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Registration number: 11702019

Pine Midco Limited
Annual Report and Financial Statements
for the Year Ended 31 March 2025

Pine Midco Limited

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3
Statement of Directors' Responsibilities | 4
Independent Auditor's Report | 5 to 7
Profit and Loss Account | 8
Balance Sheet | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 to 17

Pine Midco Limited

Company Information

Directors | C I Cameron J A Cunningham M C G Melvin M J Puttick J Wilson-Kilgour

Registered office | Corinium House Barnwood Point Business Park Corinium Avenue Gloucester GL4 3HX

Auditors | Menzies LLP Chartered Accountants & Statutory Auditor 4th Floor, 95 Gresham Street London EC2V 7AB

Pine Midco Limited

Strategic Report for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

Principal activity

The principal activity of the company is as a holding company.

Fair review of the business

At 31 March 2025, the company had net liabilities of £2,499,528 (2024 - £1,737,168) The directors consider the performance for the year and the financial position at the year end to be satisfactory.
The directors do not consider the inclusion of key performance indicators to be necessary to assist users of the financial statements in their understanding of the financial performance or position of the company.
The company has no significant risks other than price and liquidity risks, as disclosed in the Directors Report.
Further details can be found within the accounts of Pine Topco Limited.

Approved by the Board on 12 November 2025 and signed on its behalf by:

C I Cameron
Director

Pine Midco Limited

Directors' Report for the Year Ended 31 March 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors of the company

The directors who held office during the year were as follows:

C I Cameron

J A Cunningham

M C G Melvin (appointed 30 May 2024)

M J Puttick

J Wilson-Kilgour

C N Butcher (resigned 5 April 2024)

Dividends

There are no dividends recommended or paid during the year, or in the prior year.

Future developments

The external environment is expected to remain competitive going forward, however the directors remain confident that the company will improve on its current level of performance in the future. Further details can be found in the financial statements of Pine Topco Limited.

Financial instruments

Price risk, credit risk, liquidity risk and cash flow risk

The company's loan notes are subject to price and liquidity risk as disclosed in note 9 to the financial statements.

Going concern

The company has sufficient resources available and the directors have prepared forecasts for the next 12 months that indicate that this will continue to be the case and that these cash flows will be sufficient for the company to meet its financing commitments as they fall due. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Menzies LLP Chartered Accountants & Statutory Auditor as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved by the Board on 12 November 2025 and signed on its behalf by:

C I Cameron
Director

Pine Midco Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;
• | make judgements and accounting estimates that are reasonable and prudent;
• | state whether applicable UK Accounting Standards has been followed, subject to any material departures disclosed and explained in the financial statements; and
• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Pine Midco Limited

Independent Auditor's Report to the Members of Pine Midco Limited

Opinion
We have audited the financial statements of Pine Midco Limited (the 'Company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit/loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Pine Midco Limited

Independent Auditor's Report to the Members of Pine Midco Limited

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:
• The Companies Act 2006
• Financial Reporting Standard 102
• UK employment legislation
• UK tax legislation
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. He did not identify any issues in this area.

Pine Midco Limited

Independent Auditor's Report to the Members of Pine Midco Limited

We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
• Challenging assumptions and judgements made by management in its significant accounting estimates; and
• Identifying and testing journal entries, in particular any journal entries posted outside of the normal working patterns of the accounts team, or with unusual descriptions or account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
• The posting of unusual journals and complex transactions; or
• The use of management override of controls to manipulate results.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Wooding (Senior Statutory Auditor)
For and on behalf of Menzies LLP Chartered Accountants & Statutory Auditor,
4th Floor, 95 Gresham Street
London
EC2V 7AB

13 November 2025

Pine Midco Limited

Profit and Loss Account for the Year Ended 31 March 2025

| Note | 2025 £ | 2024 £
Turnover |  | - | -
Operating profit/(loss) |  | - | -
Interest payable and similar charges | 3 | (762,360) | (703,945)
Loss before tax |  | (762,360) | (703,945)
Taxation | 6 | - | -
Loss for the financial year |  | (762,360) | (703,945)

The above results were derived from continuing operations.

