Pinnacle Motor Engineering Company Limited - Period Ending 2018-03-31

Registration number: 01694458

Pinnacle Motor Engineering Company Limited

Unaudited Financial Statements

for the Year Ended 31 March 2018

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 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	34,342	34,610
Investment property	5	250,000	250,000
		284,342	284,610
Current assets
Debtors	6	280,142	144,464
Cash at bank and in hand		273,284	394,769
		553,426	539,233
Creditors: Amounts falling due within one year	7	(108,691)	(115,716)
Net current assets		444,735	423,517
Total assets less current liabilities		729,077	708,127
Provisions for liabilities		(3,363)	(3,197)
Net assets		725,714	704,930
Capital and reserves
Called up share capital		64,000	64,000
Fair value reserve		54,745	54,745
Profit and loss account		606,969	586,185
Shareholders funds		725,714	704,930

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Pinnacle Motor Engineering Company Limited

(Registration number: 01694458)
Statement of Financial Position as at 31 March 2018

For the financial year ending 31 March 2018 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 and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 11 June 2018 and signed on its behalf by:
 

.........................................

Mr P A T Turner

Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Pinnacle Motor Engineering Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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 11 June 2018.

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 2018 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.

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.

Page 3

Pinnacle Motor Engineering Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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 (2017 - 9).

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2017	119,711	116,476	236,187
Additions	-	10,695	10,695
At 31 March 2018	119,711	127,171	246,882
Depreciation
At 1 April 2017	109,784	91,793	201,577
Charge for the year	4,788	6,175	10,963
At 31 March 2018	114,572	97,968	212,540
Carrying amount
At 31 March 2018	5,139	29,203	34,342
At 31 March 2017	9,927	24,683	34,610

Included within the net book value of land and buildings above is £5,139 (2017 - £9,927) in respect of freehold land and buildings.
 

5	Investment properties

	2018 £
At 1 April 2017 and 31 March 2018	250,000

The director, Mr P A T Turner, considers that the value of the Investment property at 31 March 2018 remains unchanged at £250,000. This valuation is on an open market basis. It's cost was £195,255.

Page 4

Pinnacle Motor Engineering Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

6

Debtors

	2018 £	2017 £
Trade debtors	181,892	132,507
Other debtors	98,250	11,957
Total current trade and other debtors	280,142	144,464

Page 5

Pinnacle Motor Engineering Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7

Creditors

	Note	2018 £	2017 £
Due within one year
Trade creditors		35,909	40,421
Taxation and social security		28,586	30,883
Other creditors		44,196	44,412
		108,691	115,716

8	Related party transactions

Transactions with directors

2018	Advances to directors £	At 31 March 2018 £
Mr P A T Turner
Amounts advanced	79,395	79,395
Interest charged	2,451	2,451
	81,846	81,846

Page 6