Company registration number 13409888 (England and Wales)
NSR CAPITAL HOLDINGS LTD
ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
NSR CAPITAL HOLDINGS LTD
COMPANY INFORMATION
Director
D Banning
Company number
13409888
Registered office
90-96 Clarendon Park Road
Leicester
LE2 3AE
Auditor
Leonard Wilson & Co
Colinton House
Leicester Road
Bedworth
Warwickshire
CV12 8AB
Bankers
NatWest
1 Granby Street
Leicester
LE1 6EJ
NSR CAPITAL HOLDINGS LTD
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 26
NSR CAPITAL HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The director presents the strategic report for the year ended 31 March 2025.

Review of the business

The results for the year and the financial position at the year end were considered satisfactory by the director.

The group's net turnover has in creased from £22,693,680 in 2024 to £25,229,615 in 2025 due to increased turnover in the subsidiaries James Andrews Recruitment Solutions Ltd and Development and Land Ltd.

The group's net profit after tax amounted to £983,717 compared to £1,221,727 in the previous year. The group profits forecasted for the year ended 31 March 2026 is expected to be similar or slightly lower than 2025 due to changes in the Employer's National Insurance rates and threshold bands from 6 April 2025, thereby increasing the operating costs for the subsidiary James Andrews Recruitment Solutions Ltd.

The group's net assets have in creased from £11,217,307 in 2024 to £11,901,024 in 2025.

The director is satisfied that the company can continue to prepare the accounts on a going concern basis.

Principal risks and uncertainties

The director acknowledge s that during the normal course of business there are a number of potential risks and uncertainties which could have a material impact on the company's long term performance. The director acknowledge s the responsibilities to implement a risk strategy to ensure that an appropriate risk framework is operating effectively and has established systems to mitigate these risks.

D Banning
Director
25 February 2026
NSR CAPITAL HOLDINGS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The director presents his annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company and group continued to be that of a property rental business and a recruitment agency.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £300,000. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

D Banning
Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the director to prepare financial statements for each financial year. Under that law, the director has elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

NSR CAPITAL HOLDINGS LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

D Banning
Director
25 February 2026
NSR CAPITAL HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NSR CAPITAL HOLDINGS LTD
- 4 -
Opinion

We have audited the financial statements of NSR Capital Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 March 2025 and of the group's 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the director's report have been prepared in accordance with applicable legal requirements.

NSR CAPITAL HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NSR CAPITAL HOLDINGS LTD
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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 director

As explained more fully in the director's r esponsibilities s tatement, 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 group's and parent 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 group or parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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.

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

The extent the audit procedures were considered capable of detecting irregularities, including fraud

The auditor’s assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The audit procedures include:

- Which laws and regulations the auditor identified as being of significance in the context of the entity.

- How the auditor obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework.

- How the auditor obtained an understanding of the entity’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance.

Audit response to risks identified

The auditor’s explanation of its audit response will depend on the risks identified but may include:

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Enquiry of entity managerial staff in compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

NSR CAPITAL HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NSR CAPITAL HOLDINGS LTD
- 6 -

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Ian Turner FCA (Senior Statutory Auditor)
For and on behalf of Leonard Wilson & Co, Statutory Auditor
Chartered Accountants
Colinton House
Leicester Road
Bedworth
Warwickshire
CV12 8AB
27 February 2026
NSR CAPITAL HOLDINGS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
25,229,615
22,693,680
Cost of sales
(18,968,879)
(16,107,488)
Gross profit
6,260,736
6,586,192
Administrative expenses
(5,074,322)
(5,075,106)
Other operating income
264,685
247,656
Operating profit
4
1,451,099
1,758,742
Interest receivable and similar income
6
2,352
15,806
Interest payable and similar expenses
7
(141,829)
(145,166)
Profit before taxation
1,311,622
1,629,382
Tax on profit
8
(327,905)
(407,655)
Profit for the financial year
983,717
1,221,727
Profit for the financial year is all attributable to the owner of the parent company.
NSR CAPITAL HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
£
£
Profit for the year
983,717
1,221,727
Other comprehensive income
-
-
Total comprehensive income for the year
983,717
1,221,727
Total comprehensive income for the year is all attributable to the owner of the parent company.
NSR CAPITAL HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,704,162
1,652,636
Investment property
11
11,436,519
10,588,869
13,140,681
12,241,505
Current assets
Debtors
14
2,479,898
2,410,253
Cash at bank and in hand
304,544
612,406
2,784,442
3,022,659
Creditors: amounts falling due within one year
15
(1,825,188)
(1,736,102)
Net current assets
959,254
1,286,557
Total assets less current liabilities
14,099,935
13,528,062
Creditors: amounts falling due after more than one year
16
(2,166,234)
(2,266,455)
Provisions for liabilities
Deferred tax liability
19
32,677
44,300
(32,677)
(44,300)
Net assets
11,901,024
11,217,307
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
11,900,924
11,217,207
Total equity
11,901,024
11,217,307

