PINES WAY (BATH) LLP

• ⚠

  Material uncertainty over going concern

  The financial statements have been prepared on a going concern basis. The members have assessed the ability of the Partnership to continue as a going concern for a period of at least 12 months from the date of approval of the financial statements and in particular the £9.25m loan to be repaid to Together Finance in January 2026. Given the current timescale, the Members have engaged with Together Finance to exercise its options of extending the current loan for another 12 months for a fee of 2%. At the time of signing these financial statements, this has not been formally agreed however once signed the loan will be due to be repaid in January 2027. The Partnership relies on refinancing its loan facility, which is not guaranteed. The revised repayment date will allow the Members to have sufficient time to finalise detailed design, secure a main contractor and enter into a funding agreement. However, until the debt agreement becomes legally binding, the Partnership's financial position and outlook give rise to a material uncertainty that may cast significant doubt on the Partnership's ability to continue as a going concern and therefore, the Partnership may be unable to realise its assets and discharge its liabilities in the normal course of business. The Members have a reasonable expectation that the loan will be refinanced with the new facility and therefore, the going concern basis is deemed appropriate. The financial statements do not include any adjustments that would be necessary if the Partnership were unable to continue as a going concern. Despite this uncertainty, the Members have concluded that the going concern basis of accounting is appropriate.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The financial statements have been prepared on a going concern basis. The members have assessed the ability of the Partnership to continue as a going concern for a period of at least 12 months from the date of approval of the financial statements and in particular the £9.25m loan to be repaid to Together Finance in January 2026. Given the current timescale, the Members have engaged with Together Finance to exercise its options of extending the current loan for another 12 months for a fee of 2%. At the time of signing these financial statements, this has not been formally agreed however once signed the loan will be due to be repaid in January 2027. The Partnership relies on refinancing its loan facility, which is not guaranteed. The revised repayment date will allow the Members to have sufficient time to finalise detailed design, secure a main contractor and enter into a funding agreement. However, until the debt agreement becomes legally binding, the Partnership's financial position and outlook give rise to a material uncertainty that may cast significant doubt on the Partnership's ability to continue as a going concern and therefore, the Partnership may be unable to realise its assets and discharge its liabilities in the normal course of business. The Members have a reasonable expectation that the loan will be refinanced with the new facility and therefore, the going concern basis is deemed appropriate. The financial statements do not include any adjustments that would be necessary if the Partnership were unable to continue as a going concern. Despite this uncertainty, the Members have concluded that the going concern basis of accounting is appropriate.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.