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Company registration number:
06263424
YOUR NRG LTD
Trading as
Your NRG Ltd
Financial statements for the year to
31 May 2024
YOUR NRG LTD
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of income and retained earnings
Statement of financial position
Statement of cash flows
Notes to the financial statements
YOUR NRG LTD
Directors and other information
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Directors |
Mr Gary Nicholl |
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Mr Charles Peart |
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Mr Roger Peart |
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Mr Colin Nicholl |
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Company number |
06263424 |
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Registered office |
Baltic Works |
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Baltic Street |
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Hartlepool |
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England |
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TS25 1PW |
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Business address |
Baltic Works |
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Baltic Street |
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Hartlepool |
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England |
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TS25 1PW |
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Auditor |
McDaid McCullough Moore |
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28/32 Clarendon Street |
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Derry |
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BT48 7HD |
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Northern Ireland |
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Bankers |
Barclays Bank PLC |
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28/32 Albert Road |
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Middlesbrough |
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Cleveland |
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TS1 1QD |
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YOUR NRG LTD
Strategic report
Year ended 31 May 2024
The directors present their strategic report for the year ended 31 May 2024.
Business Review
The principal activity of the company in the year under review was that of suppliers of domestic and commercial fuels.
The company has performed strongly during the year ended 31 May 2024. The results for the year, as set out in the financial statements, show turnover has increased from £437,063,618 to £438,996,903 with profit on ordinary activities before tax of £1,652,680 (Year End 31 May 2023 - £3,696,799). The fall in the net profit is due to a reduced gross profit margin, increased overhead expenses and reduced other income.
The fuel market continues to be extremely price competitive which leads to varying working capital requirements. The cashflow benefits of increased sales and resulting strong profits have been offset by significant investment in fixed assets during the year. The directors consider that the year-end financial position was satisfactory and that the company is well placed to develop its activities in the foreseeable future.
Principal Risks and Uncertainties
Financial risk management objectives and policies
Financial risk management objectives and policies
The company's operations expose it to financial risks that include the effects of changes in market prices, credit risk, and liquidity risk. The company has in place a risk management programme to monitor its exposure to financial risk. The policies set by the board of directors are implemented by the company's finance department.
Price Risk
The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing the exposure to commodity price risk exceed any potential benefits. The directors mitigate any risk via a system to monitor the gross profit margin and will revisit the appropriateness of the policy in this area should the company's operations change in size or nature.
Credit Risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made and the use of credit insurance. The amount of exposure to individual customers is subject to a limit, which is reviewed regularly by the Board and management of the company.
Liquidity Risk
The company actively maintains strong cash collection and credit control procedures to ensure that it has sufficient funds for operational purposes.
Development and Performance
The company has reported strong profits during the year ended 31 May 2024 and the company's Statement of Financial Position showed net assets of £10,919,478 (Year End 31 May 2023 - £10,714,198). The directors consider that the trading results for the year and the year-end financial position were satisfactory and that the company is well placed to develop its activities in the foreseeable future.
Environmental Policy
The company is committed to reducing its environmental impact and to continually improving its environmental performance. It has a duty of care with respect to its environmental practice and to achieve this it:
- wholly supports and complies with the requirements of current environmental legislation and codes of practice,
- minimises waste and recycles as much as possible,
- minimises energy and water waste in order to conserve supplies and also consumption of natural resources, especially where they are non-renewable,
- operates and maintains company owned vehicles and equipment with due regard to environmental issues,
- assesses, in advance, the environmental impact of any new processes, products or services intended for introduction, so that no damage is done to the environment,
- ensures that all employees understand the company's environmental policy and conform to the standards by training and instruction,
- promptly addresses any complaints about breaches of environmental policy to the satisfaction of all concerned,
- constantly reviews policy to ensure adequacy.
Health and Safety
The company has in place a Health and Safety Policy which requires it to comply, as a minimum, with all legislation and to take all reasonable practicable steps to ensure the safety, health and welfare of all employees, contractors and anyone else affected by the activities carried out.
Future Developments
In line with its growth strategy the company continues to assess new opportunities to expand its UK coverage. In addition, the company will continue to invest in innovation and technology to drive operational efficiencies and improve customer experience within its existing operations.
Financial Key Performance Indicators
The company uses review of the following key performance indicators to support the development, performance and position of the business:-
- Operating profit margin
- Gross margin contribution
- Sales growth
- Current ratio
All of these indicators for the year were satisfactory in the opinion of the directors .
