| PINNACLE CONSULTANTS (LONDON) LTD |
| Registered number: |
04760874 |
| Balance Sheet |
| as at 31 May 2020 |
|
| Notes |
|
|
2020 |
|
|
2019 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
5,779,046 |
|
|
5,785,720 |
|
| Current assets |
| Debtors |
4 |
|
56,364 |
|
|
136,462 |
| Cash at bank and in hand |
|
|
88,131 |
|
|
94,854 |
|
|
|
144,495 |
|
|
231,316 |
|
| Creditors: amounts falling due within one year |
5 |
|
(2,377,982) |
|
|
(2,110,609) |
|
| Net current liabilities |
|
|
|
(2,233,487) |
|
|
(1,879,293) |
|
| Total assets less current liabilities |
|
|
|
3,545,559 |
|
|
3,906,427 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(353,000) |
|
|
(937,000) |
|
| Provisions for liabilities |
|
|
|
(375,701) |
|
|
(385,237) |
|
|
| Net assets |
|
|
|
2,816,858 |
|
|
2,584,190 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Revaluation reserve |
8 |
|
|
1,592,795 |
|
|
1,633,449 |
| Profit and loss account |
|
|
|
1,223,963 |
|
|
950,641 |
|
| Shareholders' funds |
|
|
|
2,816,858 |
|
|
2,584,190 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
| Mr Fouad Haghighat |
| Director |
| Approved by the board on 23 February 2021 |
|
| PINNACLE CONSULTANTS (LONDON) LTD |
| Notes to the Accounts |
| for the year ended 31 May 2020 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
15 % Reducing balance |
|
Motor Vehicles |
15 % Reducing balance |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
7 |
|
7 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost/ Valuation |
|
At 1 June 2019 |
5,766,598 |
|
63,471 |
|
18,844 |
|
5,848,913 |
|
Additions |
520,000 |
|
- |
|
6,700 |
|
526,700 |
|
Disposals |
(528,000) |
|
- |
|
(8,296) |
|
(536,296) |
|
At 31 May 2020 |
5,758,598 |
|
63,471 |
|
17,248 |
|
5,839,317 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2019 |
- |
|
47,879 |
|
15,314 |
|
63,193 |
|
Charge for the year |
- |
|
2,339 |
|
1,534 |
|
3,873 |
|
On disposals |
- |
|
- |
|
(6,795) |
|
(6,795) |
|
At 31 May 2020 |
- |
|
50,218 |
|
10,053 |
|
60,271 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2020 |
5,758,598 |
|
13,253 |
|
7,195 |
|
5,779,046 |
|
At 31 May 2019 |
5,766,598 |
|
15,592 |
|
3,530 |
|
5,785,720 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2020 |
|
2019 |
| £ |
£ |
|
Historical cost |
3,749,993 |
|
3,749,993 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
3,749,993 |
|
3,749,993 |
|
|
| 4 |
Debtors |
2020 |
|
2019 |
| £ |
£ |
|
|
Trade debtors |
56,364 |
|
128,000 |
|
Other debtors |
- |
|
8,462 |
|
|
|
|
|
|
56,364 |
|
136,462 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Bank loan and overdrafts ( see note 7 below ) |
84,000 |
|
84,000 |
|
Trade creditors |
4,521 |
|
55,503 |
|
Amounts owed to associate undertaking - (see note 9 below) |
|
200,796 |
|
215,961 |
|
Corporation tax |
53,687 |
|
77,527 |
|
Other taxes and social security costs |
2,061 |
|
1,616 |
|
Other creditors |
2,032,917 |
|
1,676,002 |
|
|
|
|
|
|
2,377,982 |
|
2,110,609 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Bank loan (see note 7 below) |
353,000 |
|
937,000 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2020 |
|
2019 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
437,000 |
|
937,000 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by a charge over the Investment properties of the company. |
|
|
| 8 |
Revaluation reserve |
2020 |
|
2019 |
| £ |
£ |
|
|
|
At 1 June 2019 |
1,633,449 |
|
783,819 |
|
(Loss)/gain on revaluation of land and buildings |
(50,190) |
|
1,063,000 |
|
Deferred taxation arising on the revaluation of land and buildings |
9,536 |
|
(213,370) |
|
|
At 31 May 2020 |
1,592,795 |
|
1,633,449 |
|
|
|
|
|
|
|
|
|
|
This is related to the gain on the revaluation of the company's Investment Properties, as at the |
|
year end. The valuation is done by the Director of the company, based on market values. The |
|
Director is not aware of any material change in value since the valuation date. |
|
| 9 |
Related party transactions |
|
|
At the year end the company owed £200,796 (2019- 215,961) to HFH Investments, a rental partnership business in which Fouad Haghighat has a 25% interest. The loan is interest free and is repayable on demand. |
|
|
| 10 |
Controlling party |
|
|
The company is under the control of Mr Fouad Haghighat and other family member. Mr Fouad Haghighat is a shareholder and Director of the company throughout the year, |
|
|
| 11 |
Other information |
|
|
PINNACLE CONSULTANTS (LONDON) LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
309 Hoe street |
|
Walthamstow |
|
London |
|
E17 9BG |
