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REGISTERED NUMBER: 14641551 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 October 2025

for

North Group Holdings Limited

| North Group Holdings Limited (Registered number: 14641551) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 October 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Consolidated Income Statement | 10 |

| Consolidated Other Comprehensive Income | 11 |

| Consolidated Balance Sheet | 12 |

| Company Balance Sheet | 13 |

| Consolidated Statement of Changes in Equity | 14 |

| Company Statement of Changes in Equity | 15 |

| Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Cash Flow Statement | 17 |

| Notes to the Consolidated Financial Statements | 18 |

| North Group Holdings Limited |

Company Information

for the Year Ended 31 October 2025

| DIRECTORS: | Mr J A Campbell

| Mr L A Garden

| Mr K Lewis

| SECRETARY: | Mr J A Campbell

| REGISTERED OFFICE: | Suite B

| 8th Floor West One

| Forth Banks

| Newcastle upon Tyne

| Tyne and Wear

| NE1 3PA

| REGISTERED NUMBER: | 14641551 (England and Wales)

| AUDITORS: | SBP

| Accountants and

| Registered Auditors

| 27 Finlayson Street

| Fraserburgh

| Aberdeenshire

| AB43 9JQ

| SOLICITORS: | Raeburn Christie Clark & Wallace

| 399 Union Street

| Aberdeen

| AB11 6BX

| North Group Holdings Limited (Registered number: 14641551) |

Group Strategic Report

for the Year Ended 31 October 2025

The directors present their strategic report of the company and the group for the year ended 31 October 2025.

REVIEW OF BUSINESS

The group key performance indicators are turnover, gross profit, net profit, cash in hand and net asset position.

The group has seen turnover of £15.2m for the year (period from 29/02/24 to 31/10/24 - £12.2m) and the directors are pleased with the performance of the group.

The group generated a gross profit of £4.7m (period from 29/02/24 to 31/10/24 - £3.2m) with a gross margin of 31% (period from 29/02/24 to 31/10/24 - 26%).

Management have closely monitored costs which has resulted in the group showing a profit before tax of £2.6m (period from 29/02/24 to 31/10/24 - £1.5m).

At the balance sheet date the group had net assets of £3.0m (2024 - £1.0m) and net current assets of £890k (2024 - net current liabilities of £824k), with a healthy cash position allowing the business to react quickly to any market opportunities or changes.

In addition to the above financial KPI's the group monitor the development, performance and position of the

business using other key performance indicators.

The group are committed to health and safety and ensuring that all works are carried out with due care and

vigilance to both staff and third parties.

Emphasis is placed on providing high quality products and services for its customers. Through the operation of a

Quality Management System in accordance with ISO 9001 the group has maintained this quality during the year. To

complement this system the group operates an Environmental Management System in accordance with ISO 14001

and together such standards have improved the overall management of the business. Efficiencies have been found,

waste has been minimised and the group is more environmentally conscious.

The group continually strives to meet and improve health and safety, quality, environmental and energy policies.

| North Group Holdings Limited (Registered number: 14641551) |

Group Strategic Report

for the Year Ended 31 October 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk facing the group is the unpredictability of the local economy caused by the changes in oil prices.

The directors have given due consideration to the impact on the group of such oil & gas sector downturns and

consequently have sought to extend and diversify its client base. Over the past few years considerable work has

been undertaken on government backed projects and this has served to alleviate pressures from local economy

downturns. As a result, the adverse effect of competition has been de risked and the group’s profit margins have

been maintained.

The directors are confident that the group is well placed to meet any challenges, with a strong management team in

place and an excellent reserve base. The group has factored risk into their worst-case forecasts and believe that

they have adequate funds to trade successfully and meet their liabilities as they fall due. The financial position of the

group will continue to be monitored very closely by the directors.

