Company registration number 03740408 (England and Wales)
ECOLUTION GROUP LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
ECOLUTION GROUP LIMITED
COMPANY INFORMATION
Directors
K D Knapp
A J Knapp
R M Jenkins
Secretary
K D Knapp
Company number
03740408
Registered office
19-21 Swan Street
West Malling
Kent
ME19 6JU
Accountants
Perrys Accountants Limited
Chartered Accountants
10 Upper Grosvenor Road
Tunbridge Wells
Kent
TN1 2EP
ECOLUTION GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Group statement of comprehensive income
5
Group balance sheet
6 - 7
Company balance sheet
8 - 9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 29
Accountants' report
30
ECOLUTION GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The directors present the strategic report for the year ended 30 June 2023.

Review of the business

Before the emergence of Covid 19 Ecolution Group carried out a strategic review of the business and market sectors we operated in or could operate in. We developed a strategy to position Ecolution away from a mainly construction facing business with a Repairs and Maintenance (R&M) enterprise into a R & M business with a project business working within the commercial and public sector.

 

To implement a new strategic direction into an established and successful business was always going to take time and could not be achieved overnight given the worldwide pandemic with numerous business restrictions. That said the new strategy has now been successfully implemented and the results can be seen in these financial reports. The successful implementation is testament to the strong team Ecolution has built and having a strong balance sheet to start with built on a culture of reinvesting profits back into the business over the years.

 

To ensure we de-risked the business we have embedded a robust corporate governance framework supported by our new ERP system, all of which allows the business to scale up in a controlled manner.

 

These new financial reports start to reflect the success of the new strategy which will make the business stronger and more profitable in the years ahead, with predictable revenues and free cash.

 

Ecolution has continued to evolve as an energy efficiency specialist and continues to transition its activities to a repairs and maintenance business including asset management to many of our clients in the R&M sector.

 

We continue to provide an installation service of renewable technologies such as Solar PV, Air Source Heat Pumps, EV Charging points and Solar Thermal as well, to commercial clients and our R & M clients.

 

Our clients are mainly, local authorities and housing associations, FM companies and commercial property owners. Our goal is to help them achieve the carbon emission reduction targets set down by both central and local government for renewable, sustainable energy, and energy efficiency by providing our specialist advice and services. We use renewable technology to reduce carbon emissions, reduce the consumption of energy which in turn reduces fuel bills a major cost for all building owners and users.

 

Our Strategy to build a strong sustainable business continues and we continue to develop, invest and implement our new integrated IT operating systems including ERP, CRM and FSM systems. This will be completed in the 3rd quarter of our next financial year and in turn will allow the business to grow using technology and keep overheads low in relation.

Principal risks and uncertainties

The opportunities continue to grow rapidly in this sector, with more and more support from government for tackling climate change and reducing carbon emissions. This combined with high energy bills, growing awareness and demand for renewable technologies means that Ecolution is well positioned, especially as the longest trading business of its nature in the UK.

 

The government targets and timeframes will be challenging to meet, and their funding is key to achieving this while the initial costs remain higher than traditional powering of gas and electricity. Therefore, the uncertainties are largely based around the ability to meet these targets within the time required, rather than any risk of demand reducing. As specialists in this sector, we are confident of realising the opportunity available, and with recovery from the pandemic and our new strategy in place we are well positioned to grow the business. One further risk is the number of new engineers required to meet the demand; however, we have mitigated this risk through the use of our inhouse BPEC approved training facilities which we continue to invest in.

ECOLUTION GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Development and performance

Post the Covid period, trading for the year improved dramatically with trading revenues up 15% and gross margins improving over the previous year by 33%. From a break-even position in the previous period a substantial profit was reported for the year. The Repairs and Maintenance strategy is proving very effective and is now our lead business activity with a strong client base. The project business continues to expand into the retrofit market with technologies such as Air Source Heat Pumps, with many of government incentives and regulations to encourage their ‘Electrification of Heat’ policies to replace gas and other fossil fuel heating. This is all in line with our strategy and indeed the drive to reduce carbon emissions and make properties more energy efficient. This is a key part of our strategy as the market is now growing exponentially.

