REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
NRS WASTE CARE LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
NRS WASTE CARE LIMITED |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
NRS WASTE CARE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Kingsland House |
39 Abbey Foregate |
Shrewsbury |
Shropshire |
SY2 6BL |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The company provides equipment and management services for various companies throughout the group. |
The company has seen trading results improve over the year:- |
Key performance indicators |
2024 | 2023 | % change |
Turnover | £8,836,027 | £7,332,969 | 20.50% |
Fixed asset NBV to HP ratio | 5.54 | 3.12 | 77.56% |
Cash at bank | £454,660 | £365,037 | 24.55% |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company operates in a very competitive and highly regulated market which is a continuing risk and may result in sales being lost to competitors. The company manages this risk by providing excellent service in all its activities and ensuring compliance with regulatory bodies. |
Financial risk management objectives and policies |
The company's activities expose it to a number of financial risks including cash flow and liquidity. The board approves treasury policies, which are controlled on a day-to-day basis by senior management. |
ON BEHALF OF THE BOARD: |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
Ordinary £1 shares | £ |
- 29 March 2024 |
A Ordinary £1 shares | £ |
- 29 March 2024 |
The directors recommend that no final dividends be paid. |
The total distribution of dividends for the year ended 31 March 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the company's strategic report information regarding the review of business and a description of the principal risks and uncertainties facing the company. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
AUDITORS |
The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NRS WASTE CARE LIMITED |
Opinion |
We have audited the financial statements of NRS Waste Care Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 March 2024 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 UK, including the FRC'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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NRS WASTE CARE LIMITED |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NRS WASTE CARE LIMITED |
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 a Report of the Auditors 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. |
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 engagement partner 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 directors and other management, and from our commercial knowledge and experience of the industry sector; |
- 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, taxation legislation, environmental agency legislation, employment law and health and safety law. |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; 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 their knowledge of actual, suspected and alleged fraud; and |
- reviewing the client's system notes and internal controls. |
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; |
- review of the cashbook to identify any large or unusual transactions that appear to have no commercial basis; and |
- investigated the rationale behind significant or unusual transactions. |
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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NRS WASTE CARE LIMITED |
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 Report of the Auditors. |
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 a Report of the Auditors 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. |
for and on behalf of |
Kingsland House |
39 Abbey Foregate |
Shrewsbury |
Shropshire |
SY2 6BL |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 5 |
Income from shares in group undertakings |
Interest receivable and similar income |
3,166,720 | 4,360,349 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Share premium | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Profit for the year | - | 2,984,057 | - | 2,984,057 |
Total comprehensive income | - | - |
Dividends | - | ( |
) | - | ( |
) |
Balance at 31 March 2023 |
Changes in equity |
Profit for the year | - | 2,458,813 | - | 2,458,813 |
Total comprehensive income | - | - |
Dividends | - | ( |
) | - | ( |
) |
Balance at 31 March 2024 |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
NRS Waste Care Limited is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The principal place of business is Coventry Quarry, Birmingham Road, Meriden, Coventry, CV7 7JS. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
These financial statements are for the individual entity only. |
The financial statements are presented in Sterling (£), rounded to the nearest £1. |
At the balance sheet date the company had net current liabilities of £9,112,304 (2023: £8,417,859). As shown in the creditors due within one year note, creditors include amounts owed to group companies of £15,625,822 (2023: £11,721,407). The directors have reviewed the support of group companies and fully expect it to continue for the foreseeable future and have therefore prepared the financial statements on a going concern basis. |
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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirements of paragraphs 29.28(b) and 29.29; |
• | the requirement of paragraph 33.7; |
• | the requirements of paragraph 24(b) of IFRS 6. |
Preparation of consolidated financial statements |
The financial statements contain information about NRS Waste Care Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Natural Resource Services Holding Company Limited, NRS House,Site 7 Meriden Park, Cornets End Lane, Meriden, CV7 7LG. |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. Turnover is recognised when the services are provided to the customer. |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at historic cost less accumulated depreciation. Costs include original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Improvements to property | - 10%, 25% and 50% on cost |
Plant and machinery | - 20% on cost |
Fixtures and fittings | - 25% on cost |
Motor vehicles | - 25% on cost |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, amounts due from group companies and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit or loss. |
Financial assets are derecognised when |
(a) the contractual rights to the cash flows from the asset expire or are settled, or |
(b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables and amounts due to group companies, are initially recognised at transaction price and subsequently carried at amortised cost. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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 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. |
