Registration number:
Nirva Energy Ltd
for the Year Ended 31 December 2024
Nirva Energy Ltd
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income - Prior Year Unaudited |
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Balance Sheet - Prior Year Unaudited |
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Statement of Changes in Equity |
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Statement of Cash Flows - Prior Year Unaudited |
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Notes to the Financial Statements |
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Detailed Profit and Loss Account |
Nirva Energy Ltd
Company Information
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Director |
Mr Varun Shyam Chhabria |
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Company secretary |
Mr Varun Shyam Chhabria |
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Registered office |
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Accountants |
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Auditors |
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Nirva Energy Ltd
Strategic Report for the Year Ended 31 December 2024
The director presents his strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is Wholesale of other fuels and related products
Fair review of the business
The fiscal year ending 2024 was a period of strong growth and operational resilience for Nirva Energy Ltd. Despite a challenging trading environment, the company has successfully adapted its operations to capture new opportunities and deliver consistent performance. In response to supply constraints across the market, the company further developed its bulk import model, shifting away from reliance on traditional purchasing. This approach, introduced in 2022, has proven highly effective in ensuring continuity of supply for customers and maintaining competitive advantage. The strategy has strengthened our ability to manage risk and secure reliability of product availability, contributing positively to both sales and service delivery.
Future Developments
The company continues to focus on building long-term sustainability and growth by investing in infrastructure, technology, and people. Efforts in 2024 were directed towards modernising operations, expanding storage and fleet capacity, and enhancing staff training. These initiatives form part of a long-term growth plan, underpinned by delivering exceptional service, targeting new market segments, and maintaining operational efficiency.
Looking ahead, Nirva Energy aims to consolidate its market position, pursue diversification opportunities, and expand further into renewable and green energy solutions, in line with evolving industry standards and customer demand.
Investments
Substantial investment has been made during the year to upgrade the company’s fleet, expand depot facilities, and strengthen workforce capability. Investment in technology, health and safety, and training ensures that the company remains competitive in a highly saturated market while also increasing productivity. The Directors believe these improvements not only enhance capacity and efficiency but also support the company’s commitment to high standards of compliance, sustainability, and customer service.
Nirva Energy Ltd
Strategic Report for the Year Ended 31 December 2024
Principal risks and uncertainties
The business operates in a competitive and volatile market, where several risks could influence performance:
Competitive risk: The company faces strong competition; however, reliance on a broad customer base across multiple sectors, coupled with a focus on customer loyalty and service excellence, reduces exposure to concentration risk.
Liquidity risk: Adequate cash reserves and strong banking facilities are maintained to ensure continuity of funding. Supplier failure remains a risk, but this is mitigated through diversification of supply.
Health, safety and environmental risk: Given the nature of operations, compliance is a top priority. Best-practice training and robust safety processes are embedded across operations to minimise risks.
Commodity price risk: Global fuel prices remain volatile. The company manages this risk through close monitoring, pricing caveats where necessary, and a robust hedging policy to mitigate adverse movements.
Credit risk: Strong credit control procedures are in place, supported by credit insurance and stringent debtor management, ensuring exposure is maintained within acceptable limits.
Key Performance Indicators (KPIs)
The Directors monitor the following financial and non-financial KPIs on a monthly basis:
Financial KPIs:
• Turnover - has increased 36% from £14.38m to £19.60m
• Gross margin - has increased £1.2m to £2.8m
• Operating costs have increased which is expected given the turnover increase
• Debt levels – committed finance partners in place to service the company’s growth in 2024 and on-going
• Stock levels– The acquisition of tanks in the year with additional tanks to be added will result in stock levels remaining in place throughout the year.
Non-Financial KPIs:
• Service quality and customer satisfaction
• Health and safety compliance
• Environmental and sustainability measures
Corrective actions are taken promptly where performance deviates from targets.
Conclusion
2024 was a year of resilience, growth, and strategic development for Nirva Energy Ltd. By successfully implementing a bulk import model, enhancing infrastructure, and maintaining robust risk management practices, the company has strengthened its foundations for long-term growth.
The Directors remain confident that continued investment in people, processes, and technology, together with a clear focus on sustainability and customer service will position Nirva Energy for sustained success in 2025 and beyond. The company will continue to explore new opportunities in the fuel market and further research and development into the renewable fuels sector.
Nirva Energy Ltd
Strategic Report for the Year Ended 31 December 2024
Approved and authorised by the
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Nirva Energy Ltd
Director's Report for the Year Ended 31 December 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is Wholesale of other fuels and related products.
Results and Dividends
The results for the year are set out on page 9.
There were no dividends paid in the year, and the director does not recommend a payment of a final dividend.
