Pinnacle Electrical Supplies (Bolton) - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11638267 (England and Wales)

Financial Statements for the Year Ended 30 June 2023

for

Pinnacle Electrical Supplies (Bolton)

Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

L Huddart

A S Knight

REGISTERED OFFICE:

Unit 4 Turbine Road

Wirral

CH41 9BA

REGISTERED NUMBER:

11638267 (England and Wales)

AUDITORS:

Haines Watts

Statutory Auditor

3rd Floor Pacific Chambers

11-13 Victoria Street

Liverpool

Merseyside

L2 5QQ

FIXED ASSETS

Tangible assets

5

91,336

95,235

CURRENT ASSETS

Stocks

702,345

643,030

Debtors

6

2,548,337

1,674,921

Cash at bank and in hand

194,386

139,770

3,445,068

2,457,721

CREDITORS

Amounts falling due within one year

7

2,753,080

2,071,787

NET CURRENT ASSETS

691,988

385,934

TOTAL ASSETS LESS CURRENT LIABILITIES

783,324

481,169

CREDITORS

Amounts falling due after more than one year

8

(154,361

)

(190,337

)

PROVISIONS FOR LIABILITIES

11

(14,362

)

(14,237

)

NET ASSETS

614,601

276,595

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

614,501

276,495

614,601

276,595

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 Board of Directors and authorised for issue on 12 March 2024 and were signed on its behalf by:

A S Knight - Director

1.	STATUTORY INFORMATION

Pinnacle Electrical Supplies (Bolton) 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable excluding 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.

Plant and machinery etc

-

25% on cost

Stocks

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

Financial instruments

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Basic financial liabilities

Basic financial liabilities, including trade, group and other creditors and other borrowings are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when he company's contractual obligations expire or are discharge or cancelled.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 10 ) .

4.	AUDITORS' REMUNERATION

30.6.23

30.6.22

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

1,042

5,500

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2022

186,623

Additions

39,362

At 30 June 2023

225,985

DEPRECIATION

At 1 July 2022

91,388

Charge for year

43,261

At 30 June 2023

134,649

NET BOOK VALUE

At 30 June 2023

91,336

At 30 June 2022

95,235

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

Plant and

machinery

etc

£

COST

At 1 July 2022

and 30 June 2023

59,551

DEPRECIATION

At 1 July 2022

and 30 June 2023

23,028

NET BOOK VALUE

At 30 June 2023

36,523

At 30 June 2022

36,523

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Trade debtors

1,560,549

1,217,279

Amounts owed by group undertakings

450,510

263,264

Other debtors

537,278

194,378

2,548,337

1,674,921

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Bank loans and overdrafts

50,005

50,000

Hire purchase contracts (see note 9)

16,900

3,456

Trade creditors

1,157,663

1,234,951

Amounts owed to group undertakings

-

2,675

Tax

110,588

59,847

Social security and other taxes

15,523

15,877

VAT

105,915

22,238

Other creditors

55,574

56,580

Pension contributions unpaid

1,814

1,638

Credit card control

35,316

12,620

Invoice Financing

394,078

525,336

Accruals and deferred income

809,704

86,569

2,753,080

2,071,787

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.23

30.6.22

£

£

Bank loans - 1-2 years

99,995

150,000

Hire purchase contracts (see note 9)

54,366

40,337

154,361

190,337

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.6.23

30.6.22

£

£

Net obligations repayable:

Within one year

16,900

3,456

Between one and five years

54,366

40,337

71,266

43,793

Non-cancellable

operating leases

30.6.23

30.6.22

£

£

Within one year

34,936

28,000

Between one and five years

11,645

67,667

46,581

95,667

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.23

30.6.22

£

£

Hire purchase contracts

71,266

43,793

Invoice financing

394,078

525,336

465,344

569,129

Arbuthnot Commercial Asset Based Lending Limited holds a Fixed Charge over the intellectual property and book debts against the name of the company; and Floating Charge over all property or undertaking of the company dated 6 April 2022.

The obligations under the finance leases are secured on the items to which the finance leases relate.

11.	PROVISIONS FOR LIABILITIES

30.6.23

30.6.22

£

£

Deferred tax

14,362

14,237

Deferred tax

£

Balance at 1 July 2022

14,237

Provided during year

125

Balance at 30 June 2023

14,362

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Forshaw (Senior Statutory Auditor)

for and on behalf of Haines Watts

13.	ULTIMATE CONTROLLING PARTY

The company is a subsidiary undertaking of Pinnacle UK Group Limited, a company registered in England and Wales.

Pinnacle UK Group Limited is the immediate parent company of Pinnacle Electrical Supplies (Bolton) Ltd

For the year ended 30 June 2023, the parent of the smallest group for which consolidated accounts are drawn up of which the small entity is a member is Gipfel Electrical Holdings Limited. Copies of the group accounts are available from Unit 4 Turbine Road, Wirral, Merseyside, England, CH41 9BA.

The ultimate controlling party is Gipfel Electrical Holdings Limited.