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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
COMPANY INFORMATION
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
CONTENTS
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their Strategic Report for NSI Industrial O&M Solutions Ltd (the Company) for the year ended 31 December 2024.
The year ended 31 December 2024 sustained continuous improvement across all contracts. We continued to build on our strong foundation by focusing on our core business by; continuous improvement and securing new contracts within the treatment market. We enable our customers to realise the value of their water and wastewater which we deliver through our Customer for Life strategy, engaging at the early stages of a project, designing the optimum solution utilising our best-in-class technology, operating, maintaining and servicing our assets and engaging our customers in our continuous improvement programmes to ensure we continue to add maximum value through our expertise. Our ability to enable our customers to close their water loop has driven financial performance and long-term customer relationships, further solidifying our position within the industry.
Sustained continuous improvement across all contracts saw the Company continue to report profit in 2024.
The Company continues to execute its strategy of focusing on core business by; continuous improvement, exit of low margin contracts/revenue streams and securing new contracts in line with Company target margin levels in order to improve the bottom line. Employee involvement has been maintained and has grown over the financial year and post year end. These arrangements include regular and structured two-way employee communications, such as management and team meetings, engagement surveys and annual summits. These occasions are used by the Directors to inform on not only the business and its objectives and strategies, but also to share employee feedback and opinions. During the year, the Company operated a bonus scheme that was part-weighted in respect of the Company's performance against targets.
The Company's activities expose it to a number of financial instrument risks including cash flow risk, interest rate risk, foreign currency risk and liquidity risk. The use of financial derivatives is governed by the Company's policies approved by the Board of Directors, which provide written principles on the use of financial derivatives to manage these risks. The Company does not use derivative financial instruments for speculative purposes. The main risks associated with the Company's financial assets and liabilities are set out below.
Financial instrument risks The management team conducts an annual risk assessment of the business and manages risks identified to proactively prevent any material and adverse risk to the Company's future operating profits or financial position. The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk. Foreign currency risk The Company's principal transactions in foreign currency are purchases for services and group royalty payments in Euros. The gain/(loss) on exchange is derived from revaluing the outstanding creditors at current exchange rates. No hedging activity is undertaken locally to mitigate the exchange risk. Liquidity risk Liquidity risk is the risk of non-availability of funding for the Company's business activities. This risk is managed by focusing on working capital flows and access to the group intercompany loan facility. Interest rate risk The Company's exposure to risk of changes in interest rates may arise from the Company's loans from its parent undertaking. Intercompany interest rates are lower than the Company would achieve through external borrowing facilities and this mitigates the risk to a reasonable extent.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2024 2023 (restated) Change
£ £ % Turnover 17,877,159 13,454,237 33% Operating profit 1,624,604 965,904 68% Profit after tax 1,174,582 530,670 121% Shareholder funds 3,988,895 2,814,313 42%
This report was approved by the board and signed on its behalf.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The profit for the year, after taxation, amounted to £1,174,582 (2023 - £530,670).
The Directors did not recommend the payment of any dividend during the year (2023: £Nil)
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NSI INDUSTRIAL O&M SOLUTIONS LIMITED
We have audited the financial statements of NSI Industrial O&M Solutions Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are 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.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NSI INDUSTRIAL O&M SOLUTIONS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NSI INDUSTRIAL O&M SOLUTIONS LIMITED (CONTINUED)
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 Auditors' 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.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material 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;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
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 Auditors' Report.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NSI INDUSTRIAL O&M SOLUTIONS LIMITED (CONTINUED)
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 Auditors' 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
Chartered Accountants and Statutory Auditor
The White Building
1-4 Cumberland Place
Hampshire
SO15 2NP
Date: 7 May 2026
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
REGISTERED NUMBER: 02528695
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 36 form part of these financial statements.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
REGISTERED NUMBER: 02528695
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
NSI Industrial O&M Solutions Ltd (the 'Company') is a private Company limited by share capital, domiciled and incorporated in England and Wales. The registered office of the Company is given on the Company information page. The nature of the Company's operations and its principal activities are set out in the business review section of the Strategic Report.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
This information is included in the consolidated financial statements of Holdings D'Infrastructures des Metiers de L'Environment as at 31 December 2024 and these financial statements may be obtained from 11, Chemin de Bretagne, 92130 Issy-Les-Moulineaux, France.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Variable consideration within the transaction price, if any refelect concessions provided to the customer such as discounts or any other contingent events such as sales or usage-based royalties. Such estimates determined using either the 'expected value' or 'most likely amount' method. The measurement of variable consideration is subject to a constraining principle whereby revenue will only be recogised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The measurement constraint continues until the uncertainty associated with the variable consideration is subsequently resolved. Amounts received that are subject to the constraining principle are initially recognised as deferred revenue in the form of a separate refund liability. Whenever applicable, the Company applies the variables consideration allocation exception to recognise revenue for variable amount related to a distinct service that forms part of a single performance obligation. Labour services, maintenance services, optimisation services, laboratory services, site services and consultancy services. Revenue from labour services, maintenance services, optimisation services, laboratory services, site sevices and consultancy services is the consideration the Company receives for providing consultancy services and water treatment testing to various customers. Transaction consideration consists of a fixed fee. Fixed fee revenue is recognised at a point in time, generally when the service is rendered. Accrued income Accrued income is the right to consideration in exchange for goods or services transferred to the customer. If the Company performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, accrued income is recognised for the earned consideration. Deferred income Deferred income is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or services to the customer, deferred income is recognised when the payment is made or the paymnet is due (whichever is earlier). Deferred income is recognised as revenue when the Company performs under the contract.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Right of use assets At the lease commencement date (i.e. the date on which the underlying asset is made available for use), the Company recognises a right of use asset on the Statement of Financial Position. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of the right of use asset comprises: • the initial measurement of the lease liability • any initial direct costs incurred by the Company • an estimate of any costs required to dismantle or remove the asset at the end of the lease, and; • any lease payments made in advance of the lease commencement date, net of any incentives received.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date if the rate implicit in the lease is not readily determinable. Subsequent to initial measurement, the amount of lease liabilities is increased to refelct the accretion of interest and reduced to refelct the lease payments made. The carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in lease payments (e.g. changes to future payments resulting from a charge in an index or rate used to determine the lease payments) or a change in the assessment of an option to purchase the underlying asset.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
