out below:

Trade Receivables
The group insures all trade receivables. Trading in excess of insured limits is approved at board level.

Cost Price Fluctuations
The group is exposed to fluctuation in cost prices from suppliers, often driven by exchange rate fluctuations and supply side bottle necks. All participants in the UK electrical distribution sector are exposed to the same risks. Furthermore, prices to customers are set by a discount off the standard trade price. Customers, in general, understand that prices move in line with changes in the trade price of goods.

Supplier Failure
As a distributor, the group is exposed to the failure or closure of an OEM supplier. The group has access to alternative suppliers for all its key product lines.

Interest Rates
The company is exposed to changes in the UK Base Rate as all our banking facilities are based on a margin over the UK bank base rate. Notwithstanding interest rates at a cyclical high, interest cover for the 12 months to June 2024 was a healthy 2.9 times.

Financial Liquidity
The group may need access to short term funds to satisfy working capital requirements. The group maintains significant committed medium-term and short-term facilities in excess of planned requirements. Headroom on these facilities has been between £1m and £2m over the past twelve months.

Information Technology Systems
Maintaining accurate product and customer records are critical to be able to process customer orders accurately and efficiently. The group uses third party software in all areas. IT risks, including cyber and ransom attacks are reviewed by the board with the help of an external IT consultant. IT security is continually monitored and upgraded including training for staff to eliminate, as far as possible, elementary security risks.


Gipfel Electrical Holdings Limited (Registered number: 13996201)

Group Strategic Report
for the Year Ended 30 June 2024

SECTION 172(1) STATEMENT
The directors consider that they have acted in a manner that is most likely to promote the success of the group for the benefit of all shareholders, and in doing so, have had regard to all the stakeholders and matters set down in section 172 of the Companies Act 2006.

They key stakeholders and method of engagement have been identified as follows:

Shareholders - the company provides regular quarterly reports to its shareholders along with the annual budget and year end audited results.

Employees - effective two-way communication with our staff is a priority.

Customers - understanding our customers and fulfilling their needs is a key differentiator for the Pinnacle operating businesses.

Suppliers - our outbound service to our customers can never be better than our inbound supply. Building long-term mutually beneficial relationships with suppliers is a key component of our strategy.

FUTURE DEVELOPMENTS
We intend to develop and grow the business by:

- opening new branches;
- continuing to focus on organic growth through increased product lines and new customer focus;

-
maintaining tight control over operating costs so that increases in sales drive an improvement in operating
margins; and
- using surplus cash generated to pay down debt.

KEY PERFORMANCE INDICATORS
Given the nature of the business, the use of non-financial KPIs is deemed to provide limited additional analysis of the performance of the parent company and the group, as such these are not tracked by management.. For each operating subsidiary in the group, the following KPIs are used to monitor performance:

- Sales and sales growth
- % Gross profit : sales
- % Operating profit : sales
- % Operating profit : sales
- Days working capital employed


Gipfel Electrical Holdings Limited (Registered number: 13996201)

Group Strategic Report
for the Year Ended 30 June 2024

OUTLOOK
Sales growth last year was satisfactory considering the economic and sector headwinds. Trading in the first four months of the current year has been very encouraging. The reduction in interest rates, albeit gradual, should have a positive effect in the medium term. In general, the new government's priorities around reducing planning regulations and investing in new infrastructure should provide good support for future growth in our sector. Our drive into new product areas, renewables in particular, is beginning to pay dividends. Adding new customer growth to this, we are anticipating solid sales growth in the year ahead.

In line with our strategy to open new branches, we will be opening a new branch in Oldham in the new year. We have found excellent new-build premises just of the M62 where the fit out is well underway. We will be opening for business in January 2025.

ON BEHALF OF THE BOARD:



D Bramwell - Director


20 December 2024

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

D Bramwell
V Goldberg

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the company financial statements in accordance with United Kingdom generally accepted accounting practice (United Kingdom Accounting Standards, comprising FRS 102 ‘The financial reporting standard applicable in the UK and Republic of Ireland’, and applicable law).

