Pinnacle Systems (Scotland) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC279951 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

FOR

PINNACLE SYSTEMS (SCOTLAND) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P R Hagan

Mrs T Hagan

SECRETARY:

Mrs T Hagan

REGISTERED OFFICE:

Railwayside House

Summerlee Road

Larkhall

Lanarkshire

ML9 2UH

REGISTERED NUMBER:

SC279951 (Scotland)

ACCOUNTANT:

John Murphy & Company (Scotland) Limited

Chartered Accountants

Castle Chambers

67 Main Street

Bothwell

Lanarkshire

G71 8ER

FIXED ASSETS

Intangible assets

4

1

300

Tangible assets

5

198,346

195,691

198,347

195,991

CURRENT ASSETS

Stocks

6

13,500

Cash at bank

30,537

17,621

44,037

31,121

CREDITORS

Amounts falling due within one year

7

120,214

137,105

NET CURRENT LIABILITIES

(76,177

)

(105,984

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

122,170

90,007

CREDITORS

Amounts falling due after more than one
year

8

(9,167

)

(19,167

)

PROVISIONS FOR LIABILITIES

9

(2,279

)

(1,556

)

NET ASSETS

110,724

69,284

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

110,624

69,184

SHAREHOLDERS' FUNDS

110,724

69,284

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 June 2025 and were signed on its behalf by:

P R Hagan - Director

1.	STATUTORY INFORMATION

Pinnacle Systems (Scotland) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2024

and 28 February 2025

6,000

AMORTISATION

At 1 March 2024

5,700

Amortisation for year

299

At 28 February 2025

5,999

NET BOOK VALUE

At 28 February 2025

1

At 29 February 2024

300

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

COST

At 1 March 2024

188,207

2,725

8,374

Additions

-

366

-

At 28 February 2025

188,207

3,091

8,374

DEPRECIATION

At 1 March 2024

-

2,710

8,357

Charge for year

-

91

-

At 28 February 2025

-

2,801

8,357

NET BOOK VALUE

At 28 February 2025

188,207

290

17

At 29 February 2024

188,207

15

17

Motor

Computer

vehicles

equipment

Totals

£

COST

At 1 March 2024

24,661

1,107

225,074

Additions

6,246

-

6,612

At 28 February 2025

30,907

1,107

231,686

DEPRECIATION

At 1 March 2024

17,394

922

29,383

Charge for year

3,683

183

3,957

At 28 February 2025

21,077

1,105

33,340

NET BOOK VALUE

At 28 February 2025

9,830

2

198,346

At 29 February 2024

7,267

185

195,691

6.

STOCKS

28.2.25

29.2.24

£

Stock

13,500

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

29.2.24

£

Bank loans and overdrafts

10,000

Trade creditors

31,184

14,717

Corporation tax

64,857

99,776

Payroll taxation

1,358

1,023

Pension fund control

340

138

VAT

7,516

8,886

Directors' current accounts

1,552

53

Accrued charges

3,407

2,512

120,214

137,105

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

28.2.25

29.2.24

£

Bank loans - 1-2 years

9,167

10,000

Bank loans - 2-5 years

-

9,167

19,167

9.	PROVISIONS FOR LIABILITIES

28.2.25

29.2.24

£

Deferred tax

2,279

1,556

Deferred

tax

£

Balance at 1 March 2024

1,556

Provided during year

723

Balance at 28 February 2025

2,279

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company occupies premises owned by the directors. A normal commercial rent of £9,600 per annum was paid during the trading period and at the balance sheet date no amount was outstanding in this respect.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is P R Hagan.