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Registered number: 04420286 PINELOG GROUP LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025
PINELOG GROUP LIMITED COMPANY INFORMATION
Directors | Nicholas M H Grayson BSc (Hons) - Executive Chairman
| Lyndsey F Grayson BA (Hons) - Director
| Beverley A Grayson - Non-executive
| James W Berresford BA (Hons), Dip Arts Admin - Non-executive
| Mark Randall BA (Hons) FCA
Company secretary | Mark Randall BA (Hons) FCA
Registered number | 04420286
Registered office | Darwin Forest Country Park
| Darley Moor
| Two Dales
| Matlock
| Derbyshire
| DE4 5PL
Independent auditors | Shorts
| Chartered Accountants & Statutory Auditor
| 2 Ashgate Road
| Chesterfield
| Derbyshire
| S40 4AA
Bankers | Lloyds Bank plc
| 116 Wellington Street
| Leeds
| West Yorkshire
| LS1 4LT
Solicitors | Knights plc
| Commercial House
| 14 Commercial Street
| Sheffield
| South Yorkshire
| S1 2AT
PINELOG GROUP LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 4
Directors' Report | 5 - 8
Independent Auditors' Report | 9 - 12
Consolidated Statement of Income and Retained Earnings | 13
Consolidated Balance Sheet | 14
Company Balance Sheet | 15
Consolidated Statement of Cash Flows | 16
Notes to the Financial Statements | 17 - 33
PINELOG GROUP LIMITED GROUP STRATEGIC REPORT FOR THE PERIOD ENDED 2 NOVEMBER 2025
Introduction
The directors present their strategic report on the Group for the year ended 2 November 2025.
Business review
The results for the Group are set out in the consolidated profit and loss account and they show a profit before tax of £3,370,000 (2024: £2,776,000) for the year and turnover of £13,395,000 (2024: £13,690,000). We are delighted that both Pinelodge Holidays’ parks retained the Visit England 5 Star Holiday Park standard Both parks continue to receive excellent Trip Advisor reviews and Feefo scores. Darwin Forest’s high Feefo scores alongside its low customer complaints ratio was also recognised by our booking agent Hoseasons at their recent Diamond Awards.The parks also retained the prestigious Green Key accreditation for our environmental commitments. At Pinelodge Holidays both the level of business and the year-end financial position were satisfactory and the directors expect that the present level of activity will be sustained for the foreseeable future. The two lodge holiday parks, Darwin Forest and Sandybrook, both award winning resorts, have each performed well in terms of occupancy, revenue and profits. Pinelog continues to actively seek to recruit skilled and semi-skilled trades to supplement its existing team in order to increase production capacity. This will allow it to both cater for the needs of external customers and also provide updated replacement Pinelodges for its sister company’s holiday parks.
Principal risks and uncertainties
The management of the business and the execution of the Group's strategies are subject to a number of risks. The key business risks affecting the Group are the Cost of Living Crisis as well as the appetite for consumers to take UK vacations. Price inflation has been dramatic for certain commodities, and we have been subjected to large increases in energy costs and changes to national insurance and increases in the National Living Wage continues to be a concern to the businesses. General UK economic conditions are always of concern as they impact upon the markets for timber leisure buildings, be they for use as second homes or short term holiday destinations.
Financial key performance indicators (financial and non-financial) - ("KPIs")
A summary of the Group's key financial performance indicators year on year to 2 November 2025 is as follows: - Consolidated Group turnover fell 2.1% to £13.4m - Operating profit increased to £3.1m from £2.5m - EBITDA (earnings before interest, tax, depreciation and amortisation) increased to £4.1m from £3.4m. The board also considers the following non financial Key Performance Indicators; - Feefo, TripAdvisor and Google ratings for our holiday parks; - Guest feedback questionnaire scores; - Workplace and also guest accident statistics. These indicators are reviewed regularly by the board. Page 1
PINELOG GROUP LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 2 NOVEMBER 2025
Group strategy
The provision of a quality product and holiday experience alongside high levels of customer service enables the Group to add value to customers which in turn encourages a high level of repeat business. The Group is committed to ensuring that it's business operations take account of the environment. Protection of the natural environment is an important part of the Group's strategy and in recognition of this, Pinelodge Holidays retained its Green Key accreditation and has continued to receive the David Bellamy Conservation Award at both of our parks for the work undertaken to protect and enhance the natural environment.
