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REGISTERED NUMBER: 01059368 (England and Wales)
























Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Pinnacle International Freight Limited

Pinnacle International Freight Limited (Registered number: 01059368)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Pinnacle International Freight Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: N J Burrell
G J Newman
K C Ellington





REGISTERED OFFICE: Unit 1 Swannington Road
Broughton Astley
Leicester
LE9 6TU





REGISTERED NUMBER: 01059368 (England and Wales)





AUDITORS: BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
West Midlands
WS9 0RB

Pinnacle International Freight Limited (Registered number: 01059368)

Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

FAIR REVIEW OF THE BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

As an international freight forwarder our business continues to arrange freight movements for a wide variety of customers both in the UK and overseas.

The companies activities are organised into the following main areas:

Intermediary on UK freight movements
Intermediary on overseas movements
Export packing facility
Warehousing and distribution facility
UK freight deliveries
Special large scale freight movements

The company's main income is derived from the first 2 activities.

PRINCIPAL RISKS AND UNCERTAINTIES
The overseas business leads to foreign currency exposure which is managed through constant reviews of the exchange rate and the economy.

Credit risk is managed through only trading with creditworthy third parties and all receivable balances are monitored on an ongoing basis.

Liquidity risk is the risk that the company will not have sufficient cash and debt facilities to meet future obligations. The company prepares annual forecasts of future requirements and monitors cash flow on an ongoing basis.


Pinnacle International Freight Limited (Registered number: 01059368)

Strategic Report
for the Year Ended 31 December 2024

KEY PERFORMANCE INDICATORS
We consider that the key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, those being operating profit and profit after tax.

Overall operating profit was £1,722,293 compared to £1,679,972 in 2023; profit after tax was £1,290,989 compared to £1,314,638 in 2023

Other performance indicators
We expect a good performance in 2025. As a company we keep tight control over new customers to minimise bad debts.

As for many businesses of our size, the business environment in which we operate continues to be challenging.
Whilst the freight market is competitive, the company is well established and has strong loyalty and the directors feel confident that the company can deal with the challenges ahead.

We are of course subject to changes in consumer spending that can affect the level of freight movement demands and consumers overall level of disposable income within our economy.

With these risks and uncertainties in mind, we are aware that any future plans for the future development of the business may be subject to unforeseen future events outside of our control.

ON BEHALF OF THE BOARD:





K C Ellington - Director


15 July 2025

Pinnacle International Freight Limited (Registered number: 01059368)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of international freight forwarding.

DIVIDENDS
Particulars of dividends are provided on page 11 of the financial statements

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

N J Burrell
G J Newman
K C Ellington

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, BK Plus Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





K C Ellington - Director


15 July 2025

Report of the Independent Auditors to the Members of
Pinnacle International Freight Limited

Opinion
We have audited the financial statements of Pinnacle International Freight Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 UK, including the FRC'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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Pinnacle International Freight Limited


Matters on which we are required to report by exception
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 Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.

From the preliminary of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Reviewing minutes of meetings of those charged with governance, if available;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Pinnacle International Freight Limited


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 2006. Our 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 a Report of the Auditors 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.




Andrew Williams FCCA (Senior Statutory Auditor)
for and on behalf of BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
West Midlands
WS9 0RB

15 July 2025

Pinnacle International Freight Limited (Registered number: 01059368)

Income Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £    £    £   

TURNOVER 4 25,226,800 22,584,595

Cost of sales 18,066,145 15,297,081
GROSS PROFIT 7,160,655 7,287,514

Distribution costs 338,396 351,004
Administrative expenses 5,099,966 5,256,538
5,438,362 5,607,542
OPERATING PROFIT 6 1,722,293 1,679,972

Interest receivable and similar income 7 59,641 138,758
1,781,934 1,818,730

Interest payable and similar expenses 8 7,656 2,152
PROFIT BEFORE TAXATION 1,774,278 1,816,578

Tax on profit 9 483,289 501,940
PROFIT FOR THE FINANCIAL YEAR 1,290,989 1,314,638

Pinnacle International Freight Limited (Registered number: 01059368)

Other Comprehensive Income
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,290,989 1,314,638


OTHER COMPREHENSIVE INCOME
Purchase on own shares - 500
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