Financial instruments

Financial management policies are set at a group level. The group strategy is to provide a complete refurbishment

service both onshore and offshore, together with the manufacture of specialist joinery and the supply of construction

trades people, materials and equipment. The group therefore looks to secure the resources required for the future

development of the business and to expand its capabilities, and as a result, the company's activities expose it to a

number of financial risks including liquidity risk, interest rate risk, price risk and credit risk.

Liquidity Risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise

interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the

business.

Interest Rate Risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on

floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of

fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Price Risk

Contracts are subject to competitive tendering and the directors are confident that the group operates efficiently

enough to meet the requirements of the market, and price their products and services appropriately.

Credit Risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies

which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are

monitored on an ongoing basis and provision is made for doubtful debts where necessary.

DEVELOPMENT AND PERFORMANCE

The group will continue to provide high quality products and services to its client base and to seek new opportunities in the market place in order to continually improve its key performance indicators.

ON BEHALF OF THE BOARD:

Mr J A Campbell - Director

12 May 2026

| North Group Holdings Limited (Registered number: 14641551) |

Report of the Directors

for the Year Ended 31 October 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 October 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 October 2025.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2024 to the date of this report.

Mr J A Campbell

Mr L A Garden

Mr K Lewis

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, 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.

| North Group Holdings Limited (Registered number: 14641551) |

Report of the Directors

for the Year Ended 31 October 2025

AUDITORS

The auditors, SBP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J A Campbell - Director

12 May 2026

Report of the Independent Auditors to the Members of

North Group Holdings Limited

Opinion

We have audited the financial statements of North Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2025 and of the group's 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 Group Strategic Report and 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

North Group Holdings 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 Group Strategic Report or 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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

North Group Holdings 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. We exercised professional judgement and maintained professional scepticism throughout the audit.

We assessed the risks of material misstatement of the financial statements, whether due to fraud or error, and then

designed and performed the audit procedures responsive to those risks, including obtaining audit evidence that is

sufficient and appropriate to provide the basis for our opinion. We planned and conducted our audit so as to obtain

reasonable assurance of detecting any material misstatements in the financial statements resulting from irregularities or fraud. All engagement team members were briefed on relevant laws and regulations and potential fraud risks at the planning stage of the audit. However, the primary responsibility for prevention and detection of fraud rests with the directors.

We assessed the susceptibility of the group’s financial statements to material misstatement, including how fraud

might occur, by meeting with management to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk.

The following procedures were performed to provide reasonable assurance that the financial statements were free of

material fraud or error:

Obtained an understanding of the entity’s risk assessment process, including the risk of fraud, by observation and

walkthrough.

Performed a disclosure checklist on the financial statements to ensure the Companies Act 2006 requirements are

satisfied.

Enquired of management around actual and potential fraud or fraud attempts, actual and potential litigation, claims and non-compliance with laws and regulations, including the Companies Act 2006 plus applicable health and safety

standards.

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.

Report of the Independent Auditors to the Members of

North Group Holdings Limited

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.

Ronnie Birnie FCCA (Senior Statutory Auditor)

for and on behalf of SBP

Accountants and

Registered Auditors

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

12 May 2026

Statutory Auditors

| North Group Holdings Limited (Registered number: 14641551) |

Consolidated

Income Statement

for the Year Ended 31 October 2025

| Period

| 29.2.24

| Year Ended |  | to

| 31.10.25 |  | 31.10.24

| Notes | £ | £ |

TURNOVER | 3 | 15,184,820 |  | 12,218,846 |  |

Cost of sales | 10,500,030 |  | 8,990,127 |  |

GROSS PROFIT | 4,684,790 |  | 3,228,719 |  |

Administrative expenses | 2,077,240 |  | 1,716,743 |  |

2,607,550 |  | 1,511,976 |  |

Other operating income | 32,973 |  | 11,862 |  |

OPERATING PROFIT | 5 | 2,640,523 |  | 1,523,838 |  |

Interest receivable and similar income | 42,042 |  | 22,853 |  |

2,682,565 |  | 1,546,691 |  |

Interest payable and similar expenses | 6 | 119,675 |  | 78,623 |  |

PROFIT BEFORE TAXATION | 2,562,890 |  | 1,468,068 |  |

Tax on profit | 7 | 523,450 |  | 445,333 |  |

PROFIT FOR THE FINANCIAL YEAR | 2,039,440 |  | 1,022,735 |  |

Profit attributable to:

