NRS Innovations Ltd

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Statement of Financial Position	1
Notes to the Financial Statements	2—4

1. General Information

NRS Innovations Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06839865 . The registered office is Unit 3, Harbour Way Ind Estate Harbour Way, Shoreham Beach, Shoreham-By-Sea, West Sussex, BN43 5HZ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

2.2. Significant judgements and estimations

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In preparing these financial statements the directors have made the following judgements:

- Determined that the accounting policy in place in respect of turnover recognition and measurement is reasonable.

- Determined that the measurement and recognition policies in place in respect of stock and associated purchase orders are reasonable and appropriate.

- Assessed the manufacturer warranty position of the company and ensured an appropriate provision is included in the financial statements.

2.3. Turnover

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

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be reliably measured;

- it is probable that the company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be reliably measured.

2.4. Tangible Fixed Assets and Depreciation

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

Leasehold	In accordance with the lease term
Plant & Machinery	20% straight line
Motor Vehicles	25% reducing balance
Fixtures & Fittings	20% straight line
Computer Equipment	33% straight line

2.5. Leasing and Hire Purchase Contracts

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

2.6. Stocks and Work in Progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is calculated on a weighted average basis.

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

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NRS Innovations Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.7. 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 statement of financial position 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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

2.8. Foreign Currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.10. Pensions

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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 13 (2024: 11)

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NRS Innovations Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Tangible Assets

	Land & Buildings	Plant & Machinery etc.	Total
	£	£	£
Cost
As at 1 April 2024	22,740	198,030	220,770
Additions	-	162,857	162,857
Disposals	-	(94,290 )	(94,290 )

As at 31 March 2025	22,740	266,597	289,337

Depreciation
As at 1 April 2024	-	131,428	131,428
Provided during the period	-	31,834	31,834
Disposals	-	(66,735 )	(66,735 )

As at 31 March 2025	-	96,527	96,527

Net Book Value
As at 31 March 2025	22,740	170,070	192,810

As at 1 April 2024	22,740	66,602	89,342

5. Stocks

	2025	2024
	£	£
Finished goods	1,392,263	1,383,204

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	16,864	21,993
Other debtors	99,249	106,387

	116,113	128,380

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	545,600	529,083
Other creditors	200,321	240,523
Taxation and social security	226,251	189,727

	972,172	959,333

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		192,810		89,342

			192,810		89,342
CURRENT ASSETS
Stocks	5	1,392,263		1,383,204
Debtors	6	116,113		128,380
Cash at bank and in hand		791,980		1,023,470

		2,300,356		2,535,054
Creditors: Amounts Falling Due Within One Year	7	(972,172 )		(959,333 )

NET CURRENT ASSETS (LIABILITIES)			1,328,184		1,575,721

TOTAL ASSETS LESS CURRENT LIABILITIES			1,520,994		1,665,063

NET ASSETS			1,520,994		1,665,063

CAPITAL AND RESERVES
Called up share capital	8		100		100
Income Statement			1,520,894		1,664,963

SHAREHOLDERS' FUNDS			1,520,994		1,665,063