Section 172 statement - directors' statement of compliance with duty to promote the success of the Group
Pinelog Group – Stakeholder Engagement As the Board of Directors of Pinelog Group, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the Group's success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the Group and its stakeholders. This statement addresses the ways in which we as a board satisfy this responsibility. Promoting the Group's success for its members The two operating companies of the group were incorporated in 1985 and 1991 respectively, and both enjoy enviable reputations as leading providers of products and services in their chosen sectors. Pinelog is a leading manufacturer and designer of lodges, which are perhaps perfectly showcased at Pinelodge Holidays’ two award winning holiday parks in the beautiful Derbyshire Dales. Pinelog was a pioneer in manufacturing lodges in the UK and has developed over the years as tastes and requirements have changed to offer contemporary products to its varied customers. Pinelodge Holidays, with its focus on quality and customer requirements, has seen Darwin Forest transformed from a small site with a handful of static caravans, lodges and touring caravans, to a site with 137 luxury lodges, food and beverage operation, leisure centre and spa, and children’s play centre. Sandybrook has also seen a transformation in its 25 year ownership by the company. The group is wholly owned by the Grayson family, with the original founder’s son and daughter sitting as Chairman and Director on the group board, and a third generation member of the family now working for the holiday parks. Engagement with Stakeholders Our Employees Our employees are the bedrock of our businesses, and we work hard to maintain a motivated and experienced workforce that always goes the extra mile to deliver what is required for our customers. Recruitment and retention of our workforce is essential for our continued success and we engage with our workforce by measures such as; ∙encouraging two way communication by holding team meetings and welcoming colleagues feedback and ideas; ∙having employee inductions and providing training and development opportunities to maintain a skilled and motivated workforce; ∙providing a range of employee benefits and incentives to maintain a happy and healthy team. Page 2
PINELOG GROUP LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 2 NOVEMBER 2025 Our Customers Our goal is to provide the highest possible level of service to our customers and guests. Examples of how we seek to achieve this include; ∙utilisation of a comprehensive communication strategy as part of the holiday guest journey ensures that guests are fully informed about what to expect from their holiday and are given several touch points throughout the journey to ask further questions; ∙prioritising customer satisfaction by actively seeking feedback from guests about their holiday experience through feedback questionnaires. This enables us to use customer insight to enhance future holidays through both the product offering and customer service; ∙our mission statement at Pinelodge Holidays is to ‘Delight every guest so they wish to return’ :- our commitment to staff training and development, use of customer insights and our guest loyalty scheme ensures that we have a high level of returning guests; ∙Pinelog prides itself on its aftersales service should any issues arise; this results in a customer base that includes clients that have exclusively purchased the company products for several decades. Our Suppliers At Pinelodge Holidays we are passionate about using local produce in our Food and Beverage establishments and have fantastic relationships with our local farm shop, butcher, grocer and baker as well as local brewers and distilleries. We also work with local artisans to supply gifts to our on-site shop. Where possible we use Derbyshire based contractors for the supply of goods and services. At Pinelog we are proud of procuring a high percentage of our purchases from suppliers with whom we have long standing relationships, often over many decades. Our Community We aim to both minimise our operational impact, whilst maximising our contribution to the local communities in which we operate. Some examples of our contribution include: ∙we promote various local tourism and hospitality businesses to our holiday park guests to encourage them to spend money in the local economy whilst on holiday. We work closely with numerous local attractions to provide our guests with discounted tickets to encourage footfall at a range of attractions; ∙we support various community programmes and fundraising events. We sponsor local football, bowls and cricket teams, support local schools with vouchers and work closely with the local council to support larger community events such as the Matlock Bath Illuminations, Matlock Victorian Christmas Markets and the Boxing Day Raft Race; ∙we support various local charities including three Foodbanks. We are also a Platinum Sponsor of the Derby Mountain Rescue Team, a main sponsor of the Ashgate Hospice fundraising walk and a silver member of the Peak District Foundation. We also support numerous local charities and community fundraising initiatives via raffle prizes. Our Environment