Under company law, directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:

- Select suitable accounting policies and then apply them consistently;
- State whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements;
- Make judgements and accounting estimates that are reasonable and prudent; and.
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D Bramwell - Director


20 December 2024

Report of the Independent Auditors to the Members of
Gipfel Electrical Holdings Limited

Opinion
We have audited the financial statements of Gipfel Electrical Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Gipfel Electrical Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principle risks were related to inflated income and surplus.

Report of the Independent Auditors to the Members of
Gipfel Electrical Holdings Limited

Audit procedures performed included:

- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable law and regulations;
- Challenging assumptions and judgements made by management in its significant accounting estimates;
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Michael Forshaw (Senior Statutory Auditor)
for and on behalf of Haines Watts
Statutory Auditor
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ

20 December 2024

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Consolidated Statement of Comprehensive Income
for the Year Ended 30 June 2024

Period
22.3.22
Year Ended to
30.6.24 30.6.23
Notes £ £

TURNOVER 3 25,116,851 29,696,904

Cost of sales 19,679,754 23,720,136
GROSS PROFIT 5,437,097 5,976,768

Administrative expenses 4,268,084 4,330,057
1,169,013 1,646,711

Other operating income - 31,397
OPERATING PROFIT 5 1,169,013 1,678,108

Exceptional items 6 - 135,302
1,169,013 1,542,806


Interest payable and similar expenses 7 508,885 474,538
PROFIT BEFORE TAXATION 660,128 1,068,268

Tax on profit 8 260,957 305,504
PROFIT FOR THE FINANCIAL YEAR 399,171 762,764

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

399,171

762,764

Profit attributable to:
Owners of the parent 256,948 565,384
Non-controlling interests 142,223 197,380
399,171 762,764

Total comprehensive income attributable to:
Owners of the parent 256,948 565,384
Non-controlling interests 142,223 197,380
399,171 762,764

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Consolidated Statement of Financial Position
30 June 2024

30.6.24 30.6.23
Notes £ £ £ £
FIXED ASSETS
Intangible assets 10 2,707,882 2,860,439
Tangible assets 11 447,413 324,726
Investments 12 - -
3,155,295 3,185,165

CURRENT ASSETS
Stocks 13 2,803,908 2,763,577
Debtors 14 7,126,802 5,966,835
Cash at bank and in hand 593,390 484,452
10,524,100 9,214,864
CREDITORS
Amounts falling due within one year 15 9,811,952 8,154,475
NET CURRENT ASSETS 712,148 1,060,389
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,867,443

4,245,554

CREDITORS
Amounts falling due after more than one
year

16

(2,508,184

)

(3,338,434

)

PROVISIONS FOR LIABILITIES 20 (88,536 ) (35,568 )
NET ASSETS 1,270,723 871,552

CAPITAL AND RESERVES
Called up share capital 21 5,062 5,062
Retained earnings 22 822,332 565,384
SHAREHOLDERS' FUNDS 827,394 570,446

NON-CONTROLLING INTERESTS 23 443,329 301,106
TOTAL EQUITY 1,270,723 871,552

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by:





D Bramwell - Director


Gipfel Electrical Holdings Limited (Registered number: 13996201)

Company Statement of Financial Position
30 June 2024

30.6.24 30.6.23
Notes £ £ £ £
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 4,812,945 4,812,945
4,812,945 4,812,945

CURRENT ASSETS
Debtors 14 - 300,562
Cash at bank 3,500 17,847
3,500 318,409
CREDITORS
Amounts falling due within one year 15 1,874,078 1,356,728
NET CURRENT LIABILITIES (1,870,578 ) (1,038,319 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,942,367

3,774,626

CREDITORS
Amounts falling due after more than one
year

16

2,153,522

2,966,250
NET ASSETS 788,845 808,376

CAPITAL AND RESERVES
Called up share capital 21 5,062 5,062
Retained earnings 22 783,783 803,314
SHAREHOLDERS' FUNDS 788,845 808,376

Company's (loss)/profit for the financial
year

(19,531

)

803,314

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by:





D Bramwell - Director


Gipfel Electrical Holdings Limited (Registered number: 13996201)