Section 172 (1) Statement
The directors have a statutory duty to promote the success of the Company for the benefit of its members as a whole and so have had, and will continue into the future to have, due regard for the following:
- Long term consequences: by creating an annual 5 year plan showing a long term view of the Company, approved by the Directors;
- Interests of Company employees. See “Employee involvement” in the Directors’ Report;
- Relationship with suppliers, customers and others. The relationship with suppliers and customers is a very strong one as a large part of the Company’s business model is to store, purchase and supply clean fuels.
Therefore when entering into contracts with critical suppliers, due regard is paid to a long-term relationship with them such as to safeguard the business model. Likewise, with customers, the directors believe a loyal customer base is vital to long term planning and success of the Company;
- The impact on the community and the environment. See Community and Environment in the Directors’ Report; and
- The desirability of maintaining a high reputation for standards of business conduct. This includes overseeing an annual reporting and certification process to ensure all relevant employees are aware of the high standards set in this regard and a mechanism to notify the Company of any shortcomings.
This report was approved by the board of directors on 10 December 2024 and signed on behalf of the board by:
Mr Gary Nicholl
Director
Mr Roger Peart
Director
YOUR NRG LTD
Directors report
Year ended 31 May 2024
The directors present their report and the financial statements of the company for the year ended 31 May 2024.
Directors
The directors who served the company during the year were as follows:
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Mr Gary Nicholl |
Mr Charles Peart |
Mr Roger Peart |
Mr Colin Nicholl |
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Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
Details of future developments can be found in the Strategic Report and form part of this report by cross reference.
Greenhouse gas emissions and energy consumption
Arising from the Company's use of heating, electricity and transport fuels, the Company produced 3,665 tonnes CO2e (2023 - 3,134 tonnes CO2e) and had consumed 14.4 mill Kwh (2023 -12.3 mill Kwh). Carbon intensity ratios (measured as tonnes of CO2e per £million sales) were as follows: 8.35 (2023: 7.17). Data is extracted from distance travelled and invoices received and converted into greenhouse gas emissions (GHG) and Kwh using UK Government GHG Conversion Factors for Company Reporting.
The increase in emissions for year end 2024 reflects the continuing growth of the company. The company is continuing to adopt measures to offset the growth in its emissions by installing solar panels to depots and by commissioning a professional consultant to work on a tailored carbon reduction plan.
Financial Instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement. The company's operations expose it to financial risks that include the effects of changes in market prices, credit risk, and liquidity risk. The company has in place a risk management programme to monitor its exposure to financial risk. The policies set by the board of directors are implemented by the company's finance department. Price Risk The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing the exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature. Credit Risk The company has implemented policies that require appropriate credit checks on potential customers before sales are made and the use of credit insurance. The amount of exposure to individual customers is subject to a limit, which is reviewed regularly by the board and management. Liquidity Risk The company actively maintains strong cash collection and credit control procedures to ensure that it has sufficient funds for operational purposes.
Going concern
The Company’s business activities, together with the factors likely to affect its future developments, its financial position, financial risk management objectives and its exposures to price, credit, liquidity and cash flow risks are described above and in the Strategic Report. The directors have taken into consideration the impact of the war in Ukraine on inflation and the level of economic activity. They have reviewed a detailed cash flow for a period of at least 12 months after the date of signing these financial statements. Having performed this assessment, the directors believe that the Company is well placed to manage its business risks successfully and that the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Other matters
Section 172 (1) Statement
Community and environment
The Company is fully committed to pursuing the best environmental practice and conducting its activities in a way that fully recognises its responsibilities to the community and the environment.
Employee involvement
The Company has a policy to keep employees fully informed of matters affecting them as employees and to make them aware of the financial and economic factors influencing the Company performance through regular engagement meetings with its employees in the form of meetings with the directors and management.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors report 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 profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on
10 December 2024
and signed on behalf of the board by:
Mr Gary Nicholl
Mr Roger Peart
Director
Director
YOUR NRG LTD
Independent auditor's report to the members of
YOUR NRG LTD
Year ended 31 May 2024
Opinion
We have audited the financial statements of Your NRG Ltd (the 'company') for the year ended 31 May 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows 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 FRS 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 May 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 auditor’s 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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:
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the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. 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 the 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, 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 is 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.
Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach was as follows:- - we ensured the audit partner and audit team had appropriate knowledge and competence to identify and recognise non-compliance with applicable laws and regulations;- using our knowledge and experience of the sector we identified, through discussions with directors and management, laws and regulations applicable to the company; - we concentrated on legislation we considered to have a direct impact on the company financial statements, including the reporting framework (FRS 102 in conformity with the requirements of the Companies Act 2006), direct and indirect taxation, health & safety and environmental legislation, data protection and employment law; - we obtained an understanding of how the company is complying with these frameworks through enquiries with management and directors as to the policies and procedures in these key areas and the controls in operation to reduce the opportunity for fraudulent transactions. We carried out an assessment of the susceptibility of the Company's financial statements to material misstatement, including an understanding how fraud may arise, through enquiry of management and those charged with governance, as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. We identified potential risks relating to posting of journal entries and audit procedures performed to counteract this risk, included testing of material journal entries and discussions with management. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness and rationale of journal entries and other adjustments and assessed the appropriateness of judgements made in making accounting estimates. In addition to the above, our procedures to respond to the risks identified included the following: - reviewing financial statement disclosures by testing to supporting documentation to assess compliance with relevant laws and regulations having a direct effect on the financial statements;- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and- enquiring of management and directors concerning actual and potential litigation and claims, and instances of non compliance with laws and regulations. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remains a higher risk of non-detection of irregularities as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities is available on the FRC’s website at:
https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for
This description forms part of our auditor's report.
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 an auditors report 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.
Michael McCullough
(Senior Statutory Auditor)
For and on behalf of
McDaid McCullough Moore
Chartered Accountants and Statutory Auditor
28/32 Clarendon Street
Derry
BT48 7HD
Northern Ireland
10 December 2024
YOUR NRG LTD
Statement of income and retained earnings
Year ended 31 May 2024
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2024 |
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2023 |
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Note |
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£ |
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£ |
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Turnover |
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4 |
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438,996,903 |
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437,063,618 |
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Cost of sales |
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(
429,160,160) |
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(
426,014,547) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Gross profit |
|
|
|
9,836,743 |
|
11,049,071 |
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
|
|
(
8,124,266) |
|
(
7,692,718) |
|
|
Other operating income |
|
5 |
|
11,540 |
|
27,265 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Operating profit |
|
6 |
|
1,724,017 |
|
3,383,618 |
|
|
|
|
|
|
|
|
|
|
|
Income from other fixed asset investments |
|
8 |
|
- |
|
289,541 |
|
|
Other interest receivable and similar income |
|
9 |
|
83,793 |
|
76,547 |
|
|
Interest payable and similar expenses |
|
10 |
|
(
155,130) |
|
(
52,907) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Profit before taxation |
|
|
|
1,652,680 |
|
3,696,799 |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit |
|
11 |
|
(
515,398) |
|
(
679,712) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Profit for the financial year and total comprehensive income |
|
|
|
1,137,282 |
|
3,017,087 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
Dividends declared and paid or payable during the year |
|
12 |
|
(
932,002) |
|
(
1,549,999) |
|
|
|
|
|
|
|
|
|
|
|
Retained earnings at the start of the year |
|
|
|
10,712,188 |
|
9,245,100 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Retained earnings at the end of the year |
|
|
|
10,917,468 |
|
10,712,188 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
All the activities of the company are from continuing operations.