Owners of the parent | 2,039,440 |  | 1,022,735 |  |

| North Group Holdings Limited (Registered number: 14641551) |

Consolidated

Other Comprehensive Income

for the Year Ended 31 October 2025

| Period

| 29.2.24

| Year Ended |  | to

| 31.10.25 |  | 31.10.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 2,039,440 |  | 1,022,735 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,039,440 |  | 1,022,735 |  |

Total comprehensive income attributable to:

Owners of the parent | 2,039,440 |  | 1,022,735 |  |

| North Group Holdings Limited (Registered number: 14641551) |

Consolidated Balance Sheet

31 October 2025

| 31.10.25 | 31.10.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 1,508,796 |  | 1,689,260 |  |

Tangible assets | 11 | 679,019 |  | 720,106 |  |

Investments | 12 | - |  | - |  |

2,187,815 |  | 2,409,366 |  |

CURRENT ASSETS

Stocks | 13 | 18,557 |  | 17,521 |  |

Debtors | 14 | 1,559,054 |  | 3,395,747 |  |

Cash at bank and in hand | 2,720,606 |  | 3,064,207 |  |

4,298,217 |  | 6,477,475 |  |

CREDITORS

Amounts falling due within one year | 15 | 3,408,343 |  | 7,301,167 |  |

NET CURRENT ASSETS/(LIABILITIES) | 889,874 |  | (823,692 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,077,689 |  | 1,585,674 |  |

CREDITORS

Amounts falling due after more than one year | 16 | - |  | (540,000 | ) |

PROVISIONS FOR LIABILITIES | 18 | (31,866 | ) | (39,291 | ) |

NET ASSETS | 3,045,823 |  | 1,006,383 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 100 |  | 100 |  |

Retained earnings | 20 | 3,045,723 |  | 1,006,283 |  |

SHAREHOLDERS' FUNDS | 3,045,823 |  | 1,006,383 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2026 and were signed on its behalf by:

Mr J A Campbell - Director

| North Group Holdings Limited (Registered number: 14641551) |

Company Balance Sheet

31 October 2025

| 31.10.25 | 31.10.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | - |  | - |  |

Investments | 12 | 8,759,291 |  | 8,759,291 |  |

8,759,291 |  | 8,759,291 |  |

CURRENT ASSETS

Debtors | 14 | 3,850 |  | 50,100 |  |

Cash at bank | 289 |  | 150 |  |

4,139 |  | 50,250 |  |

CREDITORS

Amounts falling due within one year | 15 | 2,497,648 |  | 1,991,695 |  |

NET CURRENT LIABILITIES | (2,493,509 | ) | (1,941,445 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,265,782 |  | 6,817,846 |  |

CREDITORS

Amounts falling due after more than one year | 16 | - |  | 540,000 |  |

NET ASSETS | 6,265,782 |  | 6,277,846 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 100 |  | 100 |  |

Retained earnings | 6,265,682 |  | 6,277,746 |  |

SHAREHOLDERS' FUNDS | 6,265,782 |  | 6,277,846 |  |

Company's (loss)/profit for the financial year | (12,064 | ) | 6,277,746 |  |

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 12 May 2026 and were signed on its behalf by:

Mr J A Campbell - Director

| North Group Holdings Limited (Registered number: 14641551) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 October 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 29 February 2024 | 100 |  | - |  | 100 |  |

