|
Registered number: 07388211 (England and Wales)
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
COMPANY INFORMATION
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONTENTS
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present the Strategic Report and financial statements for the year ended 31 December 2025.
The Company is part of the NORR Group of Companies and is an established UK practice that provides sustainable architectural and related services to clients across multiple private and public sectors.
NORR Consultants Limited ("the Company") remains committed to delivering innovative, sustainable and client-focused design solutions that create long-term value for our clients, project stakeholders and the communities our projects serve.
During 2025 the Company continued to build upon the operational improvements implemented in recent years, including the benefits realised through investment in systems, technology, quality assurance and staff development. Having successfully implemented significant organisational and operational changes in recent years, the Company's focus during 2025 was on refining project delivery, improving operational efficiency and creating a strong platform for future growth. Across all sectors and studios, our teams remained focused on delivering excellence, strengthening long-term client relationships and maintaining the high standards of design, technical delivery and project performance that clients expect from NORR. Alongside our strong operational performance, 2025 was an exceptional year for design quality and industry recognition. The Company received numerous national and regional awards across the education, residential and public sectors, reflecting the creativity, technical expertise and commitment of our teams. Highlights included Education Estates Architectural Practice of the Year together with major project awards for the Stephenson Building at Newcastle University, including RICS Project of the Year and Constructing Excellence North East Building Project of the Year. Additional recognition was achieved through Learning Places Scotland Awards, Education Property Awards, Constructing Excellence Awards and RTPI Awards for projects including East Calder Primary School, Woodland View School, Beatlie School Campus, the Royal Veterinary College Student Learning Centre and Jubilee Gardens Extra Care. These achievements recognise excellence in design, technical delivery and the positive contribution our projects make to the built environment and the communities they serve. The breadth of recognition across multiple sectors and regions demonstrates the strength and diversity of the Company's design capability and reinforces NORR's reputation as a leading design-led architectural practice in the UK. The Company further strengthened its multidisciplinary service offering during 2025 through investment in a dedicated Interior Design capability. This strategic initiative enhances our ability to deliver integrated design solutions, creates opportunities for greater multidisciplinary collaboration and supports our objective of increasing the proportion of design services delivered directly by our own teams. The addition of this capability strengthens our ability to provide holistic design solutions and further enhances the value we deliver to clients. The Company has continued to invest in its people through professional development, technical training, leadership development and compliance programmes. We remain committed to maintaining a positive, flexible and inclusive working environment that supports staff wellbeing, retention and career progression. As a result, the Company continues to benefit from strong staff retention and a highly engaged workforce. This commitment to our people remains fundamental to the quality of service delivered to our clients and the continued success of the business. The wider construction and property market remained challenging throughout 2025, with ongoing economic uncertainty, inflationary pressures and changes arising from the Building Safety Act continuing to influence project delivery and procurement decisions. While economic conditions remained uncertain across much of the construction sector during 2025, the strength and diversity of the Company's portfolio, together with the continued confidence of our clients and the commitment of our people, enabled the business to deliver another resilient and successful year.
Page 1
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Turnover for the year was £9,381,398 compared with £10,295,279 in 2024, representing a decrease of 8.9%. The directors note that this reduction was primarily attributable to a lower reliance on third-party sub-consultants and a greater proportion of project delivery being undertaken directly by our own teams. This reflects a strategic shift towards increased self-delivery and improved utilisation of in-house expertise rather than a reduction in underlying business activity. Gross profit remained strong at £5,280,685 and gross profit margin increased from 53.2% to 56.3%, demonstrating the benefits of this approach and the continued focus on operational efficiency and project delivery.
