Company registration number 05206751 (England and Wales)
NRC SERVICING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
NRC SERVICING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
NRC SERVICING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
$
$
$
$
Current assets
Stocks
4
-
802,147
Debtors
5
396,217
396,217
Cash at bank and in hand
833,175
76,067
1,229,392
1,274,431
Creditors: amounts falling due within one year
6
(2,699,109)
(2,613,179)
Net current liabilities
(1,469,717)
(1,338,748)
Capital and reserves
Called up share capital
7
49,126
49,126
Other reserves
2,027,886
2,027,886
Profit and loss reserves
(3,546,729)
(3,415,760)
Total equity
(1,469,717)
(1,338,748)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 25 August 2025 and are signed on its behalf by:
M Reese
Director
Company registration number 05206751 (England and Wales)
NRC SERVICING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
NRC Servicing Limited is a private company limited by shares incorporated in England and Wales. The registered office is 59-60 Russell Square, London, WC1B 4HP.
1.1
Accounting records
In 2022, the company ceased to trade and in January 2023 the accounting team left the company as part of the closure process. During 2023, a related party of the company was sold along with the server holding the accounting records for the company. Whilst certain records were made available to the company to allow the prior year's financial statements to be prepared, the ability to access and interrogate the historic underlying accounting records was lost. The current management team made significant efforts to obtain relevant accounting records by alternative methods but were unable to do so. Subsequently, management have maintained alternative accounting records for the current accounting period.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in US dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
At the time of approving the financial statements, the director has the intention of liquidating the company in the near future. As required by UK accounting standards, the director has prepared the financial statements on a basis other than going concern. No material adjustments arose as a result of ceasing to apply the going concern basis.true
1.4
Turnover
Revenue in respect of the current year represents sales of properties held for disposal and is recognised on legal completion of the sale.
1.5
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:
Plant and machinery
10%-20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Stocks represent land and buildings acquired with a view to resale and are held at the lower of cost and net realisable value.
NRC SERVICING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
NRC SERVICING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. All differences are taken to profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
0
0
NRC SERVICING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Tangible fixed assets
Plant and machinery
$
Cost
At 1 January 2024
391,756
Disposals
(391,756)
At 31 December 2024
Depreciation and impairment
At 1 January 2024
391,756
Eliminated in respect of disposals
(391,756)
At 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023
4
Stocks
2024
2023
$
$
Stocks
-
802,147
5
Debtors
2024
2023
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
396,217
396,217
6
Creditors: amounts falling due within one year
2024
2023
$
$
Amounts owed to group undertakings
2,647,315
2,592,666
Other creditors
51,794
20,513
2,699,109
2,613,179
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of £1 each
30,000
30,000
49,126
49,126
NRC SERVICING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Called up share capital
(Continued)
- 6 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is qualified and includes the following:
In our opinion, except for the effects of the matter described in the basis for qualified opinion section of the report, the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss 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 qualified opinion
A disclaimer of opinion was issued on the prior year financial statements for the year ended 31 December 2023 due to a limitation of scope in our audit. Specifically, access to the company’s accounting records for that year that were lost following the sale of a former related party which owned the server holding the records and consequently we were unable to obtain sufficient appropriate audit evidence in relation to transactions in the year then ended. As a result of this matter, we were unable to determine whether any adjustments might have been necessary in respect of the results for the year ended 31 December 2023, or to the opening balances and comparative information presented in the current year’s financial statements.
Our opinion on the current year’s financial statements is therefore qualified in respect of the possible effects of this matter on the comparability of the current year’s figures and the opening balances.
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 qualified opinion.
Emphasis of matter - Financial statements on a basis other than going concern
We draw attention to the disclosures made in the accounting policies note 1.3 of the financial statements, which explains that the director intends to liquidate the company in the near future. The director has concluded that it is no longer appropriate to prepare the financial statements on a going concern basis. There have been no adjustments to the carrying values of assets and liabilities as a result of the application of the basis other than going concern. Our opinion is not modified in respect of this matter.
Senior Statutory Auditor:
Andrew Lawes MA MSc FCA
Statutory Auditor:
Mercer & Hole LLP
Date of audit report:
26 August 2025
NRC SERVICING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
9
Related party transactions
The company has taken advantage of the exemption provided by FRS 102 to not disclose transactions with other wholly owned group companies.
10
Parent company
The company's ultimate parent undertaking and controlling party is Republic Services Inc., a company incorporated in Phoenix, USA.