Our holiday parks are located in the beautiful Derbyshire Dales which helps to remind us all on a daily basis of the importance of looking after the planet. Both parks are accredited with the Green Key standard which is an international sign of excellence in environmental responsibility and sustainable operation within the tourism industry. The high environmental standards expected of these establishments are maintained through rigorous documentation and frequent on-site audits. For guests, a Green Key shows that the establishment is committed to reducing the environment impact of their stay. The Green Key programme is linked to the Sustainable Development Goals 2015-2030 addressed by the United Nations. Both of our Holiday Parks are also long time members of the David Bellamy Award Scheme. Some of the initiatives we have embraced include; Page 3
PINELOG GROUP LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 2 NOVEMBER 2025 ∙aiming that 60% of our spend is within the local area and we will promote local businesses, activities and events to support the local economy. We ensure that products are ethically sourced, suppliers are vetted for modern slavery and that we minimise food miles; ∙working with local and national wildlife and nature companies to create and enhance our conservation projects including tree planting, wild flower meadows, nature areas and wildlife habitats. We also create educational resources for guests and employees; ∙regular review of our waste management practices to identify opportunities for improvements. We are proud that no holiday parks waste is sent to landfill. Given a large part of our business is providing holiday accommodation and associated activities we inevitably are a significant user of energy. To help counteract this we; ∙provide EV Charging points and all company vehicles are being replaced with electric, when appropriate. We have also invested in electric maintenance and gardening equipment; ∙only use LED lights; ∙have solar panels. At Pinelog’s modern manufacturing facility we have installed new heating and lighting systems, incorporating LED lighting throughout. Pinelog’s products are manufactured from sustainable and ethically sourced materials. Pinelog products are highly insulated and have low air permeability helping to ensure that the end customer enjoys an energy efficient building. All of Pinelog’s waste wood products are repurposed, for example as animal bedding. This report was approved by the board on 25 February 2026 and signed on its behalf.
................................................ Mark Randall Director
Page 4
PINELOG GROUP LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 2 NOVEMBER 2025 The directors present their report and the financial statements for the period ended 2 November 2025.
Directors
The directors who served during the period were:
Nicholas M H Grayson BSc (Hons) - Executive Chairman
Lyndsey F Grayson BA (Hons) - Director
Beverley A Grayson - Non-executive
James W Berresford BA (Hons), Dip Arts Admin - Non-executive
Mark Randall BA (Hons) FCA
The parent Company is wholly owned by the Grayson family either directly or through graysonfavour limited, a company wholly owned by the Grayson family.
Principal activities
The subsidiaries are principally engaged in the manufacture and installation of timber leisure buildings and the owning and operating of holiday letting businesses. The principal activity of the parent Company is the provision of management services to group companies. Pinelog Limited's principal activity is the design, manufacture, installation and sale of timber leisure buildings including a proportion for a fellow group company. Pinelodge Holidays Limited owns and operates two holiday letting parks with Pinelodges which are held as fixed assets. The two holiday letting parks are Darwin Forest and Sandybrook. In order to fund the capital requirements vital for expansion of the holiday letting business, the directors have pursued a policy under which, from time to time, a proportion of the holiday letting Pinelodges are sold as investments to private owners who then employ Pinelodge Holidays Limited to let and operate the Pinelodges on their behalf. On occasions private owners pay Pinelodge Holidays Limited to upgrade their Pinelodges. Profits have been achieved on sales of Pinelodges, some which which had previously been held as fixed assets, and on the resale of Pinelodges taken as part exchange. When opportunities arise, and it is considered expedient to do so, Pinelodge Holidays Limited will buy lodges back from private owners.
Results and dividends
The profit for the period, after taxation, amounted to £2,534,000 (2024 - 2,034,000). The parent Company paid interim dividends in the year totalling £662,000 (2024: £725,000). No final dividend was paid in respect of the year ended 2 November 2025 (2024: £nil). Page 5
PINELOG GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 2 NOVEMBER 2025
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Engagement with employees
Employees are made aware of the financial and economic factors affecting the achievements of the Group companies for which they work and the way in which their personal contributions are of fundamental importance to the further success of the business.