 

A key part of the business strategy was to move away from the ‘housebuilding’ construction sector and at the end of this reporting period only a few contracts remained. This has made the business more resilient to inflationary pressures, improves cash flow and reduces inventory requirements.

 

Performance is monitored closely via weekly reviews, management accounts and forecasts throughout the year, which enables tight controls to be maintained. During the period we maintained both our ISO 9001, 14001 and ISO18001 accreditations and commenced our undertakings to ISO45001, ISO50001 and ISO27001

 

Health and Safety is managed via internal management and an independent safety advisor and in the year, we are pleased to report no RIDDORs, and we maintained training for our employees and have introduced a Learning Management System (LMS) for all employees that will track both Health and Safety and vocational training. We progressed with the upgrade from ISO18001 to ISO45001 which supports our Incident and Injury free policy of keeping people safe. At Ecolution we believe health and safety should not be carried out just because a legal obligation it must be embedded in our process as a moral and ethical duty.

Key performance indicators

Revenue improved by 15% over FY22.

 

Gross Profit improved by 22% over FY22.

 

Profit before tax increased from £18k in FY22 to £573k in FY23.

 

Current ratio Improved to 3.0 from 2.4 in FY22.

 

Acid test improved to 2.5 from 1.8 in FY22.

 

Cash improved by 33%

 

Client churn of less than 1%

 

Debtor days reduced by 19%

 

AFR of zero

 

The above KPIs are a clear indication of the successful implementation of our strategy and the foundation put in place to allow sustainable profitable growth for Ecolution.

 

Our key metrics within Ecolution are based on the factors driving the business efficiency and profitability. Gross margin has maintained at a strong level, net profit margin is in line with expectations, we are forecasting 30% increase in revenues for the next reporting period, a significantly reduced overhead but further investment in technology and software we expect net profit margins to grow.

ECOLUTION GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
Other performance indicators

Other KPI’s closely monitored include utilisation of direct resource in terms of engineers and completing projects on budget. First time fixes and customer satisfaction are also at the forefront of our objectives, demonstrated by repeat business form our long-term clients, and regular positive feedback about both office staff and field engineers.

Directors' statement of intent

Our future plans continue for our business to be very disciplined on our purpose as a specialist energy efficiency company built on strong corporate governance processes and a culture of providing a safe and energy efficient place to work. Our HQ achieved an EPC of A+minus11. This is one of the top ratings in the country.

 

We take our role in the community very seriously and have invested in local community projects and offer free information days for local schools and organisations.

 

To this end we have strengthened our senior team to ensure delivery of our strategic growth plan which is built on robust cash management and an ethos of providing an exemplary client service.

On behalf of the board

K D Knapp
Director
29 January 2024
ECOLUTION GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -

The directors present their annual report and financial statements for the year ended 30 June 2023.

Principal activities

The principal activity of the group in the year under review was that of the design, supply, installation, maintenance and distribution of renewable energy products and systems.

Results and dividends

The results for the year are set out on page 5.

Ordinary dividends were paid amounting to £61,750. The directors do not recommend payment of a further dividend.

Directors

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

K D Knapp
A J Knapp
R M Jenkins
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
K D Knapp
Director
29 January 2024
ECOLUTION GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
2023
2022
Notes
£
£
Turnover
5,958,751
5,190,566
Cost of sales
(3,097,976)
(2,837,542)
Gross profit
2,860,775
2,353,024
Administrative expenses
(2,277,823)
(2,333,255)
Other operating income
182
5,472
Operating profit
583,134
25,241
Interest receivable and similar income
4
8,043
1,007
Interest payable and similar expenses
(17,459)
(8,195)
Profit before taxation
573,718
18,053
Tax on profit
5
(24,909)
13,308
Profit for the financial year
548,809
31,361
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
ECOLUTION GROUP LIMITED (REGISTERED NUMBER: 03740408)
GROUP BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 6 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
6
399,863
439,587
Tangible assets
7
402,020
352,465
801,883
792,052
Current assets
Stocks
726,894
965,017
Debtors
10
2,081,500
2,185,265
Cash at bank and in hand
1,095,454
820,691
3,903,848
3,970,973
Creditors: amounts falling due within one year
11
(1,289,408)
(1,651,742)
Net current assets
2,614,440
2,319,231
Total assets less current liabilities
3,416,323
3,111,283
Creditors: amounts falling due after more than one year
12
(481,036)
(677,611)
Provisions for liabilities
(45,666)
(31,110)
Net assets
2,889,621
2,402,562
Capital and reserves
Called up share capital
15
6,200
6,200
Share premium account
683,167
683,167
Profit and loss reserves
2,200,254
1,713,195
Total equity
2,889,621
2,402,562

For the financial year ended 30 June 2023 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.