Consolidated Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£ £ £ £ £
Issue of share capital 5,062 - 5,062 - 5,062
Total comprehensive income - 565,384 565,384 197,380 762,764
5,062 565,384 570,446 197,380 767,826
Acquisition of non-controlling
interest

-

-

-

103,726

103,726
Balance at 30 June 2023 5,062 565,384 570,446 301,106 871,552
Total comprehensive income - 256,948 256,948 142,223 399,171
Balance at 30 June 2024 5,062 822,332 827,394 443,329 1,270,723

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Company Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£ £ £

Changes in equity
Issue of share capital 5,062 - 5,062
Total comprehensive income - 803,314 803,314
Balance at 30 June 2023 5,062 803,314 808,376

Changes in equity
Total comprehensive income - (19,531 ) (19,531 )
Balance at 30 June 2024 5,062 783,783 788,845

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Consolidated Statement of Cash Flows
for the Year Ended 30 June 2024

Period
22.3.22
Year Ended to
30.6.24 30.6.23
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 603,770 2,008,616
Interest paid (508,885 ) (474,538 )
Tax paid (338,179 ) (242,743 )
Net cash from operating activities (243,294 ) 1,291,335

Cash flows from investing activities
Purchase of intangible fixed assets - (3,485,234 )
Purchase of tangible fixed assets (267,629 ) (263,937 )
Sale of tangible fixed assets 11,333 16,754
Net cash from investing activities (256,296 ) (3,732,417 )

Cash flows from financing activities
New loans in year 1,388,354 3,297,446
New hire purchase loans 150,918 -
Payment of earn-out to former owners (600,000 ) -
Capital repayments in year (330,695 ) (371,912 )
Amount withdrawn by directors (49 ) -
Net cash from financing activities 608,528 2,925,534

Increase in cash and cash equivalents 108,938 484,452
Cash and cash equivalents at beginning of
year

2

484,452

-

Cash and cash equivalents at end of year 2 593,390 484,452

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period
22.3.22
Year Ended to
30.6.24 30.6.23
£ £
Profit before taxation 660,128 1,068,268
Depreciation charges 143,247 112,171
Profit on disposal of fixed assets (9,638 ) (12,004 )
Amortisation 152,559 194,871
Government grants - (9,147 )
Finance costs 508,885 474,538
1,455,181 1,828,697
Increase in stocks (40,331 ) (42,348 )
Increase in trade and other debtors (1,159,968 ) (473,975 )
Increase in trade and other creditors 348,888 696,242
Cash generated from operations 603,770 2,008,616

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£ £
Cash and cash equivalents 593,390 484,452
Period ended 30 June 2023
30.6.23 22.3.22
£ £
Cash and cash equivalents 484,452 -


Gipfel Electrical Holdings Limited (Registered number: 13996201)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 30 June 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23 Cash flow At 30.6.24
£ £ £
Net cash
Cash at bank and in hand 484,452 108,938 593,390
484,452 108,938 593,390
Debt
Finance leases (305,718 ) (65,603 ) (371,321 )
Debts falling due within 1 year (245,002 ) (77,783 ) (322,785 )
Debts falling due after 1 year (2,546,242 ) 322,713 (2,223,529 )
(3,096,962 ) 179,327 (2,917,635 )
Total (2,612,510 ) 288,265 (2,324,245 )

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Notes to the Consolidated Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Gipfel Electrical Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 33.7.

Critical accounting judgements and key sources of estimation uncertainty
Management have assessed that there are no significant judgements or estimates that have had a material effect on amounts recognised in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Gains and losses arising on the disposal of an asset are determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss in the the gain or loss arises.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the term of the lease, whichever is the shorter.

Plant and machinery-25% on cost
Fixtures and fittings-25% on cost
Motor vehicles-25% on cost
Computer equipment-25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and cash equivalents, are initially measured at transaction price, including transaction costs, and are then subsequently carried at amortised cost using the effective interest method, less provision for impairment, unless arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future lease receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash
equivalents, trade and other receivables due with the operating cycle fall into this category of financial instruments.

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying value amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial Liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of its liabilities.

