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Registered number: 07388211 (England and Wales)














NORR CONSULTANTS LIMITED


DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

 
NORR CONSULTANTS LIMITED
 
 
COMPANY INFORMATION


Directors
B Gerstmar 
J Hughes 
J Baird 
B O'Donnell 
D Shields 




Company secretary
C Soule



Registered number
07388211



Registered office
4th Floor
St Nicholas Building

St Nicholas Street

Newcastle upon Tyne

United Kingdom

NE1 1RF




Independent auditors
ZEDRA Audit & Assurance (UK) Limited





 
NORR CONSULTANTS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 28

 
NORR CONSULTANTS LIMITED
 
 
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.

Principal Activity
 
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.

Business review
 
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

 
NORR CONSULTANTS LIMITED
 

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.

Principal risks and uncertainties
 
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

 
NORR CONSULTANTS LIMITED
 

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. 

Financial key performance indicators
 
Analysis using key performance indicators compared to the previous year (2024) include:
 
2025
2024
Increase/(Decrease)
Turnover
£9,381,398
£10,295,279
(8.9%)
Gross Profit
£5,280,685
£5,473,165
(3.5%)
Gross Profit %
56.3%
53.2%
+ 3.1 percentage points
Operating Profit
£1,084,324
£1,172,201
(7.5%)
EBITDA
£1,261,315
£1,378,687
(8.5%)
Net Assets
£4,409,666
£3,604,400
22.3%


Other key performance indicators
 
The directors consider there to be no other key performance indicators.


This report was approved by the board and signed on its behalf.



J Baird
Director

Date: 2 September 2026
Page 3

 
NORR CONSULTANTS LIMITED
 
 
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.

Directors

The directors who served during the year were:

B Gerstmar 
J Hughes 
J Baird 
B O'Donnell 
D Shields 

Results and dividends

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).

Future developments

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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

Page 4

 
NORR CONSULTANTS LIMITED
 
 
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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware; and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

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.
 



J Baird
Director

Date: 2 September 2026
Page 5

 
NORR CONSULTANTS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORR CONSULTANTS LIMITED
 

Opinion


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).


In our opinion the financial statements:


∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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

 
NORR CONSULTANTS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORR CONSULTANTS LIMITED (CONTINUED)

Other information


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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
NORR CONSULTANTS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORR CONSULTANTS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

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

 
NORR CONSULTANTS LIMITED
 
 
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.


Use of our 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.



Louise Morriss BFP FCA FCCA (Senior Statutory Auditor)
for and on behalf of
ZEDRA Audit & Assurance (UK) Limited
Chartered Accountants and Statutory Auditors
Birchin Court
5th Floor
19-25 Birchin Lane
London
United Kingdom
EC3V 9DU

 
Date: 
14 September 2026
Page 9

 
NORR CONSULTANTS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025

2025
2024
Note
£
£

  

Turnover
 3 
9,381,398
10,295,279

Cost of sales
  
(4,100,713)
(4,822,114)

Gross profit
  
5,280,685
5,473,165

Administrative expenses
  
(4,284,287)
(4,300,964)

Other operating income
 4 
87,926
-

Operating profit
 5 
1,084,324
1,172,201

Tax on profit
 8 
(279,058)
(273,271)

Profit for the financial year
  
805,266
898,930

There was no other comprehensive income for 2025 (2024: £NIL).

The notes on pages 13 to 28 form part of these financial statements.

