REGISTERED NUMBER: 12084506 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD |
REGISTERED NUMBER: 12084506 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD |
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 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The principle activity of the group in the year under review was to extract and distribute aggregate material together with inert waste tipping services in the Midlands. |
The group has consolidated on its improved financial performance from the prior year and made significant investments in operating equipment and new technology. The directors are confident this investment will enable the group to continue to grow in 2024/25 and benefit from efficiency savings. |
Key performance indicators |
2024 | 2023 | % change |
Turnover | £46,882,502 | £39,660,960 | 18.21% |
Gross profit | £21,323,298 | £16,339,222 | 30.50% |
Operating profit | £9,394,165 | £7,360,975 | 27.62% |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group operates in a competitive and highly regulated market which is a continuing risk. The group manages this risk by operating in largely localised markets and ensuring the service provided is high quality. All of its activities are constantly monitored by external professionals to ensure compliance with regulatory bodies. |
Employees |
Details of the number of employees and related costs can be found in Note 5 to the financial statements. |
Environment |
The group continues to monitor the impact of its business on the environment. |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
SECTION 172(1) STATEMENT |
The board of directors of Natural Resource Services Holding Company Ltd Group collectively consider that they have acted in a way to promote the success of the business in the decisions taken in the year ended 31 March 2024 and the approval of the business plan for 2025. |
Due to the nature and size of the group the directors fulfil their duties by utilising a governance framework and they delegate the day-to-day decision making to key management personnel, whilst maintaining the overall control of the processes and procedures the group operates. |
Engagement with Suppliers, Customers and Employees |
The group's board is committed to being a responsible business. Our behaviours and decision making are focused on growing a strong and stable business and we engage with all its customers, staff and suppliers. |
Suppliers |
The group sources products locally from suppliers . Our business is reliant on brand awareness and quality. As such, we place a significant emphasis on the supply chain and ensure we have strong mutually beneficial relationships with our suppliers. We endeavour to ensure all payments and any issues are resolved on a timely basis and uphold the principles upon which our business is built. |
Customers |
The board engages with all its customers through a very experienced sales and marketing network. We work very closely with them to both promote our brand and ensure that we deliver on our promises. We promote our reputation for being a family owned business who listens to our customers. |
ON BEHALF OF THE BOARD: |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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 group has chosen, in accordance with s414C(11) of the Companies Act, to set out in the group's strategic report information regarding the review of business and a description of the principal risks and uncertainties facing the group. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
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 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD |
Opinion |
We have audited the financial statements of Natural Resource Services Holding Company Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 Directors' Responsibilities Statement set out on page four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD |
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 group through discussions with directors and other management, and from our commercial knowledge and experience of the 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 group, including the Companies Act 2006, taxation 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 group'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 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD |
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 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER | 4 | 46,882,502 | 39,660,960 |