Disabled employees
The Group has equal opportunities policies in place which are applied to job applicants and existing employees. Full and fair consideration is given to the employment of disabled persons and the Group has made, and will continue to make, every effort to retain and assist any individuals disabled in the course of their employment and to help with their rehabilitation.
Qualifying third party indemnity provisions
The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2016. This indemnity does not provide cover in the event of a director acting fraudulently. Page 6
PINELOG GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 2 NOVEMBER 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
Intensity ratio calculated as tco2e/£turnover. There are a number of measures we have introduced to make our businesses as energy efficient as possible: ∙installation of LED lighting throughout the estates; ∙minimisation of waste – including zero to landfill; ∙installation of solar panels; ∙replacing our vehicle fleet with appropriate electric vehicles when replacement is required; ∙encouraging our holiday park guests to be mindful of the environment whilst enjoying their holiday with us.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information. Page 7
PINELOG GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 2 NOVEMBER 2025
Auditors
The auditors, Shorts, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 25 February 2026 and signed on its behalf.
................................................ Mark Randall Director
Page 8
PINELOG GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINELOG GROUP LIMITED
Opinion
We have audited the financial statements of Pinelog Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 2 November 2025, which comprise the Consolidated Statement of income and retained earnings, the Consolidated and Company Balance sheets, the Consolidated Statement of cash flows 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 Group's and of the parent Company's affairs as at 2 November 2025 and of the Group's profit for the period 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 Group 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 Group's or the parent 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. Page 9
PINELOG GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINELOG GROUP LIMITED (CONTINUED)
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 Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and ∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company 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 6, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 10
PINELOG GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINELOG GROUP LIMITED (CONTINUED)
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 Group 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙the engagement team collectively had the appropriate competence, capabilities and skills to identify and recognise non-compliance with applicable laws and regulations; and ∙through discussions with the directors and other management and from our commercial knowledge, we identified the laws and regulations applicable to the Company. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙reviewed the general ledger entries during the year to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙reading the minutes of meetings of those charged with governance; ∙enquiring of management as to actual and potential litigation and claims; ∙considering relationships with HMRC and other relevant regulators; and ∙reviewing legal and professional costs to identify any indicators of litigation. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. Page 11
PINELOG GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINELOG GROUP LIMITED (CONTINUED) 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 Irvine (Senior Statutory Auditor) for and on behalf of Shorts Chartered Accountants Statutory Auditor 2 Ashgate Road Chesterfield Derbyshire S40 4AA 25 February 2026 Page 12
PINELOG GROUP LIMITED CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE PERIOD ENDED 2 NOVEMBER 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | 13,395 | 13,690
Change in stocks of finished goods and work in progress |  | 159 | (16)
Raw materials and consumables |  | (2,350) | (2,426)
Other external charges |  | (1,787) | (2,881)
Staff costs | 6 | (5,570) | (5,139)
Depreciation and amortisation |  | (997) | (936)
Profit on sale of lodges |  | 232 | 173
Operating profit | 8 | 3,082 | 2,465
Interest receivable and similar income | 9 | 288 | 311
Profit before tax |  | 3,370 | 2,776
Tax on profit | 10 | (835) | (742)
Profit after tax |  | 2,535 | 2,034
Retained earnings at the beginning of the period |  | 16,090 | 14,781
Profit for the period attributable to the owners of the parent |  | 2,535 | 2,034
Dividends declared and paid | 11 | (662) | (725)
Retained earnings at the end of the period |  | 17,963 | 16,090
The notes on pages 17 to 33 form part of these financial statements.
Page 13
PINELOG GROUP LIMITED REGISTERED NUMBER: 04420286 CONSOLIDATED BALANCE SHEET AS AT 2 NOVEMBER 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 15,926 |  | 15,147
Current assets |  |  |  |  |
Stocks | 15 | 2,024 |  | 1,902 |
Debtors: amounts falling due within one year | 16 | 709 |  | 514 |
Cash at bank and in hand |  | 7,585 |  | 6,910 |
|  | 10,318 |  | 9,326 |
Creditors: amounts falling due within one year | 17 | (4,355) |  | (4,658) |
Net current assets |  |  | 5,963 |  | 4,668
Total assets less current liabilities |  |  | 21,889 |  | 19,815
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 |  | (2,858) |  | (2,657)
Net assets |  |  | 19,031 |  | 17,158
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 14 |  | 14
Capital redemption reserve | 20 |  | 2 |  | 2
Other reserves | 20 |  | 1,052 |  | 1,052
Profit and loss account | 20 |  | 17,963 |  | 16,090
|  |  | 19,031 |  | 17,158
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 February 2026.
