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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Natural Research (Projects) Limited is a private company limited by shares incorporated in Scotland. The registered office is 14 Carden Place, Aberdeen, AB10 1UR. The parent, Natural Research Limited's registered address is 14 Carden Place, Aberdeen, AB10 1UR. The company and parent's trading address is Brathens Business Park, Hill of Brathens, Glassel, Banchory, AB31 4BY.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements have been prepared on a going concern basis.true

The current and future financial position of the company, its cash flows and liquidity position have been reviewed by the Board of Directors. Based on the cash flow projections, we anticipate that the company will continue to have adequate cash reserves to meet its liabilities as they fall due.

The Board of Directors have a reasonable expectation that the company has resources to continue in operational existence for the foreseeable future and there are no material uncertainties that lead to significant doubt upon the company's ability to continue as a going concern. Therefore, the Board of Directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for services rendered in the normal course of business, and is shown net of VAT.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

The following assets and liabilities are classified as financial instruments, bank, trade debtors and trade creditors. Cash and cash equivalents in the balance sheet comprise cash at bank and in hand, held on demand. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to the supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the profit and loss account.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year 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.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The company has taken advantage of the exemption available under FRS 102 paragraph 33.1A not to disclose related party transactions entered into between the company and the parent company on the basis that it is wholly-owned subsidiary.

Distributions recognised in the period include donations of £70,000 (2024: £50,000) payable to the parent charitable company, which were unpaid at the balance sheet and are therefore included in creditors falling due within one year.

Natural Research (Projects) Limited is a wholly owned subsidiary of Natural Research Limited which is the controlling party of the company.

In common with many businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities, assist with the preparation of the financial statements and provide payroll services.