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REGISTERED NUMBER: 14231543 (England and Wales)















Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 November 2024

for

Norwegian Log Holdco Limited

Norwegian Log Holdco Limited (Registered number: 14231543)






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




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Notes to the Consolidated Financial Statements 13


Norwegian Log Holdco Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: Mr I Jeacock
Mr D C Roberts





REGISTERED OFFICE: 230 London Road
Earley
Reading
RG6 1AH





REGISTERED NUMBER: 14231543 (England and Wales)





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

Norwegian Log Holdco Limited (Registered number: 14231543)

Report of the Directors
for the Year Ended 30 November 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

Mr I Jeacock
Mr D C Roberts

Other changes in directors holding office are as follows:

Mr J Cockburn ceased to be a director after 30 November 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.


Norwegian Log Holdco Limited (Registered number: 14231543)

Report of the Directors
for the Year Ended 30 November 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:



Mr I Jeacock - Director


14 August 2025

Report of the Independent Auditors to the Members of
Norwegian Log Holdco Limited

Qualified Opinion
We have audited the financial statements of Norwegian Log Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matters described in the basis for the qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 2024 and of the group's loss for the period then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for 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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Norwegian Log Holdco Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Norwegian Log Holdco Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlines above, to detect material misstatements in respect of irregularities, including fraud.

Extent to which the audit was considered capable of detecting irregularities, including fraud.

-The engagement partners ensured that the engagement team collectively had the appropriate competence, capabilities and skill to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

-we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instance of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

-understanding the design of the group's remuneration policies.

To address the risk of fraud through management bias and override of controls, we;

-performed analytical procedures to identify unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-investigated the rationale behind significant or unusual transactions.

Audit response to risks identified

Report of the Independent Auditors to the Members of
Norwegian Log Holdco Limited

In response to the risk of irregularities and non-compliance with laws and regulations; we designed procedures which included, but were not limited to;

-agreeing financial statement disclosures to underlying supporting documentation;
-enquiring of management as to actual and potential litigation and claims; and
-reviewing correspondence with HMRC, relevant regulators and group's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment of collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Philippa Duckworth BSc FCCA (Senior Statutory Auditor)
for and on behalf of WP Audit Limited
Statutory Auditors
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

28 August 2025

Norwegian Log Holdco Limited (Registered number: 14231543)

Consolidated Income Statement
for the Year Ended 30 November 2024

Period
14.7.22
Year Ended to
30.11.24 30.11.23
as restated
Notes £    £   

TURNOVER 5,479,028 8,440,780

Cost of sales (3,262,353 ) (5,276,515 )
GROSS PROFIT 2,216,675 3,164,265

Administrative expenses (2,250,345 ) (2,852,923 )
(33,670 ) 311,342

Other operating income 11,460 17,700
OPERATING (LOSS)/PROFIT 4 (22,210 ) 329,042

Interest receivable and similar income 1,649 1,172
(20,561 ) 330,214

Interest payable and similar expenses (446,034 ) (565,480 )
LOSS BEFORE TAXATION (466,595 ) (235,266 )

Tax on loss 47,179 (31,350 )
LOSS FOR THE FINANCIAL YEAR (419,416 ) (266,616 )

Loss attributable to:
Owners of the parent (419,416 ) (266,616 )

Norwegian Log Holdco Limited (Registered number: 14231543)

Consolidated Balance Sheet
30 November 2024

30.11.24 30.11.23
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 7 4,606,954 4,866,851
Tangible assets 8 240,682 341,793
Investments 9 - -
4,847,636 5,208,644

CURRENT ASSETS
Stocks 131,820 178,276
Debtors 10 576,148 686,643
Cash at bank and in hand 870,564 682,372
1,578,532 1,547,291
CREDITORS
Amounts falling due within one year 11 (1,436,881 ) (1,276,411 )
NET CURRENT ASSETS 141,651 270,880
TOTAL ASSETS LESS CURRENT LIABILITIES 4,989,287 5,479,524

CREDITORS
Amounts falling due after more than one year 12 (5,517,791 ) (5,563,334 )

PROVISIONS FOR LIABILITIES (60,170 ) (85,448 )
NET LIABILITIES (588,674 ) (169,258 )

CAPITAL AND RESERVES
Called up share capital 97,358 97,358
Retained earnings (686,032 ) (266,616 )
(588,674 ) (169,258 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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:



