REGISTERED NUMBER: 12567144 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 1 OCTOBER 2024 TO 31 MARCH 2025

FOR

BLACKMEAD FORESTRY LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

Directors:

R O G Guest

R J Kelly

H J Hansen

Y Rassam

Registered office:

C/o Foresight Group Llp The Shard

32 London Bridge Street

London

SE1 9SG

Registered number:

12567144 (England and Wales)

The directors present their report with the financial statements of the company for the period 1 October 2024 to 31 March 2025.

Principal activity

The principal activity of the company is of the ownership of commercial woodland for the production and sale of timber.

Directors

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

R O G Guest

R J Kelly

Other changes in directors holding office are as follows:

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.

Going Concern

The Directors have a reasonable expectation that the company has adequate resources to be in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the annual report and accounts.

Small company exemption

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by Section 414B of the Companies Act 2006 not to provide a Strategic 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:

R J Kelly - Director

22 December 2025

Turnover

2,414,098

2,235,581

Cost of sales

(1,625,215

)

(1,797,368

)

Gross profit

788,883

438,213

Administrative expenses

209,344

(243,506

)

998,227

194,707

Other operating income

-

176,139

Gain/loss on revaluation of assets

3,125,203

-

Operating profit

4

4,123,430

370,846

Interest payable and similar expenses

(539,114

)

(1,222,795

)

Profit/(loss) before taxation

3,584,316

(851,949

)

Tax on profit/(loss)

5

-

(3,215

)

Profit/(loss) for the financial period

3,584,316

(855,164

)

Fixed assets

Tangible assets

6

81,281,484

85,026,053

Investments

7

24,133,565

24,069,657

105,415,049

109,095,710

Current assets

Debtors

8

4,332,257

2,252,098

Cash at bank

2,141,784

14,981

6,474,041

2,267,079

Creditors

Amounts falling due within one year

9

(19,112,432

)

(22,170,447

)

Net current liabilities

(12,638,391

)

(19,903,368

)

Total assets less current liabilities

92,776,658

89,192,342

Capital and reserves

Called up share capital

74,644,287

74,644,287

Retained earnings

18,132,371

14,548,055

92,776,658

89,192,342

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

The members have not required the company to obtain an audit of its financial statements for the period 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 22 December 2025 and were signed on its behalf by:

R J Kelly - Director

1.	Statutory information

Blackmead Forestry 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.

Going Concern

The Directors have a reasonable expectation that the company has adequate resources to be in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the annual report and accounts.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

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

Depreciation is recognised so as to write off the cost over their useful lives on the following basis:

Land, woodland and buildings - Not depreciated

Legal fees - 2.5% straight line

Land, woodland and buildings are not depreciated but reviewed by the directors at each balance sheet date and any adjustment is written off the profit and loss account.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the period 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.

3.	Employees and directors

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

4.	Operating profit

The operating profit is stated after charging:

Period

1.10.24

to

Year Ended

31.3.25

30.9.24

£

£

Depreciation - owned assets

52,314

104,643

5.

Taxation

Analysis of the tax charge

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

Period

1.10.24

to

Year Ended

31.3.25

30.9.24

£

£

Current tax:

UK corporation tax

-

3,215

Tax on profit/(loss)

-

3,215

Reconciliation of total tax charge included in profit and loss

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

Period

1.10.24

to

Year Ended

31.3.25

30.9.24

£

£

Profit/(loss) before tax

3,584,316

(851,949

)

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

896,079

(212,987

)

Effects of:

Expenses not deductible for tax purposes

(298,397

)

1,274,644

Income not taxable for tax purposes

(602,546

)

(1,062,852

)

Effects of group relief

4,864

4,410

Total tax charge

-

3,215

6.	Tangible fixed assets

Land

Woodland

Buildings

Acquisition Costs

Total

£

£

£

£

£

Cost including revaluations b/fwd

42,597,946

38,543,314

141,000

4,175,656

85,457,915

Additions in the year

-

227,024

-

-

227,024

Disposal

(674,119

)

(4,640,345

)

(125,000

)

(451,876-

)

(7,780,189

)

Revaluation

(687,979

)

4,453,700

50,000

-

3,815,722

Total Cost including revaluation

39,346,999

38,583,693

66,000

3,723,780

81,720,472

Depreciation

B/fwd

-

-

-

(431,861

)

(431,861

)

Charge for the year

-

-

-

(152,313

)

(52,313

)

Disposal

-

-

-

45,188

45,188

-

-

-

(438,987

)

(438,987

)

Net Book Value

At 30 September 2023

39,346,999

38,452,650

66,000

3,284,793

81,281,485

Cost or valuation at 31 March 2025 is represented by:

Land and

buildings

£

Valuation in 2022

16,289,296

Valuation in 2023

(5,112,499

)

Valuation in 2024

2,236,044

Valuation in 2025

3,815,722

Cost

64,491,908

81,720,471

7.	Fixed asset investments

31.3.25

30.9.24

£

£

Shares in group undertakings

2,519,528

3,210,047

Loans to group undertakings

21,614,037

20,859,610

24,133,565

24,069,657

Additional information is as follows:

Shares in

group

undertakings

£

Cost or valuation

At 1 October 2024

3,210,047

Revaluations

(690,519

)

At 31 March 2025

2,519,528

Net book value

At 31 March 2025

2,519,528

At 30 September 2024

3,210,047

Cost or valuation at 31 March 2025 is represented by:

Shares in

group

undertakings

£

Valuation in 2023

4,077,607

Valuation in 2024

(2,059,905

)

Valuation in 2025

(690,519

)

Cost

1,192,345

2,519,528

Loans to

group

undertakings

£

At 1 October 2024

20,859,610

New in year

754,427

At 31 March 2025

21,614,037

8.

Debtors: amounts falling due within one year

31.3.25

30.9.24

£

£

Trade debtors

971,532

817,405

Amounts owed by group undertakings

3,307,396

1,193,003

Other debtors

53,329

241,690

4,332,257

2,252,098

9.

Creditors: amounts falling due within one year

31.3.25

30.9.24

£

£

Trade creditors

(211,024

)

14,166

Amounts owed to group undertakings

18,381,827

18,381,827

Other creditors

941,629

3,774,454

19,112,432

22,170,447

10.	Ultimate controlling party

The company is a wholly owned subsidiary of FSFC Holdings 2 Limited

Foresight Natural Capital Limited is the ultimate controlling party of the company