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Registration number: 01584414

Pinefleet Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 August 2025

Pinefleet Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 7

Pinefleet Limited

Company Information

Directors | A W Townhill P C Wales Mrs S L Townhill

Company secretary | E J Mitchell

Registered office | Holderness House Staithes Road Hedon East Yorkshire HU12 8DX

Pinefleet Limited

(Registration number: 01584414)
Balance Sheet as at 31 August 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 369,538 | 359,992
Current assets |  |  |
Debtors | 5 | 223,613 | 193,144
Cash at bank and in hand |  | 31,801 | 53,802
|  | 255,414 | 246,946
Creditors: Amounts falling due within one year | 6 | (226,338) | (216,629)
Net current assets |  | 29,076 | 30,317
Total assets less current liabilities |  | 398,614 | 390,309
Provisions for liabilities |  | (3,712) | (1,898)
Net assets |  | 394,902 | 388,411
Capital and reserves |  |  |
Called up share capital |  | 99 | 99
Capital redemption reserve |  | 1 | 1
Fair value reserve |  | 243,694 | 243,694
Retained earnings |  | 151,108 | 144,617
Shareholders' funds |  | 394,902 | 388,411

For the financial year ending 31 August 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 December 2025 and signed on its behalf by:

......................................... A W Townhill Director

Pinefleet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025

1 | General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 01584414.

The address of its registered office is:
Holderness House
Staithes Road
Hedon
East Yorkshire
HU12 8DX

These financial statements were authorised for issue by the Board on 17 December 2025.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

The financial statements are presented in sterling and rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of transportation services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

Pinefleet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025

The current income 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 represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehesive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | 15% on written down value

Property

Property is inlcuded in the accounts at fair value. Gains and losses on revaluations are recognised in the income statement. Deferred taxation is provided on these gains where appropriate.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Pinefleet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 6 (2024 - 6).

Pinefleet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025

4 | Tangible assets

| Land and buildings £ | Fixtures and fittings £ | Plant and machinery £ | Total £
Cost or valuation
At 1 September 2024 | 350,000 | 3,000 | 53,801 | 406,801
Additions | - | 11,500 | - | 11,500
At 31 August 2025 | 350,000 | 14,500 | 53,801 | 418,301
Depreciation
At 1 September 2024 | - | 150 | 46,659 | 46,809
Charge for the year | - | 881 | 1,073 | 1,954
At 31 August 2025 | - | 1,031 | 47,732 | 48,763
Carrying amount
At 31 August 2025 | 350,000 | 13,469 | 6,069 | 369,538
At 31 August 2024 | 350,000 | 2,850 | 7,142 | 359,992

Included within the net book value of land and buildings above is £350,000 (2024 - £350,000) in respect of freehold land and buildings.

Revaluation

The fair value of the Company's Land and buildings was revalued on 31 August 2021. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the cost would have been £106,306 (2024 - £106,306).

5 | Debtors

| 2025 £ | 2024 £
Trade debtors | 198,044 | 174,442
Other debtors | 15,825 | 7,863
Prepayments | 9,614 | 10,839
Income tax asset | 130 | -
| 223,613 | 193,144

Pinefleet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025

6 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 7 | 7,582 | 1,349
Trade creditors |  | 176,797 | 160,638
Taxation and social security |  | 2,456 | 5,914
Accruals and deferred income |  | 4,255 | 4,087
Other creditors |  | 35,248 | 44,641
|  | 226,338 | 216,629

7 | Loans and borrowings

| 2025 £ | 2024 £
Current loans and borrowings
Other borrowings | 7,582 | 1,349

Included within other borrowings are unsecured amounts due to the Directors.

8 | Related party transactions

Other transactions with directors

At the year end, the net amount due to the Directors by the Company was £7,582 (2024: £1,349). The amount is
unsecured, interest-free and repayable on demand.

Summary of transactions with other related parties

Fetar (UK) Limited - Associated Company under common control of the Directors
During the year the company made net sales to Fetar (UK) Limited of £Nil (2024: £Nil) and net purchases of £Nil (2024: £Nil). During the year, the Company made total intercompany transfers of £Nil (2024: £Nil).
At the balance sheet date, the net amount due to Fetar (UK) Limited was £35,249 (2024: £35,249).
Gulfbarn Limited - Associated Company under common control of the Directors
During the year the company made net sales to Gulfbarn Limited of £Nil (2024: £Nil) and net purchases of £Nil (2024: £Nil). During the year, the Company made total intercompany transfers of £6,619 (2024: £Nil).
At the balance sheet date, the net amount due from Gulfbarn Limited was £6,619 (2024: £Nil).