Financial Instruments
The company is exposed to credit risk primarily through trade receivables. Credit risk arises where a customer or counterparty fail to meet its contractual obligations, resulting in financial loss to the company. The director actively monitors the credit quality of customers and sets credit limits based on internal assessments and external credit ratings where available. Trade receivables are subject to review, and a provision is made for expected credit losses where necessary, in line with the company’s accounting policies. The directors consider the company’s exposure to credit risk to be moderate, and no risks are present on the balance sheet.
Research and development
The does carry out a number or R&D projects and will be looking to make an R&D Tax claim during 2025 and beyond.
Future developments
Details of the future developments can be found in the “conclusion” section of the Strategic Report.
Auditor
BK Plus Audit Ltd were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Director's liabilities
The company maintains insurance policies on behalf of the directors against liability arising from negligence, breach of duty and breach of trust in relation to the company.
Nirva Energy Ltd
Director's Report for the Year Ended 31 December 2024
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Medium-Sized Companies Exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-Sized Companies exemption.
Approved and authorised by the
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Nirva Energy Ltd
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Nirva Energy Ltd
Independent Auditor's Report to the Members of Nirva Energy Ltd
Opinion
We have audited the financial statements of Nirva Energy Ltd (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Changes in Equity, Statement of Cash Flows - Prior Year Unaudited, 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 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 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 director's 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.
Nirva Energy Ltd
Independent Auditor's Report to the Members of Nirva Energy Ltd
Opinion on other matter 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 Director's 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 Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Director's 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 returns; or |
• | certain disclosures of director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 7], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
Nirva Energy Ltd
Independent Auditor's Report to the Members of Nirva Energy Ltd
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.
From the preliminary stages of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risk; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.
In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:
• Enquiry of management and those charged with governance around actual and potential litigation and claims;
• Reviewing minutes of meetings of those charged with governance, where available;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. 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 auditor’s 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.
For and on behalf of
Walsall Business Park
Aldridge
Walsall
West Midlands
WS9 0RB
Nirva Energy Ltd
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
Unaudited |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
961,478 |
407,518 |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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(626,605) |
(194,763) |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Nirva Energy Ltd
Statement of Comprehensive Income - Prior Year Unaudited for the Year Ended 31 December 2024
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2024 |
Unaudited |
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Profit for the year |
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Total comprehensive income for the year |
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Nirva Energy Ltd
(Registration number: 13869934)
Balance Sheet as at 31 December 2024
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Note |
2024 |
Unaudited |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
380,200 |
380,200 |
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Retained earnings |
651,702 |
352,641 |
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Shareholders' funds |
1,031,902 |
732,841 |
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Approved and authorised by the
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Nirva Energy Ltd
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Retained earnings |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
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At 31 December 2024 |
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Share capital |
Retained earnings |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
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Other share capital movements |
330,000 |
- |
330,000 |
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At 31 December 2023 |
380,200 |
352,641 |
732,841 |
Nirva Energy Ltd
Statement of Cash Flows - Prior Year Unaudited for the Year Ended 31 December 2024
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Note |
2024 |
Unaudited |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Profit on disposal of tangible assets |
( |
( |
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Finance income |
( |
( |
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Finance costs |
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Income tax expense |
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Working capital adjustments |
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Increase in stocks |
( |
- |
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Increase in trade debtors |
( |
( |
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Increase in trade creditors |
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Net cash flow from operating activities |
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( |
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Cash flows from investing activities |
|||
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
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Proceeds from bank borrowing draw downs |
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Payments to finance lease creditors |
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Net cash flows from financing activities |
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Net increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at 1 January |
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Cash and cash equivalents at 31 December |
720,111 |
372,589 |
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Nirva Energy Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Nirva Energy Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The directors consider there to be no key estimates. |
The estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
The estimate and underlying assumptions are reviewed on an on-going basis, these include accruals based on Fuel Duty, the inventory calculation based on the weighted average costs of stock items. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Nirva Energy Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Motor vehicles |
10 Year straight line |
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Office equipment |
8 Year straight line |
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Plant and Machinery |
6.67 Year straight line |
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Leasehold Property |
12 Year straight line |
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Furniture & Fixtures |
10 Year straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are valued at the lower of cost and net realisable value.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Nirva Energy Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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.
Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of unused holiday entitlement is recognised in the period in which the employee’s services are receives along with any termination benefits.