Changes in equity

Dividends | - |  | (16,452 | ) | (16,452 | ) |

Total comprehensive income | - |  | 1,022,735 |  | 1,022,735 |  |

Balance at 31 October 2024 | 100 |  | 1,006,283 |  | 1,006,383 |  |

Changes in equity

Total comprehensive income | - |  | 2,039,440 |  | 2,039,440 |  |

Balance at 31 October 2025 | 100 |  | 3,045,723 |  | 3,045,823 |  |

| North Group Holdings Limited (Registered number: 14641551) |

Company Statement of Changes in Equity

for the Year Ended 31 October 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 29 February 2024 | 100 |  | - |  | 100 |  |

Changes in equity

Total comprehensive income | - |  | 6,277,746 |  | 6,277,746 |  |

Balance at 31 October 2024 | 100 |  | 6,277,746 |  | 6,277,846 |  |

Changes in equity

Total comprehensive income | - |  | (12,064 | ) | (12,064 | ) |

Balance at 31 October 2025 | 100 |  | 6,265,682 |  | 6,265,782 |  |

| North Group Holdings Limited (Registered number: 14641551) |

Consolidated Cash Flow Statement

for the Year Ended 31 October 2025

| Period

| 29.2.24

| Year Ended |  | to

| 31.10.25 |  | 31.10.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,822,065 |  | 6,257,893 |  |

Interest paid | (156,342 | ) | (50,928 | ) |

Tax paid | (541,099 | ) | (206,473 | ) |

Net cash from operating activities | 1,124,624 |  | 6,000,492 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | - |  | (3,366,599 | ) |

Purchase of tangible fixed assets | (17,966 | ) | (118,787 | ) |

Sale of tangible fixed assets | 7,699 |  | 2,700 |  |

Interest received | 42,042 |  | 22,853 |  |

Net cash from investing activities | 31,775 |  | (3,459,833 | ) |

Cash flows from financing activities

Amount withdrawn by directors | (1,500,000 | ) | - |  |

Share issue | - |  | 540,000 |  |

Equity dividends paid | - |  | (16,452 | ) |

Net cash from financing activities | (1,500,000 | ) | 523,548 |  |

(Decrease)/increase in cash and cash equivalents | (343,601 | ) | 3,064,207 |  |

Cash and cash equivalents at beginning of year | 2 | 3,064,207 |  | - |  |

Cash and cash equivalents at end of year | 2 | 2,720,606 |  | 3,064,207 |  |

| North Group Holdings Limited (Registered number: 14641551) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 October 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| Period

| 29.2.24

| Year Ended |  | to

| 31.10.25 |  | 31.10.24

£ | £ |

| Profit before taxation | 2,562,890 |  | 1,468,068 |  |

| Depreciation charges | 42,452 |  | 28,866 |  |

| Loss/(profit) on disposal of fixed assets | 8,902 |  | (2,700 | ) |

| Amortisation charges | 180,464 |  | 115,379 |  |

| Finance costs | 119,675 |  | 78,623 |  |

| Finance income | (42,042 | ) | (22,853 | ) |

2,872,341 |  | 1,665,383 |  |

| (Increase)/decrease in stocks | (1,036 | ) | 1,710 |  |

| Decrease in trade and other debtors | 3,391,717 |  | 761,456 |  |

| (Decrease)/increase in trade and other creditors | (4,440,957 | ) | 3,829,344 |  |

| Cash generated from operations | 1,822,065 |  | 6,257,893 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 October 2025

| 31.10.25 |  | 1.11.24

£ | £ |

| Cash and cash equivalents | 2,720,606 |  | 3,064,207 |  |

| Period ended 31 October 2024

| 31.10.24 |  | 29.2.24

£ | £ |

| Cash and cash equivalents | 3,064,207 |  | - |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.11.24 | Cash flow | At 31.10.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 3,064,207 |  | (343,601 | ) | 2,720,606 |  |

3,064,207 |  | (343,601 | ) | 2,720,606 |  |

| Total | 3,064,207 |  | (343,601 | ) | 2,720,606 |  |

| North Group Holdings Limited (Registered number: 14641551) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 October 2025

