Company Registration No. SC518613 (Scotland)
Caledonia Forest Land Investment Limited
Annual report and financial statements
for the year ended 31 October 2025
Caledonia Forest Land Investment Limited
Company information
Directors
Edward Daniels
Konrad Von Rechberg
(Appointed 15 January 2025)
Company number
SC518613
Registered office
Collins House
Rutland Square
Edinburgh
EH1 2AA
Independent auditor
Saffery LLP
Torridon House
Beechwood Park
Inverness
IV2 3BW
Caledonia Forest Land Investment Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9 - 10
Notes to the financial statements
11 - 19
Caledonia Forest Land Investment Limited
Directors' report
For the year ended 31 October 2025
1

The directors present their annual report and financial statements for the year ended 31 October 2025.

Principal activities

The principal activity of the company is investment in forestry assets and other forestry activities.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Kai-Carsten Albrecht
(Resigned 15 January 2025)
Edward Daniels
Konrad Von Rechberg
(Appointed 15 January 2025)
Auditor

Saffery LLP have expressed their willingness to continue in office.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Edward Daniels
Director
2 February 2026
Caledonia Forest Land Investment Limited
Directors' responsibilities statement
For the year ended 31 October 2025
2

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Caledonia Forest Land Investment Limited
Independent auditor's report
To the members of Caledonia Forest Land Investment Limited
3
Opinion

We have audited the financial statements of Caledonia Forest Land Investment Limited (the 'company') for the year ended 31 October 2025 which comprise the Profit And Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its loss 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

Caledonia Forest Land Investment Limited
Independent auditor's report
To the members of Caledonia Forest Land Investment Limited (continued)
4

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Caledonia Forest Land Investment Limited
Independent auditor's report
To the members of Caledonia Forest Land Investment Limited (continued)
5

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We enquired of the company's records of breaches of laws and regulations and requested any available correspondence with relevant authorities to review to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Eunice McAdam
Senior Statutory Auditor
For and on behalf of Saffery LLP
2 February 2026
Statutory Auditors
Torridon House
Beechwood Park
Inverness
IV2 3BW
Caledonia Forest Land Investment Limited
Profit and loss account
For the year ended 31 October 2025
6
2025
2024
Notes
£
£
Turnover
203,602
637,381
Cost of sales
(416,131)
(390,652)
Gross (loss)/profit
(212,529)
246,729
Administrative expenses
(53,886)
(54,547)
Other operating income
51,770
42,870
Operating (loss)/profit
3
(214,645)
235,052
Interest payable and similar expenses
5
(299,278)
(298,421)
Other gains and losses
6
127,363
(388,376)
Loss before taxation
(386,560)
(451,745)
Tax on loss
7
74,443
(1,439)
Loss for the financial year
(312,117)
(453,184)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Caledonia Forest Land Investment Limited
Statement of comprehensive income
For the year ended 31 October 2025
7
2025
2024
£
£
Loss for the year
(312,117)
(453,184)
Other comprehensive income
Revaluation of tangible fixed assets
140,867
(1,082,600)
Tax relating to revaluation of tangible fixed assets
(35,216)
314,905
Other comprehensive income for the year
105,651
(767,695)
Total comprehensive income for the year
(206,466)
(1,220,879)
Caledonia Forest Land Investment Limited
Balance sheet
As at 31 October 2025
8
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
8
7,849,601
7,611,234
Biological assets
9
10,358,987
10,231,624
18,208,588
17,842,858
Current assets
Stocks
20,426
106,157
Debtors
10
128,259
276,256
Cash at bank and in hand
31,011
380,323
179,696
762,736
Creditors: amounts falling due within one year
11
(50,152)
(338,659)
Net current assets
129,544
424,077
Total assets less current liabilities
18,338,132
18,266,935
Creditors: amounts falling due after more than one year
12
(6,268,998)
(5,952,108)
Provisions for liabilities
(359,382)
(398,609)
Net assets
11,709,752
11,916,218
Capital and reserves
Called up share capital
10
10
Revaluation reserve
14
2,312,886
2,207,235
Capital contribution reserve
342,804
342,804
Profit and loss reserves
9,054,052
9,366,169
Total equity
11,709,752
11,916,218

