Pinnacle Furniture Limited
Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 07823191 (England and Wales)
Pinnacle Furniture Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 9
Pinnacle Furniture Limited
Balance Sheet
As at 31 December 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
19,247
25,647
Tangible assets
6
41,804
14,879
61,051
40,526
Current assets
Stock
7
621,975
229,720
Debtors
8
3,579,510
2,601,327
Cash at bank and in hand
754,225
-
0
4,955,710
2,831,047
Creditors: amounts falling due within one year
9
(2,827,136)
(1,175,151)
Net current assets
2,128,574
1,655,896
Net assets
2,189,625
1,696,422
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
2,189,525
1,696,322
Total equity
2,189,625
1,696,422

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 26 August 2025 and are signed on its behalf by:
D Stanley
Director
Company Registration No. 07823191
Pinnacle Furniture Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 2
1
Accounting policies
Company information

Pinnacle Furniture Limited is a private company limited by shares incorporated in England and Wales. The registered office is Enterprise House, Tinsley Lane North, Manor Royal Industrial Estate, Crawley, West Sussex, RH10 9TP.

1.1
Accounting convention

These financial statements have been prepared in accordance with section 1A of 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 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 pound.

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

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of not less than 12 months following the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Pinnacle Furniture Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 3

Amortisation 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:

Software
5 years straight line
1.5
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:

Plant and equipment
3 years straight line
Fixtures and fittings
5 years straight line
Computers
5 years straight line

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.

1.6
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

 

Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

 

Work in progress includes labour and attributable overheads.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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.

1.8
Financial instruments

The company only has basic financial instruments measured at amortised cost

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 Furniture Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 4
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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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.

1.11
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.

1.12
Retirement benefits

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

Pinnacle Furniture Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 5
1.13
Leases

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 leases asset are consumed.

2
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses/(gains)
15
(20)
Fees payable to the company's auditor for the audit of the company's financial statements
30,500
-
0
Depreciation of owned tangible fixed assets
8,440
4,632
Amortisation of intangible assets
6,400
6,353
Cost of stock recognised as an expense
9,227,694
3,813,391
Operating lease charges
48,317
920
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
38
22
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
428,502
161,576
Pinnacle Furniture Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
4
Taxation
(Continued)
Page 6

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,671,705
725,136
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
417,926
181,284
Tax effect of expenses that are not deductible in determining taxable profit
17,307
225
Effect of change in corporation tax rate
-
0
(10,388)
Permanent capital allowances in excess of depreciation
(6,731)
(9,545)
Taxation charge for the year
428,502
161,576
5
Intangible fixed assets
Software
£
Cost
At 1 January 2024 and 31 December 2024
32,000
Amortisation and impairment
At 1 January 2024
6,353
Amortisation charged for the year
6,400
At 31 December 2024
12,753
Carrying amount
At 31 December 2024
19,247
At 31 December 2023
25,647
Pinnacle Furniture Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 7
6
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
17,164
1,268
8,386
26,818
Additions
12,989
18,239
4,137
35,365
At 31 December 2024
30,153
19,507
12,523
62,183
Depreciation and impairment
At 1 January 2024
2,285
1,268
8,386
11,939
Depreciation charged in the year
6,568
1,545
327
8,440
At 31 December 2024
8,853
2,813
8,713
20,379
Carrying amount
At 31 December 2024
21,300
16,694
3,810
41,804
At 31 December 2023
14,879
-
0
-
0
14,879
7
Stock
2024
2023
£
£
Work in progress
-
149,463
Finished goods and goods for resale
621,975
80,257
621,975
229,720
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,632,823
579,856
Corporation tax recoverable
398,550
-
0
Amounts owed by group undertakings
335,036
1,941,364
Other debtors
41,328
37,211
Prepayments and accrued income
1,171,773
42,896
3,579,510
2,601,327
Pinnacle Furniture Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 8
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
-
0
31,647
Trade creditors
545,567
547,588
Corporation tax
995,346
279,953
Other taxation and social security
266,802
255,355
Other creditors
-
2,770
Accruals and deferred income
1,019,421
57,838
2,827,136
1,175,151
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100

On 25 April 2023 60 ordinary shares of £1 each were issued at par.

 

On 25 April 2023 the 10 ordinary A, 10 ordinary B, 10 ordinary C and 10 ordinary D shares were redesignated to ordinary shares. The nominal value of the shares is £1 and they were redesignated at par.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Paul Springfield
Statutory Auditor:
Moore Kingston Smith LLP
Pinnacle Furniture Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 9
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
52,097
-
0
Between two and five years
60,545
-
0
112,642
-
0
13
Related party transactions

The company has taken advantage of the exemption available under FRS102 whereby it has not disclosed transactions with the ultimate company or any wholly owned subsidiary undertaking of the group.

14
Parent company

The companies under common control are the companies under the ultimate ownership of the Stanley family.

 

The company is a 100% subsidiary of the dormant holding company Eightspace Group Limited, incorporated in England & Wales, who in turn are 100% owned by the Stanley family.

 

The following companies are under control of the Stanley family; Pinnacle Furniture Limited, Eightspace Group Limited, Eightspace LLP.

 

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