Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-31falsefalsefalse2024-01-01false82No description of principal activity88 04488061 2024-01-01 2024-12-31 04488061 2023-01-01 2023-12-31 04488061 2024-12-31 04488061 2023-12-31 04488061 2023-01-01 04488061 c:CompanySecretary1 2024-01-01 2024-12-31 04488061 c:Director1 2024-01-01 2024-12-31 04488061 c:Director2 2024-01-01 2024-12-31 04488061 c:Director3 2024-01-01 2024-12-31 04488061 c:Director4 2024-01-01 2024-12-31 04488061 c:Director5 2024-01-01 2024-12-31 04488061 c:RegisteredOffice 2024-01-01 2024-12-31 04488061 d:PlantMachinery 2024-01-01 2024-12-31 04488061 d:PlantMachinery 2024-12-31 04488061 d:PlantMachinery 2023-12-31 04488061 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04488061 d:MotorVehicles 2024-01-01 2024-12-31 04488061 d:MotorVehicles 2024-12-31 04488061 d:MotorVehicles 2023-12-31 04488061 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04488061 d:FurnitureFittings 2024-01-01 2024-12-31 04488061 d:FurnitureFittings 2024-12-31 04488061 d:FurnitureFittings 2023-12-31 04488061 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04488061 d:ComputerEquipment 2024-01-01 2024-12-31 04488061 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04488061 d:CurrentFinancialInstruments 2024-12-31 04488061 d:CurrentFinancialInstruments 2023-12-31 04488061 d:Non-currentFinancialInstruments 2024-12-31 04488061 d:Non-currentFinancialInstruments 2023-12-31 04488061 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 04488061 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04488061 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 04488061 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04488061 d:ShareCapital 2024-12-31 04488061 d:ShareCapital 2023-01-01 2023-12-31 04488061 d:ShareCapital 2023-12-31 04488061 d:ShareCapital 2023-01-01 04488061 d:SharePremium 2024-01-01 2024-12-31 04488061 d:SharePremium 2024-12-31 04488061 d:SharePremium 2023-01-01 2023-12-31 04488061 d:SharePremium 2023-12-31 04488061 d:SharePremium 2023-01-01 04488061 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04488061 d:RetainedEarningsAccumulatedLosses 2024-12-31 04488061 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04488061 d:RetainedEarningsAccumulatedLosses 2023-12-31 04488061 d:RetainedEarningsAccumulatedLosses 2023-01-01 04488061 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 04488061 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04488061 c:FRS102 2024-01-01 2024-12-31 04488061 c:Audited 2024-01-01 2024-12-31 04488061 c:FullAccounts 2024-01-01 2024-12-31 04488061 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04488061 d:WithinOneYear 2024-12-31 04488061 d:WithinOneYear 2023-12-31 04488061 d:BetweenOneFiveYears 2024-12-31 04488061 d:BetweenOneFiveYears 2023-12-31 04488061 d:HirePurchaseContracts d:WithinOneYear 2024-12-31 04488061 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 04488061 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-12-31 04488061 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 04488061 2 2024-01-01 2024-12-31 04488061 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 04488061










PINNACLE PROPERTY MANAGEMENT LTD










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
PINNACLE PROPERTY MANAGEMENT LTD
 
 
COMPANY INFORMATION


Directors
Michael Moore 
Parimal Patel 
Duncan Rendall 
Daniel Shaw 
Anne Spencer 




Company secretary
Michael Moore



Registered number
04488061



Registered office
Units 1, 2, & 3 Beech Court
Wokingham Road

Hurst

Reading

RG10 0RU




Independent auditors
HaysMac LLP

10 Queen Street Place

London

EC4R 1AG





 
PINNACLE PROPERTY MANAGEMENT LTD
 

CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 6
Statement of Comprehensive Income
7
Statement of Financial Position
8 - 9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 18

 
PINNACLE PROPERTY MANAGEMENT LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for Pinnacle Property Management Ltd (the 'Company') for the year ended 31 December 2024.

The Company's principal activity continued to be that of property management.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,245,637 (2023: £1,152,067).