YOUR NRG LTD
Statement of financial position
31 May 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
13 |
2,061,768 |
|
|
|
2,301,833 |
|
|
Tangible assets |
|
14 |
17,167,073 |
|
|
|
14,066,669 |
|
|
Investments |
|
15 |
2 |
|
|
|
2 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
19,228,843 |
|
|
|
16,368,504 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
16 |
2,713,662 |
|
|
|
2,879,700 |
|
|
Debtors: |
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year |
17 |
22,040,071 |
|
|
|
18,983,798 |
|
|
Cash at bank and in hand |
|
|
2,726,331 |
|
|
|
5,749,945 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
27,480,064 |
|
|
|
27,613,443 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
18 |
(
32,785,378) |
|
|
|
(
30,595,575) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
5,305,314) |
|
|
|
(
2,982,132) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
13,923,529 |
|
|
|
13,386,372 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
19 |
|
|
(
207,734) |
|
|
|
(
391,255) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
21 |
|
|
(
2,796,317) |
|
|
|
(
2,280,919) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
10,919,478 |
|
|
|
10,714,198 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
24 |
|
|
2,010 |
|
|
|
2,010 |
Profit and loss account |
|
25 |
|
|
10,917,468 |
|
|
|
10,712,188 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
10,919,478 |
|
|
|
10,714,198 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
10 December 2024
, and are signed on behalf of the board by:
Mr Gary Nicholl
Mr Roger Peart
Director
Director
Company registration number:
06263424
YOUR NRG LTD
Statement of cash flows
Year ended 31 May 2024
|
|
2024 |
|
2023 |
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Profit for the financial year |
|
1,137,282 |
|
3,017,087 |
|
Adjustments for: |
|
|
|
|
|
Depreciation of tangible assets |
|
1,758,686 |
|
1,300,588 |
|
Amortisation of intangible assets |
|
467,733 |
|
491,607 |
|
Income from other fixed asset investments |
|
- |
|
(
289,541) |
|
Other interest receivable and similar income |
|
(
83,793) |
|
(
76,547) |
|
Interest payable and similar expenses |
|
155,130 |
|
52,907 |
|
Gain/(loss) on disposal of tangible assets |
|
(
26,329) |
|
36,186 |
|
Tax on profit |
|
515,398 |
|
679,712 |
|
Accrued expenses/(income) |
|
(
405,191) |
|
535,435 |
|
Changes in: |
|
|
|
|
|
Stocks |
|
166,038 |
|
1,217,157 |
|
Trade and other debtors |
|
(
3,379,251) |
|
4,581,266 |
|
Trade and other creditors |
|
2,442,778 |
|
(
7,171,576) |
|
|
|
_______ |
|
_______ |
|
Cash generated from operations |
|
2,748,481 |
|
4,374,281 |
|
Interest paid |
|
(
155,130) |
|
(
52,907) |
|
Interest received |
|
83,793 |
|
76,547 |
|
Tax paid |
|
322,978 |
|
(
968,009) |
|
|
|
_______ |
|
_______ |
|
Net cash from operating activities |
|
3,000,122 |
|
3,429,912 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Purchase of tangible assets |
|
(
5,384,761) |
|
(
6,550,775) |
|
Proceeds from sale of tangible assets |
|
552,000 |
|
98,467 |
|
Purchase of intangible assets |
|
(
227,668) |
|
(
98,922) |
|
Purchase of other investments |
|
- |
|
(
205) |
|
Proceeds from sale of other investments |
|
- |
|
289,846 |
|
|
|
_______ |
|
_______ |
|
Net cash used in investing activities |
|
(
5,060,429) |
|
(
6,261,589) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Proceeds from borrowings |
|
(
375,000) |
|
(
250,000) |
|
Payment of finance lease liabilities |
|
343,695 |
|
(
56,250) |
|
Equity dividends paid |
|
(
932,002) |
|
(
1,549,999) |
|
|
|
_______ |
|
_______ |
|
Net cash used in financing activities |
|
(
963,307) |
|
(
1,856,249) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
(
3,023,614) |
|
(
4,687,926) |
|
Cash and cash equivalents at beginning of year |
|
5,749,945 |
|
10,437,871 |
|
|
|
_______ |
|
_______ |
|
Cash and cash equivalents at end of year |
|
2,726,331 |
|
5,749,945 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
YOUR NRG LTD
Notes to the financial statements
Year ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Your NRG Ltd, Baltic Works, Baltic Street, Hartlepool, England, TS25 1PW.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.The financial statements are prepared in sterling, which is the functional currency of the entity.The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.Useful economic lives of tangible assetsThe annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the asset.Impairment of InvestmentsThe company makes an annual assessment of the possible impairment of its investment in its subsidiary undertakings. When assessing the impairment of the investment in the subsidiary undertakings, management consider the net asset value of the investment as well as future projected cash flows from the investment.Impairment of DebtorsDebtors are reviewed periodically and assumptions are based on historical experience and expectation of future events. Any judgements made regarding provisions for bad debt are specific.Amortisation of Intangible AssetsAmortisation is charged over the useful economic life of the intangible asset in accordance with FRS 102. The directors consider the useful economic life of intangible assets to be 10 years.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
|
Goodwill |
- |
amortised over expected useful life of 9-10 years |
Other intangible assets |
- |
20
% |
straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and inpairment losses. Cost includes all costs directly attributable to making the asset capable as operating as intended.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Freehold property |
- |
2 % |
straight line |
|
Leasehold property |
- |
10 % |
straight line |
|
Plant and machinery |
- |
20 % |
straight line |
|
Fittings fixtures and equipment |
- |
20 % |
straight line |
|
Motor vehicles |
- |
20 % |
straight line |
|
Tankers |
- |
10-20% straight line |
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated on a first in first out basis. Provision is made for damaged, obsolete and slow moving stock where appropriate.Net realisable value is the amount at which stocks can be expected to be realised less further costs to completion and sale.The replacement value of stock does not differ materially from the cost.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4.