1. | STATUTORY INFORMATION

| North Group Holdings 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| 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 company is a qualifying entity for the purposes of FRS 102, being the parent of a group that prepares

| publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has

| therefore taken advantage of exemptions from the following disclosure requirements for parent company

| information presented within the consolidated financial statements:

| - Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying

| amounts, interest income/expense and net gains/losses for each category of financial instrument;

| basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges,

| hedging fair value changes recognised in profit or loss and in other comprehensive income;

| - Section 33 'Related Party Disclosures': Compensation for key management personnel.

| Basis of consolidation

| The consolidated group financial statements consist of the financial statements of the parent company North

| Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

| All financial statements are made up to 31 October 2025. Where necessary, adjustments are made to the

| financial statements of subsidiaries to bring the accounting policies used into line with those used by other

| members of the group.

| All intra-group transactions, balances and unrealised gains on transactions between group companies are

| eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

| Subsidiaries are consolidated in the group’s financial statements from the date that control commences until

| the date that control ceases.

| Going concern

| Following assessment of all relevant factors, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for a perod of at least 12 months from the date of approval of these financial statements and therefore have continued to adopt the going concern basis of accounting in preparing the financial statements.

| North Group Holdings Limited (Registered number: 14641551) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| In the application of the group’s accounting policies, the directors are required to make judgements,

| estimates and assumptions about the carrying amount 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 where the revision affects only that

| period, or in the period of the revision and future periods where the revision affects both current and future

| periods.

| Key sources of estimation uncertainty

| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying

| amount of assets and liabilities are as follows:

| Useful economic life of goodwill

| The group establishes a reliable estimate of the useful life of goodwill arising on business combinations. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.

| Useful economic lives of tangible fixed assets

| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and

| residual values of the assets. The useful economic lives and residual values are re-assessed annually. They

| are amended when necessary to reflect current estimates, based on technological advancement, future

| investments, economic utilisation and the physical condition of the assets.

| Revenue recognition

| In recognising revenue with reference to the stage of completion at the year end date, there has to be reliable estimates made of the outcome of each contract, the stage of completion, future costs and collectability of billings. This results in key judgements and estimates which impact upon the results for the year.

| 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 and settlement discounts.

| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the

| goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Revenue from contracts for the provision of professional services is recognised by reference to the stage of

| completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

| North Group Holdings Limited (Registered number: 14641551) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property | - | 2% on cost

| Improvements to property | - | 10% on cost

| Plant and machinery | - | 33% on cost and 10% on cost

| Fixtures and fittings | - | 33% on cost and 25% on cost

| Motor vehicles | - | 25% on cost

| Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

| 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.

| Government grants

| Government grants are recognised at the fair value of the asset received or receivable when there is

| reasonable assurance that the grant conditions will be met and the grants will be received.

| A grant that specifies performance conditions is recognised in income when the performance conditions are

| met. Where a grant does not specify performance conditions it is recognised in income when the proceeds

| are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a

| liability.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Work in progress

| Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

| When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

| Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are

| recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract

| are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

| North Group Holdings Limited (Registered number: 14641551) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The group 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 group's balance sheet when the group 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

| 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.

| Other financial assets

| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or

| joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are

| subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that

| investments in equity instruments that are not publicly traded and whose fair values cannot be measured

| reliably are measured at cost less impairment.

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of

| impairment at each reporting end date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that

| occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was

| recognised, the impairment is reversed. The reversal is such that the current carrying amount does not

| exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or

| are settled, or when the group 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.

| Classification of financial liabilities

| 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 group after deducting all of its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

| shares that are classified as debt, 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

| North Group Holdings Limited (Registered number: 14641551) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Equity instruments

| Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs.

| Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion

| of the group.

| 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.

| Leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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.

| Employee benefits

| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs

| are required to be recognised as part of the cost of stock or fixed assets.

| The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are

| received.

| Termination benefits are recognised immediately as an expense when the group is demonstrably

| committed to terminate the employment of an employee or to provide termination benefits.

