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REGISTERED NUMBER: 13980793 (England and Wales)















REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

NRS ENVIRONMENTAL SERVICES LIMITED

NRS ENVIRONMENTAL SERVICES LIMITED (REGISTERED NUMBER: 13980793)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


NRS ENVIRONMENTAL SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: M C Ketcher
K D Montgomery
J C Mockett
D Forder





SECRETARY: Ms L J Shirley





REGISTERED OFFICE: NRS House
Site 7, Meriden Park
Cornets End Lane
Meriden
CV7 7LG





REGISTERED NUMBER: 13980793 (England and Wales)





AUDITORS: D.R.E. & Co. (Audit) Limited
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL

NRS ENVIRONMENTAL SERVICES LIMITED (REGISTERED NUMBER: 13980793)

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.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of processing contaminated material for recycling and landfill.

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.

M C Ketcher
K D Montgomery

Other changes in directors holding office are as follows:

J C Mockett - appointed 12 April 2023
D Forder - appointed 1 September 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 ENVIRONMENTAL SERVICES LIMITED (REGISTERED NUMBER: 13980793)

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:





M C Ketcher - Director


15 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NRS ENVIRONMENTAL SERVICES LIMITED

Opinion
We have audited the financial statements of NRS Environmental Services 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NRS ENVIRONMENTAL SERVICES 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 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 ENVIRONMENTAL SERVICES 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:

- 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 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, employment law, environmental agency regulation 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.

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.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NRS ENVIRONMENTAL SERVICES LIMITED

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.




Francis Nock F.C.C.A (Senior Statutory Auditor)
for and on behalf of D.R.E. & Co. (Audit) Limited
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL

15 November 2024

NRS ENVIRONMENTAL SERVICES LIMITED (REGISTERED NUMBER: 13980793)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

Period
16.3.22
Year Ended to
31.3.24 31.3.23
Notes £    £   

TURNOVER 6,272,051 223,720

Cost of sales (2,310,136 ) (175,123 )
GROSS PROFIT 3,961,915 48,597

Administrative expenses (677,067 ) (44,258 )
OPERATING PROFIT 5 3,284,848 4,339

Interest receivable and similar income 10,216 -
PROFIT BEFORE TAXATION 3,295,064 4,339

Tax on profit 6 (833,195 ) (1,813 )
PROFIT FOR THE FINANCIAL YEAR 2,461,869 2,526

NRS ENVIRONMENTAL SERVICES LIMITED (REGISTERED NUMBER: 13980793)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

Period
16.3.22
Year Ended to
31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 2,461,869 2,526


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,461,869

2,526

NRS ENVIRONMENTAL SERVICES LIMITED (REGISTERED NUMBER: 13980793)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 61,357 -

CURRENT ASSETS
Stocks 8 72,778 -
Debtors 9 1,435,776 237,953
Cash at bank 2,627,172 24,480
4,135,726 262,433
CREDITORS
Amounts falling due within one year 10 1,717,249 259,807
NET CURRENT ASSETS 2,418,477 2,626
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,479,834

2,626

PROVISIONS FOR LIABILITIES 15,339 -
NET ASSETS 2,464,495 2,626

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 2,464,395 2,526
SHAREHOLDERS' FUNDS 2,464,495 2,626

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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


NRS ENVIRONMENTAL SERVICES LIMITED (REGISTERED NUMBER: 13980793)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 100 - 100
Total comprehensive income - 2,526 2,526
Balance at 31 March 2023 100 2,526 2,626

Changes in equity
Total comprehensive income - 2,461,869 2,461,869
Balance at 31 March 2024 100 2,464,395 2,464,495

NRS ENVIRONMENTAL SERVICES LIMITED (REGISTERED NUMBER: 13980793)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

NRS Environmental Services 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 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

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.

Turnover
Turnover represents net invoiced sales of goods excluding value added tax. Turnover is recognised when goods have been despatched or made available for collection by the customer.

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:

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.

NRS ENVIRONMENTAL SERVICES LIMITED (REGISTERED NUMBER: 13980793)

NOTES TO THE 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 cash at bank, trade debtors, amounts owed by related parties and other debtors, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss 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 creditors and amounts owed to related parties, 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 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.

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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 3 ) .

NRS ENVIRONMENTAL SERVICES LIMITED (REGISTERED NUMBER: 13980793)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. OPERATING PROFIT

The operating profit is stated after charging:

Period
16.3.22
Year Ended to
31.3.24 31.3.23
£    £   
Depreciation - owned assets 2,668 -
Auditors' remuneration 5,190 6,000
Auditors' remuneration for non audit work 65 55
Equipment hire 1,052,986 72,500

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
16.3.22
Year Ended to
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 817,856 1,813

Deferred tax 15,339 -
Tax on profit 833,195 1,813

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
16.3.22
Year Ended to
31.3.24 31.3.23
£    £   
Profit before tax 3,295,064 4,339
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

823,766

824

Effects of:
Expenses not deductible for tax purposes 9,429 989
Capital allowances in excess of depreciation (15,339 ) -
Deferred tax 15,339 -
Total tax charge 833,195 1,813

In line with the group accounting policy for non 100% subsidiary companies, the element of the tax charge that has been group relieved is payable to a fellow group company.

NRS ENVIRONMENTAL SERVICES LIMITED (REGISTERED NUMBER: 13980793)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 64,025
At 31 March 2024 64,025
DEPRECIATION
Charge for year 2,668
At 31 March 2024 2,668
NET BOOK VALUE
At 31 March 2024 61,357

8. STOCKS
31.3.24 31.3.23
£    £   
Aggregate material 72,778 -

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 1,408,569 237,953
Prepayments and accrued income 27,207 -
1,435,776 237,953

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 100,700 66
Amounts owed to group undertakings 1,031,366 198,760
VAT 335,769 24,778
Amounts owed to related parties 12,500 -
Accrued expenses 236,914 36,203
1,717,249 259,807

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 ordinary £1 100 100

Ordinary shares are entitled to full voting rights and dividends.

NRS ENVIRONMENTAL SERVICES LIMITED (REGISTERED NUMBER: 13980793)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. RELATED PARTY DISCLOSURES

During the period, transactions occurred between NRS Environmental Services Limited and companies that were related due to being under the control of key management personnel of the company. Details of these transactions are as follows:

2024 2023
£ £
Purchases from related party 10,417 -
Amounts due to related party 12,500 -

During the period, transactions occurred between NRS Environmental Services Limited and other group companies. Details of these transactions are as follows:

2024 2023
£ £
Sales to related party 512,732 -
Purchases from related party 1,758,541 86,128
Amounts due to related party 1,031,366 198,760

The immediate parent company is Natural Resource Services Holding Company Limited which is also the parent
of the smallest group for which consolidated financial statements are prepared, which include NRS
Environmental Services Limited. The registered office of the immediate parent company is the same as that of
NRS Environmental Services Limited. Group accounts are freely available from Companies House.

The ultimate parent company is LAF Holdings Limited. LAF Holdings Limited is the parent of the largest group
for which consolidated financial statements are prepared which include NRS Environmental Services 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.

13. POST BALANCE SHEET EVENTS

On 30 April 2024 an interim dividend in respect of the year ended 31 March 2025 of £15,000 per share was declared.

14. ULTIMATE CONTROLLING PARTY

The ultimate parent company is LAF Holdings Limited, by way of its majority shareholding in the parent
company. No one person has ultimate control.