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NORTH ATLANTIC MINERALS LIMITED

Registered Number
SC423859
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2025

NORTH ATLANTIC MINERALS LIMITED
Company Information
for the year from 1 April 2024 to 31 March 2025

Directors

BUTLER, Anthony Michael
CHARTER, William John
MIHALOP, Owen Daniel

Registered Address

Kohala House
Duchal Road
Kilmacolm
PA13 4AY

Registered Number

SC423859 (Scotland)
NORTH ATLANTIC MINERALS LIMITED
Statement of Financial Position
31 March 2025

Notes

2025

2024

£

£

£

£

Current assets
Debtors387210
87210
Creditors amounts falling due within one year4(296,828)(294,414)
Net current assets (liabilities)(296,741)(294,204)
Total assets less current liabilities(296,741)(294,204)
Net assets(296,741)(294,204)
Capital and reserves
Called up share capital1,7961,796
Share premium87,25187,251
Profit and loss account(385,788)(383,251)
Shareholders' funds(296,741)(294,204)
The financial statements were approved and authorised for issue by the Board of Directors on 22 August 2025, and are signed on its behalf by:
CHARTER, William John
Director
Registered Company No. SC423859
NORTH ATLANTIC MINERALS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2025

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
At the balance sheet date, the directors recognise the balance sheet shows a net deficit. The major creditor of the company is the parent company. The director of the parent company has confirmed that it will continue to financially support the company and it will not demand repayment of the loan until the company is in a position to do so and any repayment would not prejudice the payment of external creditors as they fall due. The company also has internally generated intellectual property not contained within the balance sheet. Whilst it has not been formally valued, the directors assess that the value of the intellectual property exceeds the net deficit of the company balance sheet. Having considered the above the company continues to adopt the going concern basis in preparing the financial statements.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20252024
Average number of employees during the year33
3.Debtors: amounts due within one year

2025

2024

££
Other debtors87210
Total87210
4.Creditors: amounts due within one year

2025

2024

££
Trade creditors / trade payables621
Amounts owed to related parties295,389293,290
Other creditors7575
Accrued liabilities and deferred income1,3021,048
Total296,828294,414
5.Related party transactions
As at 31 March 2025, the parent company was owed £245,389 (2024: £243,290) by North Atlantic Minerals Limited. The amounts are unsecured, interest-free and repayable on demand. As at 31 March 2025, a connected company was owed £50,000 (2024: £50,000) by North Atlantic Minerals Limited. The amounts are unsecured and interest-free, however, the parent company agrees to act as guarantor should this advance not be converted into shares as per the conditions set in the agreement.
6.Controlling party
The ultimate controlling party is Kohala Holdings Limited (SC687439) by virtue of it's shareholding in the company.