REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
NRG Holdings Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
NRG Holdings Limited |
NRG Holdings Limited (Registered number: SC321495) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Accountants' Report | 10 |
NRG Holdings Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Victoria House |
13 Victoria Street |
ABERDEEN |
AB10 1XB |
NRG Holdings Limited (Registered number: SC321495) |
Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
9 |
( |
) |
( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
NRG Holdings Limited (Registered number: SC321495) |
Balance Sheet - continued |
30 April 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
NRG Holdings Limited (Registered number: SC321495) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
NRG Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts receivable for services rendered during the year, exclusive of value added tax. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
NRG Holdings Limited (Registered number: SC321495) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
NRG Holdings Limited (Registered number: SC321495) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Freehold | to | and |
property | property | fittings |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
NRG Holdings Limited (Registered number: SC321495) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings | Listed | Unlisted | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 | 1,590,565 |
Additions | 368,654 |
At 30 April 2024 | 1,959,219 |
PROVISIONS |
At 1 May 2023 | - | 229,172 | 115,245 | 344,417 |
Impairments | - | 1,320 | - | 1,320 |
At 30 April 2024 | - | 230,492 | 115,245 | 345,737 |
NET BOOK VALUE |
At 30 April 2024 | 1,613,482 |
At 30 April 2023 | 1,246,148 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Fair value at 30 April 2024 is represented by: |
£ |
Valuation in 2020 | 317,398 |
Cost | 382,602 |
700,000 |
If investment properties had not been revalued the would have been included at the following historical cost: |
30.4.24 | 30.4.23 |
£ | £ |
Cost | 382,602 | 382,602 |
Aggregate depreciation | (51,614 | ) | (35,998 | ) |
Investment properties were valued on an open market basis on 30 April 2020 by Allied Surveyors Scotland Plc . |
The investment properties were not re-valued by an independent valuer at the balance sheet date, in the opinion of the directors the value of the investment properties has not altered since the last independent valuation in April 2020. |
NRG Holdings Limited (Registered number: SC321495) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
PAYE | 641 | - |
VAT |
Prepayments and accrued income |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
PAYE |
Directors' loan accounts | 2,841 | 101,050 |
Accrued expenses |
Within accrued expenses are pension costs of £nil (2023 - £2,353). |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.4.24 | 30.4.23 |
£ | £ |
Within one year |
Between one and five years |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 May 2023 |
and 30 April 2024 |
NRG Holdings Limited (Registered number: SC321495) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
12. | RELATED PARTY DISCLOSURES |
During the year the company charged management fees to its subsidiaries as follows: |
NRG Well Examination Ltd - £326,400 |
During the year A S Mackay (director) decreased the amount loaned to the company by £50,868 leaving a balance of £56 (2023 £50,924). This loan is unsecured, interest free and repayable on demand. |
During the year Mrs J Mackay (director) decreased the amount loaned to the company by £47,341 leaving a balance of £2,785 (2023 £50,126). This loan is unsecured, interest free and repayable on demand. |
During the year the company decreased the amount loaned to NRG Well Examination Ltd by £332,267 leaving a balance of £1,758,726 (2023 £2,090,993). This loan is unsecured, interest free and repayable on demand. |
During the year the company decreased the amount loaned to McGregor Consultants Ltd by £149,244 leaving a balance of £500,760 (2023 £650,004).This loan is unsecured and repayable on demand. Interest payments are due monthly with interest being charged at 2% per annum. |
During the year the company decreased the amount loaned to NRG Well Management Ltd by £20,000 leaving a balance of £120,000 (2023 £140,000). This loan is unsecured, interest free and repayable on demand. |
During the year NRG Group Holdings Ltd decreased the amount loaned to the company by £7,806 leaving a balance of £94,517 (2023 £102,324). This loan is unsecured, interest free and repayable on demand. |
13. | POST BALANCE SHEET EVENTS |
On the 10 December 2020 the company purchased a 75% holding in McGregor Consultants Ltd. As part of the consideration, an earn out payment period was set annually for 5 years commencing on the completion date. The pay outs are calculated as a percentage of excess profits and are capped at £265,000 in total. |
Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
NRG Holdings Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NRG Holdings Limited for the year ended 30 April 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
This report is made solely to the Board of Directors of NRG Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of NRG Holdings Limited and state those matters that we have agreed to state to the Board of Directors of NRG Holdings Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that NRG Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of NRG Holdings Limited. You consider that NRG Holdings Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of NRG Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
As a member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://www.ifa.org.uk/about-us/publicinterest/memberregulations. |
Victoria House |
13 Victoria Street |
ABERDEEN |
AB10 1XB |