REGISTERED NUMBER: 07985672 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

BLACKMEAD FORESTRY III LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

Directors:

R J Kelly

R O G Guest

H J Hansen

Y Rassam

Registered office:

The Shard

c/o Foresight Group LLP

32 London Bridge Street

London

SE1 9SG

Registered number:

07985672 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

Directors

R J Kelly has held office during the whole of the period from 1 April 2024 to the date of this report.

Other changes in directors holding office are as follows:

Pinecroft Corporate Services Limited - resigned 10 December 2024

R O G Guest - appointed 10 December 2024

H J Hansen and Y Rassam were appointed as directors after 31 March 2025 but prior to the date of this report.

J Elsworth ceased to be a director after 31 March 2025 but prior to the date of this report.

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:

H J Hansen - Director

12 December 2025

Turnover

255,389

1,500

Cost of sales

(1,236,869

)

(934,242

)

Gross loss

(981,480

)

(932,742

)

Administrative expenses

(103,534

)

(178,246

)

Operating loss

4

(1,085,014

)

(1,110,988

)

Gain/loss on revaluation of assets

15,277,587

(1,268,623

)

Profit/(loss) before taxation

14,192,573

(2,379,611

)

Tax on profit/(loss)

5

-

(376

)

Profit/(loss) for the financial year

14,192,573

(2,379,987

)

Fixed assets

Tangible assets

6

32,640,858

22,128,391

Investments held at fair value

through profit or loss

7

11,693,172

6,790,452

44,334,030

28,918,843

Current assets

Debtors

8

61,245

392,651

Cash at bank

177,528

61,065

238,773

453,716

Creditors

Amounts falling due within one year

9

(33,825,582

)

(32,817,911

)

Net current liabilities

(33,586,809

)

(32,364,195

)

Total assets less current liabilities

10,747,221

(3,445,352

)

Capital and reserves

Called up share capital

1

1

Retained earnings

10,747,220

(3,445,353

)

10,747,221

(3,445,352

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

H J Hansen - Director

1.	Statutory information

Blackmead Forestry III 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Interest receivable and other income

Other income such as interest receivable on loan notes is included on an accruals basis.

Investments held at fair value through profit or loss

Investments held by the Company have been valued in accordance with the International Private Equity and Venture Capital (IPEVC) valuation guidelines (December 2018) developed by the British Venture Capital Association and other organisations. Through these guidelines, investments are valued as defined at 'fair value'.

3.	Employees and directors

The average number of employees during the year was NIL (2024 - NIL).

4.	Operating profit/(loss)

The operating profit (2024 - operating loss) is stated after charging:

31.3.25

31.3.24

£

£

Depreciation - owned assets

26,673

23,236

5.

Taxation

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

-

376

Tax on profit/(loss)

-

376

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.25

31.3.24

£

£

Profit/(loss) before tax

14,192,573

(2,379,611

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

3,548,143

(594,903

)

Effects of:

Expenses not deductible for tax purposes

(3,549,799

)

595,278

Adjustments to tax charge in respect of previous periods

-

1

Effects of group relief/other reliefs

1,656

-

Total tax charge

-

376

6.	Tangible fixed assets

Land and

buildings

£

Cost or valuation

At 1 April 2024

22,176,923

Revaluations

10,539,140

At 31 March 2025

32,716,063

Depreciation

At 1 April 2024

48,532

Charge for year

26,673

At 31 March 2025

75,205

Net book value

At 31 March 2025

32,640,858

At 31 March 2024

22,128,391

Cost or valuation at 31 March 2025 is represented by:

Land and

buildings

£

Valuation in 2023

2,462

Valuation in 2024

(1,719,682

)

Valuation in 2025

10,539,141

Cost

23,894,142

32,716,063

7.	Investments held at fair value

through profit or loss

31.3.25

31.3.24

£

£

Shares in group undertakings

10,692,702

5,954,254

Loans to group undertakings

1,000,470

836,198

11,693,172

6,790,452

Additional information is as follows:

Shares in

group

undertakings

£

Cost or valuation

At 1 April 2024

5,954,254

Revaluations

4,738,448

At 31 March 2025

10,692,702

Net book value

At 31 March 2025

10,692,702

At 31 March 2024

5,954,254

Cost or valuation at 31 March 2025 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

£

£

Valuation in 2018

-

-

(494,519

)

Valuation in 2019

-

-

(145,428

)

Valuation in 2020

-

-

(45,859

)

Valuation in 2021

-

-

(20,974

)

Valuation in 2022

-

-

706,780

Valuation in 2024

451,059

-

451,059

Valuation in 2025

4,738,447

-

4,738,447

Cost

5,503,196

-

5,503,196

10,692,702

-

10,692,702

Loans to

group

undertakings

£

At 1 April 2024

836,198

New in year

164,272

At 31 March 2025

1,000,470

8.

Debtors: amounts falling due within one year

31.3.25

31.3.24

£

£

Trade debtors

48,472

1,500

Other debtors

12,773

391,151

61,245

392,651

9.

Creditors: amounts falling due within one year

31.3.25

31.3.24

£

£

Trade creditors

1,124

44,112

Amounts owed to group undertakings

33,422,208

32,310,545

Taxation and social security

5,689

376

Other creditors

396,561

462,878

33,825,582

32,817,911

10.	Ultimate controlling party

In the opinion of the directors, the immediate parent company is Blackmead Infrastructure Limited, with the ultimate controlling party being Averon Park Limited.