REGISTERED NUMBER: 04104338 (England and Wales)

Financial Statements for the Year Ended 30 November 2025

for

Norwegian Log Buildings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E R Taylor

P D Williams

I Jeacock

REGISTERED OFFICE:

230 London Road

Earley

Reading

Berkshire

RG6 1AH

REGISTERED NUMBER:

04104338 (England and Wales)

AUDITORS:

WP Audit Limited

Statutory Auditors

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

216,659

240,682

216,659

240,682

CURRENT ASSETS

Stocks

98,523

131,820

Debtors

6

2,845,660

2,155,641

Cash at bank and in hand

1,427,230

870,564

4,371,413

3,158,025

CREDITORS

Amounts falling due within one year

7

(1,664,774

)

(1,456,680

)

NET CURRENT ASSETS

2,706,639

1,701,345

TOTAL ASSETS LESS CURRENT LIABILITIES

2,923,298

1,942,027

CREDITORS

Amounts falling due after more than one year

8

(6,853

)

(11,148

)

PROVISIONS FOR LIABILITIES

(54,164

)

(60,170

)

NET ASSETS

2,862,281

1,870,709

CAPITAL AND RESERVES

Called up share capital

266

266

Retained earnings

2,862,015

1,870,443

2,862,281

1,870,709

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 28 August 2026 and were signed on its behalf by:

I Jeacock - Director

1.	STATUTORY INFORMATION

Norwegian Log Buildings 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 Company 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.

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.

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 company'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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2024 - 30 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2024

and 30 November 2025

23,000

AMORTISATION

At 1 December 2024

and 30 November 2025

23,000

NET BOOK VALUE

At 30 November 2025

-

At 30 November 2024

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2024

729,856

Additions

90,832

At 30 November 2025

820,688

DEPRECIATION

At 1 December 2024

489,174

Charge for year

114,855

At 30 November 2025

604,029

NET BOOK VALUE

At 30 November 2025

216,659

At 30 November 2024

240,682

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 December 2024

and 30 November 2025

290,481

DEPRECIATION

At 1 December 2024

213,176

Charge for year

58,096

At 30 November 2025

271,272

NET BOOK VALUE

At 30 November 2025

19,209

At 30 November 2024

77,305

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.25

30.11.24

as restated

£

£

Trade debtors

114,388

326,320

Amounts owed by group undertakings

2,359,594

1,595,205

Other debtors

371,678

234,116

2,845,660

2,155,641

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.25

30.11.24

as restated

£

£

Hire purchase contracts (see note 9)

7,883

45,543

Trade creditors

247,412

250,744

Amounts owed to group undertakings

458,872

165,734

Taxation and social security

49,292

33,764

Other creditors

901,315

960,895

1,664,774

1,456,680

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.25

30.11.24

as restated

£

£

Hire purchase contracts (see note 9)

6,853

11,148

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

30.11.25

30.11.24

as restated

£

£

Net obligations repayable:

Within one year

7,883

45,543

Between one and five years

6,853

11,148

14,736

56,691

Non-cancellable

operating leases

30.11.25

30.11.24

as restated

£

£

Within one year

41,603

36,847

Between one and five years

20,010

48,176

61,613

85,023

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.25

30.11.24

as restated

£

£

Hire purchase contracts

14,736

56,691

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

The Report of the Auditors was unqualified.

Philippa Duckworth BSc FCCA (Senior Statutory Auditor)

for and on behalf of WP Audit Limited

12.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. During the year, amounts charged to the profit and loss were £28,263 (2024 - £26,061). At 30 November 2025, amounts outstanding were £6,472 (2024 - £4,878).

13.	ULTIMATE CONTROLLING PARTY

The parent company which prepares consolidated financial statements in which these accounts are included is Norwegian Log Holdco Limited a limited company registered under 14231543 in England & Wales with its registered office being 230 London Road, Earley, Reading, England, RG6 1AH.

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.