Turnover
Turnover arises from:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Sale of goods |
|
438,996,903 |
437,063,618 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
Turnover consists of sales of goods and services to third parties exclusive of value added tax and trade discounts. An analysis of turnover by class of business and geographical region is not given as the directors believe that the disclosure of this information would be seriously prejudicial to the interests of the company.
5.
Other operating income
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Rental income |
|
11,540 |
10,500 |
|
Other operating income |
|
- |
16,765 |
|
|
|
_______ |
_______ |
|
|
|
11,540 |
27,265 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Operating profit
Operating profit is stated after charging/(crediting):
|
|
|
|
2024 |
2023 |
|
|
|
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
467,733 |
491,607 |
|
Depreciation of tangible assets |
|
|
1,758,686 |
1,300,588 |
|
(Gain)/loss on disposal of tangible assets |
|
|
(
26,329) |
36,186 |
|
Impairment of trade debtors |
|
|
500,839 |
87,789 |
|
Fees payable for the audit of the financial statements |
|
|
14,675 |
11,099 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
7.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
|
|
2024 |
2023 |
|
Drivers |
|
96 |
80 |
|
Sales |
|
33 |
40 |
|
Administration |
|
35 |
28 |
|
|
|
_______ |
_______ |
|
|
|
164 |
148 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The aggregate payroll costs incurred during the year were:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
6,643,225 |
5,878,755 |
|
Social security costs |
|
698,540 |
645,897 |
|
Other pension costs |
|
157,063 |
177,058 |
|
|
|
_______ |
_______ |
|
|
|
7,498,828 |
6,701,710 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Driver employment costs are included in Haulage costs.
8.
Income from other fixed asset investments
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Gain/(loss) on disposal of FA investments |
|
(-) |
289,541 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Other interest receivable and similar income
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank deposits |
|
68,590 |
76,084 |
|
Other interest receivable and similar income |
|
15,203 |
463 |
|
|
|
_______ |
_______ |
|
|
|
83,793 |
76,547 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Interest payable and similar expenses
|
|
|
|
2024 |
2023 |
|
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
35,153 |
- |
|
Other loans made to the company: |
|
|
|
|
|
|
Finance leases and hire purchase contracts |
|
56,079 |
14,132 |
|
|
Factoring loans |
|
20,833 |
38,775 |
|
|
Other interest on other loans made to the company |
|
43,065 |
- |
|
|
|
|
_______ |
_______ |
|
|
|
|
155,130 |
52,907 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
11.
Tax on profit
Major components of tax expense
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Deferred tax: |
|
|
|
|
Origination and reversal of timing differences |
|
515,398 |
679,712 |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
515,398 |
679,712 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2023: lower than) the
standard rate of corporation tax in the UK
of
25.00
% (2023: 20.00%).
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Profit before taxation |
|
1,652,680 |
3,696,799 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Profit multiplied by rate of tax |
|
413,170 |
739,360 |
|
Effect of expenses not deductible for tax purposes |
|
101,748 |
81,320 |
|
Effect of capital allowances and depreciation |
|
480 |
378 |
|
Effect of Super Deduction capital allowances |
|
- |
(
277,288) |
|
Effect of different future tax rate applicable to deferred tax |
|
- |
135,942 |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
515,398 |
679,712 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Dividends
Equity dividends
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) |
|
932,002 |
1,549,999 |
|
|
|
_______ |
_______ |
|
|
|
|
|
13.
