Pinnacle Motor Engineering Company Limited - Period Ending 2023-03-31

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 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	43,374	47,195
Investment property	5	250,000	250,000
		293,374	297,195
Current assets
Debtors	6	283,405	272,804
Cash at bank and in hand		875,263	612,504
		1,158,668	885,308
Creditors: Amounts falling due within one year	7	(230,967)	(292,423)
Net current assets		927,701	592,885
Total assets less current liabilities		1,221,075	890,080
Provisions for liabilities		(4,517)	(8,096)
Net assets		1,216,558	881,984
Capital and reserves
Called up share capital		64,000	64,000
Fair value reserve		54,745	54,745
Profit and loss account		1,097,813	763,239
Shareholders funds		1,216,558	881,984

Pinnacle Motor Engineering Company Limited

(Registration number: 01694458)
Statement of Financial Position as at 31 March 2023

For the financial year ending 31 March 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 17 July 2023 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 2023

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 17 July 2023.

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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Pinnacle Motor Engineering Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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.

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 9 (2022 - 8).

Pinnacle Motor Engineering Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2022	119,711	171,816	291,527
Additions	-	11,950	11,950
Disposals	-	(5,500)	(5,500)
At 31 March 2023	119,711	178,266	297,977
Depreciation
At 1 April 2022	119,711	124,621	244,332
Charge for the year	-	14,466	14,466
Eliminated on disposal	-	(4,195)	(4,195)
At 31 March 2023	119,711	134,892	254,603
Carrying amount
At 31 March 2023	-	43,374	43,374
At 31 March 2022	-	47,195	47,195

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.
 

5	Investment properties

	2023 £
At 1 April 2022 and 31 March 2023	250,000

The director, Mr P A T Turner, considers that the value of the Investment property at 31 March 2023 remains unchanged at £250,000. This valuation is on an open market basis. It's cost was £195,255.

6

Debtors

Current	2023 £	2022 £
Trade debtors	263,420	239,564
Other debtors	19,985	33,240
	283,405	272,804

Pinnacle Motor Engineering Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Trade creditors	69,996	105,600
Taxation and social security	145,627	100,687
Other creditors	15,344	86,136
	230,967	292,423