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 25 February 2026.
D Banning
Director
Company registration number 13409888 (England and Wales)
NSR CAPITAL HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
12
200
200
Current assets
Debtors
14
528,661
231,800
Cash at bank and in hand
176
500,000
528,837
731,800
Creditors: amounts falling due within one year
15
(31,171)
(234,134)
Net current assets
497,666
497,666
Net assets
497,866
497,866
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
497,766
497,766
Total equity
497,866
497,866

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £300,000 (2024 - £329,859 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The financial statements were approved and signed by the director and authorised for issue on 25 February 2026.
D Banning
Director
Company registration number 13409888 (England and Wales)
NSR CAPITAL HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
100
10,326,480
10,326,580
Year ended 31 March 2024:
Profit and total comprehensive income
-
1,221,727
1,221,727
Dividends
9
-
(331,000)
(331,000)
Balance at 31 March 2024
100
11,217,207
11,217,307
Year ended 31 March 2025:
Profit and total comprehensive income
-
983,717
983,717
Dividends
9
-
(300,000)
(300,000)
Balance at 31 March 2025
100
11,900,924
11,901,024
NSR CAPITAL HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
100
498,907
499,007
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
329,859
329,859
Dividends
9
-
(331,000)
(331,000)
Balance at 31 March 2024
100
497,766
497,866
Year ended 31 March 2025:
Profit and total comprehensive income
-
300,000
300,000
Dividends
9
-
(300,000)
(300,000)
Balance at 31 March 2025
100
497,766
497,866
NSR CAPITAL HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,604,533
1,162,002
Interest paid
(141,829)
(145,166)
Income taxes paid
(401,149)
(572,101)
Net cash inflow from operating activities
1,061,555
444,735
Investing activities
Purchase of tangible fixed assets
(2,970)
(13,322)
Purchase of investment property
(847,650)
(1,686,685)
Proceeds from disposal of investment property
-
(100)
Interest received
2,352
15,806
Net cash used in investing activities
(848,268)
(1,684,301)
Financing activities
Proceeds from new bank loans
-
750,000
Repayment of bank loans
(185,171)
(172,932)
Payment of finance leases obligations
(34,000)
(20,301)
Dividends paid to equity shareholders
(300,000)
(331,000)
Net cash (used in)/generated from financing activities
(519,171)
225,767
Net decrease in cash and cash equivalents
(305,884)
(1,013,799)
Cash and cash equivalents at beginning of year
601,794
1,615,593
Cash and cash equivalents at end of year
295,910
601,794
Relating to:
Cash at bank and in hand
304,544
612,406
Bank overdrafts included in creditors payable within one year
(8,634)
(10,612)
NSR CAPITAL HOLDINGS LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
23
(499,824)
-
0
Investing activities
Dividends received
300,000
331,000
Net cash generated from investing activities
300,000
331,000
Financing activities
Dividends paid to equity shareholders
(300,000)
(331,000)
Net cash used in financing activities
(300,000)
(331,000)
Net decrease in cash and cash equivalents
(499,824)
-
Cash and cash equivalents at beginning of year
500,000
500,000
Cash and cash equivalents at end of year
176
500,000
NSR CAPITAL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
1
Accounting policies
Company information

NSR Capital Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 90-96 Clarendon Park Road, Leicester, LE2 3AE.