Intangible assets
|
|
Goodwill |
Trademarks & Website Development |
Total |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 June 2023 |
4,519,560 |
146,125 |
4,665,685 |
|
|
|
|
Additions |
- |
227,668 |
227,668 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
At 31 May 2024 |
4,519,560 |
373,793 |
4,893,353 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 June 2023 |
2,345,020 |
18,832 |
2,363,852 |
|
|
|
|
Charge for the year |
406,992 |
60,741 |
467,733 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
At 31 May 2024 |
2,752,012 |
79,573 |
2,831,585 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 May 2024 |
1,767,548 |
294,220 |
2,061,768 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
At 31 May 2023 |
2,174,540 |
127,293 |
2,301,833 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
14.
Tangible assets
|
|
Freehold property |
Short leasehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Tankers |
Total |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|
|
|
|
|
|
|
|
At 1 June 2023 |
557,982 |
294,867 |
1,858,340 |
174,016 |
64,657 |
15,528,622 |
18,478,484 |
|
Additions |
2,405 |
349,657 |
437,663 |
57,223 |
- |
4,537,813 |
5,384,761 |
|
Disposals |
- |
- |
- |
- |
(
15,303) |
(
1,536,762) |
(
1,552,065) |
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
At 31 May 2024 |
560,387 |
644,524 |
2,296,003 |
231,239 |
49,354 |
18,529,673 |
22,311,180 |
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 June 2023 |
12,968 |
22,792 |
1,013,172 |
87,368 |
25,618 |
3,249,897 |
4,411,815 |
|
Charge for the year |
2,064 |
40,072 |
260,752 |
37,456 |
6,671 |
1,411,671 |
1,758,686 |
|
Disposals |
- |
- |
- |
- |
(
15,303) |
(
1,011,091) |
(
1,026,394) |
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
At 31 May 2024 |
15,032 |
62,864 |
1,273,924 |
124,824 |
16,986 |
3,650,477 |
5,144,107 |
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 May 2024 |
545,355 |
581,660 |
1,022,079 |
106,415 |
32,368 |
14,879,196 |
17,167,073 |
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
At 31 May 2023 |
545,014 |
272,075 |
845,168 |
86,648 |
39,039 |
12,278,725 |
14,066,669 |
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
The cost of depreciable assets included in Freehold Property at 31 May 2024 was £103,989 (31 May 2023 - £101,584).
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
|
|
|
|
|
|
|
|
|
|
Tankers |
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
At 31 May 2024 |
1,858,772 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 31 May 2023 |
948,413 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.
Investments
|
|
Shares in group undertakings |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 June 2023 and 31 May 2024 |
1,121,764 |
1,121,764 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 June 2023 and 31 May 2024 |
1,121,762 |
1,121,762 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 May 2024 |
2 |
2 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 May 2023 |
2 |
2 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in group undertakings |
|
|
|
|
|
|
|
Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|
|
|
|
|
East Riding Oil Limited |
|
Baltic Works, Baltic Street, Hartlepool England TS25 1PW |
Ordinary |
100 |
|
|
|
|
|
|
|
Conquest Oil NRG Ltd |
|
Baltic Works, Baltic Street, Hartlepool England TS25 1PW |
Ordinary |
100 |
|
|
|
|
|
|
|
Brobot Fuels Limited |
|
Baltic Works, Baltic Street, Hartlepool England TS25 1PW |
Ordinary |
100 |
|
|
|
|
|
|
|
|
|
|
|
|
The results and capital and reserves for the period of the trading companies are as follows:
|
|
|
|
|
|
|
|
|
Capital and |
|
Profit/(loss) |
|
|
|
reserves |
|
for the |
|
|
|
|
|
period |
|
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
Subsidiary undertakings |
|
|
|
|
|
East Riding Oil Limited |
(23,153) |
(23,153) |
- |
- |
|
Conquest Oil NRG Ltd |
1 |
1 |
- |
- |
|
Brobot Fuels Limited |
1 |
1 |
- |
- |
|
|
|
|
|
|
16.
Stocks
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Finished goods and goods for resale |
|
2,713,662 |
2,879,700 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The replacement value of stock does not materially differ from the cost of stock.
17.
Debtors
Debtors falling due within one year are as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
20,987,414 |
17,799,852 |
|
Prepayments and accrued income |
|
523,515 |
193,415 |
|
Other debtors |
|
529,142 |
990,531 |
|
|
|
_______ |
_______ |
|
|
|
22,040,071 |
18,983,798 |
|
|
|
_______ |
_______ |
|
|
|
|
|
18.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade creditors |
|
30,173,848 |
27,300,559 |
|
Amounts owed to group undertakings |
|
2 |
2 |
|
Accruals and deferred income |
|
905,699 |
1,310,890 |
|
Social security and other taxes |
|
175,305 |
229,244 |
|
Obligations under finance leases |
|
751,960 |
224,744 |
|
Director loan accounts |
|
375,000 |
750,000 |
|
Other creditors |
|
403,564 |
780,136 |
|
|
|
_______ |
_______ |
|
|
|
32,785,378 |
30,595,575 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Bank borrowings are secured by fixed and floating charges and an negative pledge in respect of all present and future assets of the company.