Mr I Jeacock - Director


Norwegian Log Holdco Limited (Registered number: 14231543)

Company Balance Sheet
30 November 2024

30.11.24 30.11.23
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 - -
Investments 9 1 1
1 1

CURRENT ASSETS
Debtors 10 97,358 97,358

CREDITORS
Amounts falling due within one year 11 (27,851 ) (21,626 )
NET CURRENT ASSETS 69,507 75,732
TOTAL ASSETS LESS CURRENT LIABILITIES 69,508 75,733

CAPITAL AND RESERVES
Called up share capital 97,358 97,358
Retained earnings (27,850 ) (21,625 )
69,508 75,733

Company's loss for the financial year (6,225 ) (21,625 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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:





Mr I Jeacock - Director


Norwegian Log Holdco Limited (Registered number: 14231543)

Consolidated Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 97,358 - 97,358
Total comprehensive income - (266,616 ) (266,616 )
Balance at 30 November 2023 97,358 (266,616 ) (169,258 )

Changes in equity
Total comprehensive income - (419,416 ) (419,416 )
Balance at 30 November 2024 97,358 (686,032 ) (588,674 )

Norwegian Log Holdco Limited (Registered number: 14231543)

Company Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 97,358 - 97,358
Total comprehensive income - (21,625 ) (21,625 )
Balance at 30 November 2023 97,358 (21,625 ) 75,733

Changes in equity
Total comprehensive income - (6,225 ) (6,225 )
Balance at 30 November 2024 97,358 (27,850 ) 69,508

Norwegian Log Holdco Limited (Registered number: 14231543)

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

1. STATUTORY INFORMATION

Norwegian Log Holdco 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 General 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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the 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.

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 Holdco Limited (Registered number: 14231543)

Notes to the Consolidated 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 group'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, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of twenty years.

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 Consolidated 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 Holdco Limited (Registered number: 14231543)

Notes to the Consolidated 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.

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

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 49 ) .

4. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

Period
14.7.22
Year Ended to
30.11.24 30.11.23
as restated
£    £   
Depreciation - owned assets 46,107 54,711
Depreciation - assets on hire purchase contracts 58,096 53,294
Goodwill amortisation 259,897 331,103
Auditors' remuneration 19,900 11,550

5. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Norwegian Log Holdco Limited (Registered number: 14231543)

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

6. PRIOR YEAR ADJUSTMENT

In 2023 the debtors and creditors due less than 1 year included amounts of £95,944 related to group undertakings which eliminate on consolidation. The comparatives have been restated to show this elimination. There is no impact on net assets, profit or tax as a result of the restatement of the comparatives.

7. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 December 2023
and 30 November 2024 5,220,954
AMORTISATION
At 1 December 2023 354,103
Charge for year 259,897
At 30 November 2024 614,000
NET BOOK VALUE
At 30 November 2024 4,606,954
At 30 November 2023 4,866,851

Norwegian Log Holdco Limited (Registered number: 14231543)

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

8. TANGIBLE FIXED ASSETS

Group
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 Holdco Limited (Registered number: 14231543)

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

9. FIXED ASSET INVESTMENTS

Company
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


10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
as restated as restated
£    £    £    £   
Trade debtors 326,320 349,829 - -
Amounts owed by group undertakings - - 97,358 97,358
Other debtors 249,828 336,814 - -
576,148 686,643 97,358 97,358

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
as restated as restated
£    £    £    £   
Hire purchase contracts (see note 13) 45,543 59,122 - -
Trade creditors 253,510 211,130 - -
Amounts owed to group undertakings - - 17,626 12,001
Taxation and social security 45,804 63,410 - -
Other creditors 1,092,024 942,749 10,225 9,625
1,436,881 1,276,411 27,851 21,626

Norwegian Log Holdco Limited (Registered number: 14231543)

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

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
30.11.24 30.11.23
as restated
£    £   
Hire purchase contracts (see note 13) 11,148 56,691
Other creditors 5,506,643 5,506,643
5,517,791 5,563,334

The group 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 group.

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

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

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

Norwegian Log Holdco Limited (Registered number: 14231543)

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

14. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.11.24 30.11.23
as restated
£    £   
Hire purchase contracts 56,691 115,813

15. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. During the year, amounts charged to the profit and loss were £30,024 (2023 - £31,497). At 30 November 2024, amounts outstanding were £5,648 (2023 - £6,087).

16. ULTIMATE CONTROLLING PARTY

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.