IRIS Accounts Production v24.3.2.46 13790123 Board of Directors 1.10.23 30.9.24 30.9.24 0 0 false true false false true false 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh137901232023-09-30137901232024-09-30137901232023-10-012024-09-30137901232022-09-30137901232022-10-012023-09-30137901232023-09-3013790123ns15:EnglandWales2023-10-012024-09-3013790123ns14:PoundSterling2023-10-012024-09-3013790123ns10:Director12023-10-012024-09-3013790123ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3013790123ns10:SmallEntities2023-10-012024-09-3013790123ns10:AuditExempt-NoAccountantsReport2023-10-012024-09-3013790123ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3013790123ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3013790123ns10:FullAccounts2023-10-012024-09-3013790123ns10:Director22023-10-012024-09-3013790123ns10:Director32023-10-012024-09-3013790123ns10:RegisteredOffice2023-10-012024-09-3013790123ns5:CurrentFinancialInstruments2024-09-3013790123ns5:CurrentFinancialInstruments2023-09-3013790123ns5:Non-currentFinancialInstruments2024-09-3013790123ns5:Non-currentFinancialInstruments2023-09-3013790123ns5:ShareCapital2024-09-3013790123ns5:ShareCapital2023-09-3013790123ns5:RetainedEarningsAccumulatedLosses2024-09-3013790123ns5:RetainedEarningsAccumulatedLosses2023-09-3013790123ns5:CostValuation2023-09-3013790123ns5:AdditionsToInvestments2024-09-3013790123ns5:RevaluationsIncreaseDecreaseInInvestments2024-09-3013790123ns5:CostValuation2024-09-3013790123ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3013790123ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-30
REGISTERED NUMBER: 13790123 (England and Wales)















REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

FSFC HOLDINGS LIMITED

FSFC HOLDINGS LIMITED (REGISTERED NUMBER: 13790123)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


FSFC HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







Directors: J Elsworth
R O G Guest
R J Kelly





Registered office: C/o Foresight Group Llp
The Shard, 32 London Bridge Street
London
SE1 9SG





Registered number: 13790123 (England and Wales)






FSFC HOLDINGS LIMITED (REGISTERED NUMBER: 13790123)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

Principal activity
The principal activity of the Company in the period under review was that of a holding company which indirectly owned five Special Purpose Vehicles ("SPVs") that invest in forestry, afforestation and natural capital assets in the United Kingdom.

Directors
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

J Elsworth
R O G Guest
R J Kelly

Going concern
The Directors have adopted the going concern basis. In their assessment of going concern they have reviewed comprehensive cash flow forecasts and believe based on the forecasts and an assessment of the Company's cash position and liquidity of the investment portfolio that it is appropriate to prepare the financial statements on a going concern basis.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:





R O G Guest - Director


27 June 2025

FSFC HOLDINGS LIMITED (REGISTERED NUMBER: 13790123)

INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.9.24 30.9.23
£ £

Turnover - -

Administrative expenses (2,948 ) -
(2,948 ) -

Unrealised revaluation gain of
assets at fair value through
profit or loss 1,017,262 6,161,814
Operating profit 1,014,314 6,161,814

Finance Income 2,632,733 2,364,137
3,647,047 8,525,951

Finance Costs (2,633,025 ) (2,364,137 )
Profit before taxation 1,014,022 6,161,814

Tax on profit - -
Profit for the financial year 1,014,022 6,161,814

FSFC HOLDINGS LIMITED (REGISTERED NUMBER: 13790123)

BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £ £
Fixed assets
Investments 4 210,785,584 206,152,892

Current assets
Debtors: amounts falling due within one year 5 449,680 2,796,422

Creditors: amounts falling due within one
year

6

(452,633

)

(2,796,422

)
Net current liabilities (2,953 ) -
Total assets less current liabilities 210,782,631 206,152,892

Creditors: amounts falling due after more
than one year

7

(38,390,679

)

(37,334,413

)
Net assets 172,391,952 168,818,479

Capital and reserves
Called up share capital 132,422,829 129,863,378
Retained earnings 39,969,123 38,955,101
172,391,952 168,818,479

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

FSFC HOLDINGS LIMITED (REGISTERED NUMBER: 13790123)

BALANCE SHEET - continued
30 SEPTEMBER 2024



The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2025 and were signed on its behalf by:





R O G Guest - Director


FSFC HOLDINGS LIMITED (REGISTERED NUMBER: 13790123)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. Statutory information

Fsfc Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at fair value. The fair value of investment property is determined by an external valuer to be the estimated amount for which an asset should exchange on the date of valuation in an arm's-length transaction. Properties have been valued on an individual basis. The external valuer prepares their valuations in accordance with the RICS Valuation - Global Standards July 2017. Factors reflected comprise current market conditions including the comparable market value of similar forestry assets, the potential uplift in land value above current-in-use value, the location and situation of individual assets, potential vulnerability to winter storms and developmental status of properties. The market conditions stated are assessed on a bi-annual basis.

In addition, the carbon credit valuation comprised in the fair value of investment property is not determined by an external valuer but is based on the Ecosystem Marketplace collected trade data from UK Woodland Carbon Code and Peatland Code market participants who are project developers and resellers through the Ecosystem Marketplace Global Carbon Markets Hub. These are also subject to an accounting estimate that the Directors are satisfied with.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. Employees and directors

The average number of employees during the year was NIL (2023 - NIL).

FSFC HOLDINGS LIMITED (REGISTERED NUMBER: 13790123)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. Fixed asset investments

30.9.24 30.9.23
£ £
Shares in group undertakings 171,524,737 168,818,479
Loans to group undertakings 39,260,847 37,334,413
210,785,584 206,152,892

Additional information is as follows:
Shares in
group
undertakings
£
Cost or valuation
At 1 October 2023 168,818,479
Additions 2,559,452
Revaluations 146,806
At 30 September 2024 171,524,737
Net book value
At 30 September 2024 171,524,737
At 30 September 2023 168,818,479

Cost or valuation at 30 September 2024 is represented by:

Shares in
group
undertakings
£
Valuation in 2022 147,120,411
Valuation in 2023 21,698,068
Valuation in 2024 2,706,258
171,524,737
Loans to
group
undertakings
£
At 1 October 2023 37,334,413
New in year 1,926,434
At 30 September 2024 39,260,847

5. Debtors: amounts falling due within one year
30.9.24 30.9.23
£ £
Trade debtors 449,680 2,796,422

FSFC HOLDINGS LIMITED (REGISTERED NUMBER: 13790123)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6. Creditors: amounts falling due within one year
30.9.24 30.9.23
£ £
Trade creditors 452,633 2,796,422

7. Creditors: amounts falling due after more than one year
30.9.24 30.9.23
£ £
Shareholder loan - FSFC Ltd 38,390,679 37,334,413

8. Related party disclosures

FSFC Holdings 2 Limited is a wholly owned subsidiary of FSFC Holdings Limited. At the end of the period, there was a shareholder loan of £38,390,391 owed from FSFC Holdings 2 Limited, with £2,632,733 of interest incurred on the loan, of which £449,680 was outstanding at the year end.

FSFC Holdings Limited is a wholly owned subsidiary of Foresight Sustainable Forestry Company Limited.
At the end of the period, there was a shareholder loan of £38,390,679 owed to Foresight Sustainable Forestry Company Limited, with £2,633,025 of interest incurred on the loan, of which £452,623 was outstanding at the year end.

9. Ultimate controlling party

During the period, in the opinion of the directors, the ultimate controlling party was Averon Park Limited.