Dividends of £2,250,000 were declared and paid during the year (2023: £375,000).

Directors

The directors who served during the year were:

Michael Moore 
Parimal Patel 
Duncan Rendall 
Daniel Shaw 
Anne Spencer 

Page 1

 
PINNACLE PROPERTY MANAGEMENT LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

On 18 November 2024, the Company's auditors changed their name from Haysmacintyre LLP to HaysMac LLP.

The auditorsHaysMac LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies exemption

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Michael Moore
Director

Date: 31 March 2025
Page 2

 
PINNACLE PROPERTY MANAGEMENT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINNACLE PROPERTY MANAGEMENT LTD
 

Opinion


We have audited the financial statements of Pinnacle Property Management Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3

 
PINNACLE PROPERTY MANAGEMENT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINNACLE PROPERTY MANAGEMENT LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Page 4

 
PINNACLE PROPERTY MANAGEMENT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINNACLE PROPERTY MANAGEMENT LTD (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company, or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the operational business, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
 
discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
evaluating management’s controls designed to prevent and detect irregularities;
identifying and testing journals, in particular journal entries which exhibited the characteristics we had identified as possible indicators of irregularities; and
challenging assumptions and judgements made by management in their critical accounting estimates
 
Page 5

 
PINNACLE PROPERTY MANAGEMENT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINNACLE PROPERTY MANAGEMENT LTD (CONTINUED)


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jake Pearlman (Senior Statutory Auditor)
for and on behalf of
HaysMac LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

31 March 2025
Page 6

 
PINNACLE PROPERTY MANAGEMENT LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Turnover
  
5,953,485
5,342,674

Cost of sales
  
(757,819)
(958,545)

Gross profit
  
5,195,666
4,384,129

Administrative expenses
  
(3,630,615)
(3,147,713)

Operating profit
  
1,565,051
1,236,416

Interest receivable and similar income
  
56,752
-

Interest payable and similar expenses
  
(7,057)
(118,840)

Profit before tax
  
1,614,746
1,117,576

Tax on profit
  
(369,109)
34,491

Profit for the financial year
  
1,245,637
1,152,067

There was no other comprehensive income for 2024 (2023: £Nil).

The notes on pages 11 to 18 form part of these financial statements.
Page 7

 
PINNACLE PROPERTY MANAGEMENT LTD
REGISTERED NUMBER: 04488061

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
162,148
175,411

  
162,148
175,411

Current assets
  

Debtors
 5 
632,551
904,839

Cash at bank and in hand
  
1,146,940
2,058,629

  
1,779,491
2,963,468

Creditors: amounts falling due within one year
 6 
(523,155)
(761,801)

Net current assets
  
 
 
1,256,336
 
 
2,201,667

Total assets less current liabilities
  
1,418,484
2,377,078

Creditors: amounts falling due after more than one year
 7 
(36,057)
(23,373)

Provisions for liabilities
  

Deferred tax
  
(33,085)
-

  
 
 
(33,085)
 
 
-

Net assets
  
1,349,342
2,353,705


Capital and reserves
  

Called up share capital 
  
11,704
11,704

Share premium account
 10 
913,280
913,280

Profit and loss account
 10 
424,358
1,428,721

  
1,349,342
2,353,705


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




................................................
Michael Moore
Director

Page 8

 
PINNACLE PROPERTY MANAGEMENT LTD
REGISTERED NUMBER: 04488061
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

Date: 31 March 2025

The notes on pages 11 to 18 form part of these financial statements.
Page 9

 
PINNACLE PROPERTY MANAGEMENT LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
10,000
-
651,654
661,654


Comprehensive income for the year

Profit for the year
-
-
1,152,067
1,152,067


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(375,000)
(375,000)

Shares issued during the year
1,704
913,280
-
914,984



At 1 January 2024
11,704
913,280
1,428,721
2,353,705


Comprehensive income for the year

Profit for the year
-
-
1,245,637
1,245,637


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,250,000)
(2,250,000)


At 31 December 2024
11,704
913,280
424,358
1,349,342


The notes on pages 11 to 18 form part of these financial statements.
Page 10

 
PINNACLE PROPERTY MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Pinnacle Property Management Ltd is a private company limited by shares and incorporated in England and Wales. The Company's registered number is 04488061 and registered office address is Units 1, 2 & 3 Beech Court, Wokingham Road, Hurst, Reading, Berkshire, RG10 0RU.
The Company's principal activity is disclosed in the Directors' Report.

