ACCOUNTS - Final Accounts preparation

Registered number: 16006657

	FINANCIAL STATEMENTS
	FOR THE 15 MONTHS ENDED 31 DECEMBER 2025

	PINE PROPERTIES III LIMITED


PINE PROPERTIES III LIMITED REGISTERED NUMBER:16006657

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025
Note		£

Fixed assets
Investment property	5		10,130,000
			10,130,000
Current assets
Debtors: amounts falling due within one year	6	10,952
Cash at bank and in hand	7	301,715
		312,667
Creditors: amounts falling due within one year	8	(6,007,693)
Net current (liabilities)/assets			(5,695,026)
Total assets less current liabilities			4,434,974
Creditors: amounts falling due after more than one year	9		(4,439,767)
Provisions for liabilities
Deferred tax	11	(11,728)
			(11,728)
Net (liabilities)/assets			(16,521)

Capital and reserves
Called up share capital		1
Cash flow hedging reserve	12	(11,008)
Profit and loss account	12	(5,514)
		(16,521)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 April 2026.

L J Bailey	H A Hyman
Director	Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1


PINE PROPERTIES III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTHS ENDED 31 DECEMBER 2025

1.	General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor 10 Rose & Crown Yard, London, United Kingdom, SW1Y 6RE.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis.

2.3

Revenue

Turnover, comprising rental income, is recognised at the fair value of the consideration received or receivable for the provision of services in the ordinary course of the business. Any lease incentives are accounted for over the period of the lease.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

Loan arrangement fees are originally recognised as a deduction from the carrying amount of the loan and are then amortised over the loan term using the effective interest method by recognising the charge through the profit or loss.

Page 2


PINE PROPERTIES III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTHS ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.6

Current and deferred taxation

The tax expense for the 15 months comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3


PINE PROPERTIES III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTHS ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction

Page 4


PINE PROPERTIES III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTHS ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

Financial instruments (continued)

price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

A cash flow hedging instrument is initially recognised at the premium transaction value. When the hedging instrument is valued at fair value any gain or loss generated on how effective the hedge has been is recognised in Statement of Comprehensive Income (OCI).

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

The judgements that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

∙Recognition of the lease smoothing charge requires an estimate of the lease charge over the lease term which takes into consideration any incentives (Rent Free periods) in place and any stepped rents which are recognised in the lease agreements. This involves judgement and may change if the lease agreement changes.

∙The valuation of investment properties requires significant judgement. The fair value of the properties are based on third party external valuations, which involve assumptions about market conditions, yields and rental income. These assumptions may materially affect the valuation.

Employees

	There are no staff witihin the company. Nexus Pine (Management) Limited has been engaged to perform the day to day work for Pine Properties III Limited.
	The average monthly number of employees during the 15 months was 4.

Page 5


PINE PROPERTIES III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTHS ENDED 31 DECEMBER 2025

5.	Investment property

		Freehold investment property
		£
	Valuation
	Additions at cost	10,170,696
	Deficit on revaluation	(40,696)
	At 31 December 2025	10,130,000

The 2025 valuations were made by Knight Frank LLP, on an open market value basis.

The fair value of the properties are measured at £10,130,000 as at 31 December 2025.

Debtors

					2025
					£


	Amounts owed by group undertakings	1
	Other debtors	1,426
	Prepayments and accrued income	9,525
		10,952

7.	Cash and cash equivalents
		2025
		£

	Cash at bank and in hand	301,715
		301,715

8.	Creditors: Amounts falling due within one year
		2025
		£

	Amounts owed to group undertakings	5,910,795
	Accruals and deferred income	96,898
		6,007,693

Page 6


PINE PROPERTIES III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTHS ENDED 31 DECEMBER 2025

9.	Creditors: Amounts falling due after more than one year
		2025
		£

	Bank loans	4,338,435
	Accruals and deferred income	101,332
		4,439,767

The bank loan is secured by a legal charge over the company's properties.

10.	Loans
	Analysis of the maturity of loans is given below:
		2025
		£


	Amounts falling due 1-2 years
	Bank loans	4,338,435
		4,338,435


		4,338,435

11.	Deferred taxation

		2025
		£

	Charged to profit or loss	(11,728)
	At end of year	(11,728)

	The deferred taxation balance is made up as follows:
					2025
					£

	Accelerated capital allowances	(11,728)
		(11,728)

Page 7


PINE PROPERTIES III LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 15 MONTHS ENDED 31 DECEMBER 2025

12.	Fair value reserve

					2025
					£


	Fair value movements on cash flow hedging instruments	11,008
		11,008

13.	Related party transactions
	Pine Properties III Limited has an intercompany loan from Pine II Holdings Limited outstanding at the year end of £5,910,795.

14.	Controlling party

The immediate and ultimate parent company at the balance sheet date by virtue of owning 100% of the issued share capital is Pine II Holdings Limited, a company incorporated in England and Wales.

15.	Auditors' information

The auditors' report on the financial statements for the 15 months ended 31 December 2025 was unqualified.

The audit report was signed on 1 May 2026 by Caroline Monk BA FCA (Senior statutory auditor) on behalf of Menzies LLP.

Page 8