Company registration number 14970730 (England and Wales)
PINNACLE ENGINEERING SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD FROM 29 JUNE 2023 TO 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
PINNACLE ENGINEERING SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
Mr S N Burdett
Mr R M Harrison
Mr M J Scott
Company number
14970730
Registered office
57 Woollin Crescent
Wakefield
West Yorkshire
WF3 1ET
Accountants
Brearley & Co Accountants Limited
39/43 Bridge Street
Swinton
Mexborough
South Yorkshire
S64 8AP
Business address
57 Woollin Crescent
Wakefield
West Yorkshire
WF3 1ET
Bankers
NatWest
Chatham Customer Service Centre
Waterside Court
Chatham Maritime
Chatham
Kent
ME4 4RT
PINNACLE ENGINEERING SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PINNACLE ENGINEERING SOLUTIONS LIMITED
BALANCE SHEET
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
4
11,045
Current assets
Debtors
5
25,043
Cash at bank and in hand
15,714
40,757
Creditors: amounts falling due within one year
6
(28,301)
Net current assets
12,456
Total assets less current liabilities
23,501
Creditors: amounts falling due after more than one year
7
(7,422)
Provisions for liabilities
(2,099)
Net assets
13,980
Capital and reserves
Called up share capital
8
120
Profit and loss reserves
13,860
Total equity
13,980
For the financial Period ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Mr R M Harrison
Mr M J Scott
Director
Director
Company registration number 14970730 (England and Wales)
PINNACLE ENGINEERING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Pinnacle Engineering Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 57 Woollin Crescent, Wakefield, West Yorkshire, WF3 1ET.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
PINNACLE ENGINEERING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
Number
Total
4
PINNACLE ENGINEERING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
Additions
11,650
At 30 June 2024
11,650
Depreciation and impairment
At 1 July 2023
Depreciation charged in the Period
605
At 30 June 2024
605
Carrying amount
At 30 June 2024
11,045
5
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
25,043
6
Creditors: amounts falling due within one year
2024
£
Taxation and social security
19,345
Other creditors
8,956
28,301
Other creditors consists of pension liabilities £3,348, accruals £1,165, directors' current account £571 and hire purchase liability £3,872.
7
Creditors: amounts falling due after more than one year
2024
£
Other creditors
7,422
Other creditors consists of hire purchase liability £7,422.
PINNACLE ENGINEERING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 5 -
8
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
40 ordinary A shares of £1 each
40
40
40 ordinary B shares of £1 each
40
40
40 ordinary C shares of £1 each
40
40
120
120
During the period, the company issued 40 ordinary A shares, 40 ordinary B shares and 40 ordinary C shares at par value for cash consideration. All shares were fully paid up.