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REGISTERED NUMBER: 04104338 (England and Wales)















Financial Statements for the Year Ended 30 November 2023

for

Norwegian Log Buildings Limited

Norwegian Log Buildings Limited (Registered number: 04104338)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Norwegian Log Buildings Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: E R Taylor
P D Williams
I Jeacock





REGISTERED OFFICE: 230 London Road
Earley
Reading
Berkshire
RG6 1AH





REGISTERED NUMBER: 04104338 (England and Wales)





AUDITORS: WP Audit Limited
Statutory Auditors
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

Norwegian Log Buildings Limited (Registered number: 04104338)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 341,793 378,615
341,793 378,615

CURRENT ASSETS
Stocks 178,276 148,645
Debtors 6 2,572,750 1,536,668
Cash at bank and in hand 682,372 623,184
3,433,398 2,308,497
CREDITORS
Amounts falling due within one year 7 (1,959,836 ) (1,514,257 )
NET CURRENT ASSETS 1,473,562 794,240
TOTAL ASSETS LESS CURRENT LIABILITIES 1,815,355 1,172,855

CREDITORS
Amounts falling due after more than one year 8 (56,691 ) (88,899 )

PROVISIONS FOR LIABILITIES (85,448 ) (57,739 )
NET ASSETS 1,673,216 1,026,217

CAPITAL AND RESERVES
Called up share capital 266 266
Retained earnings 1,672,950 1,025,951
1,673,216 1,026,217

The 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, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





I Jeacock - Director


Norwegian Log Buildings Limited (Registered number: 04104338)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Norwegian Log Buildings 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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.

Significant judgements and estimates
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have had to make the following judgements:
- Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycle and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values
- At the year end the valuation of stock is considered and any required stock provision is made.
This requires an estimation of the potential use and realisable value of the stock items to ensure the recognition follows the accounting policy adopted by the business.
-Revenue is derived from the construction of log cabins. Management must estimate the percentage completion of a particular project at the year end in order to accurately recognise adjust for any accrued or deferred elements.

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

Turnover is derived from the company's principal activity of constructing log cabins. Turnover is recognised in accordance with the revenue recognition criteria applicable to construction contracts whereby revenue is recognised based on the stage of completion of the construction work undertaken. The stage of completion is determined by an assessment of the contract value performed at the period end as a percentage of the total contract value.

Goodwill
Goodwill, which relates to the acquisition of a business, is amortised over its expected useful life. The company's goodwill has been fully amortised as at the balance sheet date.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Norwegian Log Buildings Limited (Registered number: 04104338)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost, 25% on reducing balance and at variable rates on reducing balance

Government grants
Government grants are recognised at the fair value of the asset received 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.

Stocks
Stocks are valued on a monthly basis based on the most recent purchase price.

Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Norwegian Log Buildings Limited (Registered number: 04104338)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2022 - 43 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 23,000
AMORTISATION
At 1 December 2022
and 30 November 2023 23,000
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 703,850
Additions 71,183
At 30 November 2023 775,033
DEPRECIATION
At 1 December 2022 325,235
Charge for year 108,005
At 30 November 2023 433,240
NET BOOK VALUE
At 30 November 2023 341,793
At 30 November 2022 378,615

Norwegian Log Buildings Limited (Registered number: 04104338)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 December 2022 254,465
Additions 36,016
At 30 November 2023 290,481
DEPRECIATION
At 1 December 2022 101,786
Charge for year 53,294
At 30 November 2023 155,080
NET BOOK VALUE
At 30 November 2023 135,401
At 30 November 2022 152,679

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 349,829 268,834
Amounts owed by group undertakings 1,887,295 896,824
Other debtors 335,626 371,010
2,572,750 1,536,668

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts (see note 9) 59,122 51,239
Trade creditors 208,497 148,470
Amounts owed to group undertakings 840,039 -
Taxation and social security 48,211 96,303
Other creditors 803,967 1,218,245
1,959,836 1,514,257

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts (see note 9) 56,691 88,899

Norwegian Log Buildings Limited (Registered number: 04104338)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.11.23 30.11.22
£    £   
Net obligations repayable:
Within one year 59,122 51,239
Between one and five years 56,691 88,899
115,813 140,138

Non-cancellable operating leases
30.11.23 30.11.22
£    £   
Within one year 40,604 36,679
Between one and five years 85,023 111,690
125,627 148,369

10. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Hire purchase contracts 115,813 140,138

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
During the 2023 audit we were unable to verify the closing balance of stock due to not being able to attend the year end stock count. As a result we were unable to perform substantive testing on this balance which amounted to £195,048. Consequently, we are unable to determine whether any adjustment to this amount was necessary.

Philippa Duckworth BSc FCCA (Senior Statutory Auditor)
for and on behalf of WP Audit Limited

12. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. During the year, amounts charged to the profit and loss were £26,544 (2022 - £24,756). At 30 November 2023, amounts outstanding were £6,087 (2022 - £NIL).

13. ULTIMATE CONTROLLING PARTY

The parent company which prepares consolidated financial statements in which these accounts are included is Norwegian Log Holdco Limited a limited company registered under 14231543 in England & Wales with its registered office being 230 London Road, Earley, Reading, England, RG6 1AH.

The ultimate controlling party is considered to be Ethos Partners LLP, a limited liability partnership registered under OC420647 in England and Wales with its registered office being 1 Earlham Street, London, WC2H 8HL acting in its capacity as the investment manager of assets held by MNL Nominees Limited.