Operating profit for the year was £1,084,324 (2024: £1,172,201) and EBITDA remained strong at £1,261,315 (2024: £1,378,687). The Company's balance sheet continued to strengthen throughout 2025, with net assets increasing by 22.3% from £3,604,400 to £4,409,666 and cash reserves remaining robust at £2,324,034, providing a strong platform for future investment and growth. The directors are particularly pleased that the business has now delivered a fifth consecutive year of strong profitability and balance sheet growth. Whilst market conditions remain challenging, this sustained performance demonstrates the resilience of the Company's business model, the strength of its client relationships, the quality of its people and the successful execution of its long-term strategy. The combination of strong financial performance, award-winning project delivery and continued investment in service diversification leaves the Company well positioned for future growth. The Company enters 2026 from a position of financial strength and remains well placed to continue investing in its people, technology, design excellence and expanded service offerings to support sustainable long-term growth. Corporate Social Responsibility We understand our wider duty to society and conduct our business in line with our corporate social responsibility values and policies. We continue to support and promote our NORRForward programme, which aims to create more resilient communities for future generations and encourages equity, diversity and inclusion at every level of our business. We actively promote environmental responsibility and sustainability to our clients and seek to reduce our own direct impact on the environment. The Company remains committed to reducing emissions, supporting sustainable design outcomes and delivering meaningful social value within the communities in which we work. Our approach seeks to create lasting positive outcomes for clients, stakeholders and communities while supporting wider environmental and social objectives.
The Building Safety Act 2022 (BSA)
The Building Safety Act continues to represent one of the most significant regulatory changes affecting the construction industry. During 2025 the Company continued to invest in training, procedures and quality management systems to ensure compliance with evolving legislative requirements. The Company continues to mitigate risks associated with these changes through ongoing training, active internal working groups and continual improvement of quality assurance processes. Cyber Security Risks Cyber security remains a significant risk for all organisations. The Company maintains a comprehensive cyber security programme and continues to invest in systems, controls and staff training to protect client and business information. Regular monitoring, awareness training and continual improvement of cyber security measures remain key priorities.
Page 2
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Financial Risks
The Company has exposure to a variety of financial risks, which are managed with the purpose of minimising any potential adverse effect. The Company has policies for managing these risks which are summarised below:
∙The Company adopts a prudent approach to financial management and liquidity. Strong cash reserves, continued profitability and support from the wider NORR Group provide a stable platform from which the business can continue to operate and invest for the future.
∙The Company also maintains robust credit control procedures, project governance processes and risk management controls to support financial resilience and effective operational delivery.
Analysis using key performance indicators compared to the previous year (2024) include:
The directors consider there to be no other key performance indicators.
This report was approved by the board and signed on its behalf.
Page 3
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025. In accordance with s414c (11) of the Companies Act 2006, certain information that is required to be included in the Directors' Report has been otherwise included in the Strategic Report.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £805,266 (2024 - £898,930).
The directors do not recommend the payment of a dividend (2024: £Nil).
The Company will continue to focus on strengthening its position within its core sectors whilst carefully managing the risks and opportunities presented by an evolving construction and property market.
Building upon the strong foundations established in recent years, the business will remain focused on delivering high-quality design solutions, enhancing operational efficiency and strengthening client relationships across the UK. The directors believe that the Company's strong balance sheet, talented workforce and diverse project portfolio provide a solid platform for continued success. During 2026, particular emphasis will be placed on further developing the Company's multidisciplinary functions, including the growth of its Interior Design capability and continued collaboration with the wider NORR Group of Companies. The Company will also continue to invest in technology, innovation, staff development and design excellence to improve service delivery, enhance productivity and support sustainable long-term growth. Whilst market conditions remain uncertain across parts of the construction sector, the directors remain confident in the Company's strategic direction and its ability to deliver value for clients, stakeholders and employees through the continued provision of innovative, sustainable and client-focused design services.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Page 4
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent; and
∙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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In April 2026, a capital reduction of 600,000 shares was made with a par value of £1, reducing the share capital of the Company. This is considered to be a non-adjusting event.
There have been no adjusting or other non-adjusting events occuring between the end of the reporting period and the date these financial statements were approved.
This report was approved by the board and signed on its behalf.
Page 5
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORR CONSULTANTS LIMITED
We have audited the financial statements of NORR Consultants Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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).
