REGISTERED NUMBER: 06884353 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

NRS WASTE CARE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

M C Ketcher

K D Montgomery

D Forder

SECRETARY:

Ms L J Shirley

REGISTERED OFFICE:

NRS House

Site 7, Meriden Park

Cornets End Lane

Meriden

CV7 7LG

REGISTERED NUMBER:

06884353 (England and Wales)

AUDITORS:

D.R.E. & Co. (Audit) Limited

Kingsland House

39 Abbey Foregate

Shrewsbury

Shropshire

SY2 6BL

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

The company provides equipment and management services for various companies throughout the group.

Although the company has seen trading results worsen over the year, it is noted that results are improved in respect of other key performance indicators around cash flow and HP debt:

Key performance indicators

2025

2024

% change

Turnover

£9,606,912

£8,836,027

8.72%

Fixed asset NBV to HP ratio

12.25

5.54

121.12%

Cash at bank

£1,224,231

£454,660

169.26%

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in a very competitive and highly regulated market which is a continuing risk and may result in sales being lost to competitors. The company manages this risk by providing excellent service in all its activities and ensuring compliance with regulatory bodies.

Financial risk management objectives and policies

The company's activities expose it to a number of financial risks including cash flow and liquidity. The board approves treasury policies, which are controlled on a day-to-day basis by senior management.

ON BEHALF OF THE BOARD:

M C Ketcher - Director

10 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

Interim dividends per share were paid as follows:

Ordinary £1 shares

£291.26

- 31 March 2025

A Ordinary £1 shares

£291.26

- 31 March 2025

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 3,000,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

M C Ketcher

K D Montgomery

D Forder

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the company's strategic report information regarding the review of business and a description of the principal risks and uncertainties facing the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the 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.

AUDITORS

The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M C Ketcher - Director

10 December 2025

Opinion

We have audited the financial statements of NRS Waste Care Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 March 2025 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

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 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 Statement of Directors' Responsibilities set out on page three, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, environmental agency legislation, employment law and health and safety law.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

- reviewing the client's system notes and internal controls.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- review of the cashbook to identify any large or unusual transactions that appear to have no commercial basis; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Francis Nock F.C.C.A (Senior Statutory Auditor)

for and on behalf of D.R.E. & Co. (Audit) Limited

Kingsland House

39 Abbey Foregate

Shrewsbury

Shropshire

SY2 6BL

10 December 2025

TURNOVER

9,606,912

8,836,027

Cost of sales

(98,817

)

(97,419

)

GROSS PROFIT

9,508,095

8,738,608

Administrative expenses

(8,623,290

)

(7,573,577

)

OPERATING PROFIT

5

884,805

1,165,031

Income from shares in group undertakings

2,500,000

2,000,000

Interest receivable and similar income

14,231

1,689

3,399,036

3,166,720

Interest payable and similar expenses

6

(93,684

)

(186,910

)

PROFIT BEFORE TAXATION

3,305,352

2,979,810

Tax on profit

7

57,751

(520,997

)

PROFIT FOR THE FINANCIAL YEAR

3,363,103

2,458,813

PROFIT FOR THE YEAR

3,363,103

2,458,813

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,363,103

2,458,813

FIXED ASSETS

Tangible assets

9

17,399,140

17,921,821

Investments

10

1,100

1,100

17,400,240

17,922,921

CURRENT ASSETS

Debtors

11

1,639,406

8,483,038

Cash at bank

1,224,231

454,660

2,863,637

8,937,698

CREDITORS

Amounts falling due within one year

12

12,345,935

18,050,002

NET CURRENT LIABILITIES

(9,482,298

)

(9,112,304

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,917,942

8,810,617

CREDITORS

Amounts falling due after more than one year

13

(523,470

)

(1,526,497

)

PROVISIONS FOR LIABILITIES

16

(2,967,663

)

(3,220,414

)

NET ASSETS

4,426,809

4,063,706

CAPITAL AND RESERVES

Called up share capital

17

10,300

10,300

Share premium

18

115,000

115,000

Retained earnings

18

4,301,509

3,938,406

SHAREHOLDERS' FUNDS

4,426,809

4,063,706

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2025 and were signed on its behalf by:

M C Ketcher - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2023

10,300

4,179,593

115,000

4,304,893

Changes in equity

Profit for the year

-

2,458,813

-

2,458,813

Total comprehensive income

-

2,458,813

-

2,458,813

Dividends

-

(2,700,000

)

-

(2,700,000

)

Balance at 31 March 2024

10,300

3,938,406

115,000

4,063,706

Changes in equity

Profit for the year

-

3,363,103

-

3,363,103

Total comprehensive income

-

3,363,103

-

3,363,103

Dividends

-

(3,000,000

)

-

(3,000,000

)

Balance at 31 March 2025

10,300

4,301,509

115,000

4,426,809

1.	STATUTORY INFORMATION

NRS Waste Care Limited is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal place of business is Coventry Quarry, Birmingham Road, Meriden, Coventry, CV7 7JS.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

These financial statements are for the individual entity only.

The financial statements are presented in Sterling (£), rounded to the nearest £1.