The group consists of NSR Capital Holdings Ltd and all of its subsidiaries.

1.1
Basis of preparation

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.

NSR Capital Holdings Limited is the ultimate parent company and owns the entire issued ordinary shares in James Andrews Recruitment Solutions Ltd, Development and Land Ltd and Luna Leicester Ltd (a wholly owned dormant subsidiary of Development and Land Ltd), all of these companies are registered in England & Wales.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company NSR Capital Holdings Ltd together with all subsidiaries entities controlled by the parent company.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

A t the time of approving the financial statements, t he director has a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

1.5
Tangible fixed assets

Tangible fixed assets are measured at cost net of depreciation and any impairment losses.

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 bases:

Land and buildings
2% Straight line basis
Fixtures and fittings
25% Reducing balance basis
Motor vehicle
20% Reducing balance basis
NSR CAPITAL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries are measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.10
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are classified as debt, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Taxation

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

NSR CAPITAL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
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.

1.13
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

As lessor

When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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 and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting 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.

NSR CAPITAL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Income from the principal activities
25,229,615
22,693,680
2025
2024
£
£
Other revenue
Interest income
2,352
15,806
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
-
1,128
Depreciation of tangible fixed assets
88,367
79,033
(Profit)/loss on disposal of investment property
-
0
100
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
153
188
1
1

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
22,626,257
19,923,498
-
0
-
0
NSR CAPITAL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
6
Interest receivable and similar income
2025
2024
£
£
Interest received
682
15,806
Other interest income
1,670
-
Total income
2,352
15,806
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities
127,424
139,841
Interest on hire purchase contract
14,405
5,325
Total finance costs
141,829
145,166
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
339,528
419,736
Deferred tax
Origination and reversal of timing differences
(11,623)
(12,081)
Total tax charge
327,905
407,655
NSR CAPITAL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Taxation
(Continued)
- 20 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,311,622
1,629,382
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
327,906
407,346
Tax effect of expenses that are not deductible in determining taxable profit
-
0
25
Permanent capital allowances in excess of depreciation
11,622
(12,082)
Deferred tax adjustment
(11,623)
12,081
Tax losses to carry forward
-
0
285
Taxation charge
327,905
407,655
9
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
300,000
331,000
10
Tangible fixed assets
Group
Land and buildings
Fixtures and fittings
Motor vehicle
Total
£
£
£
£
Cost
At 1 April 2024
1,396,216
637,155
96,610
2,129,981
Additions
-
0
2,970
136,923
139,893
At 31 March 2025
1,396,216
640,125
233,533
2,269,874
Depreciation and impairment
At 1 April 2024
-
0
458,023
19,322
477,345
Depreciation charged in the year
-
0
45,525
42,842
88,367
At 31 March 2025
-
0
503,548
62,164
565,712
Carrying amount
At 31 March 2025
1,396,216
136,577
171,369
1,704,162
At 31 March 2024
1,396,216
179,132
77,288
1,652,636
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
NSR CAPITAL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Tangible fixed assets
(Continued)
- 21 -

No depreciation has been charged in the previous or current year on the land and building s as the director consider s the estimated residual value s of the assets to exceed their present carrying values.

11
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 April 2024 and 31 March 2025
10,588,869
-
Additions
847,650
-
At 31 March 2025
11,436,519
-

Investment property comprises of a portfolio of various residential and commercial properties. The property acquisitions and subsequent refurbishments have only been in recent years. Valuations provided by a local estate agency in the vicinity of the investment properties have assessed the cost value of the property acquisitions and subsequent refurbishments stated above to be similar to the fair value of these investment properties.