Cost of sales | (25,559,204 | ) | (23,321,738 | ) |
GROSS PROFIT | 21,323,298 | 16,339,222 |
Administrative expenses | (11,929,133 | ) | (8,978,247 | ) |
OPERATING PROFIT | 6 | 9,394,165 | 7,360,975 |
Interest receivable and similar income | 200,037 | 44,613 |
9,594,202 | 7,405,588 |
Interest payable and similar expenses | 7 | (251,380 | ) | (481,289 | ) |
PROFIT BEFORE TAXATION | 9,342,822 | 6,924,299 |
Tax on profit | 8 | (2,330,251 | ) | (926,856 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 6,359,790 | 5,949,275 |
Non-controlling interests | 652,781 | 48,168 |
7,012,571 | 5,997,443 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 7,012,571 | 5,997,443 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
7,012,571 |
5,997,443 |
Total comprehensive income attributable to: |
Owners of the parent | 6,359,790 | 5,949,275 |
Non-controlling interests | 652,781 | 48,168 |
7,012,571 | 5,997,443 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | - |
Tangible assets | 11 | 22,194,532 | 23,105,921 |
Investments | 12 | - | - |
22,194,532 | 23,105,921 |
CURRENT ASSETS |
Stocks | 13 | 1,782,083 | 1,406,326 |
Debtors | 14 | 12,426,829 | 12,465,249 |
Cash at bank | 12,868,135 | 6,177,425 |
27,077,047 | 20,049,000 |
CREDITORS |
Amounts falling due within one year | 15 | 9,390,470 | 8,970,847 |
NET CURRENT ASSETS | 17,686,577 | 11,078,153 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
39,881,109 |
34,184,074 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(2,580,710 |
) |
(5,202,226 |
) |
PROVISIONS FOR LIABILITIES | 19 | (3,095,091 | ) | (1,789,111 | ) |
NET ASSETS | 34,205,308 | 27,192,737 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 21,000 | 21,000 |
Retained earnings | 21 | 33,483,324 | 27,123,534 |
SHAREHOLDERS' FUNDS | 33,504,324 | 27,144,534 |
NON-CONTROLLING INTERESTS | 22 | 700,984 | 48,203 |
TOTAL EQUITY | 34,205,308 | 27,192,737 |
The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2024 and were signed on its behalf by: |
M C Ketcher - Director |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 3,714,879 | 5,090,852 |
The financial statements were approved by the Board of Directors and authorised for issue on |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 | 21,000 | 21,174,259 | 21,195,259 | - | 21,195,259 |
Changes in equity |
Total comprehensive income | - | 5,949,275 | 5,949,275 | 48,168 | 5,997,443 |
21,000 | 27,123,534 | 27,144,534 | 48,168 | 27,192,702 |
Acquisition of non-controlling interest |
- |
- |
- |
35 |
35 |
Balance at 31 March 2023 | 21,000 | 27,123,534 | 27,144,534 | 48,203 | 27,192,737 |
Changes in equity |
Total comprehensive income | - | 6,359,790 | 6,359,790 | 652,781 | 7,012,571 |
21,000 | 33,483,324 | 33,504,324 | 700,984 | 34,205,308 |
Acquisition of non-controlling interest |
- |
- |
- |
10 |
10 |
Balance at 31 March 2024 | 21,000 | 33,483,324 | 33,504,324 | 700,994 | 34,205,318 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2024 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 15,728,675 | 8,129,239 |
Interest paid | (4,636 | ) | (133,258 | ) |
Interest element of hire purchase payments paid |
(246,744 |
) |
(348,031 |
) |
Tax paid | (1,071,421 | ) | 392,365 |
Net cash from operating activities | 14,405,874 | 8,040,315 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (8,299 | ) |
Purchase of tangible fixed assets | (6,795,977 | ) | (7,218,174 | ) |
Sale of tangible fixed assets | 2,001,592 | 2,316,666 |
Interest received | 200,037 | 44,613 |
Net cash from investing activities | (4,594,348 | ) | (4,865,194 | ) |
Cash flows from financing activities |
New loans in year | - | 6,106,000 |
Loan repayments in year | - | (7,363,819 | ) |
Capital repayments in year | (3,120,816 | ) | (4,743,200 | ) |
Amount withdrawn by directors | - | (1,614,920 | ) |
Net cash from financing activities | (3,120,816 | ) | (7,615,939 | ) |
Increase/(decrease) in cash and cash equivalents | 6,690,710 | (4,440,818 | ) |
Cash and cash equivalents at beginning of year |
2 |
6,177,425 |
10,618,243 |
Cash and cash equivalents at end of year | 2 | 12,868,135 | 6,177,425 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.24 | 31.3.23 |
£ | £ |
Profit before taxation | 9,342,822 | 6,924,299 |
Depreciation charges | 6,592,171 | 5,412,696 |
Profit on disposal of fixed assets | (886,397 | ) | (908,101 | ) |
Finance costs | 251,380 | 481,289 |
Finance income | (200,037 | ) | (44,613 | ) |
15,099,939 | 11,865,570 |
Increase in stocks | (375,757 | ) | (500,875 | ) |
Decrease/(increase) in trade and other debtors | 85,570 | (1,756,653 | ) |