Basic financial instruments, which include trade and other payables and bank and other loans are initially measured at their transaction price after transaction costs. When this constitute a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flows expire, or are settled, or when the company transfers the asset and substantially all of the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire, are discharged or cancelled.

3. TURNOVER

The main turnover stream of the Group is the wholesale of electronic and telecommunications equipment and parts to UK based businesses, sole-traders and the general public. Turnover is also generated from the wholesale of plumbing and heating equipment and parts, available to the same customer base. All turnover is generated within the United Kingdom.

30.6.24 30.6.23
. £    £   
Wholesale of electronic and telecommunications equip. and parts 22,845,685 26,020,861
Wholesale of plumbing and heating equip. and parts 2,669,800 2,899,702
25,116,851 28,920,563

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

4. EMPLOYEES AND DIRECTORS
Period
22.3.22
Year Ended to
30.6.24 30.6.23
£ £
Wages and salaries 2,183,207 2,187,860
Social security costs 257,150 215,179
Other pension costs 134,093 207,013
2,574,450 2,610,052

The average number of employees during the year was as follows:
Period
22.3.22
Year Ended to
30.6.24 30.6.23

Directors 5 4
Staff 49 44
54 48

The average number of employees by undertakings that were proportionately consolidated during the year was 52 (2023 - 46 ) .

Period
23.2.22
Year Ended to
30.6.24 30.6.23
. £    £   
Directors' remuneration 306,968 193,689
Directors' pension contributions to money purchase schemes 72,591 94,426


Information regarding the highest paid director for the year ended 30 June 2024 is as follows:

Year Ended
30.6.24
£   
Remuneration of highest paid director 140,640

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
22.3.22
Year Ended to
30.6.24 30.6.23
£ £
Hire of plant and machinery 34,801 31,242
Depreciation - owned assets 65,131 96,653
Depreciation - assets on hire purchase contracts 78,119 15,518
Profit on disposal of fixed assets (9,638 ) (12,004 )
Goodwill amortisation 152,557 190,696
Computer software amortisation 2 4,175
Auditors' remuneration 25,600 18,300
Other non- audit services - 3,117

6. EXCEPTIONAL ITEMS
Period
22.3.22
Year Ended to
30.6.24 30.6.23
£ £
Exceptional items - (135,302 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
22.3.22
Year Ended to
30.6.24 30.6.23
£ £
Bank loan interest 196,923 218,895
Hire purchase 20,830 13,691
Invoice financing 291,132 241,952
508,885 474,538

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
22.3.22
Year Ended to
30.6.24 30.6.23
£ £
Current tax:
UK corporation tax 207,491 298,652

Deferred tax 53,466 6,852
Tax on profit 260,957 305,504

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
22.3.22
Year Ended to
30.6.24 30.6.23
£ £
Profit before tax 660,128 1,068,268
Profit multiplied by the standard rate of corporation tax in the UK of 25
% (2023 - 20.500 %)

165,032

218,995

Effects of:
Expenses not deductible for tax purposes 87,623 52,978
Capital allowances in excess of depreciation (36,214 ) (2,037 )
Utilisation of tax losses (26,820 ) -
Adjustments to tax charge in respect of previous periods 17,870 -
Deferred tax 53,466 35,568
Total tax charge 260,957 305,504

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


Gipfel Electrical Holdings Limited (Registered number: 13996201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

10. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£ £ £
COST
At 1 July 2023
and 30 June 2024 3,051,135 16,700 3,067,835
AMORTISATION
At 1 July 2023 190,696 16,698 207,394
Amortisation for year 152,557 2 152,559
At 30 June 2024 343,253 16,700 359,953
NET BOOK VALUE
At 30 June 2024 2,707,882 - 2,707,882
At 30 June 2023 2,860,439 2 2,860,441

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Improvements Plant and and
to property machinery fittings
£ £ £
COST
At 1 July 2023 20,165 95,151 268,749
Additions 13,550 234 9,021
Disposals - - -
At 30 June 2024 33,715 95,385 277,770
DEPRECIATION
At 1 July 2023 20,165 77,436 220,674
Charge for year 1,947 11,308 22,167
Eliminated on disposal - - -
At 30 June 2024 22,112 88,744 242,841
NET BOOK VALUE
At 30 June 2024 11,603 6,641 34,929
At 30 June 2023 - 17,715 48,075