3. | TURNOVER

| The directors are of the opinion that disclosure of the different classes of turnover would be seriously

| prejudicial to the group's interest. Such disclosure has therefore not been made.

| North Group Holdings Limited (Registered number: 14641551) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

4. | EMPLOYEES AND DIRECTORS

| Period

| 29.2.24

| Year Ended |  | to

| 31.10.25 |  | 31.10.24

£ | £ |

| Wages and salaries | 3,138,366 |  | 2,545,496 |  |

| Social security costs | 354,830 |  | 284,771 |  |

| Other pension costs | 89,419 |  | 66,577 |  |

3,582,615 |  | 2,896,844 |  |

| The average number of employees during the year was as follows:

| Period

| 29.2.24

| Year Ended |  | to

| 31.10.25 |  | 31.10.24

| Management and administration | 22 |  | 29 |  |

| Production | 55 |  | 54 |  |

77 |  | 83 |  |

| Period

| 29.2.24

| Year Ended |  | to

| 31.10.25 |  | 31.10.24

£ | £ |

| Directors' remuneration | 243,280 |  | 164,432 |  |

| Directors' pension contributions to money purchase schemes | 30,000 |  | 20,443 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 3 |  | 3 |  |

| Information regarding the highest paid director for the year ended 31 October 2025 is as follows:

| Year Ended |

| 31.10.25 |

£ |  |

| Emoluments etc | 80,000 |  |

| Pension contributions to money purchase schemes | 12,000 |  |

| In addition to the basic remuneration stated above, combined benefits to the value of £11,938 (2024: £3,489) accrued to the directors.

| In addition to the basic remuneration stated above, combined benefits to the value of £3,763 were accrued to the highest paid director. No equivalent disclosure was required in the 2024 financial statements.

| North Group Holdings Limited (Registered number: 14641551) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| Period

| 29.2.24

| Year Ended |  | to

| 31.10.25 |  | 31.10.24

£ | £ |

| Hire of plant and machinery | 5,343 |  | 3,743 |  |

| Depreciation - owned assets | 42,452 |  | 38,978 |  |

| Loss/(profit) on disposal of fixed assets | 8,902 |  | (2,700 | ) |

| Goodwill amortisation | 180,464 |  | 115,379 |  |

| Government grants | (32,973 | ) | (11,862 | ) |

| Operating lease charges | - |  | 85,809 |  |

| Fees paid to auditor in respect of audit of the financial statements of the group and company | 6,320 |  | 12,000 |  |

| Fees paid to auditor in respect of audit of the financial statements of the company's subsidiaries | 31,440 |  | 23,000 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period

| 29.2.24

| Year Ended |  | to

| 31.10.25 |  | 31.10.24

£ | £ |

| Loan | 73,333 |  | 46,667 |  |

| Other interest | 46,342 |  | 31,956 |  |

119,675 |  | 78,623 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| Period

| 29.2.24

| Year Ended |  | to

| 31.10.25 |  | 31.10.24

£ | £ |

| Current tax:

| UK corporation tax | 530,875 |  | 428,122 |  |

| Deferred tax | (7,425 | ) | 17,211 |  |

| Tax on profit | 523,450 |  | 445,333 |  |

| UK corporation tax has been charged at 25 % (2024 - 25 %).

| North Group Holdings Limited (Registered number: 14641551) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| Period

| 29.2.24

| Year Ended |  | to

| 31.10.25 |  | 31.10.24

£ | £ |

| Profit before tax | 2,562,890 |  | 1,468,068 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 640,723 |  | 367,017 |  |

| Effects of:

| Expenses not deductible for tax purposes | 69,734 |  | 73,673 |  |

| Income not taxable for tax purposes | - |  | (230 | ) |

| Depreciation in excess of capital allowances | 7,155 |  | - |  |

| Adjustments to tax charge in respect of previous periods | (186,737 | ) | - |  |

| Other non-reversing timing differences | - |  | 2,215 |  |

| Other permanent differences | - |  | 2,718 |  |

| Tax at marginal rate | - |  | (60 | ) |

| Deferred taxation | (7,425 | ) | - |  |

| Total tax charge | 523,450 |  | 445,333 |  |

8. | 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.