500
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,290,989

1,315,138

Pinnacle International Freight Limited (Registered number: 01059368)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 781,302 872,505
Investments 13 20,243 20,243
801,545 892,748

CURRENT ASSETS
Debtors 14 14,619,624 13,141,356
Investments 15 - 431,711
Cash at bank 1,993,536 2,949,045
16,613,160 16,522,112
CREDITORS
Amounts falling due within one year 16 3,225,256 3,548,213
NET CURRENT ASSETS 13,387,904 12,973,899
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,189,449

13,866,647

PROVISIONS FOR LIABILITIES 19 181,640 202,329
NET ASSETS 14,007,809 13,664,318

CAPITAL AND RESERVES
Called up share capital 20 17,400 17,400
Share premium 21 488,500 488,500
Capital redemption reserve 21 12,900 12,900
Retained earnings 21 13,489,009 13,145,518
SHAREHOLDERS' FUNDS 14,007,809 13,664,318

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2025 and were signed on its behalf by:





K C Ellington - Director


Pinnacle International Freight Limited (Registered number: 01059368)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2023 17,900 12,717,578 488,500 12,900 13,236,878

Changes in equity
Issue of share capital (500 ) - - - (500 )
Dividends - (887,198 ) - - (887,198 )
Total comprehensive income - 1,315,138 - - 1,315,138
Balance at 31 December 2023 17,400 13,145,518 488,500 12,900 13,664,318

Changes in equity
Dividends - (947,498 ) - - (947,498 )
Total comprehensive income - 1,290,989 - - 1,290,989
Balance at 31 December 2024 17,400 13,489,009 488,500 12,900 14,007,809

Pinnacle International Freight Limited (Registered number: 01059368)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. ACCOUNTING POLICIES

Pinnacle International Freight Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Swannington Road, Broughton Astley, Leicester, United Kingdom, LE9 6TU.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Pinnacle International Freight Limited is a subsidiary of Pinnacle International Freight Holdings Limited and the results of Pinnacle International Freight Limited are included in the consolidated financial statements of Pinnacle International Freight Holdings Limited which are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Going concern
In assessing the appropriateness of the going concern assumption, the Directors have reviewed detailed forecasts prepared for at least 12 months from the date of approval of the financial statements and stress-tested these. Based on these forecasts, even under stressed results, the company can meet its liabilities as they fall due. The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and therefore consider that it is appropriate for the financial statements to be prepared on the going concern basis.

Pinnacle International Freight Limited (Registered number: 01059368)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents the invoiced value of services provided, excluding value-added tax, and is recognized in accordance with FRS 102.

Turnover is recognized when the amount of revenue can be measured reliably, it is probable that economic benefits will flow to the company, and the stage of completion of the transaction at the reporting date can be measured reliably.

For freight forwarding services, revenue is recognszed when the significant risks and rewards of the service have been transferred to the customer, typically upon dispatch or delivery of the goods, depending on the terms of the contract.

Revenue from other services such as customs clearance, documentation, and warehousing is recognised upon completion of the service or over time as the service is rendered.

Advance billings for services not yet performed are deferred and recognized as revenue when the related services are provided.

Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Pinnacle International Freight Limited (Registered number: 01059368)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

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:

Leasehold buildings 10% straight line
Improvement to property10% straight line
Plant and machinery 10% - 25% straight line
Motor vehicles 15% - 25% straight line

Freehold land is not depreciated.

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.

Impairment on fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).


Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.


Pinnacle International Freight Limited (Registered number: 01059368)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss .

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions 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 cash and bank balances , amounts due from group undertakings and amounts due from related parties , are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less impairment.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.



Pinnacle International Freight Limited (Registered number: 01059368)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Basic financial liabilities
Basic financial liabilities, including creditors, and amounts due to fellow group undertakings are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Taxation
The tax expenses 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.

Pinnacle International Freight Limited (Registered number: 01059368)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets .

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.


Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3. 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. In the view of the directors, there are no material estimates or judgements.

In preparing the financial statements, no critical accounting judgements or key estimates have been identified.