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 July 2023 476,451 13,504 874,020
Additions 221,646 23,178 267,629
Disposals (90,500 ) - (90,500 )
At 30 June 2024 607,597 36,682 1,051,149
DEPRECIATION
At 1 July 2023 217,875 13,141 549,291
Charge for year 102,549 5,279 143,250
Eliminated on disposal (88,805 ) - (88,805 )
At 30 June 2024 231,619 18,420 603,736
NET BOOK VALUE
At 30 June 2024 375,978 18,262 447,413
At 30 June 2023 258,576 363 324,729

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£ £ £
COST
At 1 July 2023 9,700 305,288 314,988
Additions - 75,675 75,675
Disposals - (24,801 ) (24,801 )
At 30 June 2024 9,700 356,162 365,862
DEPRECIATION
At 1 July 2023 7,275 62,570 69,845
Charge for year 2,425 75,694 78,119
Eliminated on disposal - (24,801 ) (24,801 )
At 30 June 2024 9,700 113,463 123,163
NET BOOK VALUE
At 30 June 2024 - 242,699 242,699
At 30 June 2023 2,425 242,718 245,143

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 July 2023
and 30 June 2024 4,812,945
NET BOOK VALUE
At 30 June 2024 4,812,945
At 30 June 2023 4,812,945

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Pinnacle UK Group Ltd
Registered office: Unit 4 Turbine Road, Turbine Business Park, Birkenhead, CH41 9BA
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

Pinnacle Electrical Supplies (Birkenhead) Limited
Registered office: Unit 4 Turbine Road, Turbine Business Park, Birkenhead, CH41 9BA
Nature of business: Wholesale & distrib of electrical equip/ parts
%
Class of shares: holding
Ordinary 100.00

Pinnacle Electrical Supplies (Bolton) Limited
Registered office: Unit 4 Turbine Road, Turbine Business Park, Birkenhead, CH41 9BA
Nature of business: Wholesale & distrib of electrical equip/ parts
%
Class of shares: holding
Ordinary A shares 51.00

Pinnacle Plumbing and Heating Supplies Limited
Registered office: Unit 4 Turbine Road, Turbine Business Park, Birkenhead, CH41 9BA
Nature of business: Wholesale & distrib of plumbing,heating & aircon
%
Class of shares: holding
Ordinary 100.00

Pinnacle Electrical Supplies (Oldham) Limited
Registered office: Unit 4 Turbine Road, Turbine Business Park, Birkenhead, CH41 9BA
Nature of business: Wholesale & distrib of electrical equip/ parts
%
Class of shares: holding
Ordinary shares 100.00


Gipfel Electrical Holdings Limited (Registered number: 13996201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

13. STOCKS

Group
30.6.24 30.6.23
£ £
Stocks 2,803,908 2,763,577

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£ £ £ £
Trade debtors 6,357,059 4,925,773 - -
Amounts owed by group undertakings - - - 300,000
Other debtors 59,602 562 - 562
Directors' current accounts 49 - - -
Prepayments and accrued income 710,092 1,040,500 - -
7,126,802 5,966,835 - 300,562

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£ £ £ £
Bank loans and overdrafts (see note 17) 322,785 245,002 252,778 175,000
Hire purchase contracts (see note 18) 86,666 73,526 - -
Trade creditors 3,791,677 3,163,796 - 289
Amounts owed to group undertakings - - 1,023,200 526,999
Tax 86,878 217,566 - -
Social security and other taxes 50,871 61,480 25,600 461
VAT 250,792 172,055 - 29,149
Other creditors 375,101 197,216 - 1,776
Deferred consideration 560,000 600,000 560,000 600,000
Pension contributions unpaid 7,797 2,727 - -
Invoice financing 3,598,451 2,210,097 - -
Accruals and deferred income 680,934 1,211,010 12,500 23,054
9,811,952 8,154,475 1,874,078 1,356,728

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£ £ £ £
Bank loans (see note 17) 1,523,529 1,846,242 1,453,522 1,706,250
Other loans (see note 17) 700,000 700,000 700,000 700,000
Hire purchase contracts (see note 18) 284,655 232,192 - -
Deferred consideration - 560,000 - 560,000
2,508,184 3,338,434 2,153,522 2,966,250

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

The amount included within other loans relates to amounts payable to the shareholders. The loan is an unsecured loan repayable over a period of more than 1 year, although the exact repayment date is yet to be determined. The loan incurs interest at a favourable rate to the parent company.