................................................ Nicholas M H Grayson | ................................................ Mark Randall
Executive Chairman | Director
The notes on pages 17 to 33 form part of these financial statements. Page 14
PINELOG GROUP LIMITED REGISTERED NUMBER: 04420286 COMPANY BALANCE SHEET AS AT 2 NOVEMBER 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Investments | 14 |  | 1,931 |  | 1,931
Current assets |  |  |  |  |
Stocks | 15 | 242 |  | 184 |
Debtors: amounts falling due within one year | 16 | 141 |  | 453 |
Cash at bank and in hand |  | 1,133 |  | 1,580 |
|  | 1,516 |  | 2,217 |
Creditors: amounts falling due within one year | 17 | (450) |  | (701) |
Net current assets |  |  | 1,066 |  | 1,516
Total assets less current liabilities |  |  | 2,997 |  | 3,447
Net assets |  |  | 2,997 |  | 3,447
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 14 |  | 14
Capital redemption reserve | 20 |  | 2 |  | 2
Other reserves | 20 |  | 5 |  | 5
Profit and loss account | 20 |  | 2,976 |  | 3,426
|  |  | 2,997 |  | 3,447
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 February 2026.
................................................ Nicholas M H Grayson | ................................................ Mark Randall
Executive Chairman | Director
The notes on pages 17 to 33 form part of these financial statements. Page 15
PINELOG GROUP LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 2 NOVEMBER 2025
|  |  | 2025 | 2024
|  |  | £000 | £000
Cash flows from operating activities |  |
Profit for the financial period | 2,535 | 2,034
Adjustments for: |  |
Depreciation of tangible assets | 997 | 936
Profit on disposal of tangible assets | (267) | (207)
Interest received | (287) | (311)
Taxation charge | 835 | 742
Increase in stocks | (122) | (135)
(Increase)/decrease in debtors | (172) | 112
(Decrease) in creditors | (382) | (102)
Corporation tax paid | (578) | (616)
Net cash generated from operating activities | 2,559 | 2,453
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (2,151) | (2,667)
Sale of tangible fixed assets | 642 | 594
Interest received | 287 | 311
Net cash used in investing activities | (1,222) | (1,762)
Cash flows from financing activities |  |
Dividends paid | (662) | (725)
Net cash used in financing activities | (662) | (725)
Net increase/(decrease) in cash and cash equivalents | 675 | (34)
Cash and cash equivalents at beginning of period | 6,910 | 6,944
Cash and cash equivalents at the end of period | 7,585 | 6,910
Cash and cash equivalents at the end of period comprise: |  |
Cash at bank and in hand | 7,585 | 6,910
Page 16
PINELOG GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025
1. | General information
Pinelog Group Limited is a company limited by shares, incorporated in England and Wales. Its registered office is Darwin Forest Country Park, Darley Moor, Two Dales, Matlock, Derbyshire, DE4 5PL. Itsregistered number is 04420286. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 03 November 2014. Page 17
PINELOG GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025 2.Accounting policies (continued)
| 2.3 | Revenue recognition
For Pinelodge Holidays Limited, turnover represents the invoiced value of Pinelodge rental income and associated services. For Pinelog Limited, turnover on long-term contracts represents total costs incurred (including an appropriate proportion of production overheads), plus attributable profits. A prudent estimate of the profit attributable to work completed is recognised once the outcome of the contracts can be determined with reasonable certainty. Provision is made for losses on long-term contracts as soon as such losses become apparent. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 18
PINELOG GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025 2.Accounting policies (continued)
| 2.4 | Tangible fixed assets (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method (except where stated). Depreciation is provided on the following basis:
|  |  |  | Freehold buildings and services | - | range of 2% to 5%
|  |  |  | Plant, equipment and tools | - | range of 20% to 50%
|  |  |  | Motor vehicles | - | 25%
|  |  |  | Fixtures and fittings | - | range of 7.5% to 33%
|  |  |  | Pinelodges | - | 5.2% (reducing balance method)
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Where fixed assets are acquired second hand, the remaining useful economic life is assessed for each asset and the cost less estimated residual value is written off over this period. Leasehold land and buildings are amortised over 50 years or, if shorter, the period of the lease. Freehold land and assets in the course of construction are not depreciated. Profit or loss on sale of fixed assets includes amounts realised on the sale of Pinelodges that had been previously held for rental.
