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REGISTERED NUMBER: 12025563 (England and Wales)















Audited Financial Statements for the Year Ended 30 June 2024

for

Pinnacle Plumbing & Heating Supplies
Limited

Pinnacle Plumbing & Heating Supplies
Limited (Registered number: 12025563)






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 Plumbing & Heating Supplies
Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: A S Knight
D M Potts





REGISTERED OFFICE: Unit 4 Turbine Road
Turbine Business Park
Birkenhead
Merseyside
CH41 9BA





REGISTERED NUMBER: 12025563 (England and Wales)





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

Pinnacle Plumbing & Heating Supplies
Limited (Registered number: 12025563)

Statement of Financial Position
30 June 2024

30.6.24 30.6.23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 1,579 10,727

CURRENT ASSETS
Stocks 474,580 545,761
Debtors 5 957,755 753,451
Cash at bank and in hand 95,852 19,641
1,528,187 1,318,853
CREDITORS
Amounts falling due within one year 6 1,474,816 1,267,400
NET CURRENT ASSETS 53,371 51,453
TOTAL ASSETS LESS CURRENT
LIABILITIES

54,950

62,180

PROVISIONS FOR LIABILITIES 395 2,057
NET ASSETS 54,555 60,123

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 54,455 60,023
54,555 60,123

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 17 December 2024 and were signed on its behalf by:





D M Potts - Director


Pinnacle Plumbing & Heating Supplies
Limited (Registered number: 12025563)

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

1. STATUTORY INFORMATION

Pinnacle Plumbing & Heating Supplies 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 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 plumbing and heating 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 recognised as the goods are collected or dispatched.

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.

Fixtures and fittings- 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 Plumbing & Heating Supplies
Limited (Registered number: 12025563)

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 he company's contractual obligations expire or are discharge or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in that 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 yearr 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 Plumbing & Heating Supplies
Limited (Registered number: 12025563)

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 6 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 July 2023 31,626
Additions 58
At 30 June 2024 31,684
DEPRECIATION
At 1 July 2023 20,899
Charge for year 9,206
At 30 June 2024 30,105
NET BOOK VALUE
At 30 June 2024 1,579
At 30 June 2023 10,727

Pinnacle Plumbing & Heating Supplies
Limited (Registered number: 12025563)

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
and 30 June 2024 9,700
DEPRECIATION
At 1 July 2023 7,275
Charge for year 2,425
At 30 June 2024 9,700
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 2,425

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£ £
Trade debtors 769,022 741,426
Amounts owed by group undertakings 154,296 100
Other debtors 34,437 11,925
957,755 753,451

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£ £
Hire purchase contracts 4,080 6,306
Trade creditors 327,013 192,995
Amounts owed to group undertakings 605,286 443,166
Taxation and social security 7,147 47,733
Other creditors 531,290 577,200
1,474,816 1,267,400

Pinnacle Plumbing & Heating Supplies
Limited (Registered number: 12025563)

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

7. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£ £
Hire purchase contracts 4,080 6,306
Invoice financing 432,020 474,583
436,100 480,889

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.

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

The Report of the Auditors was unqualified.

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

9. 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 Electrical Supplies (Bolton) Limited.

10. 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.

Included in creditors at the year end is an amount of £17,325 (2023: £17,325) owed to Pinnacle Electrical Supplies (Bolton) Limited which is an unsecured, interest-free loan which is repayable on demand.

11. 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.

Pinnacle Plumbing & Heating Supplies
Limited (Registered number: 12025563)

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

12. 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 the Pinnacle Plumbing & Heating Supplies Limited.

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.