Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetrueThe Company's principal activity is the outsourcing of water and water processes on industrial sites. The Company's objective remains to deliver safe, innovative and sustainable water utility related solutions to assist industrial customers in minimising their environmental impact and maximise return on their investments.truetruefalsetruetruetruetruefalse2023-01-018782 02528695 2023-01-01 2023-12-31 02528695 2022-01-01 2022-12-31 02528695 2023-12-31 02528695 2022-12-31 02528695 2022-01-01 02528695 1 2023-01-01 2023-12-31 02528695 2 2023-01-01 2023-12-31 02528695 2 2022-01-01 2022-12-31 02528695 3 2023-01-01 2023-12-31 02528695 3 2022-01-01 2022-12-31 02528695 d:CompanySecretary1 2023-01-01 2023-12-31 02528695 d:Director2 2023-01-01 2023-12-31 02528695 d:Director2 2023-12-31 02528695 d:Director3 2023-01-01 2023-12-31 02528695 d:Director3 2023-12-31 02528695 d:Director4 2023-01-01 2023-12-31 02528695 d:Director4 2023-12-31 02528695 d:Director5 2023-01-01 2023-12-31 02528695 d:Director5 2023-12-31 02528695 d:Director6 2023-01-01 2023-12-31 02528695 d:RegisteredOffice 2023-01-01 2023-12-31 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Registered number: 02528695










NSI INDUSTRIAL O&M SOLUTIONS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

COMPANY INFORMATION


Directors
J Cameron (resigned 15 February 2023)
M-M Holterman (appointed 15 February 2023)
A Ruijternberg (appointed 15 February 2023)
I M Stentiford (appointed 15 February 2023)
J G Smith 




Company secretary
Claire Chafer (appointed 8 May 2024)



Registered number
02528695



Registered office
Nijhuis Saur Industries UK & Ireland
Nanjerrick Court

Allet

Truro

TR4 9DJ




Independent auditors
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

The White Building

4 Cumberland Place

Southampton

Hampshire

SO15 2NP





 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 7
Statement of Comprehensive Income
 
8
Balance Sheet
 
9 - 10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 32


 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present their Strategic Report for NSI Industrial O&M Solutions Ltd (the Company) for the year ended 31 December 2023.
The year ended 31 December 2023 sustained continuous improvement across all contracts. We continued to build on our strong foundation by focusing on our core business by; continuous improvement and securing new contracts within the treatment market.
We enable our customers to realise the value of their water and wastewater which we deliver through our Customer for Life strategy, engaging at the early stages of a project, designing the optimum solution utilising our best-in-class technology, operating, maintaining and servicing our assets and engaging our customers in our continuous improvement programmes to ensure we continue to add maximum value through our expertise. Our ability to enable our customers to close their water loop has driven financial performance and long-term customer relationships, further solidifying our position within the industry.

Business review
 
Sustained continuous improvement across all contracts saw the Company continue to report profit in 2023.
The Company continues to execute its strategy of focusing on core business by; continuous improvement, exit of low margin contracts/revenue streams and securing new contracts in line with Company target margin levels in order to improve the bottom line.
Employee involvement has been maintained and has grown over the financial year and post year end. These arrangements include regular and structured two-way employee communications, such as management and team meetings, engagement surveys and annual summits. These occasions are used by the Directors to inform on not only the business and its objectives and strategies, but also to share employee feedback and opinions. During the year, the Company operated a bonus scheme that was part-weighted in respect of the Company's performance against targets.

Principal risks and uncertainties
 
The Company's activities expose it to a number of financial instrument risks including cash flow risk, interest rate risk, foreign currency risk and liquidity risk. The use of financial derivatives is governed by the Company's policies approved by the Board of Directors, which provide written principles on the use of financial derivatives to manage these risks. The Company does not use derivative financial instruments for speculative purposes. The main risks associated with the Company's financial assets and liabilities are set out below.
Financial instrument risks
The management team conducts an annual risk assessment of the business and manages risks identified to proactively prevent any material and adverse risk to the Company's future operating profits or financial position. The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk.
Foreign currency risk
The Company's principal transactions in foreign currency are purchases for services and group royalty payments in Euros. The gain/(loss) on exchange is derived from revaluing the outstanding creditors at current exchange rates. No hedging activity is undertaken locally to mitigate the exchange risk.
Liquidity risk
Liquidity risk is the risk of non-availability of funding for the Company's business activities. This risk is managed by focusing on working capital flows and access to the group intercompany loan facility.
Interest rate risk
The Company's exposure to risk of changes in interest rates may arise from the Company's loans from its parent undertaking. Intercompany interest rates are lower than the Company would achieve through external borrowing facilities and this mitigates the risk to a reasonable extent.

