Pinpoint Works:

Having experienced inefficiencies and poor communications when managing warranty lists for large yacht builds, James Stockdale knew there had to be an easier, more effective way of managing these large scale projects.

Working with an old school friend who had app development experience, James created a project management trial app he started using on the yacht build projects he was managing. Once he realised they were onto something, James and his wife invested further to develop the prototype into commercial software they could sell to clients.

The result was the creation of Pinpoint Works, a work list management solution aimed at the super yacht sector.

James and Leslie were initially using a sizeable regional accountancy firm. However, they were concerned that this firm didn't have the experience of working with tech clients that sell their products globally, and the founders also wanted to get a better handle on the day to day finances of the business.

James first contacted Barnes & Scott in 2020, having been introduced through a Facebook group focused on SAS development.

As a result of preliminary conversations, it was clear that Pinpoint Works would be better served by Barnes & Scott. Not only did they have the experience of working with other tech SAAS companies, but they could help James and Leslie access the detailed financial information they needed to manage and develop the business.

Initially, Barnes & Scott helped the founders move their accounting software across to Xero and provided ongoing training and support to facilitate this. In addition, the firm prepared Pinpoint Work's year-end accounts, handled the quarterly VAT submissions and monthly payroll, and liaised with them regarding pension advice.

Pinpoint Works continued to grow, providing a software solution for super yacht builders, shipyards, yacht owner representatives and yachting crews across Europe and the rest of the world.

James and Leslie self-funded the app's development and didn't need to attract external investment. In 2023, they were approached by a UK company involved in the super yacht sector, who were keen to buy the business.

Barnes and Scott's services were expanded to provide detailed financial due diligence support to Pinpoint Works during this process. Having worked with other tech clients selling their businesses, they provided hands-on support throughout the acquisition process.

Following the acquisition, Barnes & Scott also advised James and Leslie on business asset disposal relief (BADR) enabling the founders to pay a lower rate of tax on the funds they received from selling the company.

Commenting on the support that Barnes & Scott has provided Pinpoint Works, James Stockdale says, "We developed a close personal working relationship with the team at Barnes and Scott, who proved to be trusted accountants for UK SAAS companies. They gave us confidence in what decisions we needed to take on a day to day basis by giving us the capability to access our company’s detailed financial information when required.

During the due diligence process, we were happy for our buyers to liaise directly with Barnes & Scott, knowing that all their questions would be answered professionally and efficiently. It was reassuring to see that they could handle all of our queries".

Having sold the business, James continues to be involved in a consultancy capacity and Leslie oversees the operations. However, James is looking forward to captaining super yachts again in the future.