Caseware UK (AP4) 2023.0.135 2023.0.135 2false2023-04-01No description of principal activity3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11899874 2023-04-01 2024-03-30 11899874 2022-04-01 2023-03-31 11899874 2024-03-30 11899874 2023-03-31 11899874 2022-04-01 11899874 c:PriorPeriodIncreaseDecrease 2023-04-01 2024-03-30 11899874 1 2023-04-01 2024-03-30 11899874 d:Director2 2023-04-01 2024-03-30 11899874 c:CurrentFinancialInstruments 2024-03-30 11899874 c:CurrentFinancialInstruments 2023-03-31 11899874 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-30 11899874 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 11899874 c:ShareCapital 2023-04-01 2024-03-30 11899874 c:ShareCapital 2024-03-30 11899874 c:ShareCapital 2022-04-01 2023-03-31 11899874 c:ShareCapital 2023-03-31 11899874 c:ShareCapital 2022-04-01 11899874 c:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-30 11899874 c:RetainedEarningsAccumulatedLosses 2024-03-30 11899874 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 11899874 c:RetainedEarningsAccumulatedLosses 2023-03-31 11899874 c:RetainedEarningsAccumulatedLosses 2022-04-01 11899874 d:FRS102 2023-04-01 2024-03-30 11899874 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-30 11899874 d:FullAccounts 2023-04-01 2024-03-30 11899874 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-30 11899874 e:PoundSterling 2023-04-01 2024-03-30 iso4217:GBP xbrli:pure
Registered number: 11899874








 
Pinnaclepay Group Limited
Unaudited
Financial statements
Information for filing with the registrar
For the Period Ended 30 March 2024







Fletcher & Partners
Chartered Accountants
Salisbury

 
Pinnaclepay Group Limited
Registered number: 11899874

Balance Sheet
As at 30 March 2024

30 March
31 March
2024
2023 restated
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
149,734
80,765

Cash at bank and in hand
 6 
-
75,555

  
149,734
156,320

Creditors: amounts falling due within one year
 7 
(80)
(11,080)

Net current assets
  
 
 
149,654
 
 
145,240

Total assets less current liabilities
  
149,654
145,240

  

Net assets
  
149,654
145,240


Capital and reserves
  

Called up share capital 
  
250,001
250,001

Profit and loss account
  
(100,347)
(104,761)

  
149,654
145,240


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




AC Lubin
Director

Date: 28 March 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 1
 

 
Pinnaclepay Group Limited


 

Statement of Changes in Equity
For the Period Ended 30 March 2024



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 April 2022
250,001
(108,076)
141,925



Comprehensive income for the year


Profit for the year restated
-
3,315
3,315

Total comprehensive income for the year
-
3,315
3,315





At 1 April 2023 restated
250,001
(104,761)
145,240



Comprehensive income for the period


Profit for the period
-
4,414
4,414

Total comprehensive income for the period
-
4,414
4,414



At 30 March 2024
250,001
(100,347)
149,654



The notes on pages 3 to 7 form part of these financial statements.

Page 2
 
Pinnaclepay Group Limited
 

 
Notes to the Financial Statements
For the Period Ended 30 March 2024

1.


General information

Pinnaclepay Group Limited (originally known as Edex Payments Limited, then Blockthree Payments Limited) is a private company limited by shares and is incorporated in England and Wales with the company number 11899874.  Its registered office is Unit B1 Hercules Office Park, Bird Hall Lane, Cheadle, Greater Manchester, SK3 0UX.
The company is an Authorised Payment Institution since 20 July 2020 and its Financial Conduct Authority Firm reference number is 912284.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.  Thus the directors continue to adopt the going concern basis of accounting in preparing the financial instruments.

Page 3

 
Pinnaclepay Group Limited
 

 
Notes to the Financial Statements
For the Period Ended 30 March 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

  
2.4

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
Pinnaclepay Group Limited
 

 
Notes to the Financial Statements
For the Period Ended 30 March 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.


4.


Employees

The average monthly number of employees, including directors, during the period was 2 (2023 - 3).

Page 5

 
Pinnaclepay Group Limited
 

 
Notes to the Financial Statements
For the Period Ended 30 March 2024

5.


Debtors

30 March
31 March
2024
2023 restated
£
£


Amounts owed by group undertakings
149,734
4,314

Other debtors
-
76,451

149,734
80,765



6.


Cash and cash equivalents

30 March
31 March
2024
2023 restated
£
£

Cash at bank and in hand
-
75,555

-
75,555



7.


Creditors: Amounts falling due within one year

30 March
31 March
2024
2023 restated
£
£

Trade creditors
-
4,800

Other creditors
80
1,480

Accruals and deferred income
-
4,800

80
11,080



8.


Prior year adjustment

The comparative figures for 31 March 2023 have been restated to incorporate the administration fees charged to and received from Five Islands Capital Limited. The change has not resulted in a tax charge for the year ended 31 March 2023.
Summary of the prior year accounting impact:                                                                £
Administration fees received - income resulting in a loss becoming a profit                    3,315
Increase in debtors £69,609 less creditor of £65,295                                                      4,314
Decrease in creditors - transferred to debtors                                                                 65,295

Page 6

 
Pinnaclepay Group Limited
 

 
Notes to the Financial Statements
For the Period Ended 30 March 2024

9.


Related party transactions

Pinnaclepay Group Limited (previously Edex Payments Limited and Blockthree Payments Limited) shares are owned 100% by Five Islands Capital Limited which was 100% owned by Blockthree Holdings Limited. Pinnaclepay Group Limited is owed by its parent company, Five Islands Capital Limited £149,733 at the end of the period, this includes a loan due to Blockthree Payments Limited from Five Islands Capital Limited of £200,000. Included in debtors at the start of the period was £61,451 owed from Blockthree Holdings Limited. This debt was transferred to Five Islands Capital Limited where it was cleared when Blockthree Holdings Limited sold 100% of the shares in Five Islands Capital Limited on 30 March 2024.
The registered office of Five Islands Capital Limited and Blockthree Holdings Limited is 71-75 Shelton Street, Covent Gardens, London, WC2H 9JQ. Both companies are registered in England and Wales.


10.


Post balance sheet events

Five Islands Capital Limited and its subsidiaries, including Pinnaclepay Group Limited were 100% purchased from Blockthree Holdings Limited by Mr AC Lubin on 30 March 2024.

Page 7