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 2020

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

10,020

13,360

Tangible assets

5

83,182

141,225

93,202

154,585

CURRENT ASSETS

Stocks

1,130,644

1,119,682

Debtors

6

2,181,172

2,838,581

Cash at bank and in hand

344,789

313,856

3,656,605

4,272,119

CREDITORS

Amounts falling due within one year

7

2,414,079

3,705,633

NET CURRENT ASSETS

1,242,526

566,486

TOTAL ASSETS LESS CURRENT LIABILITIES

1,335,728

721,071

CREDITORS

Amounts falling due after more than one year

8

(117,864

)

(38,381

)

PROVISIONS FOR LIABILITIES

(15,805

)

(26,832

)

NET ASSETS

1,202,059

655,858

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,201,959

655,758

SHAREHOLDERS' FUNDS

1,202,059

655,858

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 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 and authorised for issue on 7 October 2020 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 26 (2019 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 July 2019

and 30 June 2020

16,700

AMORTISATION

At 1 July 2019

3,340

Charge for year

3,340

At 30 June 2020

6,680

NET BOOK VALUE

At 30 June 2020

10,020

At 30 June 2019

13,360

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2019

335,661

Additions

3,874

At 30 June 2020

339,535

DEPRECIATION

At 1 July 2019

194,436

Charge for year

61,917

At 30 June 2020

256,353

NET BOOK VALUE

At 30 June 2020

83,182

At 30 June 2019

141,225

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

Plant and

machinery

etc

£

COST

At 1 July 2019

and 30 June 2020

36,241

DEPRECIATION

At 1 July 2019

9,060

Charge for year

9,061

At 30 June 2020

18,121

NET BOOK VALUE

At 30 June 2020

18,120

At 30 June 2019

27,181

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

£

£

Trade debtors

1,872,957

2,675,306

Amounts owed by participating interests

193,584

137,858

Other debtors

114,631

25,417

2,181,172

2,838,581

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

£

£

Hire purchase contracts (see note 9)

19,781

21,205

Trade creditors

849,569

2,126,711

Amounts owed to participating interests

-

1,453

Taxation and social security

480,092

172,802

Other creditors

1,064,637

1,383,462

2,414,079

3,705,633

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.20

30.6.19

£

£

Bank loans

100,000

-

Hire purchase contracts (see note 9)

17,864

38,381

117,864

38,381

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

100,000

-

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.6.20

30.6.19

£

£

Net obligations repayable:

Within one year

19,781

21,205

Between one and five years

17,864

38,381

37,645

59,586

Non-cancellable operating

leases

30.6.20

30.6.19

£

£

Within one year

50,000

50,000

Between one and five years

250,000

200,000

In more than five years

50,000

200,000

350,000

450,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.20

30.6.19

£

£

Hire purchase contracts

37,645

59,586

RBS FacFlow

1,031,888

1,333,245

1,069,533

1,392,831

11.	RELATED PARTY DISCLOSURES

Included in debtors at the year end is an amount of £117,758 (2019 £137,858) owed from Pinnacle Commercial

Property Limited, £40,000 (2019 £1,453 Creditor) owed from Pinnacle Electrical Supplies (Bolton) Limited and

£35,826 (2019 £nil) owed from Pinnacle Plumbing & Heating Supplies Limited. These companies are related

parties by virtue of common shareholders. As the loans are repayable on demand no interest has been charged.

The company also hold a guarantee, supported by a debenture in relation to the Pinnacle Commercial Property

Limited bank loan,