The company has no other comprehensive income for the year (2024 - £nil).

Pine Midco Limited

(Registration number: 11702019)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investments | 7 | 3,640,000 | 3,640,000
Current assets |  |  |
Debtors: Amounts falling due within one year | 8 | 5,438,800 | 5,411,132
Cash at bank and in hand | 9 | 15 | 15
|  | 5,438,815 | 5,411,147
Creditors: Amounts falling due within one year | 10 | (2,731,314) | (2,703,646)
Net current assets |  | 2,707,501 | 2,707,501
Total assets less current liabilities |  | 6,347,501 | 6,347,501
Creditors: Amounts falling due after more than one year | 10 | (8,847,029) | (8,084,669)
Net liabilities |  | (2,499,528) | (1,737,168)
Capital and reserves |  |  |
Called up share capital | 12 | 940,001 | 940,001
Profit and loss account |  | (3,439,529) | (2,677,169)
Total equity |  | (2,499,528) | (1,737,168)

Approved and authorised by the Board on 12 November 2025 and signed on its behalf by:

C I Cameron
Director

Pine Midco Limited

Statement of Changes in Equity for the Year Ended 31 March 2025

| Share capital £ | Profit and loss account £ | Total £
At 1 April 2024 | 940,001 | (2,677,169) | (1,737,168)
Loss for the year | - | (762,360) | (762,360)
At 31 March 2025 | 940,001 | (3,439,529) | (2,499,528)

| Share capital £ | Profit and loss account £ | Total £
At 1 April 2023 | 940,001 | (1,973,224) | (1,033,223)
Loss for the year | - | (703,945) | (703,945)
At 31 March 2024 | 940,001 | (2,677,169) | (1,737,168)

Pine Midco Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

| 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:
Corinium House
Barnwood Point Business Park
Corinium Avenue
Gloucester
GL4 3HX

| 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

The company has not presented a cash flow statement on the grounds that the company is a wholly owned subsidiary and a group cash flow statement is included in the financial statements of the parent company.

Name of parent of group

These financial statements are consolidated in the financial statements of Pine Topco Limited.

The financial statements of Pine Topco Limited may be obtained from Companies House.

Group accounts not prepared

The financial statements present information about the company as an individual undertaking and not about its group. The company has not prepared group accounts as it is exempt from the requirements to do so by section 400 of the Companies Act 2006 as it is a subsidiary undertaking of Pine Topco Limited, a company incorporated in England and Wales, and is included in the consolidated accounts of that company.

Going concern

In assessing the Group's going concern position, the directors have considered the current and forecast trading and financial position of the Group, in addition to the current liquidity and available bank facilities.
A refinancing was completed previously, replacing a portion of the Group's loan notes with £5m senior facilities from Clydesdale Bank Plc. In addition, a revolving facility of £1m is available to the Group.
The forecast profit and loss, balance sheet and cash flows indicate the Group will continue to remain within its loan facility including the covenant requirements and has sufficient funding to meet its liabilities as they fall due.
Based on the forecasts, the directors have a reasonable expectation that the Group has adequate resources to continue its operations for the foreseeable future. They therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Pine Midco Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Pine Midco Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

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 on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Pine Midco Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

| 3 | Interest payable and similar expenses

| 2025 £ | 2024 £
Debt costs amortisation | 28,938 | 28,939
Interest expense on loan notes | 733,422 | 675,006
| 762,360 | 703,945

| 4 | Staff costs

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Directors | 5 | 5

| 5 | Auditors' remuneration

| 2025 £ | 2024 £
Auditor's remuneration | 7,500 | 6,500

| 6 | Taxation

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Loss before tax | (762,360) | (703,945)
Corporation tax at standard rate | (190,590) | (175,986)
Effect of expense not deductible in determining taxable profit (tax loss) | 69,675 | 66,236
Effect of tax losses | 120,915 | 109,750
Total tax charge/(credit) | - | -

As at 31 March 2025, the company had £57,877 (2024 - £848,024) of taxable losses available to carry forward. A deferred tax asset at 25% of £14,469 (2024 - £212,006) has not been recognised on the basis that the future profits of the company are uncertain.