At the balance sheet date the company had net current liabilities of £9,482,298 (2024: £9,112,304). As shown in the creditors due within one year note, creditors include amounts owed to group companies of £10,883,365 (2024: £15,625,822). The directors have reviewed the support of group companies and fully expect it to continue for the foreseeable future and have therefore prepared the financial statements on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirements of paragraphs 29.28(b) and 29.29;

•

the requirement of paragraph 33.7;

•

the requirements of paragraph 24(b) of IFRS 6.

Preparation of consolidated financial statements

The financial statements contain information about NRS Waste Care Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Natural Resource Services Holding Company Limited, NRS House,Site 7 Meriden Park, Cornets End Lane, Meriden, CV7 7LG.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax. Turnover is recognised when the services are provided to the customer.

Tangible fixed assets

Tangible fixed assets are stated at historic cost less accumulated depreciation. Costs include original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Improvements to property

- 10%, 25%, 33.33% and 50% on cost

Plant and machinery

- 20% on cost and based on hours in operation

Fixtures and fittings

- 25% and 33.33% on cost

Motor vehicles

- 25% on cost

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, amounts due from group companies and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit or loss.

Financial assets are derecognised when

(a) the contractual rights to the cash flows from the asset expire or are settled, or

(b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables and amounts due to group companies, are initially recognised at transaction price and subsequently carried at amortised cost.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Where losses are surrendered to companies that are not wholly owned subsidiaries the recipient company is obliged to make a payment to the surrendering company for tax effect of any losses surrendered.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

1,724,253

1,584,687

Social security costs

201,394

185,197

Other pension costs

36,600

24,338

1,962,247

1,794,222

The average number of employees during the year was as follows:

31.3.25

31.3.24

Directors

3

3

Administration

30

26

33

29

31.3.25

31.3.24

£

£

Directors' remuneration

538,059

503,692

Directors' pension contributions to money purchase schemes

4,843

3,816

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

3

Information regarding the highest paid director is as follows:

31.3.25

31.3.24

£

£

Emoluments etc

279,193

265,953

Pension contributions to money purchase schemes

-

440

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.25

31.3.24

£

£

Other operating leases

100,000

100,000

Depreciation - owned assets

4,112,531

2,721,334

Depreciation - assets on hire purchase contracts

1,564,183

2,618,836

Profit on disposal of fixed assets

(162,257

)

(876,022

)

Auditors' remuneration

1,229

12,686

Auditors' remuneration for non audit work

5,704

10,476

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£

£

Other interest

-

3,194

Hire purchase

93,684

183,716

93,684

186,910

7.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

195,000

(808,414

)

Deferred tax

(252,751

)

1,329,411

Tax on profit

(57,751

)

520,997

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.25

31.3.24

£

£

Profit before tax

3,305,352

2,979,810

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

826,338

744,953

Effects of:

Expenses not deductible for tax purposes

11,506

(23,139

)

Income not taxable for tax purposes

(625,000

)

(500,000

)

Capital allowances in excess of depreciation

-

(283,864

)

Depreciation in excess of capital allowances

195,925

-

Deferred tax

(252,751

)

1,329,411

Group relief

(213,769

)

1,115,853

Group relief paid for

-

(808,414

)

Losses brought forward

-

(1,053,803

)

Total tax (credit)/charge

(57,751

)

520,997

In line with the group accounting policy for non 100% subsidiary companies, the tax charge is payable to a fellow group company for the utilisation of group tax losses.

8.

DIVIDENDS

31.3.25

31.3.24

£

£

Ordinary shares of £1 each

Interim

1,530,000

1,377,000

A Ordinary shares of £1 each

Interim

1,470,000

1,323,000

3,000,000

2,700,000

9.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2024

3,449,818

21,018,598

417,468

5,988,407

30,874,291

Additions

1,280,654

3,812,528

66,614

449,396

5,609,192

Disposals

71,452

(1,388,721

)

(41,781

)

(59,262

)

(1,418,312

)

Reclassification/transfer

(18,308

)

-

13,960

-

(4,348

)

At 31 March 2025

4,783,616

23,442,405

456,261

6,378,541

35,060,823

DEPRECIATION

At 1 April 2024

846,304

9,061,083

281,959

2,763,124

12,952,470

Charge for year

405,333

3,742,049

71,079

1,458,253

5,676,714

Eliminated on disposal

(24

)

(920,551

)

(14,316

)

(32,610

)

(967,501

)

At 31 March 2025

1,251,613

11,882,581

338,722

4,188,767

17,661,683

NET BOOK VALUE

At 31 March 2025

3,532,003

11,559,824

117,539

2,189,774

17,399,140

At 31 March 2024

2,603,514

11,957,515

135,509

3,225,283

17,921,821

Included in the total net book value of tangible fixed assets held at 31 March 2025 was £1,273,752 (2024: £3,628,981) in respect of assets held under finance leases and hire purchase contracts.

10.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 April 2024

and 31 March 2025

1,100

NET BOOK VALUE

At 31 March 2025

1,100

At 31 March 2024

1,100

Fixed Asset investments represent a 100% shareholding in the subsidiary companies NRS Waste Management Services Limited and NRS Meriden Aggregates Limited. Full details of the investments can be found in the consolidated accounts prepared by the parent company Natural Resource Services Holding Company Limited.