Where losses are surrendered to companies that are not wholly owned subsidiaries the recipient company is obliged to make a payment to the surrendering company for tax effect of any losses surrendered. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | EMPLOYEES AND DIRECTORS |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Directors | 3 | 2 |
Administration | 26 | 30 |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
£ | £ |
Bank loan interest |
Other interest |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) | ( |
) |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.24 | 31.3.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Research and development expenditure credit | ( |
) |
Deferred tax | 1,329,411 | 1,066,303 |
Group relief |
Group relief paid for | ( |
) | ( |
) |
Losses brought forward | ( |
) |
Losses carried forward | - | 799,120 |
Total tax charge | 520,997 | 983,633 |
In line the group accounting policy for non 100% subsidiary companies, the tax charge is payable to a fellow group company for the utilisation of group tax losses. |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | DIVIDENDS |
31.3.24 | 31.3.23 |
£ | £ |
Ordinary shares of £1 each |
Interim |
A Ordinary shares of £1 each |
Interim |
9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Included in the total net book value of tangible fixed assets held at 31 March 2024 was £3,628,981 (2023: £7,241,156) in respect of assets held under finance leases and hire purchase contracts. |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixed Asset investments represent a 100% shareholding in the subsidiary companies NRS Waste Management Services Limited and NRS Meriden Aggregates Limited. Full details of the investments can be found in the consolidated accounts prepared by the parent company Natural Resource Services Holding Company Limited. |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Corporation tax |
VAT |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts (see note 14) |
Trade creditors |
Amounts owed to group undertakings |
VAT |
Other creditors |
Amounts owed to related parties |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts (see note 14) |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.3.24 | 31.3.23 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts | 3,234,851 | 5,825,619 |
Hire purchase liabilities are secured against the asset to which they relate. |
Debenture dated 7 June 2012 between the Company and HSBC Bank UK Plc with fixed and floating charge over all assets currently or any time afterwards owned by the Company. |
Mortgage dated 7 May 2013 between the Company and HSBC Bank UK Plc over a Life Policy for the assured value of £1,065,750. |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 3,220,414 | 2,944,806 |
Deferred tax on losses | - | (1,053,803 | ) |
3,220,414 | 1,891,003 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Charge to Income Statement during year |
Balance at 31 March 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 5,253 | 5,253 |
A Ordinary | £1 | 5,047 | 5,047 |
10,300 | 10,300 |
Ordinary shares are entitled to full voting rights and dividends. |
A Ordinary shares are entitled to full voting rights and dividends. |
18. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 April 2023 | 4,294,593 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 March 2024 | 4,053,406 |
Retained earnings include all current and prior period retained profits and losses. |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
19. | CONTINGENT LIABILITIES |
During a prior year NRS Waste Care Limited entered into a deed of guarantee in respect of a loan taken out by a non-group company owned by a director. The director has agreed to personally guarantee the amount guaranteed by NRS Waste Care Limited and in addition the company has provided NRS Waste Care Limited with a second ranking debenture over the assets of the company. |
The amount outstanding at the year was £5,171,361 (2023: £5,245,787). |
Any debts that are covered by the guarantee above are secured in favour of NRS Waste Care Limited by fixed and floating charges on property held by the non-group company. |
During a prior year NRS Waste Care Limited entered into a lease as surety up to the value of £3,000,000 if the tenant NRS Bromsgrove Aggregates Limited, a fellow group company, defaults in payment of the rents or royalties. |
20. | CAPITAL COMMITMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Contracted but not provided for in the |
financial statements |
NRS WASTE CARE LIMITED (REGISTERED NUMBER: 06884353) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
21. | RELATED PARTY DISCLOSURES |
During the current and prior year transactions occurred between NRS Waste Care Limited and companies controlled by key management personnel, details of these transactions are as follows: |
2024 | 2023 |
£ | £ |
Sales to related parties | 16,887 | 14,612 |
Purchases from related parties | 233,880 | 133,622 |
Balance due to related parties | 8,953 | 22,500 |
During the current and prior year transactions occurred between NRS Waste Care Limited and group companies, details of these transactions are as follows: |
2024 | 2023 |
£ | £ |
Sales to related parties | 1,367,657 | 98,787 |
Purchases from related parties | 16,507 | 2,760 |
Balance due from related parties | 1,049,487 | 140,226 |
The company rents land from a company that is related due to being under the control of key management personnel of the group. Details of a formal lease agreement have been disclosed in the operating commitments note. The annual payable rent is £100,000. |
The Services Holding Company Limited is the parent of the smallest group for which consolidated financial statements are prepared which include NRS Waste Care Limited. The registered office of the immediate parent company is the same as that of NRS Waste Care Limited. Group accounts are freely available from Companies House. |
The for which consolidated financial statements are prepared, which include NRS Waste Care Limited. The registered office of the ultimate parent company is The Mill, Morton, Oswestry, Shropshire, SY10 8BH. Group accounts are freely available from Companies House. |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Payments of £nil (2023: £1,890) were made in respect of consultancy services provided by the husband of a member of key management personnel. |
22. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is LAF Holdings Limited, a company registered in England and Wales, by way of its majority shareholding in the parent company. No one person has ultimate control. |