REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
NRS WOODCOTE HOLDINGS LTD |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
NRS WOODCOTE HOLDINGS LTD |
NRS WOODCOTE HOLDINGS LTD (REGISTERED NUMBER: 10517013) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
NRS WOODCOTE HOLDINGS 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 |
NRS WOODCOTE HOLDINGS LTD (REGISTERED NUMBER: 10517013) |
BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
NRS WOODCOTE HOLDINGS LTD (REGISTERED NUMBER: 10517013) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
NRS Woodcote Holdings 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 Woodcote Wood Quarry, 19 Woodcote Hill, Sheriffhales, Shifnal, TF11 8RS. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
These financial statements are for the individual entity only. |
The financial statements are presented in Sterling (£), rounded to the nearest £1. |
At the balance sheet date the company had net current liabilities of £862,349 (2023: £1,048,306). As shown in the creditors due within one year note, creditors includes amounts owed to group companies of £2,205,333 (2023: £2,507,739). The directors have reviewed the support of group companies and fully expect it to continue for the foreseeable future and have therefore prepared the financial statements on a going concern basis. |
Preparation of consolidated financial statements |
The financial statements contain information about NRS Woodcote Holdings Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Natural Resource Services Holding Company Limited, NRS House, Site 7 Meriden Park, Cornets End Lane, Meriden, CV7 7LG. |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. Turnover is recognised when the services are provided to the customer. |
Tangible fixed assets |
Tangible fixed assets are stated at historic cost less accumulated depreciation. Costs include original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Improvements to property | - 10% on cost |
Plant and machinery | - 14.29% and 20% on cost |
Fixtures and fittings | - 25% on cost |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
NRS WOODCOTE HOLDINGS LTD (REGISTERED NUMBER: 10517013) |
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 trade and other receivables, amounts due from group companies and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit or loss. |
Financial assets are derecognised when |
(a) the contractual rights to the cash flows from the asset expire or are settled, or |
(b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables and amounts due to group companies, are initially recognised at transaction price and subsequently carried at amortised cost. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
NRS WOODCOTE HOLDINGS LTD (REGISTERED NUMBER: 10517013) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Included in the total net book value of tangible fixed assets held at 31 March 2024 was £1,025,316 (2023: £1,717,767) in respect of assets held under finance leases and hire purchase contracts. |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixed asset investments represent a 100% shareholding in the subsidiary company NRS Woodcote Aggregates Ltd. Full details of the investment can be found in the consolidated accounts prepared by the parent company Natural Resource Services Holding Company Limited. |
7. | DEBTORS |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
Deferred tax asset |
Accelerated capital allowances |
NRS WOODCOTE HOLDINGS LTD (REGISTERED NUMBER: 10517013) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | DEBTORS - continued |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts |
Amounts owed to group undertakings |
VAT |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts | 1,603,389 | 2,133,436 |
Hire purchase and finance lease liabilities are secured against the asset to which they relate. |
Hire purchase liabilities contains a balance of £1,603,389 (2023: £2,133,436) which is guaranteed by a composite agreement between NRS Woodcote Holdings Ltd, NRS Saredon Holdings Limited and NRS Woodcote Aggregates Ltd. |
Any and all company debt with HSBC bank is secured by a debenture dated 10 October 2018 between NRS Woodcote Holdings Ltd and HSBC UK Bank Plc with a fixed and floating charge over all assets currently or at any time afterwards owned by the company. |
11. | PROVISIONS FOR LIABILITIES |
31.3.23 |
£ |
Deferred tax |
Accelerated capital allowances | 84,162 |
NRS WOODCOTE HOLDINGS LTD (REGISTERED NUMBER: 10517013) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 March 2024 | ( |
) |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £0.01 | 1 | 1 |
A Ordinary | £0.01 | - | - |
1 | 1 |
Ordinary shares are entitled to full voting rights and dividends. |
A Ordinary shares are entitled to full voting rights and dividends. |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | CONTINGENT LIABILITIES |
During a prior year the company entered into a Composite Accounting Agreement with fellow group companies. Under the terms of the agreement and the guarantees given, the bank is authorised to allow set-off for interest purposes and in certain circumstances offset bank balances against liabilities within the Composite Accounting System. |
The contingent liability for the company at 31 March 2024 in respect of group bank borrowings amounted to £nil (2023: £nil). |
15. | CAPITAL COMMITMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Contracted but not provided for in the |
financial statements |
NRS WOODCOTE HOLDINGS LTD (REGISTERED NUMBER: 10517013) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | RELATED PARTY DISCLOSURES |
The immediate parent company is Services Holding Company Limited is the parent of the smallest group for which consolidated financial statements are prepared, which include NRS Woodcote Holdings Limited. The registered office of the immediate parent company is the same as that of NRS Woodcote Holdings Limited. Group accounts are freely available from Companies House. |
The ultimate parent company is for which consolidated financial statements are prepared which include NRS Woodcote Holdings Limited. The registered office of the ultimate parent company is The Mill, Morton, Oswestry, Shropshire, SY10 8BH. Group accounts are freely available from Companies House. |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
17. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is LAF Holdings Limited, a company registered in England and Wales, by way of its majority shareholding in the parent company. No one person has ultimate control. |