Company registration number 04122095 (England and Wales)
PINEMACE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
PINEMACE LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
PINEMACE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investment property
3
3,186,000
3,186,000
Current assets
Trade and other receivables
4
3,401,705
3,205,131
Cash and cash equivalents
114,959
123,080
3,516,664
3,328,211
Current liabilities
5
(275,554)
(220,398)
Net current assets
3,241,110
3,107,813
Net assets
6,427,110
6,293,813
Equity
Called up share capital
7,414,772
7,414,772
Revaluation reserve
(928,412)
(928,412)
Retained earnings
(59,250)
(192,547)
Total equity
6,427,110
6,293,813

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 10 October 2024 and are signed on its behalf by:
Mr C R Llewellyn
Director
Company registration number 04122095 (England and Wales)
PINEMACE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Share capital
Revaluation reserve
Retained earnings
Total
£
£
£
£
Balance at 1 February 2022
7,414,772
(1,205,095)
(178,065)
6,031,612
Year ended 31 January 2023:
Profit and total comprehensive income
-
-
262,201
262,201
Transfers
-
276,683
(276,683)
-
Balance at 31 January 2023
7,414,772
(928,412)
(192,547)
6,293,813
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
133,297
133,297
Balance at 31 January 2024
7,414,772
(928,412)
(59,250)
6,427,110
PINEMACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Pinemace Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Manfield House, 1 Southampton Street, London, WC2R 0LR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 pound.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Revenue

Turnover represents rents, service charges and other income derived from letting the company's properties. Turnover is recognised when the company is entitled to receive income and is allocated to the appropriate accounting periods on the basis of the time periods to which it relates.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

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

PINEMACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the 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.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
PINEMACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Investment property
2024
£
Fair value
At 1 February 2023
5,275,250
Disposals
(2,300,000)
Revaluations
210,750
At 31 January 2024
3,186,000

The fair value of the investment properties have been valued by the director of the company. The valuation was based on an open market value by reference to market evidence of transaction prices for similar properties, condition of the property, type of commercial property and the economic and political environment.

 

The historical cost of the investment properties is £4,114,412 (2023 - £4,114,412). No depreciation would have been charged; however, annual reviews of impairment would have been carried out.

 

4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
25,903
62,502
Amounts owed by group undertakings
3,253,287
2,925,759
Other receivables
122,515
216,870
3,401,705
3,205,131
5
Current liabilities
2024
2023
£
£
Trade payables
125,711
51,535
Taxation and social security
11,992
2,548
Other payables
137,851
166,315
275,554
220,398
6
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Key management personnel
2,511
-
PINEMACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
6
Related party transactions
(Continued)
- 6 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
3,253,287
2,925,759
Key management personnel
-
23,986
7
Directors' transactions

Amounts due totalling £2,511 were owed to directors during the year. This was payable at the year end.

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