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 financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Going concern

The financial statements are prepared on a going concern basis. The Statement of Comprehensive income shows that the company made a profit in the year of £1.25mil (2023: £1.15mil) with a net asset position of £1.35mil (2023: £2.35mil). In making their going concern assessment, the directors took into account the liquidity of the company and the expected future cash flows.
The directors consider that they have sufficient mitigating actions available to them to manage the business risks successfully despite the current economic climate. Accordingly, the directors believe the going concern basis is appropriate as the basis of preparation for these financial statements.

 
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:

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.

Page 11

 
PINNACLE PROPERTY MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. 
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

 
PINNACLE PROPERTY MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Plant and machinery
-
25%
Motor vehicles
-
25%
Fixtures and fittings
-
25%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 13

 
PINNACLE PROPERTY MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

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.

Basic financial assets

Basic financial assets, which include trade and other debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Page 14

 
PINNACLE PROPERTY MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 88 (2023: 82).


4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Plant, machinery and computer equipment
Total

£
£
£
£



Cost


At 1 January 2024
134,486
201,028
365,247
700,761


Additions
44,267
9,262
22,456
75,985



At 31 December 2024

178,753
210,290
387,703
776,746



Depreciation


At 1 January 2024
48,157
166,748
310,445
525,350


Charge for the year
41,922
18,186
29,140
89,248



At 31 December 2024

90,079
184,934
339,585
614,598



Net book value



At 31 December 2024
88,674
25,356
48,118
162,148



At 31 December 2023
86,329
34,280
54,802
175,411

Page 15

 
PINNACLE PROPERTY MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£

Trade debtors
236,727
360,016

Amounts owed by group undertakings
215,796
396,968

Other debtors
19,637
16,343

Prepayments and accrued income
160,391
131,512

632,551
904,839


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


6.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
73,051
329,628

Corporation tax
26,044
-

Other taxation and social security
302,485
253,966

Obligations under finance lease and hire purchase contracts
28,012
45,181

Other creditors
44,182
47,114

Accruals and deferred income
49,381
85,912

523,155
761,801



7.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
36,057
23,373


Page 16

 
PINNACLE PROPERTY MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
28,012
45,181

Between 1-5 years
36,057
23,373

64,069
68,554

9.


Deferred taxation




2024


£



Charged to the profit or loss
(33,085)



At end of year
(33,085)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(33,085)
-

(33,085)
-


The deferred tax liability in repsect of accelarated capital allowances is expected to reverse within 12 months.


10.


Reserves

Share premium account

The share premium account includes any premiums received on issue of share capital. Any transaction costs associated with issuing shares are deducted from share premium.

Profit and loss account

The profit and loss account includes all current and prior period retained profits.

Page 17

 
PINNACLE PROPERTY MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £81,947 (2023: £71,298). Contributions totalling £26,910 (2023: £13,971) were payable to the fund at the reporting date and are included in creditors.


12.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
83,142
7,068

Later than 1 year and not later than 5 years
63,304
7,657

146,446
14,725


13.


Related party transactions

The Company has taken advantage of the exemption, under the terms of Section 33.1A Financial Reporting Standards 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned group entities.


14.


Controlling party

The smallest group in which the results of the Company are consolidated is that headed by Odevo UK Holdco Limited, a company incorporated in England and Wales. A full listing of companies within the Group are disclosed within the consolidated financial statements of Odevo UK Holdco Limited, which are available from Companies House.
The Company's immediate parent undertaking is Odevo UK Limited.
The Company's ultimate controlling party is Gabriel Fitzgerald.

Page 18