Silverfin false false 30/11/2024 01/12/2023 30/11/2024 Miss C Donovan 29/11/2019 Mr R M H Lawrence 15/07/2020 Mr D Nicholson 29/11/2019 Mr A Scott 24/02/2025 29 August 2025 The principal activity of the company is development, manufacture, design and construction of commercial and residential buildings. 12341283 2024-11-30 12341283 bus:Director1 2024-11-30 12341283 bus:Director2 2024-11-30 12341283 bus:Director3 2024-11-30 12341283 bus:Director4 2024-11-30 12341283 2023-11-30 12341283 core:CurrentFinancialInstruments 2024-11-30 12341283 core:CurrentFinancialInstruments 2023-11-30 12341283 core:Non-currentFinancialInstruments 2024-11-30 12341283 core:Non-currentFinancialInstruments 2023-11-30 12341283 core:ShareCapital 2024-11-30 12341283 core:ShareCapital 2023-11-30 12341283 core:OtherCapitalReserve 2024-11-30 12341283 core:OtherCapitalReserve 2023-11-30 12341283 core:RetainedEarningsAccumulatedLosses 2024-11-30 12341283 core:RetainedEarningsAccumulatedLosses 2023-11-30 12341283 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-30 12341283 core:PatentsTrademarksLicencesConcessionsSimilar 2023-11-30 12341283 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-11-30 12341283 core:PatentsTrademarksLicencesConcessionsSimilar 2024-11-30 12341283 core:FurnitureFittings 2023-11-30 12341283 core:FurnitureFittings 2024-11-30 12341283 2023-12-01 2024-11-30 12341283 bus:FilletedAccounts 2023-12-01 2024-11-30 12341283 bus:SmallEntities 2023-12-01 2024-11-30 12341283 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 12341283 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 12341283 bus:Director1 2023-12-01 2024-11-30 12341283 bus:Director2 2023-12-01 2024-11-30 12341283 bus:Director3 2023-12-01 2024-11-30 12341283 bus:Director4 2023-12-01 2024-11-30 12341283 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2023-12-01 2024-11-30 12341283 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-12-01 2024-11-30 12341283 core:FurnitureFittings 2023-12-01 2024-11-30 12341283 2022-12-01 2023-11-30 12341283 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-01 2024-11-30 12341283 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-01 2024-11-30 iso4217:GBP xbrli:pure

Company No: 12341283 (England and Wales)

NATURAL BUILDING SYSTEMS LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

NATURAL BUILDING SYSTEMS LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

NATURAL BUILDING SYSTEMS LIMITED

BALANCE SHEET

As at 30 November 2024
NATURAL BUILDING SYSTEMS LIMITED

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 222,879 164,108
Tangible assets 5 70,026 82,588
292,905 246,696
Current assets
Stocks 74,279 52,050
Debtors 6 32,076 165,143
Cash at bank and in hand 12,878 36,629
119,233 253,822
Creditors: amounts falling due within one year 7 ( 103,824) ( 194,922)
Net current assets 15,409 58,900
Total assets less current liabilities 308,314 305,596
Creditors: amounts falling due after more than one year 8 ( 1,341,509) ( 1,111,332)
Provision for liabilities ( 1,500) 0
Net liabilities ( 1,034,695) ( 805,736)
Capital and reserves
Called-up share capital 1,718 1,499
Other reserves 120,000 120,000
Profit and loss account ( 1,156,413 ) ( 927,235 )
Total shareholders' deficit ( 1,034,695) ( 805,736)

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Natural Building Systems Limited (registered number: 12341283) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Miss C Donovan
Director
Mr D Nicholson
Director

29 August 2025

NATURAL BUILDING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
NATURAL BUILDING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Natural Building Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 6 Forge Business Centre, Upper Rose Lane, Palgrave, IP22 1AP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £1,034,695. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

Where material errors or omissions are identified in prior period financial statements, the company corrects these retrospectively in accordance with Section 10 of FRS 102 Accounting Policies, Estimates and Errors. This involves restating the comparative figures for the prior period and adjusting the opening balances of assets, liabilities, and equity for the earliest period presented.

The nature of the prior year adjustment, the amount of the correction for each financial statement line item affected, and the impact are disclosed in the notes to the financial statements

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 10 years straight line
Trademarks, patents and licences 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Prior year adjustment

During the current financial year, errors in the prior year’s financial statements relating to the classification of creditors, work in progress, and treatment of development costs were identified. These errors have been corrected retrospectively.

As previously reported Adjustment As restated
Year ended 30 November 2023 £ £ £
Creditors: Amounts falling due after more than one year 1,231,332 (120,000) 1,111,332
Other reserves 0 120,000 120,000
Intangible assets 37,133 126,975 164,108
Work in progress 26,050 26,000 52,050
Profit and loss account (1,080,210) 152,975 (927,235)

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 7

4. Intangible assets

Development costs Trademarks, patents
and licences
Total
£ £ £
Cost
At 01 December 2023 126,975 41,459 168,434
Additions 75,615 0 75,615
At 30 November 2024 202,590 41,459 244,049
Accumulated amortisation
At 01 December 2023 0 4,326 4,326
Charge for the financial year 12,698 4,146 16,844
At 30 November 2024 12,698 8,472 21,170
Net book value
At 30 November 2024 189,892 32,987 222,879
At 30 November 2023 126,975 37,133 164,108

5. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 December 2023 158,043 158,043
Additions 5,271 5,271
Disposals ( 2,633) ( 2,633)
At 30 November 2024 160,681 160,681
Accumulated depreciation
At 01 December 2023 75,455 75,455
Charge for the financial year 16,880 16,880
Disposals ( 1,680) ( 1,680)
At 30 November 2024 90,655 90,655
Net book value
At 30 November 2024 70,026 70,026
At 30 November 2023 82,588 82,588

6. Debtors

2024 2023
£ £
Trade debtors 4,379 63,878
Corporation tax 0 64,402
Other debtors 27,697 36,863
32,076 165,143

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 42,140 158,333
Amounts owed to associates 23,214 0
Other taxation and social security 732 5,147
Obligations under finance leases and hire purchase contracts 4,924 4,504
Other creditors 32,814 26,938
103,824 194,922

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans 1,325,803 1,090,702
Obligations under finance leases and hire purchase contracts 15,706 20,630
1,341,509 1,111,332

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 13,750 0