9. | DIVIDENDS

| Period

| 29.2.24

| Year Ended |  | to

| 31.10.25 |  | 31.10.24

£ | £ |

| Ordinary shares of 1 each

| Final | - |  | 16,452 |  |

| North Group Holdings Limited (Registered number: 14641551) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

10. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 November 2024

| and 31 October 2025 | 1,804,639 |  |

| AMORTISATION

| At 1 November 2024 | 115,379 |  |

| Amortisation for year | 180,464 |  |

| At 31 October 2025 | 295,843 |  |

| NET BOOK VALUE

| At 31 October 2025 | 1,508,796 |  |

| At 31 October 2024 | 1,689,260 |  |

11. | TANGIBLE FIXED ASSETS

| Group

| Improvements |

| Freehold |  | to |  | Plant and

| property |  | property |  | machinery

£ | £ | £ |

| COST

| At 1 November 2024 | 1,200,000 |  | 38,000 |  | 306,353 |  |

| Additions | - |  | - |  | 3,067 |  |

| Disposals | - |  | - |  | - |  |

| At 31 October 2025 | 1,200,000 |  | 38,000 |  | 309,420 |  |

| DEPRECIATION

| At 1 November 2024 | 612,000 |  | 14,293 |  | 234,938 |  |

| Charge for year | 12,000 |  | 2,452 |  | 16,970 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 31 October 2025 | 624,000 |  | 16,745 |  | 251,908 |  |

| NET BOOK VALUE

| At 31 October 2025 | 576,000 |  | 21,255 |  | 57,512 |  |

| At 31 October 2024 | 588,000 |  | 23,707 |  | 71,415 |  |

| North Group Holdings Limited (Registered number: 14641551) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixtures |

| and |  | Motor |

| fittings |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 November 2024 | 155,338 |  | 119,614 |  | 1,819,305 |  |

| Additions | 14,899 |  | - |  | 17,966 |  |

| Disposals | - |  | (78,417 | ) | (78,417 | ) |

| At 31 October 2025 | 170,237 |  | 41,197 |  | 1,758,854 |  |

| DEPRECIATION

| At 1 November 2024 | 143,885 |  | 94,083 |  | 1,099,199 |  |

| Charge for year | 6,454 |  | 4,576 |  | 42,452 |  |

| Eliminated on disposal | - |  | (61,816 | ) | (61,816 | ) |

| At 31 October 2025 | 150,339 |  | 36,843 |  | 1,079,835 |  |

| NET BOOK VALUE

| At 31 October 2025 | 19,898 |  | 4,354 |  | 679,019 |  |

| At 31 October 2024 | 11,453 |  | 25,531 |  | 720,106 |  |

12. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertaking

£ |

| COST

| At 1 November 2024

| and 31 October 2025 | 8,759,291 |  |

| NET BOOK VALUE

| At 31 October 2025 | 8,759,291 |  |

| At 31 October 2024 | 8,759,291 |  |

| North Group Holdings Limited (Registered number: 14641551) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

12. | FIXED ASSET INVESTMENTS - continued

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| North Group Limited

| Registered office: United Kingdom

| Nature of business: Holding company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.10.25 |  | 31.10.24

£ | £ |

| Aggregate capital and reserves | 792,715 |  | 718,014 |  |

| Profit for the year/period | 74,701 |  | 5,825,147 |  |

| North Offshore Limited

| Registered office: United Kingdom

| Nature of business: Refurbishment of onshore and offshore property

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.10.25 |  | 31.10.24

£ | £ |

| Aggregate capital and reserves | 4,737,822 |  | 2,580,554 |  |

| Profit for the year/period | 2,157,268 |  | 2,253,033 |  |

13. | STOCKS

| Group |

| 31.10.25 |  | 31.10.24 |

£ | £ |

| Stock | 18,557 |  | 17,521 |  |

14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.10.25 |  | 31.10.24 |  | 31.10.25 |  | 31.10.24 |

