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REGISTERED NUMBER: SC321495 (Scotland)















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: A S Mackay
Mrs J Mackay
Mrs E McPherson
D Mackay
P Robinson





REGISTERED OFFICE: 1 St Devenicks Place
Cults
ABERDEEN
AB15 9LN





REGISTERED NUMBER: SC321495 (Scotland)





ACCOUNTANTS: Atholl Scott
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 5 307,037 312,304
Investments 6 1,613,482 1,246,148
Investment property 7 700,000 700,000
2,620,519 2,258,452

CURRENT ASSETS
Debtors 8 2,570,776 2,914,151
Cash at bank and in hand 49,774 439,178
2,620,550 3,353,329
CREDITORS
Amounts falling due within one
year

9

(142,107

)

(253,857

)
NET CURRENT ASSETS 2,478,443 3,099,472
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,098,962

5,357,924

PROVISIONS FOR LIABILITIES - (946 )
NET ASSETS 5,098,962 5,356,978

CAPITAL AND RESERVES
Called up share capital 202 202
Fair value reserve 11 317,398 317,398
Retained earnings 4,781,362 5,039,378
SHAREHOLDERS' FUNDS 5,098,962 5,356,978

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by:




A S Mackay - Director Mrs J Mackay - Director




Mrs E McPherson - Director D Mackay - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost and 2% on cost
Improvements to property - 10% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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 6 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 May 2023
and 30 April 2024 16,725
AMORTISATION
At 1 May 2023
and 30 April 2024 16,725
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 413,398 21,032 45,008
Additions - - -
Disposals - - -
At 30 April 2024 413,398 21,032 45,008
DEPRECIATION
At 1 May 2023 148,757 20,372 37,245
Charge for year 16,536 497 1,167
Eliminated on disposal - - -
At 30 April 2024 165,293 20,869 38,412
NET BOOK VALUE
At 30 April 2024 248,105 163 6,596
At 30 April 2023 264,641 660 7,763

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 135,846 33,352 648,636
Additions 40,575 1,671 42,246
Disposals (49,256 ) (10,496 ) (59,752 )
At 30 April 2024 127,165 24,527 631,130
DEPRECIATION
At 1 May 2023 99,169 30,789 336,332
Charge for year 16,993 3,040 38,233
Eliminated on disposal (39,976 ) (10,496 ) (50,472 )
At 30 April 2024 76,186 23,333 324,093
NET BOOK VALUE
At 30 April 2024 50,979 1,194 307,037
At 30 April 2023 36,677 2,563 312,304

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 1,122,846 232,005 235,714 1,590,565
Additions 368,654 - - 368,654
At 30 April 2024 1,491,500 232,005 235,714 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 1,491,500 1,513 120,469 1,613,482
At 30 April 2023 1,122,846 2,833 120,469 1,246,148

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 700,000
NET BOOK VALUE
At 30 April 2024 700,000
At 30 April 2023 700,000

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 6,178 6,938
Amounts owed by group undertakings 2,379,914 2,884,326
Other debtors 172,534 -
PAYE 641 -
VAT 3,295 8,809
Prepayments and accrued income 8,214 14,078
2,570,776 2,914,151

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 12,555 13,043
Amounts owed to group undertakings 94,517 102,324
Tax - 4,949
PAYE - 10,212
Directors' loan accounts 2,841 101,050
Accrued expenses 32,194 22,279
142,107 253,857

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 450 -
Between one and five years 1,575 -
2,025 -

11. RESERVES
Fair
value
reserve
£   
At 1 May 2023
and 30 April 2024 317,398

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.






Atholl Scott
Victoria House
13 Victoria Street
ABERDEEN
AB10 1XB


14 November 2024