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£ £ £ £
Amounts falling due within one year or on demand:
Bank loans 322,785 245,002 252,778 175,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 667,924 361,659 597,917 291,667
Amounts falling due between two and five years:
Bank loans - 2-5 years 855,605 1,484,583 855,605 1,414,583
Amounts falling due in more than five years:
Repayable by instalments
Subordinated shareholder loans 700,000 700,000 700,000 700,000

The amount included within the bank loans relates to 2 loans payable to Arbuthnot Commercial Asset Based Lending Limited.The first loan being a £1,400,000 loan issued on 6 April 2022 which is secured through a fixed charge (see note 19 for further detail). The loan incurs interest at base rate plus a margin of 5.0% and is repayable in 36 equal instalments of £38,888.88, the first payment due in May 2025.

The second loan is a loan for £700,000 issued on 6 April 2022 which is secured through a floating charge (see note 19 for further detail). The loan incurs interst at a base rate plus a margin of 4.35% and is repayable in 48 equal instalments of £14,583.33, the first payment being made in April 2022.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.6.24 30.6.23
£ £
Net obligations repayable:
Within one year 86,666 73,526
Between one and five years 284,655 232,192
371,321 305,718

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

19. SECURED DEBTS

Arbuthnot Commercial Asset Based Lending Limited holds a fixed charge over the intellectual property against the name of Pinnacle Electrical Supplies Ltd, Pinnacle Electrical Supplies (Bolton) Ltd and Pinnacle Plumbing & Heating Ltd and a fixed charge over all present and future book and other receivables owing to these entities. Subsequent to the year end, this fixed charge was extended to all cover the intellectual property and all present and future book and other receivables owing to Pinnacle Electrical Supplies (Oldham) Limited.

Arbuthnot Commercial Asset Based Lending Limited also holds a floating charge over all property or undertaking of the company dated 6 April 2022. This covers all existing and future liabilities across the Gipfel Group. Subsequent to the year end, as with the fixed charge, the floating charge was extended to also cover Pinnacle Electrical Supplies (Oldham) Limited.

The obligations under the finance leases are secured on the items to which the finance leases relate.

20. PROVISIONS FOR LIABILITIES

Group
30.6.24 30.6.23
£ £
Deferred tax 88,536 35,568

Group
Deferred tax
£
Balance at 1 July 2023 35,568
Provided during year 52,968
Balance at 30 June 2024 88,536

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £ £
5,062 Ordinary 1 5,062 5,062

22. RESERVES

Group
Retained
earnings
£

At 1 July 2023 565,384
Profit for the year 256,948
At 30 June 2024 822,332

Gipfel Electrical Holdings Limited (Registered number: 13996201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

22. RESERVES - continued

Company
Retained
earnings
£

At 1 July 2023 803,314
Deficit for the year (19,531 )
At 30 June 2024 783,783


23. NON-CONTROLLING INTERESTS

On 6th April 2022, Gipfel Electrical Holdings Ltd acquired 100% of Pinnacle UK Group Ltd.

Pinnacle UK Group Ltd owns 51% of Pinnacle Electrical Supplies (Bolton) Ltd with the remaining 49% owned by non-controlling interests.

24. RELATED PARTY DISCLOSURES

During the year, the group paid £52,000 (2023: £85,500) rental costs to a Pinnacle Commercial Property Limited, a related company controlled through common directorship of the subsidiary undertakings. No amount was outstanding (2023: £Nil) at year end.

25. ULTIMATE CONTROLLING PARTY

The controlling party and the ultimate controlling party are not known.

The group is not considered to have an ultimate controlling party on account of no individual person or group of connected persons holding a controlling shareholding in the parent company.