Pinnacle Inns Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06715099 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st October 2019

for

Pinnacle Inns Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs S J Roberts

REGISTERED OFFICE:

Central Chambers

227 London Road

Hadleigh

Benfleet

Essex

SS7 2RF

REGISTERED NUMBER:

06715099 (England and Wales)

ACCOUNTANTS:

Field & Co LLP

Central Chambers

227 London Road

Hadleigh

Benfleet

Essex

SS7 2RF

FIXED ASSETS

Tangible assets

4

12,248

15,935

CURRENT ASSETS

Stocks

3,475

3,475

Debtors

5

22,172

29,837

Cash at bank and in hand

8,869

10,326

34,516

43,638

CREDITORS

Amounts falling due within one year

6

54,145

47,473

NET CURRENT LIABILITIES

(19,629

)

(3,835

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(7,381

)

12,100

CREDITORS

Amounts falling due after more than one year

7

(3,357

)

(5,275

)

PROVISIONS FOR LIABILITIES

8

(2,327

)

(3,028

)

NET (LIABILITIES)/ASSETS

(13,065

)

3,797

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

10

(13,066

)

3,796

SHAREHOLDERS' FUNDS

(13,065

)

3,797

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2019.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31st October 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 16th April 2021 and were signed by:

Mrs S J Roberts - Director

1.	STATUTORY INFORMATION

Pinnacle Inns Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1st November 2018

and 31st October 2019

52,158

9,250

11,145

72,553

DEPRECIATION

At 1st November 2018

44,406

3,330

8,882

56,618

Charge for year

1,938

1,184

565

3,687

At 31st October 2019

46,344

4,514

9,447

60,305

NET BOOK VALUE

At 31st October 2019

5,814

4,736

1,698

12,248

At 31st October 2018

7,752

5,920

2,263

15,935

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

Motor

vehicles

£

COST

At 1st November 2018

and 31st October 2019

9,250

DEPRECIATION

At 1st November 2018

3,330

Charge for year

1,184

At 31st October 2019

4,514

NET BOOK VALUE

At 31st October 2019

4,736

At 31st October 2018

5,920

5.

DEBTORS

31/10/19

31/10/18

£

£

Amounts falling due within one year:

Other debtors

19,089

29,837

Amounts falling due after more than one year:

Other debtors

3,083

-

Aggregate amounts

22,172

29,837

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/19

31/10/18

£

£

Hire purchase contracts

1,918

1,918

Trade creditors

19,794

19,670

Taxation and social security

30,321

23,724

Other creditors

2,112

2,161

54,145

47,473

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/10/19

31/10/18

£

£

Hire purchase contracts

3,357

5,275

8.	PROVISIONS FOR LIABILITIES

31/10/19

31/10/18

£

£

Deferred tax

2,327

3,028

Deferred

tax

£

Balance at 1st November 2018

3,028

Credit to Statement of Income and Retained Earnings during year

(701

)

Balance at 31st October 2019

2,327

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/10/19

31/10/18

value:

£

£

1

Ordinary Shares

£1

1

1

10.

RESERVES

Retained

earnings

£

At 1st November 2018

3,796

Deficit for the year

(16,862

)

At 31st October 2019

(13,066

)

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs S J Roberts.