Pinnacle International Freight Limited (Registered number: 01059368)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Rendering of services 25,226,800 22,584,595
25,226,800 22,584,595

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 22,610,335 18,629,465
Europe 101,093 652,524
Rest of world 2,515,372 3,302,606
25,226,800 22,584,595

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,563,332 2,754,869
Social security costs 220,366 233,454
Other pension costs 174,991 192,164
2,958,689 3,180,487

The average number of employees during the year was as follows:
2024 2023

Distribution 30 31
Administration 4 6
Other 23 24
57 61

Pinnacle International Freight Limited (Registered number: 01059368)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. EMPLOYEES AND DIRECTORS - continued

Directors remuneration
2024 2023
£ £
Remuneration for qualifying services 141,200 141,200
Company pension contributions to defined contribution schemes 64,403 10,204
207,627 153,427

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2021 - 2)

6. OPERATING PROFIT

Operating profit for the year is stated after charging/(crediting):20242023
££
Exchange losses / (gains)140,275103,665
Fees payable to the company's auditor for the audit of the company'sfinancial
statements

30,000

28,058
Depreciation of owned tangible fixed assets89,053130,445
Depreciation of tangible fixed assets held under finance leases 24,39516,264
Operating lease charges 247,627207,598

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Interest on bank deposits 59,641 138,758

8. INTEREST PAYABLE AND SIMILAR EXPENSES

2024 2023
£ £
Interest on Corporation tax liability 7,656 -
Interest on finance leases and hire purchase contracts - 2,152

Pinnacle International Freight Limited (Registered number: 01059368)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 503,978 397,344

Deferred tax (20,689 ) 104,596
Tax on profit 483,289 501,940

UK corporation tax has been charged at 25% (2023 - 25%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,774,278 1,816,578
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

443,570

454,145

Effects of:
Tax effect of expenses that are not deductible in determining taxable profit 39,719 73,028
prior periods
Effect of change in corporation tax rate - (25,233 )

Total tax charge 483,289 501,940

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2024.

2023
Gross Tax Net
£    £    £   
Purchase on own shares 500 - 500

10. DIVIDENDS

20242023
££
Interim dividends paid887,1981,622,787

Pinnacle International Freight Limited (Registered number: 01059368)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

11. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 533,086
AMORTISATION
At 1 January 2024
and 31 December 2024 533,086
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

12. TANGIBLE FIXED ASSETS
Leasehold Improvements
land and to Plant and Motor
buildings property machinery vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 510,127 400,048 963,293 172,545 2,046,013
Additions - - 86,129 - 86,129
Disposals - - (4,874 ) - (4,874 )
At 31 December 2024 510,127 400,048 1,044,548 172,545 2,127,268
DEPRECIATION
At 1 January 2024 510,127 14,268 532,684 116,429 1,173,508
Charge for year - 40,006 110,607 22,576 173,189
Eliminated on disposal - - (731 ) - (731 )
At 31 December 2024 510,127 54,274 642,560 139,005 1,345,966
NET BOOK VALUE
At 31 December 2024 - 345,774 401,988 33,540 781,302
At 31 December 2023 - 385,780 430,609 56,116 872,505

Pinnacle International Freight Limited (Registered number: 01059368)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

12. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Motor
vehicles
£   
COST
At 1 January 2024
and 31 December 2024 97,580
DEPRECIATION
At 1 January 2024 56,922
Charge for year 16,188
At 31 December 2024 73,110
NET BOOK VALUE
At 31 December 2024 24,470
At 31 December 2023 40,658

13. FIXED ASSET INVESTMENTS

2024 2023
£ £
Investment in subsidiaries 20,243 20,243

Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:


Name of undertaking

Registered office
Class of shares
held

% held direct

Nowukan Ltd
7 Park Lane Business Centre, Basford,
Nottingham, United Kingdom. NG6 0DW

Ordinary

100.00

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,026,772 2,344,004
Amounts owed by group undertakings 4,146,198 4,105,388
Amounts owed by participating interests 5,973,998 6,078,189
Other debtors 271,021 466,903
VAT 50,114 -
Prepayments 151,521 146,872
14,619,624 13,141,356

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

Pinnacle International Freight Limited (Registered number: 01059368)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

15. CURRENT ASSET INVESTMENTS

Current asset investments where nil at the period end (2023: £431,711).

