REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
Pinnacle Commercial Property Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
Pinnacle Commercial Property Ltd |
Pinnacle Commercial Property Ltd (Registered number: 10594575) |
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 | 4 |
Pinnacle Commercial Property Ltd |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
Pinnacle Commercial Property Ltd (Registered number: 10594575) |
Statement of Financial Position |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Pinnacle Commercial Property Ltd (Registered number: 10594575) |
Statement of Financial Position - continued |
30 June 2024 |
The financial statements were approved by the director and authorised for issue on |
Pinnacle Commercial Property Ltd (Registered number: 10594575) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Pinnacle Commercial Property Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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, group 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. |
Pinnacle Commercial Property Ltd (Registered number: 10594575) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current 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 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. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The director has performed an assessment of the fair value of the property as at 30 June 2024 and believe the fair value of the property continues to be equal to the fair value as determined in previous periods, whilst the additions made since this date are deemed to have a fair value equal to their historic cost. |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2018 | 90,712 |
Cost | 875,609 |
966,321 |
Pinnacle Commercial Property Ltd (Registered number: 10594575) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Amounts owed by group undertakings |
Amounts owed by participating interests | 4,468 | - |
Other debtors |
Amounts owed from participating interests relates to interest free, unsecured loans which are repayable on demand. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans |
Other creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans |
National Westminster Bank PLC holds a fixed and floating charge dated 12 September 2017 over the assets of the company. |
9. | PROVISIONS FOR LIABILITIES |
30.6.24 | 30.6.23 |
£ | £ |
Deferred tax | 22,678 | 17,235 |
Pinnacle Commercial Property Ltd (Registered number: 10594575) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
9. | PROVISIONS FOR LIABILITIES - continued |
Deferred tax |
£ |
Balance at 1 July 2023 |
Provided during year |
Balance at 30 June 2024 |
10. | RELATED PARTY DISCLOSURES |
All related party transactions have been completed under normal market conditions therefore details of these transactions are not required to be disclosed under FRS 102 Section 1AC.35. Included in debtors at the Statement of Financial Position date is an amount of £4,468 (2023 £4,287) owed from Pinnacle Electrical Supplies Ltd, a company connected through common directorship. |