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

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

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

Black Cedar Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Ellenborough House, Wellington Street, Cheltenham, Gloucestershire, United Kingdom, GL50 1YD.

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.

Interest income

Interest income is recognised using the effective interest method.

Loans receivable

Loans are initially recognised at transaction cost, with any falling due in greater than one year being restated to reflect their discounted cash value.

The company has significant investments and cash reserves. The directors have forecast the expected income and expenditure for the next 12 months and feel that they have sufficient cash reserves in place to meet their liabilities as they fall due. Accordingly the directors continue to adopt the going concern basis in preparing the financial statements.

Investments in unlisted company shares are stated at historic cost less impairment.

Listed investments are measured at market value at the balance sheet date and any gains or losses on remeasurement are recognised in the Statement of Comprehensive Income for the year.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to known amounts of cash with insignificant risk of change in value.

The tax expense represents the sum of the tax currently payable.

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

Financial assets measured at fair value through surplus or deficit comprise a managed investment portfolio included within fixed asset investments.

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

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 deficit 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.

Black Cedar Limited has directors who serve as directors in other entities with whom they share transactions. During the year under review the following transactions took place:

J R Whitbread of Finance Law Limited served as a director during the year. Contributions to Finance Law Limited were £12,000 (2024 - £12,000). There were no balances outstanding at 31 March 2025 (2024 - £nil).

Amounts paid directly to directors of the company for accountancy and director services during the year totalled £6,000 (2024 - £6,000). No amounts were outstanding at 31 March 2025.