Pinnacle Electrical Supplies Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07681824 (England and Wales)

Financial Statements for the Year Ended 30 June 2019

for

Pinnacle Electrical Supplies Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A S Knight

REGISTERED OFFICE:

Unit 4 Turbine Road

Turbine Business Park

Birkenhead

Merseyside

CH41 9BA

REGISTERED NUMBER:

07681824 (England and Wales)

ACCOUNTANTS:

Cobham Murphy

116 Duke Street

Liverpool

Merseyside

L1 5JW

FIXED ASSETS

Intangible assets

4

13,360

-

Tangible assets

5

141,225

136,585

154,585

136,585

CURRENT ASSETS

Stocks

1,119,682

887,731

Debtors

6

2,838,581

1,743,276

Cash at bank and in hand

313,856

58,508

4,272,119

2,689,515

CREDITORS

Amounts falling due within one year

7

3,705,633

2,366,258

NET CURRENT ASSETS

566,486

323,257

TOTAL ASSETS LESS CURRENT LIABILITIES

721,071

459,842

CREDITORS

Amounts falling due after more than one year

8

(38,381

)

-

PROVISIONS FOR LIABILITIES

(26,832

)

(25,951

)

NET ASSETS

655,858

433,891

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

655,758

433,791

SHAREHOLDERS' FUNDS

655,858

433,891

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 23 December 2019 and were signed by:

A S Knight - Director

1.	STATUTORY INFORMATION

Pinnacle Electrical Supplies Limited is a private company, limited by shares, registered in England and Wales.

The company's registered number is 07681824 and the registered office is Unit 4, Turbine Road, Turbine

Business Park, Birkenhead CH41 9BA.

The functional currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

There are no judgements (apart from those involving estimates) that have had a significant effect on amounts

recognised in the financial statements.

Turnover

Turnover represents net invoiced sales from the supply of electrical equipment and parts and is measured at the

fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other

sales taxes. Turnover is recognised as the service is provided

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.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost

Stocks

Stocks are valued at the lower of cost, using the first in first out method, and net realisable value, after making

allowance for obsolete and slow moving items.

Financial instruments

Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are

measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 24 (2018 - 22 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

16,700

At 30 June 2019

16,700

AMORTISATION

Charge for year

3,340

At 30 June 2019

3,340

NET BOOK VALUE

At 30 June 2019

13,360

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2018

263,577

Additions

72,084

At 30 June 2019

335,661

DEPRECIATION

At 1 July 2018

126,992

Charge for year

67,444

At 30 June 2019

194,436

NET BOOK VALUE

At 30 June 2019

141,225

At 30 June 2018

136,585

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

36,241

At 30 June 2019

36,241

DEPRECIATION

Charge for year

9,060

At 30 June 2019

9,060

NET BOOK VALUE

At 30 June 2019

27,181

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade debtors

2,675,306

1,597,517

Amounts owed by participating interests

137,858

120,358

Other debtors

25,417

25,401

2,838,581

1,743,276

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Hire purchase contracts (see note 9)

21,205

-

Trade creditors

2,126,711

1,633,271

Amounts owed to participating interests

1,453

-

Taxation and social security

172,802

74,829

Other creditors

1,383,462

658,158

3,705,633

2,366,258

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.19

30.6.18

£

£

Hire purchase contracts (see note 9)

38,381

-

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.6.19

30.6.18

£

£

Net obligations repayable:

Within one year

21,205

-

Between one and five years

38,381

-

59,586

-

Non-cancellable operating

leases

30.6.19

30.6.18

£

£

Within one year

50,000

50,000

Between one and five years

200,000

200,000

In more than five years

200,000

250,000

450,000

500,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.19

30.6.18

£

£

Hire purchase contracts

59,586

-

RBS FacFlow

1,333,245

602,924

1,392,831

602,924

11.	RELATED PARTY DISCLOSURES