Page 1

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
           2023      2022       Change
            £          £    %
Turnover      13,454,237  12,354,614   9%  
Operating profit     965,904  1,144,774  -19%
Profit after tax     759,187  1,017,752  -34%
Shareholder funds     3,267,445  1,358,509  57%                                       


This report was approved by the board and signed on its behalf.





I M Stentiford
Director

Date: 15 April 2025

Page 2

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

J Cameron (resigned 15 February 2023)
M-M Holterman (appointed 15 February 2023)
A Ruijternberg (appointed 15 February 2023)
I M Stentiford (appointed 15 February 2023)
J G Smith 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £759,187 (2022 - £1,017,753).

The Directors did not recommend the payment of any dividend during the year (2022: £Nil)

Future developments

The Company continues to seek further oppurtunities to deliver water related operations, maintenance and simplified engineering solutions.

Page 3

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006, will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





I M Stentiford
Director

Date: 15 April 2025

Page 4

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

Opinion


We have audited the financial statements of NSI Industrial O&M Solutions Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (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 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 5

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NSI INDUSTRIAL O&M SOLUTIONS LIMITED (CONTINUED)


Opinion 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have 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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


Page 6

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NSI INDUSTRIAL O&M SOLUTIONS LIMITED (CONTINUED)


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 an Auditors' 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.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
 
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.


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 Auditors' 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 2006Our 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 Bath BSc FCA DChA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
The White Building
4 Cumberland Place
Southampton
Hampshire
SO15 2NP

15 April 2025
Page 7

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

Turnover
 4 
13,454,237
12,354,614

Cost of sales
  
(9,667,145)
(8,916,295)

Gross profit
  
3,787,092
3,438,319

Administrative expenses
  
(2,821,188)
(2,293,544)

Operating profit
 5 
965,904
1,144,775

Interest receivable and similar income
 9 
66,162
71,020

Interest payable and similar expenses
  
(14,692)
(63,563)

Profit before tax
  
1,017,374
1,152,232

Tax on profit
 11 
(258,187)
(134,479)

Profit for the financial year
  
759,187
1,017,753

The notes on pages 12 to 32 form part of these financial statements.

Page 8

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
REGISTERED NUMBER: 02528695

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Customer contract
  
1,750,000
-

  
1,750,000
-

Fixed assets
  

Tangible assets
 13 
1,172,737
914,750

  
2,922,737
914,750

Current assets
  

Stocks
 14 
82,992
45,930

Debtors: amounts falling due after more than one year
 15 
570,710
698,656

Debtors: amounts falling due within one year
 15 
5,718,021
4,363,598

Cash at bank and in hand
 16 
647,171
209,591

  
7,018,894
5,317,775

Creditors: amounts falling due within one year
 17 
(2,850,699)
(4,740,438)

Net current assets
  
 
 
4,168,195
 
 
577,337

Total assets less current liabilities
  
7,090,932
1,492,087

Creditors: amounts falling due after more than one year
 18 
(3,649,973)
(10,106)

Provisions for liabilities
  

Deferred taxation
 20 
(173,514)
(123,472)

  
 
 
(173,514)
 
 
(123,472)

Net assets
  
3,267,445
1,358,509


Capital and reserves
  

Called up share capital 
 21 
1,923,936
1,923,936

Other reserves
 22 
1,149,749
-

Profit and loss account
 22 
193,760
(565,427)

  
3,267,445
1,358,509


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


I M Stentiford
Director

Date: 15 April 2025

The notes on pages 12 to 32 form part of these financial statements.
Page 9

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
REGISTERED NUMBER: 02528695

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


Page 10

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
1,923,936
-
(565,427)
1,358,509



Profit for the year
-
-
759,187
759,187

Capital contribution
-
1,149,749
-
1,149,749


At 31 December 2023
1,923,936
1,149,749
193,760
3,267,445


The notes on pages 12 to 32 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
1,923,936
(1,583,180)
340,756



Profit for the year
-
1,017,753
1,017,753


At 31 December 2022
1,923,936
(565,427)
1,358,509


The notes on pages 12 to 32 form part of these financial statements.

