Pinnacle Business Solutions Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC158161 (Scotland)

Pinnacle Business Solutions Limited

Financial Statements For The Year Ended 31 May 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr W E Cordiner

SECRETARY:

Mrs A F Cordiner

REGISTERED OFFICE:

Monkland

Thurslow Road

Nairn

IV2 4EZ

REGISTERED NUMBER:

SC158161 (Scotland)

ACCOUNTANTS:

Cathedral Accountancy

4 North Guildry Street

Elgin

Moray

IV30 1JR

BANKERS:

Bank of Scotland

Nairn

PO Box 17235

Edinburgh

EH11 1YH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,011

2,228

1,011

2,228

CURRENT ASSETS

Debtors

6

54,118

72,344

Cash at bank and in hand

75,314

142,463

129,432

214,807

CREDITORS

Amounts falling due within one year

7

165,910

151,053

NET CURRENT (LIABILITIES)/ASSETS

(36,478

)

63,754

TOTAL ASSETS LESS CURRENT LIABILITIES

(35,467

)

65,982

CREDITORS

Amounts falling due after more than one year

8

20,002

40,280

NET (LIABILITIES)/ASSETS

(55,469

)

25,702

CAPITAL AND RESERVES

Called up share capital

9

200

200

Retained earnings

10

(55,669

)

25,502

(55,469

)

25,702

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 October 2023 and were signed by:

Mr W E Cordiner - Director

1.	STATUTORY INFORMATION

Pinnacle Business Solutions Limited is a private company, limited by shares , registered in Scotland. 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment

-

25% on cost and 25% on reducing balance

Taxation

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The balance sheet shows that liabilities exceed assets by £55,469 including a liability to the director of the company of £78,104. The director of the company has confirmed that he will maintain financial support for the foreseeable future to enable the company to continue normal trading operations. The financial statements are therefore drawn up on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 June 2022

and 31 May 2023

318,058

AMORTISATION

At 1 June 2022

and 31 May 2023

318,058

NET BOOK VALUE

At 31 May 2023

-

At 31 May 2022

-

5.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1 June 2022

19,710

Additions

458

Disposals

(299

)

At 31 May 2023

19,869

DEPRECIATION

At 1 June 2022

17,482

Charge for year

1,675

Eliminated on disposal

(299

)

At 31 May 2023

18,858

NET BOOK VALUE

At 31 May 2023

1,011

At 31 May 2022

2,228

6.

DEBTORS

31.5.23

31.5.22

£

£

Amounts falling due within one year:

Trade debtors

27,614

37,403

Other debtors

1,749

31,428

29,363

68,831

31.5.23

31.5.22

£

£

Amounts falling due after more than one year:

Other debtors

24,755

3,513

Aggregate amounts

54,118

72,344

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Bank loans and overdrafts

22,002

23,136

Trade creditors

17,731

572

Taxation and social security

3,657

16,621

Other creditors

122,520

110,724

165,910

151,053

Other creditors includes £12,002 (2022 - £13,123) of loans which are secured by a bond and floating charge over the company's assets.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.23

31.5.22

£

£

Bank loans

20,002

40,280

Other creditors includes £Nil (2022 - £27,846) of loans which are secured by a bond and floating charge over the company's assets.

9.	CALLED UP SHARE CAPITAL

Number

Class

Nominal value

31.5.23

31.5.22

40

Ordinary A shares

1

40

40

40

Ordinary B shares

1

40

40

40

Ordinary C shares

1

40

40

20

Ordinary D shares

1

20

20

20

Ordinary E shares

1

20

20

10

Ordinary F shares

1

10

10

10

Ordinary G shares

1

10

10

10

Ordinary H shares

1

10

10

10

Ordinary I shares

1

10

10

200

200

10.

RESERVES

Retained

earnings

£

At 1 June 2022

25,502

Deficit for the year

(81,171

)

At 31 May 2023

(55,669

)

11.	RELATED PARTY DISCLOSURES

At 31 May 2022 the company owed the director £78,110. During the year the company met expenditure of £6 on behalf of the director. At 31 May 2023 the company owed the director £78,104. This loan bears interest at 10% per annum and has no fixed repayment terms.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr W E Cordiner.