Increase/(decrease) in trade and other creditors | 918,923 | (1,478,803 | ) |
Cash generated from operations | 15,728,675 | 8,129,239 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 12,868,135 | 6,177,425 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 6,177,425 | 10,618,243 |
3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank | 6,177,425 | 6,690,710 | 12,868,135 |
6,177,425 | 6,690,710 | 12,868,135 |
Debt |
Finance leases | (7,959,055 | ) | 3,120,816 | (4,838,239 | ) |
(7,959,055 | ) | 3,120,816 | (4,838,239 | ) |
Total | (1,781,630 | ) | 9,811,526 | 8,029,896 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Natural Resource Services Holding Company Ltd 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 NRS House, Site 7 Meriden Park, Cornets End Lane, Meriden, CV7 7LG. |
2. | STATEMENT OF COMPLIANCE |
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" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are for the group as well as for the individual entity. |
The financial statements are presented in sterling (£), rounded to the nearest £1. |
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 4 Statement of Financial Position paragraph 4.12(a)(iv); |
- the requirements of section 7 Statement of Cash Flows; |
- the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d); |
- the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 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 Section 12 Other Financial Instruments paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
- the requirement of Section 33 Related Party Disclosures paragraph 33.7. |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Basis of consolidation |
The consolidated financial statements present the results of the parent company and those of its subsidiaries. All consolidated subsidiaries have coterminous financial year ends. Inter group transactions have been eliminated from the financial statements and subsidiary results have been restated, where applicable to reflect comparable accounting policies. |
The financial statements therefore include: |
Natural Resource Services Holding Company Ltd | - parent company |
NRS Waste Care Limited | - 100% direct subsidiary undertaking |
N.R.S. Waste Management Services Limited | - 100% indirect subsidiary undertaking |
NRS Meriden Aggregates Ltd | - 100% indirect subsidiary undertaking |
NRS Saredon Holdings Ltd | - 100% direct subsidiary undertaking |
NRS Saredon Aggregates Limited | - 100% indirect subsidiary undertaking |
NRS Woodcote Holdings Ltd | - 100% direct subsidiary undertaking |
NRS Woodcote Aggregates Ltd | - 100% indirect subsidiary undertaking |
NRS Kidderminster Holdings Limited | - 100% direct subsidiary undertaking |
NRS Kidderminster Aggregates Limited | - 100% indirect subsidiary undertaking |
NRS Bromsgrove Aggregates Limited | - 100% indirect subsidiary undertaking |
NRS Bancroft Holdings Limited | - 100% direct dormant subsidiary undertaking |
NRS Bancroft Aggregates Limited | - 100% indirect dormant subsidiary undertaking |
NRS Prees Heath Holdings Limited | - 100% direct dormant subsidiary undertaking |
NRS Services Ltd | - 100% direct subsidiary undertaking |
NRS Business Solutions Limited | - 100% direct subsidiary undertaking |
NRS Group of Companies Limited | - 100% direct dormant subsidiary undertaking |
Midland Mix Concrete Limited | - 100% direct dormant subsidiary undertaking |
Out of Hours Limited | - 100% direct dormant subsidiary undertaking |
NRS Environmental Services Limited | - 80% (2023: 90%) direct subsidiary undertaking |
Titan Site Solutions Limited | - 75% direct subsidiary undertaking |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover is recognised when the goods are physically delivered and services are provided to the customer. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years. |
Additional goodwill was generated in connection with the incorporation costs of a company setup in 2023, these costs have been amortised in full in the year they costs were incurred. |
Intangible assets |
Costs of obtaining a licence includes directly attributable costs for obtaining the use of a quarry site which is |
valued at cost. Amortisation is provided by reference to the period of time that the site will be utilised to extract material and restore after being granted planning permission. |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED 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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter: |
Working quarry | - 10% on cost |
