Pinnacle Motor Engineering Co Ltd - Period Ending 2015-03-31

Registration number: 01694458

Pinnacle Motor Engineering Co Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Beever and Struthers
Chartered Accountants
St George's House
215-219 Chester Road
Manchester
Lancashire
M15 4JE

Pinnacle Motor Engineering Co Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Pinnacle Motor Engineering Co Ltd
(Registration number: 01694458)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					288,483			290,781
Current assets
Debtors					135,115			141,649
Cash at bank and in hand					427,744			376,181
					562,859			517,830
Creditors: Amounts falling due within one year					(97,277)			(80,635)
Net current assets					465,582			437,195
Net assets					754,065			727,976
Capital and reserves
Called up share capital		3			64,000			64,000
Revaluation reserve					54,745			54,745
Profit and loss account					635,320			609,231
Shareholders' funds					754,065			727,976

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 3 December 2015 and signed on its behalf by:

......................................... Mr PAT Turner Director

The notes on pages 2 to 3 form an integral part of these financial statements.
  Page 1

Pinnacle Motor Engineering Co Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold property	Over 25 years
Other	25% reducing balance

Investment properties

Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Financial instruments

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 profit and loss account.

Page 2

Pinnacle Motor Engineering Co Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		469,774			469,774
Additions		8,900			8,900
Disposals		(4,251)			(4,251)
At 31 March 2015		474,423			474,423
Depreciation
At 1 April 2014		178,993			178,993
Charge for the year		10,430			10,430
Eliminated on disposals		(3,483)			(3,483)
At 31 March 2015		185,940			185,940
Net book value
At 31 March 2015		288,483			288,483
At 31 March 2014		290,781			290,781

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each of £1 each		64,000			64,000			64,000			64,000

Page 3