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REGISTERED NUMBER: 04104338 (England and Wales)















Financial Statements for the Year Ended 30 November 2024

for

Norwegian Log Buildings Limited

Norwegian Log Buildings Limited (Registered number: 04104338)






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




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 2024







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 2024

30.11.24 30.11.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 240,682 341,793
240,682 341,793

CURRENT ASSETS
Stocks 131,820 178,276
Debtors 6 3,340,836 2,572,750
Cash at bank and in hand 870,564 682,372
4,343,220 3,433,398
CREDITORS
Amounts falling due within one year 7 (2,641,875 ) (1,959,836 )
NET CURRENT ASSETS 1,701,345 1,473,562
TOTAL ASSETS LESS CURRENT LIABILITIES 1,942,027 1,815,355

CREDITORS
Amounts falling due after more than one year 8 (11,148 ) (56,691 )

PROVISIONS FOR LIABILITIES (60,170 ) (85,448 )
NET ASSETS 1,870,709 1,673,216

CAPITAL AND RESERVES
Called up share capital 266 266
Retained earnings 1,870,443 1,672,950
1,870,709 1,673,216

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 14 August 2025 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 2024

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.

Norwegian Log Buildings Limited (Registered number: 04104338)

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

2. ACCOUNTING POLICIES - continued

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.

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.

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

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.

Norwegian Log Buildings Limited (Registered number: 04104338)

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

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 45 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2023
and 30 November 2024 23,000
AMORTISATION
At 1 December 2023
and 30 November 2024 23,000
NET BOOK VALUE
At 30 November 2024 -
At 30 November 2023 -

Norwegian Log Buildings Limited (Registered number: 04104338)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2023 775,033
Additions 12,397
Disposals (57,574 )
At 30 November 2024 729,856
DEPRECIATION
At 1 December 2023 433,240
Charge for year 104,203
Eliminated on disposal (48,269 )
At 30 November 2024 489,174
NET BOOK VALUE
At 30 November 2024 240,682
At 30 November 2023 341,793

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

Plant and
machinery
etc
£   
COST
At 1 December 2023
and 30 November 2024 290,481
DEPRECIATION
At 1 December 2023 155,080
Charge for year 58,096
At 30 November 2024 213,176
NET BOOK VALUE
At 30 November 2024 77,305
At 30 November 2023 135,401

Norwegian Log Buildings Limited (Registered number: 04104338)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade debtors 326,320 349,829
Amounts owed by group undertakings 2,780,400 1,887,295
Other debtors 234,116 335,626
3,340,836 2,572,750

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Hire purchase contracts (see note 9) 45,543 59,122
Trade creditors 250,744 208,497
Amounts owed to group undertakings 1,350,929 840,039
Taxation and social security 33,764 48,211
Other creditors 960,895 803,967
2,641,875 1,959,836

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.24 30.11.23
£    £   
Hire purchase contracts (see note 9) 11,148 56,691

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase
contracts
30.11.24 30.11.23
£    £   
Net obligations repayable:
Within one year 45,543 59,122
Between one and five years 11,148 56,691
56,691 115,813

Non-cancellable
operating leases
30.11.24 30.11.23
£    £   
Within one year 36,847 40,604
Between one and five years 48,176 85,023
85,023 125,627

Norwegian Log Buildings Limited (Registered number: 04104338)

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

10. SECURED DEBTS

The following secured debts are included within creditors:

30.11.24 30.11.23
£    £   
Hire purchase contracts 56,691 115,813

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 prior year 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 the comparative 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 £26,061 (2023 - £26,544). At 30 November 2024, amounts outstanding were £4,878 (2023 - £6,087).

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.