Page 11

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

NSI Industrial O&M Solutions Ltd (the 'Company') is a private Company limited by share capital, domiciled and incorporated in England and Wales. The registered office of the Company is given on the Company information page. The nature of the Company's operations and its principal activities are set out in the business review section of the Strategic Report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of Holdings D'Infrastructures des Metiers de L'Environment as at 31 December 2023 and these financial statements may be obtained from 11, Chemin de Bretagne, 92130 Issy-Les-Moulineaux, France.

Page 12

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised in accordance with IFRS 15 at an amount that reflects the consideration to which the Company is expected to be entitled in exchange for transferring goods or services to a customer. For each arrangement with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; alloactes the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each performance obligation to be delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised.
Variable consideration within the transaction price, if any refelect concessions provided to the customer such as discounts or any other contingent events such as sales or usage-based royalties. Such estimates determined using either the 'expected value' or 'most likely amount' method. 
The measurement of variable consideration is subject to a constraining principle whereby revenue will only be recogised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The measurement constraint continues until the uncertainty associated with the variable consideration is subsequently resolved. Amounts received that are subject to the constraining principle are initially recognised as deferred revenue in the form of a separate refund liability. Whenever applicable, the Company applies the variables consideration allocation exception to recognise revenue for variable amount related to a distinct service that forms part of a single performance obligation.  
Labour services, maintenance services, optimisation services, laboratory services, site services and consultancy services.
Revenue from labour services, maintenance services, optimisation services, laboratory services, site sevices and consultancy services is the consideration the Company receives for providing consultancy services and water treatment testing to various customers. Transaction consideration consists of a fixed fee. Fixed fee revenue is recognised at a point in time, generally when the service is rendered.
Accrued income 
Accrued income is the right to consideration in exchange for goods or services transferred to the customer. If the Company performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, accrued income is recognised for the earned consideration.  
Deferred income 
Deferred income is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or services to the customer, deferred income is recognised when the payment is made or the paymnet is due (whichever is earlier). 
Deferred income is recognised as revenue when the Company performs under the contract.
 
Page 13

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Revenue (continued)

Revenue  is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue  is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Rendering of services

Revenue  from providing services is recognised in the accounting period in which the services are rendered.

For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.

 
2.4

Leases

The Company as a lessee

The Company applies a single recognition and measurement approach for all leases, with the exception of those which are short term, or which comprise low value assets. The Company recognises lease liabilities to make lease payments and right of use assets representing the right to use the underlying assets.
 The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Right of use assets 
At the lease commencement date (i.e. the date on which the underlying asset is made available for use), the Company recognises a right of use asset on the Statement of Financial Position. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. 
The cost of the right of use asset comprises:
• the initial measurement of the lease liability
• any initial direct costs incurred by the Company 
• an estimate of any costs required to dismantle or remove the asset at the end of the lease, and; 
• any lease payments made in advance of the lease commencement date, net of any incentives    received. 
 
Page 14

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Leases (continued)

Right of use assets are depreciated on a straight line basis from the lease commencement date to the earlier of the end of the estimated useful life of the rights of use assets and the end of the lease term. If ownership of the leased asset transfers to the Company at the end of the lease term, or the cost reflects the exercise of the purchase option, deprecation is calculated using the estimated useful life of the asset. The Company classifies its right of use assets in a manner consistent with that of its property, plant and equipment, which includes the application of the same estimated useful life basis. 

The lease liability is initially measured at the present value of the lease payments to be made over the lease term.

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;

variable lease payments that depend on an index or rate and;

the amount expected to be payable by the lessee under residual value guarantees;


The lease liability is included in 'Creditors' on the Balance Sheet.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The lease payments also include the exercise price of a purchase option that is reasonably certain to be exercised by the Company, along with payments of penalties for termination of the lease if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index rate or rate are recognised as expenses in the period in which the event of the condition that triggers the payment occurs
In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date if the rate implicit in the lease is not readily determinable. Subsequent to initial measurement, the amount of lease liabilities is increased to refelct the accretion of interest and reduced to refelct the lease payments made.
The carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in lease payments (e.g. changes to future payments resulting from a charge in an index or rate used to determine the lease payments) or a change in the assessment of an option to purchase the underlying asset.

In the Balance Sheet, the Company's lease liabilities are included within creditors (please refer to notes 17, 18 and 19).

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.12.

Short term leases and leases of low value assets
The Company has elected to apply the recognition exemption in respect of short term leases (i.e. those which have a lease term of 12 months from the lease commencement date, and do not contain a purchase option), as well as the recognition exemption applicable to leases of assets that are considered to be low value.
 
