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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

Pinelarch Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Copper Room, Deva City Office Park, Trinity Way, Manchester, M3 7BG.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The director has prepared financial projections and cash flows forecasts and at the time of approving the financial statements the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. true

Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

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. Changes in fair value are recognised in profit or loss.

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.

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 balance sheet 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, which include debtors 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.

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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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 fixed 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.

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.

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

Investment property comprises No's. 2 - 10 (Even) Water Lane, Wilmslow, Cheshire, SK9 5AA. The fair value of the investment property has been assessed by a director of the company who has been involved in property investment and development for a period in excess of 40 years. In assessing fair values the director has had regard to desk top valuations that have been provided by leading national surveying firms, mortgage valuations conducted and has assessed yield profiles of similar property be it location, covenant strength or length of lease.

The term of the loan with Sheffield Mutual Friendly Society is 5 years from 30 November 2021 with quarterly interest only repayments. The loan is secured by fixed and floating charges over the property known as No's. 2 - 10 (Even) Water Lane, Wilmslow, Cheshire, SK9 5AA.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is qualified and includes the following:

Adverse opinion

In our opinion, because of the significance of the matter described in the basis for adverse opinion section of our report, the financial statements:

• do not give a true and fair view of the state of the company’s affairs as at 30 April 2025 and of the its profit for the year then ended;

• have not been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have not been prepared in accordance with the requirements of the Companies Act 2006.

Basis for adverse opinion

As explained in note 3, the Company’s interest in an investment property is shown at £2,600,000, representing the external revaluation undertaken during 2017, and subsequently valued by the director. Management has not updated the fair value of the investment property as at 30 April 2025 or provided its valuation assumptions. Therefore, the property is not deemed to be held at fair value which constitutes a departure from Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 Auditor's 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 UK, including the FRC’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 adverse opinion.

During the year the company entered into the following transactions with related parties:

During the year Pinelarch Limited paid £2,500 (2024: £2,500) in administration and management charges to Carrwood Estates Limited, £61,520 (2024:£Nil) in administration and management charges to Water Lane Investments Limited and £20,000 (2024: £20,000) to St George Estates (Management) Limited.

Accruals include an administration and management charge of £2,500 (2024: £2,500) due for the year to Carrwood Estates Limited.

The following amounts were outstanding at the reporting end date:

Amounts due to related parties consists of £90,599 (2024: £140,959) owed to Carrwood Estates Limited, monies paid out of £53,600 in the year and monies received of £3,240, £60,000 (2024: £60,000) owed to Foregate Investments Limited, £198,294 (2024: £297,894) owed to Plantation Investments Limited, monies paid out of £99,600 in the year, £100 (2024: £100) owed to Shirmax Limited, £47,900 (2024: £28,900) owed to St George Estates (Management) Limited, monies paid out of £5,000 and monies received of £24,000, £61,498 (2024: £Nil) owed to Water Lane Investments Limited, monies paid out of £61,498,

All balances are inter company transactions with members of the Carrwood Estates Limited group with no specific guarantees or security. There are no bad debts or provisions required.

The following amounts were outstanding at the reporting end date:

Amounts due from related parties consists of £12,949 (2024: £11,949) owed by St. George Estates Limited, monies paid out of £1,000 in the year and £Nil (2024: £22) owed by Water Lane Investments Limited, monies paid out of £22,

All balances are inter company transactions with members of the Carrwood Estates Limited group with no specific guarantees or security. There are no bad debts or provisions required.

The Gradel Foundation had an amount due of £2,947 (2024: £2,247).

Mr A. Gradel is a director of the above companies and is a shareholder in Carrwood Estates Limited and St. George Estates Limited. Mr A. Gradel is also a trustee of The Gradel Foundation.

In the opinion of the director the ultimate controlling party is Mr. A Gradel who owns the majority of the share capital in issue.