Page 10

 
NORR CONSULTANTS LIMITED
REGISTERED NUMBER:07388211

BALANCE SHEET
AS AT 31 DECEMBER 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 10 
169,372
302,853

  
169,372
302,853

Current assets
  

Debtors: amounts falling due after more than one year
 11 
1,108,053
1,387,646

Debtors: amounts falling due within one year
 11 
3,846,489
3,090,561

Cash at bank and in hand
  
2,324,034
2,547,731

  
7,278,576
7,025,938

Creditors: amounts falling due within one year
 12 
(2,757,512)
(3,336,308)

Net current assets
  
 
 
4,521,064
 
 
3,689,630

Total assets less current liabilities
  
4,690,436
3,992,483

Creditors: amounts falling due after more than one year
 13 
(28,592)
(124,305)

Provisions for liabilities
  

Other provisions
 15 
(252,178)
(263,778)

  
 
 
(252,178)
 
 
(263,778)

Net assets
  
4,409,666
3,604,400


Capital and reserves
  

Called up share capital 
 16 
10,242,264
10,242,264

Profit and loss account
 17 
(5,832,598)
(6,637,864)

  
4,409,666
3,604,400


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


J Baird
Director

Date: 2 September 2026

The notes on pages 13 to 28 form part of these financial statements.
Page 11

 
NORR CONSULTANTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2024
10,242,264
(7,536,794)
2,705,470


Comprehensive income for the year

Profit for the year
-
898,930
898,930



At 1 January 2025
10,242,264
(6,637,864)
3,604,400


Comprehensive income for the year

Profit for the year
-
805,266
805,266


At 31 December 2025
10,242,264
(5,832,598)
4,409,666
Page 12

 
NORR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies

 
1.1

Basis of preparation of financial statements

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:

  
1.2

Going concern

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.

 
1.3

Financial Reporting Standard 102 - reduced disclosure exemptions

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

 
NORR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

 
1.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.

More specifically, turnover is derived from consulting services and fixed fee contracts and is based on the percentage-of-completion method. This method is used because management considers expended costs to be the best available measure of progress on these contracts. Contract turnover and costs are adjusted to reflect change orders that have been approved as to both price and scope. 
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.

 
1.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 14

 
NORR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)


1.5
Tangible fixed assets (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:

Leasehold improvements
-
over lease term
Fixtures and fittings
-
5 years
Computer equipment
-
3 years

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.

 
1.6

Debtors

Debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

 
1.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

 
1.8

Financial instruments

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

 
NORR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)


1.8
Financial instruments (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.
 

  
1.9

Creditors

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

 
NORR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

 
1.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
1.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
1.12

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
1.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 17

 
NORR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

 
1.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
1.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 18

 
NORR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.


Judgements in applying accounting policies and key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the Company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are addressed below. The accounting policies have been applied consistently with the prior year other than where new policies have been adopted.
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.


3.


Turnover

Analysis of turnover by country of destination:

2025
2024
£
£

United Kingdom
9,086,271
10,142,291

Rest of Europe
4,390
110,220

Rest of the World
290,737
42,768

9,381,398
10,295,279


The Company provides intelligent architectural and related services to clients.

Page 19

 
NORR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

4.


Other operating income

2025
2024
£
£

Other operating income
87,926
-

87,926
-



5.


Operating profit

The operating profit is stated after charging/(crediting):

2025
2024
£
£

Auditor's remuneration
23,300
22,750

Exchange differences
(1,541)
8,227

Operating lease rentals
235,605
259,345

Non-operating leases
57,617
42,701

Depreciation
176,991
206,486


6.


Employees

Staff costs, including directors' remuneration, were as follows:


2025
2024
£
£

Wages and salaries
4,892,652
5,083,692

Social security costs
568,576
494,696

Cost of defined contribution scheme
185,254
183,703

5,646,482
5,762,091


The average monthly number of employees, including directors, during the year was 96 (2024 - 100).

Page 20

 
NORR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

7.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
280,705
291,699

Company contributions to defined contribution pension schemes
11,075
11,657

291,780
303,356


During the year, retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £143,826 (2024 - £130,564).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,900 (2024 - £4,700).

During the year, several directors of NORR Consultants Limited were paid by other group entities. Management determine that the share of remuneration relevant to the services performed in their capacity as directors of NORR Consultants Limited to be immaterial.


