Company registration number 14487209 (England and Wales)
NRC GROUP LIMITED
(FORMERLY MCCLEAN'S WASTE WATER SOLUTIONS LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NRC GROUP LIMITED
(FORMERLY MCCLEAN'S WASTE WATER SOLUTIONS LTD)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
NRC GROUP LIMITED
(FORMERLY MCCLEAN'S WASTE WATER SOLUTIONS LTD)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investments
3
2,944,549
Current assets
Debtors
5
100
Creditors: amounts falling due within one year
6
(1,244,549)
Net current liabilities
(1,244,449)
Net assets
1,700,100
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
1,700,000
Total equity
1,700,100
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 17 April 2024
G P McDermott
Director
Company registration number 14487209 (England and Wales)
NRC GROUP LIMITED
(FORMERLY MCCLEAN'S WASTE WATER SOLUTIONS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
NRC Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fourth Floor, Unit 5B The Parklands, Bolton, BL6 4SD.
1.1
Reporting period
The company was incorporated on 16 November 2022 and in order to align the accounting reference date with other group companies the current period has been prepared to 31 December 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This is based on the continued financial support by fellow group companies as required. At the year end amounts owed to fellow group companies amounted to £1,244,549, which although technically falls due on demand, will not be sought for repayment unless cash flow permits. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
NRC GROUP LIMITED
(FORMERLY MCCLEAN'S WASTE WATER SOLUTIONS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
NRC GROUP LIMITED
(FORMERLY MCCLEAN'S WASTE WATER SOLUTIONS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
3
Fixed asset investments
2023
£
Shares in group undertakings and participating interests
2,944,549
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 16 November 2022
-
Additions
2,944,549
At 31 December 2023
2,944,549
Carrying amount
At 31 December 2023
2,944,549
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
NRC WWS Ltd
1
Maintenance and repair of drains
Ordinary A shares of 10p each
85.02
Registered office addresses (all UK unless otherwise indicated):
1
Unit D Russell Road, Rock Ferry, Birkenhead, Wirral, CH42 1LU
5
Debtors
2023
Amounts falling due within one year:
£
Other debtors
100
6
Creditors: amounts falling due within one year
2023
£
Amounts owed to group undertakings
1,244,549
NRC GROUP LIMITED
(FORMERLY MCCLEAN'S WASTE WATER SOLUTIONS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and not fully paid
Ordinary shares of £1 each
100
100
On incorporation on 16 November 2022, 100 Ordinary shares of £1 each were issued at par.
Included in other debtors is £100 relating to called up share capital unpaid.