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REGISTERED NUMBER: 14233360 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2024

for

Norwegian Log Midco Limited

Norwegian Log Midco Limited (Registered number: 14233360)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Norwegian Log Midco Limited

Company Information
for the Year Ended 30 November 2024







DIRECTOR: I Jeacock





REGISTERED OFFICE: 230 London Road
Earley
Reading
RG6 1AH





REGISTERED NUMBER: 14233360 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chartered Accountants
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

Norwegian Log Midco Limited (Registered number: 14233360)

Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £   
FIXED ASSETS
Investments 4 1 1

CURRENT ASSETS
Debtors 5 5,506,644 5,506,644

CREDITORS
Amounts falling due within one year 6 (1,004,607 ) (562,709 )
NET CURRENT ASSETS 4,502,037 4,943,935
TOTAL ASSETS LESS CURRENT LIABILITIES 4,502,038 4,943,936

CREDITORS
Amounts falling due after more than one year 7 (5,506,643 ) (5,506,643 )
NET LIABILITIES (1,004,605 ) (562,707 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (1,004,606 ) (562,708 )
(1,004,605 ) (562,707 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Norwegian Log Midco Limited (Registered number: 14233360)

Balance Sheet - continued
30 November 2024


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 director and authorised for issue on 13 August 2025 and were signed by:





I Jeacock - Director


Norwegian Log Midco Limited (Registered number: 14233360)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Norwegian Log Midco 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.

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.

Preparation of consolidated financial statements
The financial statements contain information about Norwegian Log Midco Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

The company does not make significant estimates and assumptions concerning the future.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.


Norwegian Log Midco Limited (Registered number: 14233360)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 December 2023
and 30 November 2024 1
NET BOOK VALUE
At 30 November 2024 1
At 30 November 2023 1

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Amounts owed by group undertakings 5,506,644 5,506,644

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Amounts owed to group undertakings 891,761 434,988
Taxation and social security 165 15,200
Other creditors 112,681 112,521
1,004,607 562,709

Norwegian Log Midco Limited (Registered number: 14233360)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.24 30.11.23
£    £   
Other creditors 5,506,643 5,506,643

Norwegian Log Midco Limited entered into loan note agreements on 23 August 2022 with funds managed by MNL Nominees Ltd and management. The total amount of £5,506,643 was issued in loan notes consisting of £4,838,428 secured priority A loan notes and £668,215 unsecured B loan notes. All loan notes are repayable in 2027, or earlier if a qualifying condition is satisfied. Interest on the loan notes accrue at a rate of 8% per annum and is compounded until the interest is paid. Secured loan notes are secured by a fixed and floating charge over the assets of the company as well as those of fellow group members Norwegian Log Buildings Limited, Norwegian Log Finance Limited and Norwegian Log Holdco Limited.

8. 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.