Page 15

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Leases (continued)


Instead of recognising a right of use asset and lease liability, lease payments in relation to these are recognised as an exepense in the Statement of Comprehensive Income, on a straight line basis over the lease term.

  
2.5

Leased assets: The Company as a lessor

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
Amounts due from lessees under finance leases are recognised as receivables at the amount of the Company's net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Company's net investment outstanding in respect of the leases.
When the Company is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.
When a contract includes lease and non-lease components, the Company applies IFRS 15 to allocate the consideration under the contract to each component.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Goodwill

Goodwill represents the excess of the cost of a business combination over the total acquisition date fair value of the identifiable assets, liabilities and contingent liabilities acquired.
Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued.
When a business combination agreement provides for an adjustment to the cost of the combination which is contingent on future events, the company includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably. However, if the potential adjustment is not recognised at the acquisition date but subsequently becomes probable and can be measured reliably, the additional consideration shall be treated as an adjustment to the cost of the combination. Changes in the estimated value of contingent consideration arising on business combinations completed as a consequence result in a change in the carrying value of the related goodwill.
Goodwill is capitalised as an intangible asset and is not amortised. Instead it is reviewed annually for impairment with any impairment in carrying value being charged to profit or loss. The Companies Act 2006 requires acquired goodwill to be reduced by provisions for depreciation calculated to write off the amount systematically over a period chosen by the directors, not exceeding its useful economic life. It has been deemed, however, the non-amortisation of goodwill is a departure, for the overriding purpose of giving a true and fair view. The effect of this departure has not been quantified because it is impracticable and, in the opinion of the directors, would be misleading.

 
2.11

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Page 17

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Straight line over the life of the lease
Plant and machinery
-
20% - 40% straight line
Motor vehicles
-
25% - 33% straight line
Assets under construction
-
Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Initial recognition and measurement 
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through only comprehensive income (OCI) and fair value through profit or loss.
 
Page 18

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


The Company’s financial assets include trade and other receivables and amounts owed from group undertakings.
The classification of financial assets at initial recognition depends on the financial assets contractual cashflow characteristics and the Company’s business model for managing them. The Company initially measures a financial asset at its fair value plus transaction costs.
The Company’s business model for managing financial assets refers to how it manages financial assets in order to generate cashflows, selling the financial assets, or both. 
Subsequent measurement
Financial assets at amortised cost 
This category is the most relevant to the Company. The Company measures financial assets at amortise cost if both of the following conditions are met:
• The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cashflows, and;
• The contractual terms of the financial asset give rise on the specified dates to cashflows that are solely payments of the principal and interest of the principal amount outstanding
 
Financial assets at amortised cost are subsequently measured using the effective interest (EIRE) method and are subject to expected credit loss. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Company’s financial assets at amortised cost includes trade receivables, intercompany loans repayable in more than 12 months, and interest receivable.
Derecognition 
A financial asset is primarily derecognised when: 
• The right to receive cashflows from the asset have expired or;
• The Company has transferred it rights to receive cashflows from the asset or has assumed an obligation to pay the received cashflows in full without material delay to a third party under a ‘passthrough’ arrangement and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred substantially all the risks and rewards of the asset, but has transferred control of the asset.
Impairment of financial assets 
For trade receivables that are expected to have a maturity of one year or less, the Company has applied the practical expedient and followed the simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and economic environment.
For trade receivables and amounts owed from group undertakings, expected credit losses are measured by applying an expected loss rate to the gross carrying amount. The expected loss rate comprises the risk of a default occurring and the expected cashflows on default based on the aging of the receivable. The risk of a detail occurring always takes into consideration all possible default events over the expected life of those receivables (‘the lifetime expected credit losses’). Different provision rates and periods are used based on groupings of historic credit loss experience by
Page 19

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

product, customer type and location. 
 The Company considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive outstanding contractual amounts in full before taking into account any credit enhancements held by the Company.
A financial asset is written off when there is no reasonable expectation of recovering the contractual cashflows.
Financial liabilities 
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
The Company’s financial liabilities include trade and other payables and amounts owed to group undertakings.
Subsequent measurement 
After initial recognition, interest-bearing loans and borrowings and subsequently measured at amortised cost using the effective interest rate method (EIR). Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability and substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of comprehensive income. 
 
