N3L Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—3

Registered number: 11635667

		2025		2024
	Notes	£	£	£	£
CURRENT ASSETS
Stocks	4	336,845		1,808,309
Debtors	5	1,013,566		1,568,431
Cash at bank and in hand		8		337

		1,350,419		3,377,077
Creditors: Amounts Falling Due Within One Year	6	(1,436,200 )		(3,835,497 )

NET CURRENT ASSETS (LIABILITIES)			(85,781 )		(458,420 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(85,781 )		(458,420 )

NET LIABILITIES			(85,781 )		(458,420 )

CAPITAL AND RESERVES
Called up share capital	7		180		180
Profit and Loss Account			(85,961 )		(458,600 )

SHAREHOLDERS' FUNDS			(85,781)		(458,420)

For the year ending 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Ms Lisa Pagin

Director

27/08/2026

The notes on pages 2 to 3 form part of these financial statements.

1. General Information

N3L Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11635667 . The registered office is Bay View, Gyllyngvase Road, Falmouth, Cornwall, TR11 4DJ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

Although the company has net liabilities, the directors have confirmed that they will not seek repayment of the amounts owed to them, and that they will provide such financial support from their own resources as is necessary to enable the company to meet its external liabilities as they fall due, for a period of at least twelve months from the date of approval of these financial statements. On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. As this support is not legally guaranteed, a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. The financial statements do not include any adjustments that would be required if the company were unable to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 2)

4. Stocks

	2025	2024
	£	£
Work in progress	336,845	1,808,309

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N3L Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

5. Debtors

	2025	2024
	£	£
Due within one year
Prepayments and accrued income	358	-
Amounts owed by related companies	1,013,208	1,568,431

	1,013,566	1,568,431

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Other creditors	-	3,000
Accruals and deferred income	-	868,393
Amounts owed to related companies	1,436,200	2,964,104

	1,436,200	3,835,497

7. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	180	180

8. Related Party Transactions

Balances receiveable from related companies at 30 November 2025 included within the debtors note above:

- Bloc Cornwall Group Ltd: £323,821 (2024: -£2,008,429)

- Bloc Cornwall Holdings Ltd: £0 (2024: £3,101)

- Harvenna View Management Company Limited: £300 (2024: £0)

- Kernowek Kerth Limited: £689,087 (2024: £1,565,330)

Balances payable to related companies at 30 November 2025 included within the creditors note above:

- Lux Blu Developments Ltd: £1,436,200 (2024: £813,500)

- Rosebay Court Ltd: £0 (2024: £49,903)

Lux Blu Developments Ltd is a related party by virtue of common control by close family members Lisa Pagin and Willow Pagin, who together control Lux Blu Developments Ltd and hold interests in the company's parent undertaking. During the year Lux Blu Developments Ltd released loans owed by the company totalling £250,000, which had become irrecoverable following the company's inability to repay. The loans were unsecured and interest-free. A gain of £250,000 arising on the release has been recognised in profit or loss, and the amount outstanding at the year-end was £1,436,200.

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