19.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Obligations under finance leases |
|
207,734 |
391,255 |
|
|
|
_______ |
_______ |
|
|
|
|
|
20.
Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Not later than 1 year |
|
773,876 |
239,451 |
|
Later than 1 year and not later than 5 years |
|
227,827 |
423,319 |
|
|
|
_______ |
_______ |
|
|
|
1,001,703 |
662,770 |
|
Less: future finance charges |
|
(
42,009) |
(
46,771) |
|
|
|
_______ |
_______ |
|
Present value of minimum lease payments |
|
959,694 |
615,999 |
|
|
|
_______ |
_______ |
|
|
|
|
|
21.
Provisions
|
|
Deferred tax (note 22) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 June 2023 |
2,280,919 |
2,280,919 |
|
|
|
|
Additions |
515,398 |
515,398 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 31 May 2024 |
2,796,317 |
2,796,317 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
22.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Included in provisions (note 21) |
|
2,796,317 |
2,280,919 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
3,958,721 |
2,997,210 |
|
Unused tax losses |
|
(
1,162,404) |
(
716,291) |
|
|
|
_______ |
_______ |
|
|
|
2,796,317 |
2,280,919 |
|
|
|
_______ |
_______ |
|
|
|
|
|
23.
Financial instruments
The carrying amount for each category of financial instrument is as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Financial assets that are debt instruments measured at amortised cost |
|
|
|
|
Trade debtors |
|
20,987,414 |
17,799,852 |
|
Other debtors |
|
529,142 |
990,531 |
|
Cash at bank and in hand |
|
2,726,331 |
5,749,945 |
|
|
|
_______ |
_______ |
|
|
|
24,242,887 |
24,540,328 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Financial liabilities measured at amortised cost |
|
|
|
|
Trade creditors |
|
30,173,848 |
27,300,559 |
|
Amounts owed to group undertakings |
|
2 |
2 |
|
Other creditors |
|
403,564 |
780,136 |
|
|
|
_______ |
_______ |
|
|
|
30,577,414 |
28,080,697 |
|
|
|
_______ |
_______ |
|
|
|
|
|
24.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary A, B, C, D & E shares of £
0.01 each |
|
201,000 |
|
2,010 |
|
201,000 |
|
2,010 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
All shares have equal rights including capital repayment and dividend distribution rights.
25.
Reserves
Profit and Loss AccountThis reserve records retained earnings and accumulated losses.
26.
Analysis of changes in net debt
|
|
At 1 June 2023 |
Cash flows |
At 31 May 2024 |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Cash and cash equivalents |
5,749,945 |
(3,023,614) |
2,726,331 |
|
|
|
|
Debt due within one year |
(974,746) |
(152,216) |
(1,126,962) |
|
|
|
|
Debt due after one year |
(391,255) |
183,521 |
(207,734) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
4,383,944 |
(
2,992,309) |
1,391,635 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
27.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
Entity with joint control or significant influence |
(
578,535) |
(
799,999) |
(
368,375) |
(
743,375) |
|
Directors |
(
396,533) |
(
750,000) |
(
375,000) |
(
750,000) |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
The related party loans are unsecured and payable on demand. Loans to the company by related parties who hold shares in the company received market rate interest on these loans. No other terms or conditions apply.
28.
Key management personnel
The directors collectively are considered by the company to be the key management personnel. During the year remuneration was paid by Your NRG Ltd to a third party company for management services provided by the executive directors. The charge amounted to £77,845 (31 May 2023 - £50,000) and forms part of the management charges.
29.
Controlling party
Shares in the company are held as follows: Roger Peart (25%), Charles Peart (25%) together with Nicholls' (Fuel Oils) Limited (50%). Accordingly, Roger and Charles Peart along with Hugh and Loreen Nicholl, the shareholding directors of Nicholl (Fuel Oils) Limited, are considered to be the company's ultimate controlling parties.