 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 20

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 101 requires management to make assumptions, estimates and judgements that affect the amounts reported as assets and liabilities as at the balance sheet date and the amounts reported as revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.
The following are the critical judgements and estimations that the Directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
IFRS 9 Financial instruments
Management has based it's IFRS 9 expected credit loss (ECL) calculation on a combination of historic debt collection rates, and the mix of debt between different sectors. The movement in expected credit loss is disclosed in note 5.
IFRS 15 Revenue from contracts with customers
Contractual arrangements are accounted for in accordance with IFRS 15. This involves identification of the performance obligations associated with a contract.
Taxation
Management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.
Fixed assets
Management judgement is required to determine the useful economic life of fixed assets, as well as annual consideration of recoverable value against net book value. The Company's policy for Impairment of intangible and tangible fixed assets is disclosed in note 2.12.

Page 21

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Labour and equipment
9,723,497
10,163,500

Site services
3,025,625
1,562,670

Optimisation
38,362
103,753

Laboratory
666,753
524,691

13,454,237
12,354,614


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
13,435,757
12,057,686

Rest of Europe
18,480
296,928

13,454,237
12,354,614


The amount of revenue recognised in 2024 from goods and services transferred at a point in time is £13,454,237 (2022: £12,354,614)


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
299,382
114,102

Depreciation of right to use assets
73,055
63,225

Exchange differences
5,860
(3,207)

Defined contribution pension cost
396,528
364,589

Increase/(decrease) in expected credit loss
33,930
67,094

Cost of stocks recognised as an expense
322,914
203,222


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
20,000
36,000

Page 22

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
3,645,329
3,788,492

Social security costs
370,574
405,651

Cost of defined contribution scheme
396,528
364,589

4,412,431
4,558,732


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
6
6



Distribution and sales
81
76

87
82

Key management personnel remuneration totaled £159,090 (2022: £263,436). This includes amounts recharged from other group companies. Company contributions paid to defined contribution pension schemes totalled £7,940 (2022: £11,844).


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
136,613
13,491

Company contributions to defined contribution pension schemes
5,759
692

142,372
14,183


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
66,162
71,020

Page 23

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Intercompany interest payable
10,371
58,240

Interest on lease liabilities
4,321
5,323

14,692
63,563


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
194,922
11,007

Adjustments in respect of previous periods
13,223
-


208,145
11,007


Total current tax
208,145
11,007

Deferred tax


Origination and reversal of timing differences
48,608
123,472

Adjustments in respect to prior period
1,434
-

Total deferred tax
50,042
123,472


Tax on profit
258,187
134,479
Page 24

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 -19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,017,374
1,152,232


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
239,292
218,924

Effects of:


Expenses not deductible for tax purposes
1,370
232

Capital allowances for year in excess of depreciation
(8)
(1,626)

Non-taxable income
-
(14,256)

Adjustment to tax charge in respect of previous periods
13,223
-

Adjustment to tax charge in respect of previous periods - deferred tax
1,434
-

Changes in provisions leading to an increase (decrease) in the tax charge
2,876
60,716

Movement in deferred tax not recognised
-
(129,511)

Total tax charge for the year
258,187
134,479


Factors that may affect future tax charges

There was an increase in corporation tax to 25% from 1 April 2023, there have been no announcements from the governement to further change the tax rate.

Page 25

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Customer contract




2023

£



Cost


Additions
1,750,000



At 31 December 2023

1,750,000






Net book value



At 31 December 2023
1,750,000



At 31 December 2022
-



13.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Assets under construction
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
106,977
1,170,628
102,194
-
1,379,799


Additions
-
442,654
161,146
26,623
630,423


Disposals
(106,977)
-
(64,186)
-
(171,163)



At 31 December 2023

-
1,613,282
199,154
26,623
1,839,059



Depreciation


At 1 January 2023
89,365
302,491
73,193
-
465,049


Charge for the year
-
299,382
-
-
299,382


Charge for the year on right-of-use assets
17,612
-
55,442
-
73,054


Disposals
(106,977)
-
(64,186)
-
(171,163)



At 31 December 2023

-
601,873
64,449
-
666,322



Net book value



At 31 December 2023
-
1,011,409
134,705
26,623
1,172,737



At 31 December 2022
17,612
868,137
29,001
-
914,750

Page 26

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)


The net book value of owned and leased assets included as "Tangible fixed assets" in the Balance Sheet is as follows:

2023
2022
£
£


Tangible fixed assets owned
1,011,409
868,137

Right-of-use tangible fixed assets
161,328
46,613

1,172,737
914,750

Information about right-of-use assets is summarised below:

Net book value

2023
2022
£
£

Property
-
17,612

Motor vehicles
134,705
29,001

Asset under construction
26,623
-

161,328
46,613

Depreciation charge for the year ended

2023
2022
£
£

Property
17,612
22,342

Motor vehicles
55,442
40,883

73,054
63,225


14.


