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

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

Nicolaisen Invest UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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 the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment. true

The company is reliant on the ongoing support of its parent entity and is meeting its liabilities as they fall due. The financial statements do not include any adjustments that would result in the withdrawal of their support.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

Turnover is recognised at the fair value of the consideration receivable for properties sold and management services provided in the normal course of business. Turnover from the sale of properties is recognised when the significant risks and rewards of ownership of the properties have passed to the buyer. Turnover from management services provided is recognised by reference to stage of completion.

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.

Stock consists of development properties which are either finished and held for resale or part way through development. Such costs include land and construction costs as well as associated professional fees and other direct costs. Borrowing costs are not capitalised and are expensed in the statement of comprehensive income. Stock is valued at the lower of cost and estimated selling prices less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

Basic financial assets, which include other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities, including trade and other 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.

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.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

The costs of short-term employee benefits are recognised as a liability and an expense.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

The average monthly number of persons employed by the company during the year was 2 (2024 - 1).

The bank loan is secured by a first legal charge over the company's assets and a guarantee for the full loan amount from a director. The bank loan is also secured through a rental shortfall deposit totalling £172,656 (2024 - £172,656) included within other debtors. Interest on the bank loan is charged at LIBOR plus 2.5% over the Bank of England base rate subject to a minimum rate of 0.5%.

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 was unqualified.

During the year the company incurred costs of £36,214 (2024 - £634) from London Luxury Refurbishments Limited, a company owned and controlled by a director. At the balance sheet date, an amount of £63,963 (2024 - £60,177) was due from this company and is included in other debtors.

During the year the company charged fees of £431,375 (2024 - £46,475) to Norwex Malta Ltd, a group company incorporated in Malta. At the balance sheet date there were no amounts due from this company.

At the reporting date the company was committed to purchase a property for £700,000 (excluding VAT), for which a £100,000 deposit has been paid and is included within other debtors.

The company's ultimate and immediate parent company is Nicolaisen Invest AS, which is incorporated in Norway and the largest and smallest group to consolidate these financial statements. The parent company's registered office is: Skogmotoppen 26, Jessheim, 2053, Norge.