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Registered number:
FOR THE YEAR ENDED 30 JUNE 2025
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
COMPANY INFORMATION
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
CONTENTS
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
We aim to present a balanced and comprehensive report on the development and performance of our business during the year and its position at year end.
Our report is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties we face.
Pinnacle Investment Management UK Limited (“PIML UK”) is a wholly-owned subsidiary of Pinnacle Investment Management Group Limited (“PNI”), an ASX-listed multi-affiliate fund management group. PIML UK provides distribution and operational support to PNI and its affiliates in the UK and Europe, which is a strategically important market.
The Company is committed to ensuring it has the financial strength and capital adequacy to support the growth of the business and meet the requirements of regulators, the Financial Conduct Authority (FCA). The Company manages these risks by monitoring the capital adequacy position monthly. It is required to report to the FCA quarterly. The Directors are confident that the Company will continue to meet its capital adequacy requirements in future.
PIML UK operates as part of the broader PNI Group and benefits from the strategic, operational and infrastructure support provided by its Australian parent, Pinnacle Investment Management Limited (a fellow subsidiary of PNI). PIML UK exists to support its staff and the Group’s international growth objectives. The Directors confirm that there are no current intentions to wind up PIML UK within the next 18 months, and it remains a key component of the Group’s long-term international strategy.
Turnover AUD 4,248,935 - (2024 - AUD 3,156,563)
Profit before tax AUD 1,769,859 - (2024 - AUD 70,412)
There are no non-financial indicators to note for the reporting year.
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
The Directors, in line with their duties under s172 of the Companies Act 2006, act individually and collectively in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its member, and in doing so have regard, amongst other matters, to the:
• likely consequences of any decision in the long term; • interests of the company's employees; • need to foster the company's business relationships with suppliers, customers, and others; • impact of the company's operations on the community and the environment; • desirability of the company maintaining a reputation for high standards of business conduct; • need to act fairly as between members of the company. The Directors’ regard to these matters is embedded in their decision-making process, through the Company’s business strategy, culture, governance framework, management information flows and stakeholder engagement processes. The Company’s business strategy is focused on achieving success for the Company in the long-term. In setting this strategy, the Board takes into account the impact of relevant factors and stakeholder interests on the Company’s performance. The Board also identifies principal risks facing the business and sets risk management objectives. The Board promotes a culture of upholding the highest standards of business conduct and regulatory conduct. The Directors ensure these core values are communicated to the Company’s employees and embedded in the Company’s policies and procedures, employee induction and training programmes and its risk and control oversight framework. The Directors recognise that building strong and lasting relationships with our stakeholders will help us to deliver our strategy in line with our long-term values, and operate a sustainable business. The Directors are supported in the discharge of their duties by: • Processes which ensure the provision of timely management information and escalation through reporting lines to the Board from the Company’s business areas, its risk and control functions, and support teams; • Agenda planning for Board meetings to provide sufficient time for the consideration and discussion of key matters. Stakeholders The Board understands the importance of engagement with all of its stakeholders and gives appropriate weighting to the outcome of its decisions for the relevant stakeholder in weighing up how best to promote the success of the Company. The Board regularly discusses issues concerning employees, clients, suppliers and community and environment, which it takes into account in its discussions and in its decision-making process. In addition to this, the Board seeks to understand the interests and views of the Company’s stakeholders by engaging with them directly when required. The below summarises the key stakeholders and how we engage with each: Employees The Board recognises that employees are the backbone of the business and a key asset. Our employees contribute to a positive working culture and healthy working environment. Employees are key to the success of our business. In addition to the objective of being a responsible employer in our approach to pay and benefits, we continue to engage with our team and external consultants (where applicable) to ascertain which training and development opportunities should be made available to employees. The overarching aim is to improve our team’s productivity and our individual employees’ potential within the business.
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
Clients Clients are at the centre of our business. We aim to build lasting relationships with current and potential clients to understand their objectives and requirements. We take a consultative approach with clients focused on building long-term relationships and solving their investment challenges. We are in regular contact with clients in order to meet their defined investment, reporting and service requirements. This includes attending regular update calls, webinars, and face to face meetings, depending on client preferences. Suppliers As a global business, we work with a wide range of suppliers both in the U.K. and globally. We remain committed to being fair and transparent in our dealings with all of our suppliers. The Finance Function (under the Chief Financial Officer) is appointed to review and oversee the appointment and provision of services by suppliers, including initial and ongoing due diligence. The Finance function updates the Board on a regular basis. The Company has procedures requiring due diligence of suppliers with regard to their internal governance, including for example, their anti-bribery and corruption practices, data protection policies and modern slavery matters. The Company has systems and processes in place to ensure suppliers are paid in a timely manner. Community and Environment The Board’s approach to social responsibility, diversity & the community is of high importance. We strive to create sustainable value and help our investor base in seeking more meaningful returns. Corporate social responsibility principles are part of our culture and decision-making process. Shareholders We seek to behave in a responsible manner towards our shareholders, recognising the importance of a continuing effective dialogue, in accordance with Company policy. The Board communicates information relevant to its shareholders.
This report was approved by the board on 21 October 2025 and signed on its behalf.
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
The directors present their report and the financial statements for the year ended 30 June 2025.
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 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.
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
There have been no significant events affecting the Company since the year end.
The auditors, Price Bailey LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
We have audited the financial statements of Pinnacle Investment Management (UK) Limited (the 'Company') for the year ended 30 June 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 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.
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 Report. 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. 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.
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED (CONTINUED)
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:
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which they operate and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits and industry regulations including GDPR, employment law and health and safety. We communicated the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following: - agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - enquiries of management including those responsible for key regulations; and - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business. 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.
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED (CONTINUED)
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Tennyson House
Cambridge Business Park
CB4 0WZ
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
REGISTERED NUMBER: 11026111
BALANCE SHEET
AS AT 30 JUNE 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 25 form part of these financial statements.
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Pinnacle Investment Management (UK) Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The registered office address is C/O Norose Company Secretarial Services Ltd, 3 More London Riverside, London SE1 2AQ . The Principal activity of the company is that of distribution and support services to its parent company, and its affiliated fund managers.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows; - the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); - the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); - the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; - the requirements of Section 33 Related Party Disclosures paragraph 33.7.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which assumes the continued financial support of the parent company for a period of at least 12 months from the date of these financial statements.
The financial statements do not contain any adjustments that would be required if the company were not able to continue as a going concern.
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.ACCOUNTING POLICIES (CONTINUED)
Functional and presentation currency
Transactions and balances
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.ACCOUNTING POLICIES (CONTINUED)
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 basis:
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.
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.ACCOUNTING POLICIES (CONTINUED)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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 trade and other debtors, 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.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.ACCOUNTING POLICIES (CONTINUED)
amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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 revision and future periods where the revision affects both current and future periods.
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
There were no factors that may affect future tax charges.
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
On 10 February 2025 the Company issued 2 ordinary shares at £1 nominal value per share for a total consideration of £26,658,444.
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Share premium account
Foreign exchange reserve
Profit and loss account
The Company operates a defined contribution 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 AU$66,909 (2024- AU$20,915). Contributions of AU$8,298 (2024 - AU$487) were payable to the fund at the balance sheet date.
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PINNACLE INVESTMENT MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
The immediate controlling party is Pinnacle Investment Management Limited, an Australian company.
The ultimate controlling party is Pinnacle Investment Management Group Limited, an Australian company. Copies of the group financial statements of Pinnacle Investment Management Group Limited may be obtained from Level 19, 307 Queen Street, Brisbane, QLD 4000, Australia.
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