£ | £ | £ | £ |

| Trade debtors | 1,270,403 |  | 2,783,632 |  | - |  | - |  |

| Amounts recoverable on contract | 104,592 |  | 184,760 |  | - |  | - |  |

| Other debtors | 137,510 |  | 186,891 |  | 100 |  | 50,100 |  |

| Tax | - |  | 201,500 |  | - |  | - |  |

| VAT | - |  | - |  | 3,750 |  | - |  |

| Prepayments | 46,549 |  | 38,964 |  | - |  | - |  |

1,559,054 |  | 3,395,747 |  | 3,850 |  | 50,100 |  |

| North Group Holdings Limited (Registered number: 14641551) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.10.25 |  | 31.10.24 |  | 31.10.25 |  | 31.10.24 |

£ | £ | £ | £ |

| Trade creditors | 1,180,737 |  | 2,186,711 |  | 22,500 |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 2,455,000 |  | 1,952,000 |  |

| Tax | 467,612 |  | 679,336 |  | 14,148 |  | - |  |

| Social security and other taxes | 114,857 |  | 188,199 |  | - |  | - |  |

| VAT | 312,485 |  | 1,002,569 |  | - |  | - |  |

| Directors' loan accounts | - |  | 1,500,000 |  | - |  | - |  |

| Accrued expenses | 1,332,652 |  | 1,744,352 |  | 6,000 |  | 39,695 |  |

3,408,343 |  | 7,301,167 |  | 2,497,648 |  | 1,991,695 |  |

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

| 31.10.25 |  | 31.10.24 |  | 31.10.25 |  | 31.10.24 |

£ | £ | £ | £ |

| Other creditors | - |  | 540,000 |  | - |  | 540,000 |  |

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

| 31.10.25 |  | 31.10.24

£ | £ |

| Within one year | 136,876 |  | 26,100 |  |

| Between one and five years | 183,075 |  | 104,400 |  |

| In more than five years | 2,666,061 |  | 2,692,161 |  |

2,986,012 |  | 2,822,661 |  |

18. | PROVISIONS FOR LIABILITIES

| Group |

| 31.10.25 |  | 31.10.24 |

£ | £ |

| Deferred tax | 31,866 |  | 39,291 |  |

| North Group Holdings Limited (Registered number: 14641551) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

18. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£ |

| Balance at 1 November 2024 | 39,291 |  |

| Credit to Income Statement during year | (7,425 | ) |

| Balance at 31 October 2025 | 31,866 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.10.25 |  | 31.10.24

| value: | £ | £ |

| 100 | Ordinary | 1 | 100 |  | 100 |  |

| NIL | - |  | - |  |

100 |  | 100 |  |

| The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at

| general meetings of the company.

| On 7 October 2025, the company bought back 540,000 redeemable preference shares of £1 each at par.

20. | RESERVES

| Group

| Retained

| earnings

£ |

| At 1 November 2024 | 1,006,283 |  |

| Profit for the year | 2,039,440 |  |

| At 31 October 2025 | 3,045,723 |  |

21. | PENSION COMMITMENTS

| A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

| Contributions totalling £24,380 (2024 - £16,926) were payable to the scheme at the end of the year

| and are included in creditors.

| Contributions totalling £89,419 (2024 - £66,577 were charged to the Profit and Loss account during the year.

22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| As at 31 October 2025 the group was due the directors £nil (2024 - £1,500,000). Interest of 8% per annum was charged on theses loans.

| North Group Holdings Limited (Registered number: 14641551) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2025

23. | RELATED PARTY DISCLOSURES

| Other related parties

| 31.10.25 |  | 31.10.24

£ | £ |

| Director's fees | 8,280 |  | 4,140 |  |

24. | POST BALANCE SHEET EVENTS

| On 3 November 2025, the entire share capital of North Group Holdings Limited was purchased by North Group EOT Trustees Limited.