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REGISTERED NUMBER: 02609975 (England and Wales)









Financial Statements

for the Year Ended 30 June 2024

for

Pineridge Investments Limited

Pineridge Investments Limited (Registered number: 02609975)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Pineridge Investments Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: F Sidoli
M K Rodwell





REGISTERED OFFICE: c/o Parker Cavendish, Suite 301,
Stanmore Business and Innovation Centre
Howard Road
Stanmore
Middlesex
HA7 1FW





REGISTERED NUMBER: 02609975 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
Suite 301
Stanmore Business and Innovation Centre
Howard Road
Stanmore
Middlesex
HA7 1FW

Pineridge Investments Limited (Registered number: 02609975)

Statement of Financial Position
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 36,344 54,517
Investment property 5 41,518,244 37,290,178
41,554,588 37,344,695

CURRENT ASSETS
Debtors 6 1,391,593 1,553,970
Cash at bank 566,191 766,819
1,957,784 2,320,789
CREDITORS
Amounts falling due within one year 7 (3,000,589 ) (1,741,058 )
NET CURRENT (LIABILITIES)/ASSETS (1,042,805 ) 579,731
TOTAL ASSETS LESS CURRENT
LIABILITIES

40,511,783

37,924,426

CREDITORS
Amounts falling due after more than one
year

8

(17,165,246

)

(14,951,822

)

PROVISIONS FOR LIABILITIES (3,377,291 ) (3,423,630 )
NET ASSETS 19,969,246 19,548,974

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 19,969,146 19,548,874
SHAREHOLDERS' FUNDS 19,969,246 19,548,974

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Pineridge Investments Limited (Registered number: 02609975)

Statement of Financial Position - continued
30 June 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





M K Rodwell - Director


Pineridge Investments Limited (Registered number: 02609975)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Pineridge Investments Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Income comprises rent receivable from investment properties net of value added tax and is recognised on an accruals basis. Benefits provided to lessees in the form of rent free periods and capital contributions are treated as a reduction in the overall return on the lease and are recognised on a straight line basis over the full term of the lease.

Service charges received are held in trust for the leaseholders. The service charges and related expenditure are not included in the profit & loss account.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% Straight line

Investment property
Initial measurement
Investment properties are initially measured at cost.

Subsequent measurement
Investment properties are measured at fair value at each reporting date with changes in fair values recognised in profit or loss. No depreciation is provided in respect of investment properties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Going concern
At 30 June 2024, the company had a net current liability position. The company continues to be operationally profitable and therefore the financial statements have been prepared on going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Pineridge Investments Limited (Registered number: 02609975)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
COST
At 1 July 2023
and 30 June 2024 72,689
DEPRECIATION
At 1 July 2023 18,172
Charge for year 18,173
At 30 June 2024 36,345
NET BOOK VALUE
At 30 June 2024 36,344
At 30 June 2023 54,517

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 37,290,178
Additions 4,228,066
At 30 June 2024 41,518,244
NET BOOK VALUE
At 30 June 2024 41,518,244
At 30 June 2023 37,290,178

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2024 41,518,244

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 24,065,828 19,837,762

The investment properties were valued on an open market basis basis on 31 December 2024 by the directors .

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 441,279 327,182
Amounts owed by group undertakings - 72,259
Other debtors 353,759 402,837
Tax 85,251 157,444
Prepayments and accrued income 488,580 536,568
1,368,869 1,496,290

Pineridge Investments Limited (Registered number: 02609975)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Trade debtors 22,724 57,680

Aggregate amounts 1,391,593 1,553,970

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 53,374 23,152
Amounts owed to group undertakings 1,672,740 -
Tax 75,193 85,251
VAT 174,836 142,436
Other creditors 292,409 286,468
Directors' current accounts - 550,000
Deferred income 466,331 348,967
Accrued expenses 265,706 304,784
3,000,589 1,741,058

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 17,500,000 15,250,000
Loan arrangement fees (245,780 ) (298,178 )
Profit on derivative financial instruments (88,974 ) -
17,165,246 14,951,822

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 17,500,000 15,250,000

The bank loans are secured on the investment properties.

10. CASH AT BANK

Included in cash at bank are certain bank accounts with cash balances which are under the control of the lender as stipulated in the bank loan agreement. Rental receipts are paid into a specified account and are released by the lender after the deduction of the bank loan interest. At the year end, the amount included in the cash at bank total under the control of the lender amounted to £102,272 (2023: £162,212).

11. RETAINED RESERVES

The retained earnings of £19,969,146 (2023 - £19,848,874) comprise of distributable reserves of £5,884,935 (2023 - £5,506,458) and non-distributable reserves of £14,084,211 (2023 - £14,042,416) which relate to property revaluations less related deferred tax provision.