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REGISTERED NUMBER: 04097099 (England and Wales)

















Report of the Directors and

Financial Statements for the Year Ended 31 December 2022

for

Ecus Limited

Ecus Limited (Registered number: 04097099)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page


Company Information 1

Report of the Directors 2

Balance Sheet 4

Notes to the Financial Statements 5


Ecus Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: P J Skipworth (Non Executive)
N Scarlett (Non Executive)
P A White
C N Edwards





SECRETARY: K A Noble





REGISTERED OFFICE: Brook Holt No. 3
Blackburn Road
Sheffield
South Yorkshire
S61 2DW





REGISTERED NUMBER: 04097099 (England and Wales)





AUDITORS: Sutton McGrath Hartley
5 Westbrook Court
Sharrowvale Road
Sheffield
South Yorkshire
S11 8YZ

Ecus Limited (Registered number: 04097099)

Report of the Directors
for the Year Ended 31 December 2022

The directors present their report with the financial statements of the company for the year ended 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a multidisciplinary consultancy specialising in the delivery of environmental support services including ecology, carbon, environmental impact assessment, landscape, arboriculture, archaeology, heritage, geoscience and hydrological services to infrastructure, commercial and statutory sector clients.

REVIEW OF BUSINESS
On 17th March 2022, Ecus (Holdings) Ltd, Ecus Ltd's parent company, was bought by newly incorporated Cura Terrae Ltd, a Palatine Private Equity Impact Fund backed investment. Palatine's Impact Fund actively targets investment in companies that are creating social or environmental change, in order to prove that returns and purpose can be achieved alongside each other.

Cura Terrae's mission is to provide services and solutions to help take care of The Earth, helping clients work towards a brighter, more sustainable future. It will fulfil this mission by acquiring, supporting and growing a group of best-in-class sustainability-focussed companies. The strong support provided by Cura Terrae will empower group companies to focus on their services and clients, and to work together to bring more to clients from sister companies within group.

Envirocare Technical Consultancy Ltd and Environmental Monitoring Solutions Ltd were also bought by Cura Terrae Ltd on the same day in forming the initial group. Further acquisitions were made by the group during the remainder of 2022, including the acquisition of Naturally Wild Consultants Ltd by Ecus Ltd in December.

Growth continued for Ecus in 2022, with environmental markets driven by tightening regulation, the government's continued commitment to the environment, companies' green supply chain agendas, and consumer preferences. In particular, biodiversity-focused legislation is boosting our market. We are embracing the move to biodiversity net gain, and furthering our multi-disciplinary model with growth in areas such as environmental planning and consenting, arboriculture, landscape, and sustainability advisory services.

However, headwinds affected our growth in 2022, with infrastructure projects being cancelled or put on hold, with the UK labour market remaining tight, and with the market hesitation caused by the mini-budget in September.

DIRECTORS
P J Skipworth (Non Executive) has held office during the whole of the period from 1 January 2022 to the date of this report.

Other changes in directors holding office are as follows:

S J Blannin - resigned 31 December 2022
V J Ewan (Non Executive) - resigned 17 March 2022
A P Gunning - resigned 17 March 2022
K R Hawkins - appointed 17 March 2022
N Scarlett (Non Executive) - appointed 17 March 2022
P A White - appointed 17 March 2022

C N Edwards was appointed as a director after 31 December 2022 but prior to the date of this report.

K R Hawkins ceased to be a director after 31 December 2022 but prior to the date of this report.


