Company No: 01791520 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated - note 2
Fixed assets
Tangible assets	5	817,568		860,844
Investment property	6	7,280,319		5,755,319
		8,097,887		6,616,163
Current assets
Stocks	7	301,870		280,543
Debtors	8	357,555		95,492
Investments	9	1		0
Cash at bank and in hand	10	354,496		366,929
		1,013,922		742,964
Creditors: amounts falling due within one year	11	( 643,133)		( 462,359)
Net current assets		370,789		280,605
Total assets less current liabilities		8,468,676		6,896,768
Creditors: amounts falling due after more than one year	12	( 1,175,533)		( 1,422,356)
Provision for liabilities	13, 14	( 475,144)		( 151,776)
Net assets		6,817,999		5,322,636
Capital and reserves
Called-up share capital	15	18,000		18,000
Other reserves		2,929,057		1,877,925
Profit and loss account		3,870,942		3,426,711
Total shareholders' funds		6,817,999		5,322,636

For the financial year ending 31 January 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Pinder Fashions Limited (registered number: 01791520) were approved and authorised for issue by the Board of Directors on 27 November 2025. They were signed on its behalf by:

Mr G K Benning Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pinder Fashions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Warren Trading, Beach Walk, Dawlish Warren, Dawlish, EX7 0NF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

During the current year, the company reviewed the classification of dividends paid on its preference shares and noted that these were previously presented as equity dividends. These have been reclassified as an interest expense.
In addition, the amount of the preference dividend recognised in the prior year was found to have been misstated so has been updated accordingly.

In accordance with FRS 102 Section 10, this represents a correction of a material prior period error. The comparative figures for the prior year have been restated to reflect the reclassification. The impact of the adjustment is disclosed in note 2 to the financial statements, including a reconciliation of the affected line items within the accounts.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from provision of rental services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

not amortised

Goodwill

Goodwill has been fully amortised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings	depreciated over the life of the lease
Vehicles	25 % reducing balance
Fixtures and fittings	20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

No depreciation is charged in respect of investment property which is revalued annually. The directors consider that systematic annual depreciation would be inappropriate as the investment property is shown in the financial statements at fair value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

During the current year, the company reviewed the classification of dividends paid on its preference shares and noted that these were previously presented as equity dividends. These have been reclassified as an interest expense.
In addition, the amount of the preference dividend recognised in the prior year was found to have been misstated so has been updated accordingly.

		As previously reported		Adjustment		As restated
Year ended 31 January 2024		£		£		£
Other debtors		18,218		7,636		25,854
Amounts owed by directors		69,920		(1,350)		68,570
Dividends		207,800		(68,000)		139,800
Other Interest Payable		0		76,986		76,986

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	25		28

4. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 February 2024	20,000		20,000
At 31 January 2025	20,000		20,000
Accumulated amortisation
At 01 February 2024	20,000		20,000
At 31 January 2025	20,000		20,000
Net book value
At 31 January 2025	0		0
At 31 January 2024	0		0

5. Tangible assets

	Land and buildings		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 February 2024	1,135,234		26,747		66,446		1,228,427
Disposals	( 7,000)		( 1,153)		( 19,031)		( 27,184)
At 31 January 2025	1,128,234		25,594		47,415		1,201,243
Accumulated depreciation
At 01 February 2024	315,212		13,516		38,855		367,583
Charge for the financial year	32,840		3,151		5,226		41,217
Disposals	( 7,000)		( 521)		( 17,604)		( 25,125)
At 31 January 2025	341,052		16,146		26,477		383,675
Net book value
At 31 January 2025	787,182		9,448		20,938		817,568
At 31 January 2024	820,022		13,231		27,591		860,844

6. Investment property

	Investment property
	£
Valuation
As at 01 February 2024	5,755,319
Additions	50,500
Fair value movement	1,474,500
As at 31 January 2025	7,280,319

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	3,877,394		3,877,394

7. Stocks

	2025		2024
	£		£
Stocks	301,870		280,543

8. Debtors

	2025		2024
	£		£
Trade debtors	234,890		865
Amounts owed by directors	105,533		68,571
Prepayments and accrued income	12,892		15,474
Other debtors	4,240		10,582
	357,555		95,492

9. Current asset investments

	2025		2024
	£		£
Other investments – at cost less impairment	1		0

10. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	170,735		148,225
Short-term deposits	183,761		218,704
	354,496		366,929

11. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	178,000		108,823
Trade creditors	75,385		76,951
Accruals	118,204		86,260
Taxation and social security	255,086		170,497
Other creditors	16,458		19,828
	643,133		462,359

12. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	1,175,531		1,422,354
Other creditors	2		2
	1,175,533		1,422,356

Security is given on the company's bank borrowings by charges held over the company's land, property and assets.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Bank loans (secured)	603,531		1,087,062

Security is given on the company's bank borrowings by charges held over the company's land, property and assets.

13. Provision for liabilities

	2025		2024
	£		£
Deferred tax	427,144		3,776
Other provisions	48,000		148,000
	475,144		151,776

Other

The other provision related to dilapidation costs at the balance sheet date on the properties of £48,000 (2024 - £124,000).

14. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 3,776)		0
Charged to the Profit and Loss Account	( 423,368)		( 3,776)
At the end of financial year	( 427,144)		( 3,776)

15. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
18,000 Ordinary shares of £ 1.00 each	18,000		18,000

16. Financial commitments

Commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	621,000		849,467

At the year end the company had annual commitments under non-cancellable operating leases in respect of land and buildings. The operating leases relate to commitments over periods of 3 - 75 years.

17. Reserves

Included within the profit and loss account balance carried forward are non-distributable reserves of £2,979,557 (2024 - £1,877,925). These reserves represent the cumulative unrealised revaluation gains on the company's investment portfolio, net of the provision of deferred taxation thereon.

18. Ultimate controlling party

The controlling party is the Benning family.