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REGISTERED NUMBER: 11638267 (England and Wales)















Audited Financial Statements for the Year Ended 30 June 2024

for

Pinnacle Electrical Supplies (Bolton)
Ltd

Pinnacle Electrical Supplies (Bolton)
Ltd (Registered number: 11638267)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Pinnacle Electrical Supplies (Bolton)
Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTORS: L Huddart
A S Knight
D M Potts





REGISTERED OFFICE: Unit 4 Turbine Road
Wirral
CH41 9BA





REGISTERED NUMBER: 11638267 (England and Wales)





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

Pinnacle Electrical Supplies (Bolton)
Ltd (Registered number: 11638267)

Statement of Financial Position
30 June 2024

30.6.24 30.6.23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 134,582 91,336

CURRENT ASSETS
Stocks 879,813 702,345
Debtors 5 3,562,511 2,548,337
Cash at bank and in hand 136,718 194,386
4,579,042 3,445,068
CREDITORS
Amounts falling due within one year 6 3,635,697 2,753,080
NET CURRENT ASSETS 943,345 691,988
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,077,927

783,324

CREDITORS
Amounts falling due after more than one
year

7

(139,429

)

(154,361

)

PROVISIONS FOR LIABILITIES 10 (33,645 ) (14,362 )
NET ASSETS 904,853 614,601

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 904,753 614,501
904,853 614,601

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

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 M Potts - Director


Pinnacle Electrical Supplies (Bolton)
Ltd (Registered number: 11638267)

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

1. STATUTORY INFORMATION

Pinnacle Electrical Supplies (Bolton) Ltd 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £.

Turnover
Turnover represents net invoiced sales from the supply of electrical equipment and parts and is measured at the fair value of the consideration received or receivable excluding value added tax and other sales taxes. Turnover is net of all customer rebates and discounts. Turnover is recognised as the goods are provided.

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.

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- 20% to 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.

Pinnacle Electrical Supplies (Bolton)
Ltd (Registered number: 11638267)

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

2. ACCOUNTING POLICIES - continued

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Basic financial liabilities
Basic financial liabilities, including trade, group and other creditors and other borrowings are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the company's contractual obligations expire or are discharge or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Pinnacle Electrical Supplies (Bolton)
Ltd (Registered number: 11638267)

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

2. ACCOUNTING POLICIES - continued

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

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 July 2023 225,985
Additions 91,812
Disposals (52,301 )
At 30 June 2024 265,496
DEPRECIATION
At 1 July 2023 134,649
Charge for year 46,871
Eliminated on disposal (50,606 )
At 30 June 2024 130,914
NET BOOK VALUE
At 30 June 2024 134,582
At 30 June 2023 91,336

Pinnacle Electrical Supplies (Bolton)
Ltd (Registered number: 11638267)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£
COST
At 1 July 2023 59,551
Disposals (24,801 )
At 30 June 2024 34,750
DEPRECIATION
At 1 July 2023 23,028
Charge for year 8,711
Eliminated on disposal (24,801 )
At 30 June 2024 6,938
NET BOOK VALUE
At 30 June 2024 27,812
At 30 June 2023 36,523

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£ £
Trade debtors 2,505,526 1,560,549
Amounts owed by group undertakings 673,830 450,510
Other debtors 383,155 537,278
3,562,511 2,548,337

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£ £
Bank loans and overdrafts 50,000 50,005
Hire purchase contracts (see note 8) 31,523 16,900
Trade creditors 1,775,852 1,157,663
Amounts owed to group undertakings 154,196 -
Tax 67,640 110,588
Social security and other taxes 18,701 15,523
VAT 66,842 105,915
Other creditors 167,577 55,574
Pension contributions unpaid - 1,814
Credit card control - 35,316
Invoice Financing 990,406 394,078
Accruals and deferred income 312,960 809,704
3,635,697 2,753,080

Pinnacle Electrical Supplies (Bolton)
Ltd (Registered number: 11638267)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£ £
Bank loans - 1-2 years 50,000 99,995
Hire purchase contracts (see note 8) 89,429 54,366
139,429 154,361

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.6.24 30.6.23
£ £
Net obligations repayable:
Within one year 31,523 16,900
Between one and five years 89,429 54,366
120,952 71,266

Non-cancellable
operating leases
30.6.24 30.6.23
£ £
Within one year 15,010 34,936
Between one and five years 10,718 11,645
25,728 46,581

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£ £
Hire purchase contracts 120,952 71,266
Invoice financing 990,406 394,078
1,111,358 465,344

Arbuthnot Commercial Asset Based Lending Limited holds a Fixed Charge over the intellectual property and book debts against the name of the company; and Floating Charge over all property or undertaking of the company dated 6 April 2022.

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

Pinnacle Electrical Supplies (Bolton)
Ltd (Registered number: 11638267)

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

10. PROVISIONS FOR LIABILITIES
30.6.24 30.6.23
£ £
Deferred tax 33,645 14,362

Deferred tax
£
Balance at 1 July 2023 14,362
Charge to Statement of Income and Retained Earnings during year 19,283
Balance at 30 June 2024 33,645

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Forshaw (Senior Statutory Auditor)
for and on behalf of Haines Watts

12. OTHER FINANCIAL COMMITMENTS

The company is a chargor in relation to the secured debts held by Arbuthnot individually with Gipfel Electrical Holdings Limited, Pinnacle Electrical Supplies Limited and Pinnacle Plumbing and Heating Limited.

13. RELATED PARTY DISCLOSURES

Included in debtors at the year end is an amount of £51 (2023: £51) due from Pinnacle UK Group Limited. Also included within debtors are amount of £502,258 (2023: £475,523) and £16,781 ,(2023: £17,325) due from Pinnacle Electrical Supplies Limited and Pinnacle Plumbing & Heating Supplies Limited respectively. All amounts are interest free, non-secured loans which are repayable on demand.

14. POST BALANCE SHEET EVENTS

The company has been made a chargor to the secured debt held by Arbuthnot with Pinnacle Electrical Supplies (Oldham) Limited, a company connected through the common ownership of Pinnacle UK Group Limited.

15. ULTIMATE CONTROLLING PARTY

The company is a subsidiary undertaking of Pinnacle UK Group Limited, a company registered in England and Wales.

Pinnacle UK Group Limited is the immediate parent company of Pinnacle Electrical Supplies (Bolton) Ltd

For the year ended 30 June 2024, the parent of the smallest group for which consolidated accounts are drawn up of which the small entity is a member is Gipfel Electrical Holdings Limited. Copies of the group accounts are available from Unit 4 Turbine Road, Wirral, Merseyside, England, CH41 9BA.

The ultimate controlling party is Gipfel Electrical Holdings Limited.