| 2.5 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.
| 2.6 | Stocks
Short-term contract work in progress is valued at cost less any provisions for foreseeable losses. Cost comprises direct expenditure together with an appropriate proportion of production overheads. Progress payments certified and receivable by the year end are deducted from work in progress balances; where progress payments exceed work in progress balances the net amount is included in current liabilities as payments on account. Long-term contract balances are included in the balance sheet at the value of turnover less the value of progress payments certified and receivable. Where turnover exceeds progress payments the net balance is included in debtors as amounts recoverable on contracts; where progress payments exceed work in progress balances the net amount is included in current liabilities as payments on account. Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. Page 19
PINELOG GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025 2.Accounting policies (continued)
| 2.6 | Stocks (continued)
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Pinelodge Holidays Limited lodge inventories are stated at 67% of their original cost, which is estimated by the directors to represent their net realisable value.
| 2.7 | Financial instruments
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of income and retained earnings. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date. Page 20
PINELOG GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025 2.Accounting policies (continued)
| 2.8 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.9 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.10 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.11 | Pensions
The parent company and subsidiary companies are members of the Pinelog Group - Legal & General Stakeholder scheme, a defined contribution scheme. The amounts payable for the year are charged to the profit and loss account as incurred. The Group provides no other post-retirement benefits to its employees.
| 2.12 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
| 2.13 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 21
PINELOG GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025 2.Accounting policies (continued)
| 2.14 | Current and deferred tax
The tax expense for the period 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 balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. 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 balance sheet date.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The key judgements and sources of estimation uncertainty are: The useful economic lives and residual values of tangible fixed assets, which have been calculated by the directors based on their experience of the industry. At each reporting date, assets held as stock are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. The carrying value of stock is set out in note 15. Turnover from construction contracts is recognised so as to ensure that an appropriate level of profit is recognised based on the stage of completion of the contract. Profit is only recognised once a final forecast profit on a contract can be reliably estimated. Where a contract is expected to be loss making, that loss is recognised in full. Key assumptions are made regarding the stage of completion, future costs to complete and the collectability of billings on construction contracts. Levels of work in progress is shown in note 15. Page 22
PINELOG GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Sale of timber leisure buildings | 1,241 | 2,212
| Rental income and associated services | 12,154 | 11,478
|  | 13,395 | 13,690
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| United Kingdom | 13,395 | 13,690
| All turnover arose within the United Kingdom.
5. | Auditors' remuneration
| During the period, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 10 | 8
| Fees payable to the Company's auditors in respect of: |  |
| The auditing of accounts of subsidiaries of the Company | 24 | 24
| All non-audit services not included above | 5 | 5
Page 23
PINELOG GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Wages and salaries | 4,852 | 4,524 | 455 | 358
| Social security costs | 409 | 336 | - | 38
| Cost of defined contribution pension schemes | 309 | 279 | 180 | 187
|  | 5,570 | 5,139 | 635 | 583
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Holiday Letting | 234 | 216
|  | Timber Leisure Building | 36 | 44
|  | Group | 8 | 8
|  |  | 278 | 268
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Directors' emoluments | 355 | 318
| Group contributions to defined contribution pension schemes | 180 | 187
|  | 535 | 505
| During the period retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £122,000 (2024 - £116,000).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £60,000 (2024 - £63,000).
| Key management personnel compensation Key management personnel, other that directors, amounted to £69,000 (2024: £nil).