Improvements to property | - 10%, 25% and 50% on cost |
Plant and machinery | - 14.29% and 20% on cost |
Fixtures and fittings | - 25% on cost |
Motor vehicles | - 25% on cost |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
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 undertakings and cash and bank balances, are initially recognised at transaction price, 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. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal 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 of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, bank and other loans and amounts owed to group undertakings, 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 receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
The group accounting policy for companies with a non-controlling interest requires the tax charge to be paid to the appropriate fellow group company for the utilisation of group tax losses. |
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 |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
31.3.24 | 31.3.23 |
£ | £ |
Sale of goods | 24,496,530 | 22,795,060 |
Provision of services | 22,385,972 | 16,865,900 |
46,882,502 | 39,660,960 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | EMPLOYEES AND DIRECTORS |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries | 7,440,530 | 6,292,611 |
Social security costs | 835,134 | 732,847 |
Other pension costs | 133,236 | 91,427 |
8,408,900 | 7,116,885 |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Directors and management | 17 | 17 |
Administration and production | 143 | 124 |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration | 503,692 | 368,222 |
Directors' pension contributions to money purchase schemes | 3,816 | 1,321 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 1 |
Information regarding the highest paid director is as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Emoluments etc | 265,954 | 254,743 |
Pension contributions to money purchase schemes | 440 | - |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Other operating leases | 184,861 | 179,172 |
Depreciation - owned assets | 3,280,884 | 1,711,770 |
Depreciation - assets on hire purchase contracts | 3,311,287 | 3,692,627 |
Profit on disposal of fixed assets | (886,397 | ) | (908,101 | ) |
Goodwill amortisation | - | 8,299 |
Auditors' remuneration | 79,143 | 82,413 |
Auditors' remuneration for non audit work | 11,321 | 7,511 |
Equipment hire | 317,314 | 112,303 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
£ | £ |
Bank loan interest | - | 133,258 |
Interest on overdue corporation tax | 1,442 | - |
Other interest received | 3,194 | - |
Hire purchase interest | 246,744 | 348,031 |
251,380 | 481,289 |
8. | 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 | 1,024,271 | (24,494 | ) |
Prior year tax (over) / under provision | - | (22,547 | ) |
Total current tax | 1,024,271 | (47,041 | ) |
Deferred tax | 1,305,980 | 973,897 |
Tax on profit | 2,330,251 | 926,856 |
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 | 9,342,822 | 6,924,299 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
2,335,706 |
1,315,617 |
Effects of: |
Expenses not deductible for tax purposes | 2,543 | 9,553 |
Capital allowances in excess of depreciation | (260,177 | ) | (2,124,269 | ) |
Adjustments to tax charge in respect of previous periods | - | (22,547 | ) |
Movement in losses | (1,053,803 | ) | 799,099 |
Deferred tax | 1,305,982 | 973,897 |
Research and development expenditure credit | - | (24,494 | ) |
Total tax charge | 2,330,251 | 926,856 |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 208,299 |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 | 208,299 |
NET BOOK VALUE |
At 31 March 2024 | - |
At 31 March 2023 | - |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Working | to | Plant and |
quarry | property | machinery |
£ | £ | £ |
COST |
At 1 April 2023 | 1,903,023 | 6,657,605 | 27,165,832 |
Additions | 8,859 | 1,460,640 | 3,962,030 |
Disposals | - | (39,392 | ) | (3,060,532 | ) |
At 31 March 2024 | 1,911,882 | 8,078,853 | 28,067,330 |
DEPRECIATION |
At 1 April 2023 | 1,786,736 | 2,170,381 | 12,324,860 |
Charge for year | 27,137 | 535,749 | 4,548,343 |
Eliminated on disposal | - | (33,078 | ) | (2,049,736 | ) |
At 31 March 2024 | 1,813,873 | 2,673,052 | 14,823,467 |
NET BOOK VALUE |
At 31 March 2024 | 98,009 | 5,405,801 | 13,243,863 |
At 31 March 2023 | 116,287 | 4,487,224 | 14,840,972 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 511,024 | 5,461,751 | 41,699,235 |