Pine Midco Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

| 7 | Investments in subsidiaries, joint ventures and associates

| 2025 £ | 2024 £
Investments in subsidiaries | 3,640,000 | 3,640,000

Subsidiaries | £
Cost and carrying amount
At 1 April 2024 and at 31 March 2025 | 3,640,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024

Subsidiary undertakings
Pine Bidco Limited | England and Wales | Ordinary | 100% | 100%
New Start Supported Housing | England and Wales | Ordinary | 100% | 100%
Maymask 183 Limited | England and Wales | Ordinary | 100% | 100%
Aspirations Care Limited | England and Wales | Ordinary | 100% | 100%
Aspirations (Midlands) Limited | England and Wales | Ordinary | 100% | 100%
Aspirations (SL) Limited |  | Ordinary | 100% | 100%
| England and Wales |  |  |

Pine Bidco Limited is held directly.

Subsidiary undertakings
Pine Bidco Limited The principal activity of Pine Bidco Limited is as a debt holding company.
New Start Supported Housing The principal activity of New Start Supported Housing is the provision of accommodation to adults with learning disabilities.
Maymask 183 Limited The principal activity of Maymask 183 Limited is that of a dormant company.
Aspirations Care Limited The principal activity of Aspirations Care Limited is that of the provision of supported living services.
Aspirations (Midlands) Limited The principal activity of Aspirations (Midlands) Limited is that of the provision of supported living services.
Aspirations (SL) Limited The principal activity of Aspirations (SL) Limited is that of a dormant company.

All subsidiary companies have the same registered office as Pine Midco Limited.

Pine Midco Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

| 8 | Debtors

| 2025 £ | 2024 £
Amounts owed by group undertakings | 5,438,800 | 5,411,131
Other debtors | - | 1
| 5,438,800 | 5,411,132

| 9 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 15 | 15

| 10 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Amounts owed to group undertakings | 14 | 2,731,314 | 2,703,646
Due after one year |  |  |
Loans and borrowings | 11 | 5,873,159 | 5,844,221
Accruals | 11 | 2,973,870 | 2,240,448
|  | 8,847,029 | 8,084,669

| 11 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Other borrowings | 5,873,159 | 5,844,221

Included in other borrowings are unsecured loan notes of £5,909,000 (2024 - £5,909,000), falling due for repayment on 25 June 2026. Post year end, these terms were extended and the loan notes are now due for repayment on 25 June 2030. Interest is accrued and compounded at a rate of 9% per annum, totalling £2,973,870 (2024 - £2,240,448). Debt costs have been included of £35,840 (2024 - £64,778), with amortisation during the year of £28,938 (2024 - £28,939). These will continue to be amortised over the term of the loan.

| 12 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 940,001 | 940,001 | 940,001 | 940,001

| 13 | Contingent liabilities

During a previous year, the company entered into an intra-group cross guarantee with its subsidiary, Pine Bidco Limited, in respect of bank debt. The maximum amount that Pine Midco Limited could be liable for at the year end is £1,750,000 (2024 - £1,750,000).

Pine Midco Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

| 14 | Related party transactions

The Company has issued loan notes with a nominal value of £5,052,000 (2024 - £5,052,000) to Elysian Capital II LP and £348,000 (2024 - £348,000) to Elysian Capital Executive Management LP. The loan notes bear interest at 9% compounded per annum. The Group and Elysian Capital LLP are related parties due to the existence of common members / directorships and because the private equity funds Elysian Capital II LP and Elysian Capital Executive Management LP, which are managed by Elysian Capital LLP, own a controlling interest in Pine Midco Limited. Total interest payable during the year is £686,116 and £47,306 (2024 - £631,093 and £43,512) respectively and the total outstanding balances at year end are £8,309,924 and £572,945 (2024 - £7,623,808 and £525,639) respectively.

| 15 | Parent and ultimate parent undertaking

The company's immediate parent is Pine Topco Limited, incorporated in England and Wales.
The ultimate controlling party is Elysian Capital GP II LP, a limited partnership registered in England and Wales which is considered to have no single controlling party.