Page 24
PINELOG GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025
8. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Depreciation | 997 | 936
| Other operating lease rentals | 152 | 155
| Profit on disposal of fixed assets | (267) | (207)
9. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank interest receivable | 288 | 311
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | 646 | 316
| Adjustments in respect of previous years | (13) | (8)
| Total current tax | 633 | 308
| Deferred tax |  |
| Origination and reversal of timing differences | 213 | 425
| Adjustments in respect of previous years | (11) | 9
| Total deferred tax | 202 | 434
| Tax on profit | 835 | 742
Page 25
PINELOG GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit before tax | 3,369 | 2,776
| Profit multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%) | 842 | 694
| Effects of: |  |
| Expenses not deductible for tax purposes | 17 | 47
| Adjustments to tax charge in respect of prior periods | (24) | 1
| Total tax charge for the year | 835 | 742
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Dividends | 662 | 725
12. | Parent Company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements. The profit after tax of the parent Company for the year was £212,000 (2024 - £247,000 profit). Page 26
PINELOG GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025
13. | Tangible fixed assets
| Group
|  | Freehold property | Short-term leasehold property | Pinelodges | Plant and equipment | Total
|  | £000 | £000 | £000 | £000 | £000
| Cost |  |  |  |  |
| At 4 November 2024 | 11,472 | 957 | 10,804 | 2,173 | 25,406
| Additions | 311 | - | 1,646 | 194 | 2,151
| Disposals | - | - | (442) | (38) | (480)
| At 2 November 2025 | 11,783 | 957 | 12,008 | 2,329 | 27,077
| Depreciation |  |  |  |  |
| At 4 November 2024 | 5,435 | 231 | 2,883 | 1,710 | 10,259
| Charge for the period on owned assets | 339 | 58 | 452 | 148 | 997
| Disposals | - | - | (67) | (38) | (105)
| At 2 November 2025 | 5,774 | 289 | 3,268 | 1,820 | 11,151
| Net book value |  |  |  |  |
| At 2 November 2025 | 6,009 | 668 | 8,740 | 509 | 15,926
| At 3 November 2024 | 6,037 | 726 | 7,921 | 463 | 15,147
| The category plant and equipment includes plant and machinery, small tools, fixtures and fittings, motor vehicles, computer and office equipment. The parent Company held no tangible fixed assets (2024: £nil).
Page 27
PINELOG GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025
14. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £000
| Cost and net book value |
| At 4 November 2024 | 1,931
| At 2 November 2025 | 1,931
| Direct subsidiary undertakings
| The following were direct subsidiary undertakings of the Company:
| Name | Principal activity | Class of shares | Holding
| Pinelog Limited | Leisure buildings | Ordinary £1 | 100%
| Pinelodge Holidays Limited | Lodge holidays | Ordinary £1 | 100%
| Pinelog Trustees Limited | Dormant | Ordinary £1 | 100%
| Indirect subsidiary undertakings
| The following were indirect subsidiary undertakings of the Company:
| Name | Principal activity | Class of shares | Holding
| Pinelodge Limited | Dormant | Ordinary £1 | 100%
| Pinelog Rentals Limited | Dormant | Ordinary £1 | 100%
| Plus Design and Build Limited | Dormant | Ordinary £1 | 100%
| All of the above Companies are incorporated in Great Britain and registered in England and Wales, with the same registered office address as Pinelog Group Limited.
Page 28
PINELOG GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025
15. | Stocks
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Raw materials and consumables | 405 | 457 | - | -
| Work in progress | 420 | 261 | - | -
| Lodge inventories | 801 | 754 | - | -
| Finished goods - lodges | 242 | 184 | 242 | 184
| Lodges held for sale | 156 | 246 | - | -
|  | 2,024 | 1,902 | 242 | 184
16. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Trade debtors | 30 | 64 | - | -
| Amounts owed by group undertakings | - | - | 72 | 401
| Other debtors | 56 | 25 | 33 | 25
| Prepayments and accrued income | 623 | 425 | - | -
| Deferred taxation | - | - | 36 | 27
|  | 709 | 514 | 141 | 453
| Amounts owed by group undertakings are unsecured, have no fixed date of repayment and are repayable on demand.
