Pinnacle Motor Engineering Company Limited - Period Ending 2022-03-31
Pinnacle Motor Engineering Company Limited - Period Ending 2022-03-31
Registration number:
Pinnacle Motor Engineering Company Limited
for the Year Ended 31 March 2022
Pinnacle Motor Engineering Company Limited
Contents
Statement of Financial Position |
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Notes to the Financial Statements |
Pinnacle Motor Engineering Company Limited
(Registration number: 01694458)
Statement of Financial Position as at 31 March 2022
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
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Profit and loss account |
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Shareholders funds |
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Pinnacle Motor Engineering Company Limited
(Registration number: 01694458)
Statement of Financial Position as at 31 March 2022
For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
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Pinnacle Motor Engineering Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 2022 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 2022
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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Pinnacle Motor Engineering Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2021 |
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Additions |
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Disposals |
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At 31 March 2022 |
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Depreciation |
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At 1 April 2021 |
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Charge for the year |
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Eliminated on disposal |
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At 31 March 2022 |
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Carrying amount |
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At 31 March 2022 |
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At 31 March 2021 |
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Included within the net book value of land and buildings above is £Nil (2021 - £Nil) in respect of freehold land and buildings.
Investment properties |
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At 1 April 2021 and 31 March 2022 |
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The director, Mr P A T Turner, considers that the value of the Investment property at 31 March 2021 remains unchanged at £250,000. This valuation is on an open market basis. It's cost was £195,255.
Debtors |
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Trade debtors |
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Other debtors |
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Pinnacle Motor Engineering Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Creditors |
Creditors: amounts falling due within one year
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2021 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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