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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: M C Ketcher
K D Montgomery
D Forder





SECRETARY: Ms L J Shirley





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





REGISTERED NUMBER: 12084506 (England and Wales)





AUDITORS: D.R.E. & Co. (Audit) Limited
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:





M C Ketcher - Director


15 November 2024

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.

M C Ketcher
K D Montgomery

Other changes in directors holding office are as follows:

D Forder - appointed 1 September 2023

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:





M C Ketcher - Director


15 November 2024

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.




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

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 7,012,571 5,997,443
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 29,966 29,866
29,966 29,866

CURRENT ASSETS
Debtors 14 27,545,712 23,667,142
Cash at bank 6,276,384 3,353,117
33,822,096 27,020,259
CREDITORS
Amounts falling due within one year 15 13,584,010 10,496,952
NET CURRENT ASSETS 20,238,086 16,523,307
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,268,052

16,553,173

CAPITAL AND RESERVES
Called up share capital 20 21,000 21,000
Retained earnings 21 20,247,052 16,532,173
SHAREHOLDERS' FUNDS 20,268,052 16,553,173

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 15 November 2024 and were signed on its behalf by:





M C Ketcher - Director


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 21,000 11,441,321 11,462,321

Changes in equity
Total comprehensive income - 5,090,852 5,090,852
Balance at 31 March 2023 21,000 16,532,173 16,553,173

Changes in equity
Total comprehensive income - 3,714,879 3,714,879
Balance at 31 March 2024 21,000 20,247,052 20,268,052

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 have been prepared under the historical cost convention.

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
160 141

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 29,866
Additions 100
At 31 March 2024 29,966
NET BOOK VALUE
At 31 March 2024 29,966
At 31 March 2023 29,866

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

NRS Waste Care Limited
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom
Nature of business: Quarrying activities
%
Class of shares: holding
A Ordinary 100.00
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 7,049,120 7,086,899
Profit for the year 2,662,221 3,091,734

Figures disclosed represent the position of the sub-group of companies headed by NRS Waste Care Limited.

NRS Services Limited
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom
Nature of business: Vehicle repairs and servicing
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves (81,546 ) (122,104 )
Profit for the year 40,558 23,945

NRS Saredon Holdings Limited
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom
Nature of business: Quarrying activities
%
Class of shares: holding
Ordinary 100.00
A Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 3,286,958 3,108,180
Profit for the year 878,778 2,050,268

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

NRS Woodcote Holdings Limited
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom
Nature of business: Quarrying activities
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 545,904 449,741
Profit for the year 196,163 84,590

Figures disclosed represent the position of the sub-group of companies headed by NRS Woodcote Holdings Limited.

NRS Kidderminster Holdings Limited
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom
Nature of business: Quarrying activities
%
Class of shares: holding
Ordinary 100.00
A Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves (110,444 ) (30,032 )
Loss for the year (80,412 ) (16,181 )

Figures disclosed represent the position of the sub-group of companies headed by NRS Kidderminster Holdings Limited.

Midland Mix Concrete Limited
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom
Nature of business: Wholesale of cement products
%
Class of shares: holding
Ordinary 100.00
A Ordinary 100.00
31.3.24 31.3.23
£    £   
Profit for the year - 3,663

Out Of Hours Concrete Limited
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom
Nature of business: Wholesale of cement products
%
Class of shares: holding
Ordinary 100.00
A Ordinary 100.00
31.3.24 31.3.23
£    £   
Loss for the year - (180 )

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

NRS Business Solutions Limited
Registered office: NRS House, Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom
Nature of business: Payroll services
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 100 100

NRS Bancroft Holdings Limited
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom
Nature of business: Quarrying activities
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 200 200

Figures disclosed represent the position of the sub-group of companies headed by NRS Bancroft Holdings Limited.

NRS Prees Heath Holdings
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom
Nature of business: Quarrying activities
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 100 100

NRS Environmental Services Limited
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom
Nature of business: Quarrying activities
%
Class of shares: holding
Ordinary 80.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 2,464,495 2,626
Profit for the year 2,461,869 2,526

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

Titan Site Solutions Limited
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom
Nature of business: Timber and aggregate agents
%
Class of shares: holding
Ordinary 75.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 880,042 238,416
Profit for the year 641,626 238,316

NRS Group of Companies Ltd
Registered office: NRS House Site 7, Meriden Park, Cornets End Lane, Meriden, CV7 7LG, United Kingdom
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
31.3.24
£   
Aggregate capital and reserves 100


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 - - 27,545,712 23,667,142
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 27,545,712 23,667,142

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 27,545,712 23,667,142

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 - - 13,579,168 10,492,552
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 4,842 4,400
9,390,470 8,970,847 13,584,010 10,496,952

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: £    £   
21,000 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 16,532,173
Profit for the year 3,714,879
At 31 March 2024 20,247,052

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.