Pinnacle Motor Engineering Company Limited - Period Ending 2020-03-31

Pinnacle Motor Engineering Company Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Financial Statements	3 to 6

Pinnacle Motor Engineering Company Limited

(Registration number: 01694458)
Statement of Financial Position as at 31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	44,807	32,450
Investment property	5	250,000	250,000
		294,807	282,450
Current assets
Debtors	6	242,244	176,062
Cash at bank and in hand		349,811	384,555
		592,055	560,617
Creditors: Amounts falling due within one year	7	(135,423)	(108,456)
Net current assets		456,632	452,161
Total assets less current liabilities		751,439	734,611
Provisions for liabilities		(6,151)	(4,091)
Net assets		745,288	730,520
Capital and reserves
Called up share capital		64,000	64,000
Fair value reserve		54,745	54,745
Profit and loss account		626,543	611,775
Shareholders funds		745,288	730,520

Pinnacle Motor Engineering Company Limited

(Registration number: 01694458)
Statement of Financial Position as at 31 March 2020

For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 9 October 2020 and signed on its behalf by:
 

.........................................

Mr P A T Turner
Director

Pinnacle Motor Engineering Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Gordon Street
Lancashire Hill
Stockport
Cheshire
SK4 1RS

These financial statements were authorised for issue by the Board on 9 October 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements for the year ended 31 March 2020 comply with FRS 102 Section 1A for small entities.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Pinnacle Motor Engineering Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	Over 25 years
Other	25% reducing balance

Investment property

Investment property is included at fair value and any surplus or deficit is dealt with in the Income Statement. Deferred taxation is provided at the rate expected to apply when the property is sold.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2019 - 9).

Pinnacle Motor Engineering Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2019	119,711	137,371	257,082
Additions	-	22,754	22,754
Disposals	-	(6,600)	(6,600)
At 31 March 2020	119,711	153,525	273,236
Depreciation
At 1 April 2019	119,360	105,272	224,632
Charge for the year	351	9,730	10,081
Eliminated on disposal	-	(6,284)	(6,284)
At 31 March 2020	119,711	108,718	228,429
Carrying amount
At 31 March 2020	-	44,807	44,807
At 31 March 2019	351	32,099	32,450

Included within the net book value of land and buildings above is £Nil (2019 - £351) in respect of freehold land and buildings.
 

5	Investment properties

	2020 £
At 1 April 2019 and 31 March 2020	250,000

The director, Mr P A T Turner, considers that the value of the Investment property at 31 March 2020 remains unchanged at £250,000. This valuation is on an open market basis. It's cost was £195,255.

6

Debtors

	2020 £	2019 £
Trade debtors	213,578	150,008
Other debtors	28,666	26,054
	242,244	176,062

Pinnacle Motor Engineering Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

7

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	44,577	40,099
Taxation and social security	63,449	61,444
Other creditors	27,397	6,913
	135,423	108,456