8.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
-
(37,410)


Total current tax
-
(37,410)

Deferred tax


Origination and reversal of timing differences
279,058
296,447

Adjustments in respect of prior periods
-
14,234

Total deferred tax
279,058
310,681


Tax on profit
279,058
273,271
Page 21

 
NORR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


Profit on ordinary activities before tax
1,084,324
1,172,201


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
271,081
293,050

Effects of:


Expenses not deductible for tax purposes
7,036
3,372

Adjustments to tax charge in respect of prior periods
-
(69,716)

Other differences leading to an increase (decrease) in the tax charge
941
46,565

Total tax charge for the year
279,058
273,271


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
NORR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

9.


Deferred taxation




2025


£






At beginning of year
1,731,791


Utilised in year
(279,058)



At end of year
1,452,733

The deferred tax asset is made up as follows:

2025
2024
£
£


Tax losses carried forward
1,414,761
1,695,083

Short term timing differences
34,743
34,155

Fixed asset timing differences
3,229
2,553

1,452,733
1,731,791

Page 23

 
NORR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

10.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2025
422,080
56,754
1,073,944
1,552,778


Additions
-
-
54,845
54,845


Disposals
-
-
(366,415)
(366,415)



At 31 December 2025

422,080
56,754
762,374
1,241,208



Depreciation


At 1 January 2025
366,576
52,321
831,028
1,249,925


Charge for the year on owned assets
39,904
1,265
135,822
176,991


Disposals
-
-
(355,080)
(355,080)



At 31 December 2025

406,480
53,586
611,770
1,071,836



Net book value



At 31 December 2025
15,600
3,168
150,604
169,372



At 31 December 2024
55,504
4,433
242,916
302,853

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2025
2024
£
£



Computer equipment
94,496
205,892

94,496
205,892

Page 24

 
NORR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

11.


Debtors

2025
2024
£
£

Due after more than one year

Deferred taxation
1,108,053
1,387,646

1,108,053
1,387,646


2025
2024
£
£

Due within one year

Trade debtors
2,151,034
1,497,901

Amounts owed by group undertakings
169,354
153,235

Other debtors
65,967
97,056

Prepayments and accrued income
1,115,454
998,224

Deferred taxation
344,680
344,145

3,846,489
3,090,561



12.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
414,562
465,951

Amounts owed to group undertakings
117,525
262,713

Other taxation and social security
629,301
550,764

Obligations under finance lease and hire purchase contracts
91,722
109,437

Other creditors
10,736
8,719

Accruals and deferred income
1,493,666
1,938,724

2,757,512
3,336,308


Page 25

 
NORR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

13.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Net obligations under finance leases and hire purchase contracts
21,858
107,891

Other creditors
6,734
16,414

28,592
124,305


Other creditors include a lease inducement which unwinds over the term of the lease, as described in note 18. The directors do not consider the effects of discounting to be material.


14.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2025
2024
£
£


Within one year
91,722
109,437

Between one to five years
21,858
107,891

113,580
217,328

Finance lease payments represent rental payments by the Company for certain items of computer equipment. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3.4 years (2024: 3.4 years). All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Page 26

 
NORR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

15.


Provisions




Dilapidation provision
Insurance claim provision
Total

£
£
£





At 1 January 2025
113,778
150,000
263,778


Charged to profit or loss
8,400
-
8,400


Utilised in year
-
(20,000)
(20,000)



At 31 December 2025
122,178
130,000
252,178

Dilapidation provision
This provision is provided on a monthly basis using management's judgement based on previous experience and the current state of the properties. The provision is expected to be utilised upon vacation of the properties.
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.


16.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



10,242,264 (2024 - 10,242,264) Ordinary shares of £1.00 each
10,242,264
10,242,264



17.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

Page 27

 
NORR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

18.


Commitments under operating leases

At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than one year
178,305
200,333

Later than one year and not later than five years
383,195
191,462

561,500
391,795


19.


Controlling party

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.


20.


Post balance sheet events

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.

Page 28