Nirva Energy Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2024 |
Unaudited |
|
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Sale of Fuel |
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The analysis of the company's turnover for the year by market is as follows:
|
2024 |
Unaudited |
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UK |
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Operating profit |
Arrived at after charging/(crediting)
|
2024 |
Unaudited |
|
|
Depreciation expense |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Auditors remuneration |
12,500 |
- |
|
Other interest receivable and similar income |
|
2024 |
Unaudited |
|
|
Interest income on bank deposits |
|
|
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Interest payable and similar expenses |
|
2024 |
Unaudited |
|
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Interest on bank overdrafts and borrowings |
|
|
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Interest on obligations under finance leases and hire purchase contracts |
|
|
|
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Nirva Energy Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2024 |
Unaudited |
|
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Wages and salaries |
|
|
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Social security costs |
|
|
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Pension costs, defined contribution scheme |
|
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Other employee expense |
2,127 |
- |
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Other short-term employee benefits |
8,271 |
8,024 |
|
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|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
|
2024 |
Unaudited |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
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Director's remuneration |
The director's remuneration for the year was as follows:
|
2024 |
Unaudited |
|
|
Remuneration |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
Unaudited |
|
|
Deferred taxation |
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Arising from origination and reversal of timing differences |
|
|
Nirva Energy Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
Unaudited |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Further item of tax decrease |
( |
( |
|
Total tax charge |
|
|
|
Tangible assets |
|
Long leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
||
|
Cost or valuation |
||||||
|
At 1 January 2024 |
|
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
|
Disposals |
- |
- |
( |
( |
( |
|
|
At 31 December 2024 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 January 2024 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
|
|
At 31 December 2024 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 31 December 2024 |
|
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
|
Nirva Energy Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Total |
||||||
|
Cost or valuation |
||||||
|
At 1 January 2024 |
|
|||||
|
Additions |
|
|||||
|
Disposals |
( |
|||||
|
At 31 December 2024 |
|
|||||
|
Depreciation |
||||||
|
At 1 January 2024 |
|
|||||
|
Charge for the year |
|
|||||
|
Eliminated on disposal |
( |
|||||
|
At 31 December 2024 |
|
|||||
|
Carrying amount |
||||||
|
At 31 December 2024 |
|
|||||
|
At 31 December 2023 |
|
|||||
Included within the net book value of land and buildings above is £48,425 (2023 - £45,385) in respect of long leasehold land and buildings.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2024 |
2023 |
|
|
Motor Vehicles |
1,015,826 |
662,362 |
The figures shown for 2023 were unaudited.
|
Stocks |
|
2024 |
Unaudited |
|
|
Other inventories |
|
- |
Nirva Energy Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Debtors |
|
Current |
2024 |
Unaudited |
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
Unaudited |
|
|
Cash at bank |
|
|
|
Creditors |
|
Note |
2024 |
Unaudited |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
- |
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
Other payables of £2,374,913 includes a factoring balance of £2,337,149, credit card liabilities of £33,882 and wages owing of £3,882 (2023 - £739,994). The factoring balance is secured against company’s assets.
Nirva Energy Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 December 2024 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
Unaudited |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
200 |
|
200 |
|
|
|
380,000 |
|
380,000 |
|
|
|
|
|
|
Nirva Energy Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
Unaudited |
|
|
Borrowings |
|
- |
|
Hire purchase contracts |
|
|
|
|
|
|
The borrowings above are not secured against the company or any of its assets.
Current loans and borrowings
|
2024 |
Unaudited |
|
|
Bank borrowings |
- |
|
|
Hire purchase contracts |
|
|
|
|
|
|
Nirva Energy Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Included in the loans and borrowings are the following amounts due after more than five years:
|
2024 |
Unaudited |
|
|
- |
- |
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
Unaudited |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Contingent assets |
|
Analysis of changes in net debt |
|
At 1 January 2024 |
Changes in market value |
At 31 December 2024 |
|
|
Cash and cash equivalents |
|||
|
Cash |
372,589 |
347,522 |
720,111 |
|
Borrowings |
|||
|
Long term borrowings |
402,194 |
1,013,569 |
1,415,763 |
|
Short term borrowings |
724,353 |
1,612,796 |
2,337,149 |
|
1,126,547 |
2,626,365 |
3,752,912 |
|
|
|
2,973,887 |
|
|
|
|
|||
Nirva Energy Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Related party transactions |
As at the year end 31st December 2024 (2023 - £0) there were no related party transactions.
23 Directors Transactions
As at the year end 31st December 2024 (2023 - £52,382) the director was owed £6,822.
24 Ultimate Controlling Party
The ultimate controlling party is the director and sole shareholder, Mr Varun Shyam Chhabria.
