Company registration number SC725269
NICHOLSON FOREST MANAGEMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
PAGES FOR FILING WITH REGISTRAR
NICHOLSON FOREST MANAGEMENT LTD
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
NICHOLSON FOREST MANAGEMENT LTD
BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 1 -
2026
2025
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,000
7,000
Tangible assets
4
16,358
19,960
22,358
26,960
Current assets
Debtors
5
36,708
28,647
Cash at bank and in hand
46,031
27,329
82,739
55,976
Creditors: amounts falling due within one year
6
(90,610)
(78,838)
Net current liabilities
(7,871)
(22,862)
Total assets less current liabilities
14,487
4,098
Provisions for liabilities
7
(2,971)
(3,685)
Net assets
11,516
413
Capital and reserves
Allotted, called up and fully paid share capital
2
2
Profit and loss reserves
11,514
411
Total equity
11,516
413
NICHOLSON FOREST MANAGEMENT LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2026
31 March 2026
- 2 -

For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 10 August 2026 and are signed on its behalf by:
Mr C W Nicholson
Director
Company Registration No. SC725269
NICHOLSON FOREST MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -
1
Accounting policies
Company information

Nicholson Forest Management Ltd is a private company limited by shares incorporated in Scotland. The registered office is 17 Culloden Road, Balloch, Inverness, IV2 7HQ.

1.1
Basis of preparation

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. The principal accounting policies adopted are set out below.

At the balance sheet date, the company had net current liabilities amounting to £7,871. However, the directors, Mr C W Nicholson and Mrs R A Nicholson, have confirmed that they will not seek full repayment of their loan to the company of £56,642 to the detriment of other creditors. The directors have also confirmed that they will ensure that adequate funds will be made available to meet third-party liabilities as they fall due. On this basis, it is considered appropriate to prepare the financial statements on a going concern basis.

The principal accounting polices adopted are set out below.

1.2
Revenue

The turnover shown in the profit and loss account represents amounts receivable from the provision of forestry management and consultancy services, excluding Value Added Tax.

Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under its contracts.

For incomplete contracts, an assessment is made to the extent to which revenue has been earned. This assessment takes into account the nature of the work, its stage of completion and the relevant contract terms. Any unbilled revenue is included in debtors as gross amounts owed by contract customers.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

NICHOLSON FOREST MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies (Continued)
- 4 -
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 over their useful lives on the following bases:

Leasehold improvements
10% straight line
Plant and equipment
15% on reducing balance
Computer and office equipment
33.3% straight line
Motor vehicles
25% on reducing balance

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include 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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, that are classified as debt, 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

NICHOLSON FOREST MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies (Continued)
- 5 -
1.8
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

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

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.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

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

2026
2025
Number
Number
Total
2
2
NICHOLSON FOREST MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2025 and 31 March 2026
10,000
Amortisation and impairment
At 1 April 2025
3,000
Amortisation charged for the year
1,000
At 31 March 2026
4,000
Carrying amount
At 31 March 2026
6,000
At 31 March 2025
7,000
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computer and office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2025
7,460
127
3
21,268
28,858
Additions
-
0
952
-
0
-
0
952
Disposals
-
0
(1)
-
0
-
0
(1)
At 31 March 2026
7,460
1,078
3
21,268
29,809
Depreciation and impairment
At 1 April 2025
2,238
40
3
6,617
8,898
Depreciation charged in the year
746
144
-
0
3,663
4,553
At 31 March 2026
2,984
184
3
10,280
13,451
Carrying amount
At 31 March 2026
4,476
894
-
0
10,988
16,358
At 31 March 2025
5,222
87
-
0
14,651
19,960
5
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
-
0
4,115
Gross amounts owed by contract customers
36,708
24,532
36,708
28,647
NICHOLSON FOREST MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -
6
Creditors: amounts falling due within one year
2026
2025
£
£
Taxation and social security
31,100
23,266
Other creditors
59,510
55,572
90,610
78,838
7
Provisions for liabilities
2026
2025
£
£
Deferred tax liabilities
8
2,971
3,685
8
Deferred taxation

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

Liabilities
Liabilities
2026
2025
Balances:
£
£
Accelerated capital allowances
2,971
3,685
2026
Movements in the year:
£
Liability at 1 April 2025
3,685
Credit to profit or loss
(714)
Liability at 31 March 2026
2,971
9
Related party transactions

At the balance sheet date, the company owed the directors, Mr C W Nicholson and Mrs R A Nicholson, £56,642 (2025 - £53,016). This loan is unsecured, interest-free and has no fixed terms of repayment.

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