Additions | 43,804 | 1,320,644 | 6,795,977 |
Disposals | - | (728,430 | ) | (3,828,354 | ) |
At 31 March 2024 | 554,828 | 6,053,965 | 44,666,858 |
DEPRECIATION |
At 1 April 2023 | 302,840 | 2,008,497 | 18,593,314 |
Charge for year | 87,770 | 1,393,172 | 6,592,171 |
Eliminated on disposal | - | (630,345 | ) | (2,713,159 | ) |
At 31 March 2024 | 390,610 | 2,771,324 | 22,472,326 |
NET BOOK VALUE |
At 31 March 2024 | 164,218 | 3,282,641 | 22,194,532 |
At 31 March 2023 | 208,184 | 3,453,254 | 23,105,921 |
Included within the above group totals are the following amounts held on hire purchase / finance leases: |
Plant & machinery: Net book value £3,187,726, depreciation charge for the year £2,398,016. |
Motor vehicles: Net book value £1,466,571, depreciation charge for the year £913,271. |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Figures disclosed represent the position of the sub-group of companies headed by NRS Waste Care Limited. |
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit for the year |
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Figures disclosed represent the position of the sub-group of companies headed by NRS Saredon Holdings Limited. |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Figures disclosed represent the position of the sub-group of companies headed by NRS Woodcote Holdings Limited. |
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Figures disclosed represent the position of the sub-group of companies headed by NRS Kidderminster Holdings Limited. |
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Profit for the year |
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Loss for the year | ( |
) |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: NRS House, Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves |
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves |
Figures disclosed represent the position of the sub-group of companies headed by NRS Bancroft Holdings Limited. |
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves |
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 |
£ |
Aggregate capital and reserves |
At 31 March 2024 the group directly held 100% of the allotted share capital of 10 companies and 100% indirect control of a further 7 companies. The group also holds 80% and 75% of the alloted share capital in a further 2 companies The principal significant undertakings are detailed above together with a list of companies included within the results of these financial statements in the basis of consolidation accounting policy. A full list of subsidiaries is available from the Company's registered office. All subsidiaries have the same registered office as that of Natural Resource Services Holding Company Limited. |
13. | STOCKS |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate material | 1,782,083 | 1,406,326 |
14. | DEBTORS |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 8,932,686 | 9,221,851 |
Amounts owed by group undertakings | - | - |
Other debtors | 3,360 | 1,734 |
Amounts owed by related parties | 167,962 | 314,373 | - | - |
Corporation tax | 679,036 | 631,886 |
Prepayments and accrued income | 1,608,785 | 1,260,405 |
11,391,829 | 11,430,249 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | DEBTORS - continued |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Amounts falling due after more than one | year: |
Other debtors | 1,035,000 | 1,035,000 |
Aggregate amounts | 12,426,829 | 12,465,249 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Hire purchase contracts (see note 17) | 2,257,529 | 2,756,829 |
Trade creditors | 3,368,250 | 2,959,392 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 206,955 | 212,682 |
VAT | 1,452,339 | 868,835 | - | - |
Other creditors | 154,826 | 210,644 |
Amounts owed to related parties | 43,515 | - | - | - |
Accrued expenses | 1,907,056 | 1,962,465 |
9,390,470 | 8,970,847 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts (see note 17) | 2,580,710 | 5,202,226 |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.3.24 | 31.3.23 |
£ | £ |
Gross obligations repayable: |
Within one year | 2,390,882 | 3,017,730 |
Between one and five years | 2,659,527 | 5,413,301 |
5,050,409 | 8,431,031 |
Finance charges repayable: |
Within one year | 133,353 | 260,901 |
Between one and five years | 78,817 | 211,075 |
212,170 | 471,976 |
Net obligations repayable: |
Within one year | 2,257,529 | 2,756,829 |
Between one and five years | 2,580,710 | 5,202,226 |
4,838,239 | 7,959,055 |
Group |
Non-cancellable operating | leases |