Ecus Limited (Registered number: 04097099)

Report of the Directors
for the Year Ended 31 December 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Sutton McGrath Hartley, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:



K A Noble - Secretary


23 November 2023

Ecus Limited (Registered number: 04097099)

Balance Sheet
31 December 2022

2022 2021
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 7,001 13,464
Tangible assets 5 129,714 107,738
Investments 6 1,086,996 749,394
1,223,711 870,596

CURRENT ASSETS
Debtors 7 1,844,506 995,532
Cash at bank and in hand 147,814 500,154
1,992,320 1,495,686
CREDITORS
Amounts falling due within one year 8 2,749,854 741,791
NET CURRENT (LIABILITIES)/ASSETS (757,534 ) 753,895
TOTAL ASSETS LESS CURRENT LIABILITIES 466,177 1,624,491

CREDITORS
Amounts falling due after more than one
year

9

-

(791,961

)

PROVISIONS FOR LIABILITIES - (23,702 )
NET ASSETS 466,177 808,828

CAPITAL AND RESERVES
Called up share capital 11 109,711 109,711
Retained earnings 356,466 699,117
SHAREHOLDERS' FUNDS 466,177 808,828

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:





P J Skipworth (Non Executive) - Director


Ecus Limited (Registered number: 04097099)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised as contract activity progresses under contracted obligations which are performed gradually over time. Uncompleted contracts at the balance sheet date are brought into account by reference to the value of the work performed and are described in the accounts as amounts recoverable on contracts.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of two years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over the remaining period
Plant and machinery - 33% on cost, 25% on cost and 20% on cost
Motor vehicles - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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 or deferred taxation assets and liabilities are not discounted.

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.


Ecus Limited (Registered number: 04097099)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Research and development expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to profit.

Hire purchase and leasing commitments
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 160 (2021 - 106 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£
COST
At 1 January 2022 162,830
Additions 12,810
At 31 December 2022 175,640
AMORTISATION
At 1 January 2022 149,366
Amortisation for year 19,273
At 31 December 2022 168,639
NET BOOK VALUE
At 31 December 2022 7,001
At 31 December 2021 13,464

Ecus Limited (Registered number: 04097099)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

5. TANGIBLE FIXED ASSETS
Improvements Plant and Motor
to property machinery vehicles Totals
£ £ £ £
COST
At 1 January 2022 100,726 283,152 9,718 393,596
Additions 15,130 72,811 - 87,941
At 31 December 2022 115,856 355,963 9,718 481,537
DEPRECIATION
At 1 January 2022 92,191 186,201 7,466 285,858
Charge for year 4,256 59,552 2,157 65,965
At 31 December 2022 96,447 245,753 9,623 351,823
NET BOOK VALUE
At 31 December 2022 19,409 110,210 95 129,714
At 31 December 2021 8,535 96,951 2,252 107,738

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 January 2022 749,394
Additions 337,602
At 31 December 2022 1,086,996
NET BOOK VALUE
At 31 December 2022 1,086,996
At 31 December 2021 749,394

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Trade debtors 932,441 745,846
Amounts owed by group undertakings 612,157 -
Amounts recoverable on contract 149,014 133,199
Other debtors - 6,550
Deferred tax asset 75,617 -
Prepayments 75,277 109,937
1,844,506 995,532

Ecus Limited (Registered number: 04097099)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Bank loans and overdrafts - 50,000
Trade creditors 165,799 163,452
Amounts owed to group undertakings 570,571 -
Tax 30,852 29,111
Social security and other taxes 226,491 76,968
VAT 488,437 200,797
Other creditors 302,489 29,246
Accruals and deferred income 965,215 192,217
2,749,854 741,791

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£ £
Bank loans - 1-2 years - 50,000
Bank loans - 2-5 years - 125,000
Amounts owed to group undertakings - 616,961
- 791,961

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£ £
Within one year 148,139 131,350
Between one and five years 204,282 335,375
352,421 466,725

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £ £
109,711 Ordinary £1 109,711 109,711

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jonathon Dickens ACA (Senior Statutory Auditor)
for and on behalf of Sutton McGrath Hartley

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Ecus Limited (Registered number: 04097099)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

14. ULTIMATE CONTROLLING PARTY

The immediate parent party is Ecus (Holdings) Limited.

The ultimate parent party is Cura Terrae Topco Limited, a company incorporated in England and Wales. The consolidated financial statements of Cura Terrae Topco Limited are available from the registered address, Brook Holt, Blackburn Road, Sheffield, South Yorkshire, United Kingdom, S61 2DW.

The directors believe that there is no ultimate controlling party.