REGISTERED NUMBER: SC328699 (Scotland)

Financial Statements

for the Year Ended 31 October 2025

for

North Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr J A Campbell

Mr L A Garden

Mr A S Hayes

SECRETARY:

Mr J A Campbell

REGISTERED OFFICE:

Saltire House

Blackness Avenue

Altens

Aberdeen

AB12 3PG

REGISTERED NUMBER:

SC328699 (Scotland)

AUDITORS:

SBP

Accountants and

Registered Auditors

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

SOLICITORS:

Raeburn Christie Clark & Wallace

399 Union Street

Aberdeen

AB11 6BX

FIXED ASSETS

Tangible assets

4

576,000

588,000

Investments

5

1,500,001

1,500,001

2,076,001

2,088,001

CURRENT ASSETS

Debtors

6

12,337

201,617

Cash at bank

21,989

12,707

34,326

214,324

CREDITORS

Amounts falling due within one year

7

1,305,600

1,571,575

NET CURRENT LIABILITIES

(1,271,274

)

(1,357,251

)

TOTAL ASSETS LESS CURRENT LIABILITIES

804,727

730,750

PROVISIONS FOR LIABILITIES

12,012

12,736

NET ASSETS

792,715

718,014

CAPITAL AND RESERVES

Called up share capital

500,000

500,000

Retained earnings

292,715

218,014

SHAREHOLDERS' FUNDS

792,715

718,014

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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

Mr J A Campbell - Director

1.	STATUTORY INFORMATION

North Group Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company 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" including the provisions of Section 1A "Small Entities" 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 £.

Preparation of consolidated financial statements

The financial statements contain information about North Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, North Group Holdings Limited, Saltire House, Blackness Avenure, Altens, Aberdeen, AB12 3PG.

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.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the

company has adequate resources to continue in operational existence for at least twelve months from the

date of signing the financial statements. The company has obtained written confirmation from its subsidiary

that they are willing to provide financial support for a period of at least 12 months from the date of signing the

financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Land and buildings

-

2% 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.

Investments in subsidiaries

Interests in subsidiaries 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.

Financial instruments

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

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.

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 company 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

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.

Equity instruments

Equity instruments issued by the company 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 company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company'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 company is demonstrably

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 November 2024

and 31 October 2025

1,200,000

DEPRECIATION

At 1 November 2024

612,000

Charge for year

12,000

At 31 October 2025

624,000

NET BOOK VALUE

At 31 October 2025

576,000

At 31 October 2024

588,000

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 November 2024

and 31 October 2025

1,500,001

NET BOOK VALUE

At 31 October 2025

1,500,001

At 31 October 2024

1,500,001

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

£

Other debtors

12,337

201,617

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

£

Trade creditors

7,830

-

Amounts owed to group undertakings

1,255,000

-

Taxation and social security

31,770

14,558

Other creditors

11,000

1,557,017

1,305,600

1,571,575

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.10.25

31.10.24

£

£

Within one year

26,100

26,100

Between one and five years

104,400

104,400

In more than five years

2,666,061

2,692,161

2,796,561

2,822,661

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ronnie Birnie, FCCA (Senior Statutory Auditor)

for and on behalf of SBP

Statutory Auditors

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 31 October 2025 the company was due the directors £NIL (2024: £1,500,000).

11.	RELATED PARTY DISCLOSURES

Transactions with related parties.

During the year the company entered into the following transactions with related parties:

Fees

Fees

2025

2024

£

£

Other related parties

NIL

4,140

12.	POST BALANCE SHEET EVENTS

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

13.	ULTIMATE CONTROLLING PARTY

The largest group in which the results of the Company are consolidated is headed by North Group Holdings

Limited incorporated in England and Wales. No other group financial statements include the results of the

company. The consolidated accounts for North Group Holdings Limited are available to the public and a copy may be obtained from Saltire House, Blackness Avenue, Altens, Aberdeen, AB12 3PG.