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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Norham Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Phoenix House, Kingfisher Way, Silverlink Business Park, Wallsend, Tyne & Wear, NE28 9NX.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The directors have assessed the company's ability to continue as a going concern for the foreseeable future and for the appropriateness of the preparation of the accounts on the going concern basis. In making such an assessment the directors have considered the company's exposure to relevant commercial and economic forces effective at the date of approval of these accounts, including its financial position and the availability of resources to meet its working capital requirements.

The company participates in a group cash pool and is financed through a bank loan in Norham Holdings Limited. The loan is secured on the investment properties in the company. The parent company, Norham Holdings Group Limited, also has further funding which is secured on one of the company’s investment properties and director personal guarantees. The Norham group also provides support to the related party, John N Dunn Group Limited (“JNDG”) through loans from the company and Norham Holdings Group Limited.

The directors recognise that the going concern of the company relies on JNDG being able to continue to service its loan commitments going forward. Given JNDG is currently trading profitably, the directors have a reasonable expectation that loan commitments will be met and therefore the company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Turnover is the amount derived from rental income and the sale of land and completed developments. All turnover originates in the United Kingdom, is net of trade discounts, VAT and all other sales related taxes. Revenue derived from the sale of land and investment properties is recognised on legal completion. Rental income receivable under operating leases is accrued on a straight line basis over the lease term.

The turnover and profit before taxation is attributable to the one principal activity of the company.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

True and fair override

Included within investment property are properties with a value of £1,760,176 where the legal title is held by Norham Holdings Group Limited, the ultimate parent company. However the beneficial ownership of these properties sits in Norham Holdings Limited. The accounting treatment therefore reflects the substance of this transaction rather than its legal form.

The average monthly number of persons (including directors) employed by the company during the year was:

The fair value of the investment properties has been arrived at on the basis of professional valuations carried out in June 2022 by independent chartered surveyors who have the relevant experience required. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The directors consider that the carrying amounts of investment properties in the financial statements are approximate to their fair values.

The bank loans are secured by fixed and floating charges over the investment properties of the company and parent company Norham Holdings Group Limited.

Interest is charged at a market rate and the loan is repayable 60 months after the date of initial drawdown.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year 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.

The following amounts were outstanding at the reporting end date:

The company has taken advantage of the exemption available in FRS 102, Section 33: Related party transactions, whereby it has not disclosed transactions with any wholly owned fellow group undertakings.

The company has entered into an unlimited inter-company guarantee between Norham Holdings Group Limited, Norham Holdings Limited and Tranor Developments Limited with the bank in relation to the loan facility held by Norham Holdings Group Limited. Furthermore, this guarantee represents a legal charge on the investment properties of the companies by all parties to the agreement.

The ultimate parent company is Norham Holdings Group Limited, a company registered in England and Wales.