31.3.24 | 31.3.23 |
£ | £ |
Within one year | 239,348 | 173,198 |
Between one and five years | 695,725 | 557,792 |
In more than five years | 317,392 | 65,990 |
1,252,465 | 796,980 |
Operating lease payments expensed through the profit and loss account in the year totalled £216,111 (2023: £179,172). |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts | 4,838,239 | 7,959,055 |
Bank borrowings are secured via fixed and floating charges over all the assets currently or at any times afterwards owned by the companies concerned. |
Hire purchase liabilities are secured against the asset to which they relate. |
19. | PROVISIONS FOR LIABILITIES |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax |
Deferred tax | 3,095,091 | 2,842,914 |
Deferred tax on losses | - | (1,053,803 | ) |
3,095,091 | 1,789,111 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 1,789,111 |
Charge to Income Statement during year | 1,305,980 |
Balance at 31 March 2024 | 3,095,091 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 21,000 | 21,000 |
Ordinary shares are entitled to full voting rights and dividends. |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2023 | 27,123,534 |
Profit for the year | 6,359,790 |
At 31 March 2024 | 33,483,324 |
Company |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
At 31 March 2024 |
Retained earnings includes all current and prior period retained profits and losses. |
22. | NON-CONTROLLING INTERESTS |
Non-controlling interest represents the following shares in subsidiaries which are not controlled or owned by the group:- |
- 25% interest in the net assets of Titan Site Solutions Limited. The equity interest is £208,095 (2023: £47,688). |
- 20% interest in the net assets of NRS Environmental Services Limited. The equity interest is £492,899 (2023: £515). |
23. | ULTIMATE PARENT COMPANY |
The ultimate parent company is LAF Holdings Limited, a company registered in England and Wales, by virtue of a controlling shareholding. Natural Resource Services Holding Company Limited is included in the consolidated group accounts of LAF Holdings Limited which are freely available from Companies House. |
LAF Holdings Limited is the parent undertaking of both the largest and smallest group of which group accounts are drawn up and of which Natural Resource Services Holding Company Limited is a member. The registered office of LAF Holdings Limited is The Mill, Morton, Oswestry, Shropshire, SY10 8BH. |
24. | CONTINGENT LIABILITIES |
During a prior year a subsidiary company 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 the subsidiary company and in addition the non-group company has provided the subsidiary company 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 the subsidiary company by fixed and floating charges on property held by the non-group company. |
NATURAL RESOURCE SERVICES HOLDING |
COMPANY LTD (REGISTERED NUMBER: 12084506) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
25. | CAPITAL COMMITMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Contracted but not provided for in the |
financial statements | 1,397,343 | 2,759,259 |
26. | RELATED PARTY DISCLOSURES |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
During the current and prior year transactions occurred between Natural Resource Services Holding Company Limited group and companies that were related due to being under the control of key management personnel of the group, details of these transactions are as followed: |
2024 | 2023 |
£ | £ |
Sales to related party | 93,288 | 189,408 |
Purchases from related party | 741,607 | 499,338 |
Amounts due to related party | 47,730 | 119,283 |
Amounts due from related party | 4,216 | 173,374 |
During the current and prior year transactions occurred between Natural Resource Services Holding Company Limited group and other related parties, details of these transactions are as followed: |
2024 | 2023 |
£ | £ |
Sales to related party | 1,433,571 | 477,245 |
Amounts due from related party | 167,961 | 191,997 |
The group 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 £160,000. |
Payments of £nil (2023: £1,890) were made in respect of consultancy services provided by the husband of a member of key management personnel. |
During the year, a total of key management personnel compensation of £ 676,616 (2023 - £ 630,417 ) was paid. |
27. | POST BALANCE SHEET EVENTS |
A dividend of £3,200,000 has been voted on 30 April 2024. |
28. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party 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. |