These 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 2 February 2026 and are signed on its behalf by:
Edward Daniels
Director
Company Registration No. SC518613
Caledonia Forest Land Investment Limited
Statement of changes in equity
For the year ended 31 October 2025
9
Share capital
Share premium account
Revaluation reserve
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 November 2023
10
-
0
4,243,100
342,804
8,551,183
13,137,097
Year ended 31 October 2024:
Loss for the year
-
-
-
-
(453,184)
(453,184)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
(1,082,600)
-
-
(1,082,600)
Tax relating to revaluation of tangible fixed assets
-
-
314,905
-
-
0
314,905
Total comprehensive income for the year
-
0
-
0
(767,695)
-
0
(453,184)
(1,220,879)
Other movements
-
-
(1,268,170)
-
1,268,170
-
Balance at 31 October 2024
10
-
0
2,207,235
342,804
9,366,169
11,916,218
Caledonia Forest Land Investment Limited
Statement of changes in equity (continued)
For the year ended 31 October 2025
Share capital
Share premium account
Revaluation reserve
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
£
£
10
Year ended 31 October 2025:
Loss for the year
-
-
-
-
(312,117)
(312,117)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
140,867
-
-
140,867
Tax relating to revaluation of tangible fixed assets
-
-
(35,216)
-
-
0
(35,216)
Total comprehensive income for the year
-
-
105,651
-
(312,117)
(206,466)
Balance at 31 October 2025
10
-
0
2,312,886
342,804
9,054,052
11,709,752
Caledonia Forest Land Investment Limited
Notes to the financial statements
For the year ended 31 October 2025
11
1
Accounting policies
Company information

Caledonia Forest Land Investment Limited is a private company limited by shares incorporated in Scotland. The registered office is Collins House, Rutland Square, Edinburgh, EH1 2AA.

1.1
Accounting convention

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties, biological assets, land and buildings and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This expectation is based on the continued financial support from Aquila Capital Timber Investment Fund S.A., which has confirmed its commitment to provide sufficient funding to enable the Company to meet its liabilities as they fall due during this period. Accordingly, the directors have adopted the going concern basis of accounting in preparing these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable.

Revenue from the harvesting of timber products is recognised when the significant risks and rewards of ownership have passed to the buyer (usually on dispatch of the timber), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

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:

Land
2% per annum straight line basis

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.

Caledonia Forest Land Investment Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
12
1.5
Biological assets

Biological assets are recognised only when three recognition criteria have been fulfilled:

- the entity has control over the asset as a result of past events;

- it is probable that future economic benefits associated with the asset will flow to the entity; and

- the fair value or cost of the asset can be measured reliably.

Where the company opts to measure a biological asset under the fair value model on initial recognition it must carry the asset at fair value at each reporting date. Changes in fair value less costs to sell are recognised in profit or loss.

Where the company opts to measure agricultural produce harvested from the biological asset it is measured at fair value less costs to sell at the point of harvest. This measurement becomes the cost at the date the company applies Section 13 Inventories to the agricultural produce.

1.6
Impairment of fixed assets

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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at fair value less costs to sell.

1.8
Cash and cash equivalents

These comprise cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Caledonia Forest Land Investment Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
13
Debtors

Debtors do not carry interest and are stated at their nominal value. Appropriate allowances are made for estimated unrecoverable amounts, which are recognised in the profit and loss account when there is objective evidence that the asset is impaired.

Loans

Basic financial liabilities, including loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors

Trade creditors are not interest bearing and are stated at their nominal value.

1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Caledonia Forest Land Investment Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
14
1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.13

Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Critical accounting judgements and key sources of estimation uncertainty

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.

Key sources of estimation uncertainty
Fair value of land and buildings and biological assets

The company's key source of estimation uncertainty relates to land and buildings and biological assets valuation. Biological assets comprise woodland assets, and are carried at fair value, with changes in fair value recognised in profit or loss. Determining the fair value of land and buildings and biological assets held at valuation requires the entity to use a professional to estimate what it believes to be a fair market value of each asset.

The fair value defined as the estimated amount for which the land and buildings or biological assets should exchange on the date of the valuation between a willing buyer and seller in an arm's length transaction, through the use of comparable values of similar land and buildings or woodland assets observable in the market.