Nirva Energy Ltd
Detailed Profit and Loss Account for the Year Ended 31 December 2024
|
2024 |
Unaudited |
|
|
Turnover (analysed below) |
19,598,956 |
14,377,782 |
|
Cost of sales (analysed below) |
(16,764,031) |
(12,746,128) |
|
Gross profit |
2,834,925 |
1,631,654 |
|
Gross profit (%) |
14.46% |
11.35% |
|
Administrative expenses |
||
|
Employment costs (analysed below) |
(851,554) |
(534,763) |
|
Establishment costs (analysed below) |
(382,171) |
(146,969) |
|
General administrative expenses (analysed below) |
(392,233) |
(312,173) |
|
Finance charges (analysed below) |
(146,686) |
(152,958) |
|
Depreciation costs (analysed below) |
(108,776) |
(77,478) |
|
Other expenses (analysed below) |
7,973 |
205 |
|
(1,873,447) |
(1,224,136) |
|
|
Operating profit |
961,478 |
407,518 |
|
Other interest receivable and similar income (analysed below) |
923 |
457 |
|
Interest payable and similar charges (analysed below) |
(627,528) |
(195,220) |
|
(626,605) |
(194,763) |
|
|
Profit before tax |
334,873 |
212,755 |
Nirva Energy Ltd
Detailed Profit and Loss Account for the Year Ended 31 December 2024
|
2024 |
Unaudited |
|
Turnover |
||
|
Sales |
19,159,837 |
14,271,502 |
|
Haulage Rental & Services |
439,119 |
106,280 |
|
19,598,956 |
14,377,782 |
|
Cost of sales |
||
|
Purchases |
(18,183,769) |
(12,085,119) |
|
Closing finished goods |
2,838,883 |
- |
|
Freight and carriage |
(746,953) |
(425,865) |
|
Direct Motor Costs |
(190,019) |
(136,916) |
|
Import Duty |
(440,606) |
(69,054) |
|
Commissions payable |
(41,567) |
(29,174) |
|
(16,764,031) |
(12,746,128) |
|
Employment costs |
||
|
Wages and salaries |
(656,094) |
(414,158) |
|
Staff NIC (Employers) |
(59,230) |
(35,699) |
|
Directors remuneration |
(97,917) |
(63,750) |
|
Directors NIC (Employers) |
(12,361) |
(7,856) |
|
Staff pensions (Defined contribution) |
(15,554) |
(5,276) |
|
Health & Safety |
(8,271) |
(8,024) |
|
Staff training |
(2,127) |
- |
|
(851,554) |
(534,763) |
|
Establishment costs |
||
|
Rent and rates |
(63,545) |
(54,604) |
|
Light, heat and power |
(8,690) |
(8,000) |
|
Insurance |
(97,121) |
(67,321) |
|
Repairs and renewals |
(202,610) |
(12,002) |
|
Premises Expenses |
(10,205) |
(5,042) |
|
(382,171) |
(146,969) |
|
General administrative expenses |
||
|
Telephone and fax |
(1,751) |
(5,930) |
|
Computer software and maintenance costs |
(9,083) |
(1,718) |
|
Printing, postage and stationery |
(1,770) |
(3,210) |
|
Trade subscriptions |
(14,406) |
(10,643) |
|
Charitable donations |
(667) |
- |
Nirva Energy Ltd
Detailed Profit and Loss Account for the Year Ended 31 December 2024
|
2024 |
Unaudited |
|
Sundry expenses |
(16,754) |
(11,341) |
|
Cleaning |
(2,615) |
(2,855) |
|
Motor expenses |
(166,280) |
(113,642) |
|
Travel and subsistence |
(66,812) |
(88,987) |
|
Samples & Testing |
(58,467) |
(14,405) |
|
Advertising |
(10,655) |
(2,928) |
|
Recruitment Expenses |
(10,350) |
(16,403) |
|
Accountancy fees |
(2,515) |
(3,253) |
|
Auditor's remuneration - The audit of the company's annual accounts |
(12,500) |
- |
|
Consultancy fees |
(7,240) |
(21,953) |
|
Legal and professional fees |
(10,367) |
(14,905) |
|
Bad debts written off |
(1) |
- |
|
(392,233) |
(312,173) |
|
Finance charges |
||
|
Factoring charges |
(131,548) |
(148,162) |
|
Bank charges |
(15,138) |
(4,796) |
|
(146,686) |
(152,958) |
|
Depreciation costs |
||
|
Depreciation of long leasehold property |
(4,119) |
(2,737) |
|
Depreciation of plant and machinery (owned) |
(2,971) |
(3,521) |
|
Depreciation of fixtures and fittings (owned) |
(317) |
(134) |
|
Depreciation of motor vehicles (owned) |
(98,830) |
(69,976) |
|
Depreciation of office equipment (owned) |
(2,539) |
(1,110) |
|
(108,776) |
(77,478) |
|
Other expenses |
||
|
Profit/(loss) on disposal of tangible fixed assets |
7,973 |
205 |
|
Other interest receivable and similar income |
||
|
Bank interest receivable |
923 |
457 |
|
Interest payable and similar expenses |
||
|
Bank loan interest payable |
(573,078) |
(150,844) |
|
Hire purchase interest |
(54,450) |
(44,376) |
|
(627,528) |
(195,220) |