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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 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.
Page 6
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORR CONSULTANTS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
Page 7
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORR CONSULTANTS LIMITED (CONTINUED)
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 an Auditors' Report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the responsible individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the Company through discussions with management and from our commercial knowledge and experience;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006 and taxation legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
We identified that fraud risk in relation to revenue is a significant risk in line with ISA 240 and designed and implemented appropriate audit procedures in this area. Audit procedures included but were not limited to substantive testing from customer contracts, labour reports and performing appropriate year end cut off testing.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
Page 8
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORR CONSULTANTS LIMITED (CONTINUED)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC and the Company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 Auditors' 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 an Auditors' Report 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.
for and on behalf of
Chartered Accountants and Statutory Auditors
Birchin Court
5th Floor
19-25 Birchin Lane
United Kingdom
EC3V 9DU
Date:
Page 9
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 10
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 28 form part of these financial statements.
Page 11
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 12
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 2).
The following principal accounting policies have been applied:
The Company's directors expect the Company to continue to remain profitable for the foreseeable future and at least 12 months from approving these financial statements. This assessment is based on the Company's future secured projects and continued management of costs. In the year ended 31 December 2025, the Company has reported a profit before tax of £1,084,324. The directors are pleased with the underlying operational profitability of the Company, calculated as EBITDA (earnings before interest, tax, depreciation and amortisation), amounting to £1,261,315.
The Company is in a net asset position, and the NORR Group of Companies have indicated their continued financial support of the Company should it be required. Based on this and the above, the directors conclude that the Company will continue to operate for the foreseeable future and therefore continue to prepare the financial statements on the going concern basis.
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of The NORR Group of Companies as at 31 December 2025 and these financial statements may be obtained from https://find-and-update .company-information .service.gov.uk /company/07388247/filing -history.
Page 13
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
For change orders that have not been approved as to price, contract turnover is recognised to a maximum of costs incurred or, if lower, to the extent to which recovery is probable. Profit on change orders is not recognised until pricing has been agreed. A provision is made for estimated losses on individual contracts when they become apparent. Turnover recognised and not yet billed is classified as unbilled contract turnover and accrued income. Unbilled contract turnover is accrued on the basis of the percentage complete against the agreed fixed billing schedule as per the contract, and is not in excess of realisable value. Fees billed in advance of services being provided are classified as advanced billings and deferred income.
Page 14
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Page 15
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Short-term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.
Page 16
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Page 17
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Page 18
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Turnover - Stage of Completion Turnover is recognised on a percentage completion basis which involves some estimation uncertainty. At the start of a project management and the directors will determine an expected cost for the project, which on a monthly basis they then use as a benchmark to calculate the turnover based on actual hours spent. This may result in fluctuations in the recognition of turnover through the life of a revenue contract which may have a material effect on these financial statements. Deferred Tax Management have determined that the Company’s expected future performance is sufficient enough to recognise a deferred tax asset for the Company’s carried forward, unrelieved tax losses. Management have considered the uncertainty in relation to the expected timing of the utilisation of losses but believes based on the Company’s current and forecast growth that the Company will obtain the benefit of tax relief available to them. This is a significant judgement. Insurance Claim Provision This provision is in respect to excess of several insurance claims raised by the Company for which settlement is yet to be reached, although the outflow of resources is deemed probable and its value can be estimated reliably. The directors have provided for this based on their expectation of the cash outflows, however, the timing of these is uncertain and may cause material changes to these financial statements.
Analysis of turnover by country of destination:
Page 19
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 20
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 21
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
8.Taxation (continued)
There were no factors that may affect future tax charges.
Page 22
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 23
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 24
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 25
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 26
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Profit and loss account
Page 27
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The NORR Group of Companies is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 2 Bloor Street East, Suite 3220, Toronto, ON, Canada, M4W 1AB.
There have been no adjusting or other non-adjusting events occuring between the end of the reporting period and the date these financial statements were approved.
Page 28
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||