Page 29
PINELOG GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025
17. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Payments received on account | - | 7 | - | -
| Trade creditors | 708 | 584 | - | -
| Amounts owed to group undertakings | - | - | 65 | 417
| Corporation tax | 84 | 4 | 43 | 6
| Other taxation and social security | 517 | 587 | 16 | 13
| Other creditors | 121 | 135 | 11 | -
| Accruals and deferred income | 2,925 | 3,341 | 315 | 265
|  | 4,355 | 4,658 | 450 | 701
| Cross guarantees and debentures in favour of Lloyds Bank plc are in place as security for bank overdraft and loan facilities granted to the parent Company and its subsidiaries. There were no such bank overdrafts or loans in existence at 2 November 2025. Amounts owed to group undertakings are unsecured, have no fixed date of repayment and are repayable on demand.
18. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £000 | £000
| At beginning of year | 2,657 | 2,223
| Charged to profit or loss | 201 | 434
| At end of year - deferred tax liability | 2,858 | 2,657
Page 30
PINELOG GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025 18.Deferred taxation (continued)
| Company
|  | 2025 | 2024
|  | £000 | £000
| At beginning of year | 27 | 23
| Charged to profit or loss | 9 | 4
| At end of year - deferred tax asset | 36 | 27
| The provision for deferred taxation is made up as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Accelerated capital allowances | 2,535 | 2,306 | - | -
| Revaluations | (31) | (31) | - | -
| Capital gains held over | 418 | 418 | - | -
| Short term timing differences | (64) | (36) | (36) | (27)
|  | 2,858 | 2,657 | (36) | (27)
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 71,000 (2024 -71,000) A Ordinary shares of £0.01 each | 1 | 1
|  | 263,000 (2024 - 263,000) B Ordinary shares of £0.01 each | 3 | 3
|  | 254,285 (2024 - 254,285) C Ordinary shares of £0.01 each | 2 | 2
|  | 277,250 (2024 - 277,250) D Ordinary shares of £0.01 each | 3 | 3
|  | 140,725 (2024 - 140,725) E Ordinary shares of £0.01 each | 1 | 1
|  | 185,363 (2024 - 185,363) F Ordinary shares of £0.01 each | 2 | 2
|  | 194,078 (2024 - 194,078) G Ordinary shares of £0.01 each | 2 | 2
|  |  | 14 | 14
Page 31
PINELOG GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025
20. | Reserves
Other reserves Of the other reserves, £1,047,000 (2024: £1,047,000) represents the difference between the cost of the acquisition of PinelogLimited and the nominal value of its share capital and capital reserves which is non-distributable. Of the remainder, £5,000 (2024: £5,000) relates to the retained profit of the employee share trust that is a non-distributable reserve. In addition there is a capital redemption reserve created in the year ended 1November 2015 totalling £2,000 (2024: £2,000).
21. | Contingent liabilities
The parent Company has given guarantees in respect of bank borrowings of certain group undertakings. At 2 November 2025 borrowings covered by these guarantees amounted to £NIL (2024: £NIL). At that date the parent Company had cash balances of £1,133,000 (2024: £1,580,000) and a bank overdraft of £NIL (2024: £NIL). At that date the net bank balances of all group undertakings within the Group banking arrangement amounted to net cash of £7,585,000 (2024: net cash £6,910,000). In the opinion of the directors no loss will arise in connection with these guarantees. The parent Company has entered into a group VAT registration. At 2 November 2025 the parent Company's contingent liability under this arrangement in respect of VAT liabilities amounted to £406,000 (2024: £399,000). In the opinion of the directors no loss will arise in connection with these matters.
22. | Pension commitment
The Group is a member of the Pinelog Group - Legal & General Stakeholder scheme, a defined contribution pension scheme, with the assets of the scheme held separately to those of the Group in an independently administered fund. Total Group contributions for the year ended 2 November 2025 were £309,000 (2024: £279,000). At the year end contributions of £28,000 (2024: £26,000) were payable to the fund and are included in accruals.
23. | Commitments under operating leases
| At 2 November 2025 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Not later than 1 year | 223 | 215 | 23 | 26
| Later than 1 year and not later than 5 years | 835 | 739 | 37 | 3
| Later than 5 years | 1,405 | 1,442 | - | -
|  | 2,463 | 2,396 | 60 | 29
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PINELOG GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 2 NOVEMBER 2025
24. | Related party transactions
| There are no related party transactions that are required to be disclosed under FRS 102.
25. | Controlling party
The parent Company is wholly owned by the Grayson family either directly or through graysonfavour Limited, a company wholly owned by the Grayson family.
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