12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
200
200
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
200
Carrying amount
At 31 March 2025
200
At 31 March 2024
200
NSR CAPITAL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
James Andrews Recruitment Solutions Ltd
England
Recruitment agency
Ordinary shares
100.00
-
Development and Land Ltd
England
Rental property business
Ordinary shares
100.00
-
Luna Leicester Ltd
England
Property holding company
Ordinary shares
0
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
James Andrews Recruitment Solutions Ltd
11,083,353
889,920
Development and Land Ltd
305,683
79,375
Luna Leicester Ltd
100
-
0
14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,063,694
2,271,390
-
0
-
0
Amounts owed by group undertakings
-
-
528,661
231,800
Prepayments
416,204
138,863
-
0
-
0
2,479,898
2,410,253
528,661
231,800
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdraft
17
194,450
193,470
-
0
-
0
Obligations under hire purchase contract
18
24,205
9,190
-
0
-
0
Trade creditors
763,443
743,323
1,093
1,093
Amounts owed to group undertakings
-
0
-
0
30,078
233,041
Corporation tax payable
154,775
216,396
-
0
-
0
Other taxation and social security
487,379
572,942
-
-
Other creditors
200,936
781
-
0
-
0
1,825,188
1,736,102
31,171
234,134
NSR CAPITAL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
16
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
17
2,011,207
2,199,336
-
0
-
0
Obligations under hire purchase contract
18
155,027
67,119
-
0
-
0
2,166,234
2,266,455
-
-
17
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
2,197,023
2,382,194
-
0
-
0
Bank overdraft
8,634
10,612
-
0
-
0
2,205,657
2,392,806
-
-
Payable within one year
194,450
193,470
-
0
-
0
Payable after one year
2,011,207
2,199,336
-
0
-
0

The long-term loans are secured by fixed and floating charges over the group's properties.

18
Hire purchase contract obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum repayments due under hire purchase contract
Within one year
24,205
9,190
-
0
-
0
In two to five years
155,027
67,119
-
0
-
0
179,232
76,309
-
-
NSR CAPITAL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
19
Deferred taxation

The following is the deferred tax liabilities recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
32,677
44,300
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
44,300
-
Credit to profit or loss
(11,623)
-
Liability at 31 March 2025
32,677
-
20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
21
Controlling party

The company is associated with James Andrews Recruitment Solutions Ltd, Development and Land Ltd and Luna Leicester Ltd (a dormant subsidiary of Development and Land Ltd) that was dissolved 22 July 2025, all companies are registered in England & Wales.

NSR Capital Holdings Limited is the ultimate parent company and owns the entire issued ordinary shares of James Andrews Recruitment Solutions Ltd and Development and Land Ltd. The registered office for all the above compan i e s is 90-96 Clarendon Park Road, Leicester, LE2 3AE.

NSR CAPITAL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
22
Cash generated from group operations
2025
2024
£
£
Profit after taxation
983,717
1,221,727
Adjustments for:
Taxation charged
327,905
407,655
Finance costs
141,829
145,166
Investment income
(2,352)
(15,806)
(Gain)/loss on disposal of investment property
-
0
100
Depreciation and impairment of tangible fixed assets
88,367
79,033
Movements in working capital:
Increase in debtors
(69,645)
(1,028,004)
Increase in creditors
134,712
352,131
Cash generated from operations
1,604,533
1,162,002
23
Cash absorbed by operations - company
2025
2024
£
£
Profit after taxation
300,000
329,859
Adjustments for:
Investment income
(300,000)
(331,000)
Movements in working capital:
Increase in debtors
(296,861)
(231,800)
(Decrease)/increase in creditors
(202,963)
232,941
Cash absorbed by operations
(499,824)
-
NSR CAPITAL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
24
Analysis of changes in net debt - group
2025
£
Opening net funds/(debt)
Cash and cash equivalents
601,794
Loans
(2,382,194)
Obligations under finance leases
(76,309)
(1,856,709)
Changes in net debt arising from:
Cash flows of the entity
(86,713)
New finance leases entered into
(136,923)
Closing net funds/(debt) as analysed below
(2,080,345)
Closing net funds/(debt)
Cash and cash equivalents
295,910
Loans
(2,197,023)
Obligations under finance leases
(179,232)
(2,080,345)
25
Analysis of changes in net debt - company
2025
£
Opening net funds
Cash and cash equivalents
500,000
Changes in net debt arising from:
Cash flows of the entity
(499,824)
Closing net funds as analysed below
176
Closing net funds
Cash and cash equivalents
176
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