Amounts due from lessees under finance leases are recognised as receivables at the amount of the Company's net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Company's net investment outstanding in respect of the leases. When the Company is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. When a contract includes lease and non-lease components, the Company applies IFRS 15 to allocate the consideration under the contract to each component.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued. When a business combination agreement provides for an adjustment to the cost of the combination which is contingent on future events, the company includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably. However, if the potential adjustment is not recognised at the acquisition date but subsequently becomes probable and can be measured reliably, the additional consideration shall be treated as an adjustment to the cost of the combination. Changes in the estimated value of contingent consideration arising on business combinations completed as a consequence result in a change in the carrying value of the related goodwill. Goodwill is capitalised as an intangible asset and is not amortised. Instead it is reviewed annually for impairment with any impairment in carrying value being charged to profit or loss. The Companies Act 2006 requires acquired goodwill to be reduced by provisions for depreciation calculated to write off the amount systematically over a period chosen by the directors, not exceeding its useful economic life. It has been deemed, however, the non-amortisation of goodwill is a departure, for the overriding purpose of giving a true and fair view. The effect of this departure has not been quantified because it is impracticable and, in the opinion of the directors, would be misleading.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through only comprehensive income (OCI) and fair value through profit or loss.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company’s financial assets include trade and other receivables and amounts owed from group undertakings. The classification of financial assets at initial recognition depends on the financial assets contractual cashflow characteristics and the Company’s business model for managing them. The Company initially measures a financial asset at its fair value plus transaction costs. The Company’s business model for managing financial assets refers to how it manages financial assets in order to generate cashflows, selling the financial assets, or both. Subsequent measurement Financial assets at amortised cost This category is the most relevant to the Company. The Company measures financial assets at amortise cost if both of the following conditions are met: • The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cashflows, and; • The contractual terms of the financial asset give rise on the specified dates to cashflows that are solely payments of the principal and interest of the principal amount outstanding Financial assets at amortised cost are subsequently measured using the effective interest (EIRE) method and are subject to expected credit loss. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Company’s financial assets at amortised cost includes trade receivables, intercompany loans repayable in more than 12 months, and interest receivable. Derecognition A financial asset is primarily derecognised when: • The right to receive cashflows from the asset have expired or; • The Company has transferred it rights to receive cashflows from the asset or has assumed an obligation to pay the received cashflows in full without material delay to a third party under a ‘passthrough’ arrangement and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred substantially all the risks and rewards of the asset, but has transferred control of the asset. Impairment of financial assets For trade receivables that are expected to have a maturity of one year or less, the Company has applied the practical expedient and followed the simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and economic environment.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
For trade receivables and amounts owed from group undertakings, expected credit losses are measured by applying an expected loss rate to the gross carrying amount. The expected loss rate comprises the risk of a default occurring and the expected cashflows on default based on the aging of the receivable. The risk of a detail occurring always takes into consideration all possible default events over the expected life of those receivables (‘the lifetime expected credit losses’). Different provision rates and periods are used based on groupings of historic credit loss experience by product, customer type and location.
The Company considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cashflows. Financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company’s financial liabilities include trade and other payables and amounts owed to group undertakings. Subsequent measurement After initial recognition, interest-bearing loans and borrowings and subsequently measured at amortised cost using the effective interest rate method (EIR). Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability and substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of comprehensive income.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. The following are the critical judgements and estimations that the Directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. IFRS 9 Financial instruments Management has based it's IFRS 9 expected credit loss (ECL) calculation on a combination of historic debt collection rates, and the mix of debt between different sectors. The movement in expected credit loss is disclosed in note 5. IFRS 15 Revenue from contracts with customers Contractual arrangements are accounted for in accordance with IFRS 15. This involves identification of the performance obligations associated with a contract. Taxation Management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Fixed assets Management judgement is required to determine the useful economic life of fixed assets, as well as annual consideration of recoverable value against net book value. The Company's policy for Impairment of intangible and tangible fixed assets is disclosed in note 2.12.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 24
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 25
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 26
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 29
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible fixed assets (continued)
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 31
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 32
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 33
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
20.Leases (continued)
Page 34
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Other reserves
Profit and loss account
In the year ended 31 December 2023, interest payable on a loan from an amount owed to a group undertaking was not accrued. The impact as at 31 December 2023 was an increase to interest payable and loan liability by £228,517. There was also a decrease to other reserves and loan liability of £224,615. There was no impact upon any other periods.
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NSI INDUSTRIAL O&M SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £484,637 (2023: £396,528). Contributions totalling £37,631 (2023: £Nil) were payable to the fund at the balance sheet date.
The immediate parent entity is
The ultimate parent company is Sucre AcquisitionCo SARL, registered in Luxembourg.
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