Stocks

2023
2022
£
£

Raw materials and consumables
82,992
45,930



Page 27

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
267,723
312,326

Prepayments and accrued income
302,987
386,330

570,710
698,656


2023
2022
£
£

Due within one year

Trade debtors
4,100,267
4,007,447

Amounts owed by group undertakings
1,409,277
-

Net investment in finance leases
44,603
55,478

Prepayments and accrued income
163,874
300,673

5,718,021
4,363,598



16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
647,171
209,591



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,093,871
429,528

Amounts owed to group undertakings
434,114
3,104,971

Corporation tax
219,152
11,007

Other taxation and social security
439,412
469,885

Lease liabilities
47,789
39,205

Accruals and deferred income
616,361
685,842

2,850,699
4,740,438


Page 28

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Lease liabilities
112,985
10,106

Amounts owed to group undertakings
3,536,988
-


The amounts owed to group undertakings relates to a loan which is repayable on 15th February 2025 is interest free.


19.

Leases

Company as a lessee

During the year, the Company held office space under short term leases in Scotland and leased motor vehicles.

Lease liabilities are due as follows:

2023
2022
£
£

Not later than one year
47,789
39,205

Between one year and five years
112,985
10,106

160,774
49,311


Contractual undiscounted cash flows are due as follows:

2023
2022
£
£

Not later than one year
46,114
43,916

Between one year and five years
107,146
11,160

Later than five years
15,357
-

168,617
55,076

There is no significant liquidity risk relating to contractual lease payment obligations.


The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:

2023
2022
£
£

Interest expense on lease liabilities
4,321
5,323

Page 29

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.Leases (continued)

Company as a lessor

During the year, the Company leased equipment to a customer under a equipment hire contract. There is no signficant risk relating to managing the rights retained for the underlying assets, due to the nature of the agreement.

Finance leases

The following table summarises the undiscounted lease payments receivable after the reporting date.

2023
2022
£
£

Not later than one year
117,000
117,000

Between one and two years
117,000
117,000

Between two and three years
117,000
117,000

Between three and four years
78,000
117,000

Between four and five years
-
78,000

Total undiscounted lease payments receivable
429,000
546,000

Guaranteed residual values
20,000
20,000

Gross investment in the lease
449,000
566,000

Less: unearned finance income
(136,674)
(198,196)

Net investment in the lease
312,326
367,804

At the year end, current undiscounted lease payments receivable totaled £117,000 and current unearned finance income totalled £52,397. Non-current undiscounted lease payments receivable totalled £312,000 and non-current unearned finance income totalled £84,277.

Lease liabilities
Set below are the carrying amounts of lease liabilities and the movements during the year:

2023
2022
£
£

As at 1 January
49,311
115,401

Accretion of interest
4,321
5,323

Lease payments

(64,288)
(71,413)

(10,656)
49,311

Page 30

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Deferred taxation




2023


£






At beginning of year
(123,472)


Charged to profit or loss
(50,042)



At end of year
(173,514)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(187,094)
(128,724)

Tax losses carried forward
13,580
5,252

(173,514)
(123,472)


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,923,936 (2022 - 1,923,936) Ordinary shares of £1.00 each
1,923,936
1,923,936



22.


Reserves

Other reserves

This reserve relates to capital contributions from the parent company.

Profit and loss account

This reserve relates to the cumulative retained earnings less amounts distributed to shareholders. At the year end, this reserve had a balance of £96,834 (2022: (£565,428)).


23.


Pension commitments

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £396,528 (2022: £364,589). Contributions totalling £Nil (2022: £Nil) were payable to the fund at the balance sheet date.

Page 31

 
NSI INDUSTRIAL O&M SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Controlling party

The immediate parent company was Ondeo Industrial Solutions UK Limited until 14th February 2023, then the company was acquired by Nijhuis Saur Industries UK & Ireland Limited, registered address Nanjerrick Court, Allet, Truro, England, TR4 9DJ. 
The ultimate parent company is Sucre AcquisitionCo SARL, registered in Luxembourg.

Page 32