NORTH ATLANTIC MINERALS LIMITED


Directors	BUTLER, Anthony Michael
	CHARTER, William John
	MIHALOP, Owen Daniel


Registered Address	Kohala House
	Duchal Road
	Kilmacolm
	PA13 4AY


Registered Number	SC423859 (Scotland)

Statement of Financial Position
31 March 2026

	Notes	2026		2025
		£	£	£	£
Current assets
Debtors	3	-		87
		-		87
Creditors amounts falling due within one year	4	(296,777)		(296,828)
Net current assets (liabilities)			(296,777)		(296,741)
Total assets less current liabilities			(296,777)		(296,741)
Net assets			(296,777)		(296,741)
Capital and reserves
Called up share capital			1,796		1,796
Share premium			87,251		87,251
Profit and loss account			(385,824)		(385,788)
Shareholders' funds			(296,777)		(296,741)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 16 October 2026, and are signed on its behalf by:

CHARTER, William John
Director
Registered Company No. SC423859

NORTH ATLANTIC MINERALS LIMITED

Notes to the Financial Statements
for the year ended 31 March 2026

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page. The principal activity of the company during the period continued to be that of a mineral research company.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Going concern
	At the balance sheet date, the directors recognise the balance sheet shows a net deficit. The major creditor of the company is the parent company. The director of the parent company has confirmed that it will continue to financially support the company and it will not demand repayment of the loan until the company is in a position to do so and any repayment would not prejudice the payment of external creditors as they fall due. The company also has internally generated intellectual property not contained within the balance sheet. Whilst it has not been formally valued, the directors assess that the value of the intellectual property exceeds the net deficit of the company balance sheet. Having considered the above the company continues to adopt the going concern basis in preparing the financial statements.

Going concern

At the balance sheet date, the directors recognise the balance sheet shows a net deficit. The major creditor of the company is the parent company. The director of the parent company has confirmed that it will continue to financially support the company and it will not demand repayment of the loan until the company is in a position to do so and any repayment would not prejudice the payment of external creditors as they fall due.

The company also has internally generated intellectual property not contained within the balance sheet. Whilst it has not been formally valued, the directors assess that the value of the intellectual property exceeds the net deficit of the company balance sheet.

Having considered the above the company continues to adopt the going concern basis in preparing the financial statements.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	3		3

3.	Debtors: amounts due within one year

	2026	2025
	£	£
Other debtors	-	87
Total	-	87

4.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	-	62
Amounts owed to related parties	295,527	295,389
Other creditors	-	75
Accrued liabilities and deferred income	1,250	1,302
Total	296,777	296,828

5.	Related party transactions
	As at 31 March 2026, the parent company was owed £245,527 (2024: £245,389) by North Atlantic Minerals Limited. The amounts are unsecured, interest-free and repayable on demand. As at 31 March 2026, a connected company was owed £50,000 (2025: £50,000) by North Atlantic Minerals Limited. The amounts are unsecured and interest-free, however, the parent company agrees to act as guarantor should this advance not be converted into shares as per the conditions set in the agreement.

Related party transactions

As at 31 March 2026, the parent company was owed £245,527 (2024: £245,389) by North Atlantic Minerals Limited. The amounts are unsecured, interest-free and repayable on demand.

As at 31 March 2026, a connected company was owed £50,000 (2025: £50,000) by North Atlantic Minerals Limited. The amounts are unsecured and interest-free, however, the parent company agrees to act as guarantor should this advance not be converted into shares as per the conditions set in the agreement.

6.	Controlling party
	The ultimate controlling party is Kohala Holdings Limited (SC687439) by virtue of it's shareholding in the company.