The main assumptions in the valuation are typically trade related, such as land value and crop value, and are based on the professional judgement and market observations. Each land asset or woodland asset has been valued in isolation based on the unique nature, characteristics and perceived risk of that asset.

The net book value of land and buildings at 31 October 2025 held at valuation was £7,849,601.

The net book value of biological assets at 31 October 2025 held at valuation was £10,358,987.

3
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging:
£
£
Fair value losses
261,649
229,374
Caledonia Forest Land Investment Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
15
4
Employees

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

2025
2024
Number
Number
Total
0
0
5
Interest payable and similar expenses
2025
2024
£
£
Interest payable and similar expenses includes the following:
Interest payable to shareholder
297,605
298,421
Other interest
1,673
-
0
299,278
298,421
6
Other gains and losses
2025
2024
£
£
Fair value gains/(losses)
Change in value of biological assets held at fair value through profit or loss
127,363
(388,376)
7
Taxation
2025
2024
£
£
Deferred tax
Tax losses
(74,443)
1,439

In addition to the amount (credited)/charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Revaluation of property
35,216
(314,905)
Caledonia Forest Land Investment Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
16
8
Tangible fixed assets
Land
£
Cost or valuation
At 1 November 2024
7,611,234
Additions
97,500
Revaluation
140,867
At 31 October 2025
7,849,601
Carrying amount
At 31 October 2025
7,849,601
At 31 October 2024
7,611,234

Land assets were revalued to fair value by Royal Institution of Chartered Surveyors' Registered Valuers under the employment of Goldcrest Land and Forestry Group LLP as at 31 October 2025. This valuation is based on the market value of land assets taking into account location and other similar factors.

If land and buildings were measured using the cost model, the carrying amounts would have been £4,824,762 (2024 - £4,727,262).

Caledonia Forest Land Investment Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
17
9
Biological assets
Woodlands
£
Cost or valuation
At 1 November 2024
10,231,624
Additions - planting
175,918
Fellings
(202,102)
Transfer to stock
(20,426)
Revaluation
173,973
At 31 October 2025
10,358,987
Carrying amount
At 31 October 2025
10,358,987
At 31 October 2024
10,231,624

The biological assets were revalued to fair value by Royal Institution of Chartered Surveyors' Registered Valuers under the employment of Goldcrest Land and Forestry Group LLP as at 31 October 2025. This valuation is based on the market value of forestry assets taking into account location and other similar factors.

Woodlands are carried at valuation. If woodlands were measured using the cost model, the carrying amounts would have been £4,847,644 (2024 - £4,847,644).

10
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
25,727
2,400
Other debtors
102,532
273,856
128,259
276,256
11
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
366
642
Taxation and social security
-
0
28,265
Other creditors
49,786
309,752
50,152
338,659
Caledonia Forest Land Investment Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
18
12
Creditors: amounts falling due after more than one year
2025
2024
£
£
Loans due to shareholder
6,268,998
5,952,108
Creditors which fall due after five years are as follows:
2025
2024
£
£
Payable other than by instalments
6,268,998
5,952,108

The loan bear s interest of 4.1% per annum, with interest of £297,605 charged during the year.

13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Capital gains
711,954
676,738
Tax losses
(352,572)
(278,129)
359,382
398,609
2025
Movements in the year:
£
Liability at 1 November 2024
398,609
Credit to profit or loss
(74,443)
Charge to other comprehensive income
35,216
Liability at 31 October 2025
359,382
Caledonia Forest Land Investment Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
19
14
Revaluation reserve
2025
2024
£
£
At the beginning of the year
2,207,235
4,243,100
Revaluation gain/(deficit) arising in the year
140,867
(1,082,600)
Deferred tax on revaluation of tangible assets
(35,216)
314,905
Deferred tax on brought forward revaluation
-
(1,268,170)
At the end of the year
2,312,886
2,207,235
15
Reserves

Share premium account

This reserve records the amount above the nominal value received for shares issued, less transaction costs.

Revaluation reserve

This reserve records increases in the fair value of land and buildings and decreases to the extent that such decrease relates to an increase on the same asset previously recognised in equity.

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