Pinnacle Towers Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 04009945 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PINNACLE TOWERS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

Fixed assets

Tangible assets

4

3,522,550

Current assets

Debtors

5

710,008

668,923

Cash at bank

1,470,623

7,300,039

2,180,631

7,968,962

Creditors

Amounts falling due within one year

6

617,270

489,139

Net current assets

1,563,361

7,479,823

Total assets less current liabilities

5,085,911

11,002,373

Capital and reserves

Called up share capital

7

907,307

Share premium

8

-

7,826,145

Retained earnings

8

4,178,604

2,268,921

Shareholder funds

5,085,911

11,002,373

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 10 November 2025 and were signed on its behalf by:

K L Hinson - Director

1.	Statutory information

Pinnacle Towers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

04009945

Registered office:

C/O Rock Tax & Accounting

Elm House

Tanshire Park, Shackleford Road

Elstead,Godalming

Surrey

GU8 6LB

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 as modified by the revaluation of certain assets.

Turnover

Turnover is recognised on a straight line basis over the life of the related lease agreements. Revenue is recorded in the month in which it is due. Any rental amounts received in advance of the month due are recorded as deferred income. One hundred percent of revenue relates to the United Kingdom market.

Tangible fixed assets

Depreciation is provided in order to write off each asset over its estimated useful life. Land is not depreciated as it is considered to have an indefinite life.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Impairment of long-lived assets

The company evaluates the recoverability of its long-lived assets wherever adverse events or changes in business climate indicate that the expected undiscounted future cash flows from the related asset may be less than previously anticipated. If the net book value of the related asset exceeds the undiscounted future cash flows of the assets, the carrying amount would be reduced to the present value of the expected future cash flows and an impairment loss would be recognised.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	Employees and directors

The average number of employees during the year was NIL (2023 - 2 ).

4.	Tangible fixed assets

Land and

buildings

£

Cost or valuation

At 1 January 2024

and 31 December 2024

5,455,025

Depreciation

At 1 January 2024

and 31 December 2024

1,932,475

Net book value

At 31 December 2024

3,522,550

At 31 December 2023

3,522,550

Included in cost or valuation of land and buildings is freehold land of £ 5,455,025 (2023 - £ 5,455,025 ) which is not depreciated.

The amounts included above as depreciation represent an impairment provision created in 2001 as a consequence of a revaluation of assets at that date.

5.

Debtors: amounts falling due within one year

31.12.24

31.12.23

£

Trade debtors

117,822

85,495

Amounts owed by group undertakings

583,428

Prepayments and other debtors

8,758

-

710,008

668,923

6.

Creditors: amounts falling due within one year

31.12.24

31.12.23

£

Trade creditors

11,580

5,019

Taxation and social security

308,557

156,421

Other creditors

297,133

327,699

617,270

489,139

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

11,422,600

Ordinary

$0.01

78,316

1,200,000

Ordinary

$1.00

828,991

907,307

8.

Reserves

Retained

Share

earnings

premium

Total

£

At 1 January 2024

2,268,921

7,826,145

10,095,066

Profit for the year

452,768

-

452,768

Share premium moved to retained earnings

7,826,145

(7,826,145

)

0

Distribution from retained earnings

(6,369,230

)

(6,369,230

)

At 31 December 2024

4,178,604

-

4,178,604

9.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Amit Prasanna (Senior Statutory Auditor)

for and on behalf of Rock Tax & Accounting

10.	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.

11.	Ultimate controlling party

The company's ultimate parent company is Crown Castle Inc. which is incorporated in the USA. Crown Castle Inc. is the largest company in the group and Crown Castle Inc. prepares consolidated financial statements which are available to the public. Copies of the financial statements of Crown Castle Inc. may be obtained from 8020 Katy Freeway, Houston TX 77024.

12.	Share premium and capital reduction

On the 23 January 2024, the directors of the company reduced its capital using a solvency statement procedure under Section 642 Companies Act 2006.

As a result, the company's entire share premium account is cancelled, and the amount of this account has been credited to the profit and loss account.

The balance on the share premium account was previously £7,826,145.

As part of the reduction:

o £6,369,230 was returned to the shareholder as a capital repayment; and

o The remaining £1,456,915 was transferred to retained earnings, creating additional distributable reserves.