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,901,213 2,233,836
Amounts owed to group undertakings 719,885 308,377
Amounts owed to participating interests 145,895 94,346
Tax - 102,274
Social security and other taxes 97,127 129,584
VAT - 3,924
Other creditors 32,195 33,186
Accrued expenses 328,941 642,686
3,225,256 3,548,213

Amounts owed by group undertakings are unsecured, interest free, and are repayable on demand.
Hire purchase liabilities are secured against the assets to which they relate.

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 266,931 278,316
Between one and five years 723,050 998,362
In more than five years - 45,993
989,981 1,322,671

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18. FINANCIAL INSTRUMENTS

2024 2023
Carrying amount of financial assets £ £
Debt instruments measured at amortised cost 8,257,151 11,141,917

Carrying amount of financial liabilities
Measured at amortised cost 3,131,839 2,683,558

Pinnacle International Freight Limited (Registered number: 01059368)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 181,640 202,329

Deferred
tax
£   
Balance at 1 January 2024 202,329
Utilised during year (20,689 )
Accelerated capital allowances
Balance at 31 December 2024 181,640

The deferred tax liability set out above is not expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within a future period.

20. CALLED UP SHARE CAPITAL

2024 2023 2024 2023
Ordinary share capital Number Number £    £   
Issued and fully paid
Ordinary shares of £1 each 17,100 17,100 17,100 17,100
Ordinary B shares of £1 each 100 100 100 100
Ordinary D shares of £1 each 100 100 100 100
Ordinary J shares of £1 each 100 100 100 100
17,400 17,400 17,400 17,400

The holders of Ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share.

The holders of Ordinary B, Ordinary D and Ordinary J shares are entitled to receive dividends, but do not hold any voting rights.

21. RESERVES

Share premium account
This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.

Profit and loss account
This reserve records retained earnings and accumulated losses.

Pinnacle International Freight Limited (Registered number: 01059368)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

22. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

The bank has given a guarantee to H.M Revenue and Customs totalling £300,000 (2023: £300,000).

The bank holds an unlimited multilateral guarantee over all of the freehold and leasehold property, and a fixed charge over book and other debts, chattels, goodwill and uncalled capital both present and future and first floating charge over all assets and undertaking both present and future.

On 1 November 2019, the company entered into an intercompany guarantee in relation to loan notes totalling £4,000,000 issued by Pinnacle International Freight Group Limited. At 31 December 2024 the value of the loan notes outstanding was £535,000 (2023: £900,000).

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
N J Burrell
Balance outstanding at start of year - (87,777 )
Amounts advanced 460,125 415,835
Amounts repaid (460,125 ) (328,058 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

G J Newman
Balance outstanding at start of year - -
Amounts advanced 360,000 460,000
Amounts repaid (360,000 ) (460,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The directors' loan accounts are both unsecured.

24. 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.

Pinnacle International Freight Limited (Registered number: 01059368)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

24. RELATED PARTY DISCLOSURES - continued

Transactions with related parties
During the year the company entered into the following transactions with related parties:

Sales Purchases
2024 2023 2024 2023
£ £ £ £
Entities with control, joint control or
significant influence over the company

-

-

186,000

186,000
Entities under common control of one or
more directors

825,307

1,154,599

2,616,698

2,882,285

The following amounts were outstanding at the reporting end date:

2024 2023
Amounts due to related parties £ £
Entities under common control of one or more directors 865,780 402,723

2024 2023
Amounts due from related parties £ £
Entities with control, joint control or significant influence over the company 4,100,898 4,100,898
Entities under common control of one or more directors 6,019,298 6,082,679

Amounts due back from companies under common control include a bad debt provision of £504,000.

25. ULTIMATE CONTROLLING PARTY

The parent company was Pinnacle International Freight Holdings Limited, which is registered in England and Wales and whose registered office is Unit 1, Swannington Road, Broughton Astley, Leicester, LE9 6TU.

Consolidated financial statements for Pinnacle International Freight Holdings Limited, the largest and smallest group to consolidate the results of the company, can be obtained from the registered office.

The ultimate controlling party is N J Burrell.

26. RETIREMENT BENEFIT SCHEMES

2024 2023
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 174,991 147,601

The company operates a defined contribution scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.