Directors' responsibilities under the Companies Act 2006:

 

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

ECOLUTION GROUP LIMITED (REGISTERED NUMBER: 03740408)
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 7 -
The financial statements were approved by the board of directors and authorised for issue on 29 January 2024 and are signed on its behalf by:
29 January 2024
K D Knapp
Director
ECOLUTION GROUP LIMITED (REGISTERED NUMBER: 03740408)
COMPANY BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
6
393,078
431,596
Tangible assets
7
320,798
245,873
Investments
8
101
101
713,977
677,570
Current assets
Stocks
685,672
692,205
Debtors
10
2,856,557
2,756,392
Cash at bank and in hand
605,937
488,559
4,148,166
3,937,156
Creditors: amounts falling due within one year
11
(1,204,441)
(701,369)
Net current assets
2,943,725
3,235,787
Total assets less current liabilities
3,657,702
3,913,357
Creditors: amounts falling due after more than one year
12
(479,094)
(667,902)
Provisions for liabilities
(38,676)
(21,518)
Net assets
3,139,932
3,223,937
Capital and reserves
Called up share capital
15
6,200
6,200
Share premium account
683,167
683,167
Profit and loss reserves
2,450,565
2,534,570
Total equity
3,139,932
3,223,937

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £22,255 (2022 - £50,041 profit).

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

ECOLUTION GROUP LIMITED (REGISTERED NUMBER: 03740408)
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 9 -

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

The financial statements were approved by the board of directors and authorised for issue on 29 January 2024 and are signed on its behalf by:
29 January 2024
K D Knapp
Director
ECOLUTION GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2021
6,200
683,167
1,681,834
2,371,201
Year ended 30 June 2022:
Profit and total comprehensive income
-
-
31,361
31,361
Balance at 30 June 2022
6,200
683,167
1,713,195
2,402,562
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
548,809
548,809
Dividends
-
-
(61,750)
(61,750)
Balance at 30 June 2023
6,200
683,167
2,200,254
2,889,621
ECOLUTION GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2021
6,200
683,167
2,484,529
3,173,896
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
50,041
50,041
Balance at 30 June 2022
6,200
683,167
2,534,570
3,223,937
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
(22,255)
(22,255)
Dividends
-
-
(61,750)
(61,750)
Balance at 30 June 2023
6,200
683,167
2,450,565
3,139,932
ECOLUTION GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
19
590,669
(688,046)
Interest paid
(17,459)
(8,195)
Income taxes refunded/(paid)
46,139
(21)
Net cash inflow/(outflow) from operating activities
619,349
(696,262)
Investing activities
Purchase of intangible assets
(16,020)
(7,398)
Purchase of tangible fixed assets
(56,129)
(70,617)
Proceeds from disposal of tangible fixed assets
21,076
16,000
Interest received
8,043
1,007
Net cash used in investing activities
(43,030)
(61,008)
Financing activities
Repayment of bank loans
(180,000)
(167,983)
Payment of finance leases obligations
(59,806)
(85,588)
Dividends paid to equity shareholders
(61,750)
-
0
Net cash used in financing activities
(301,556)
(253,571)
Net increase/(decrease) in cash and cash equivalents
274,763
(1,010,841)
Cash and cash equivalents at beginning of year
820,691
1,831,532
Cash and cash equivalents at end of year
1,095,454
820,691
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
1
Accounting policies
Company information

Ecolution Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.

 

The group consists of Ecolution Group Limited and all of its subsidiaries.

1.1
Accounting convention

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Ecolution Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2023. 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 group.

 

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.

ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 14 -
1.4
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future.

 

The Covid-19 coronavirus outbreak has affected the global economy. The directors have assessed the potential impact of the outbreak on the group's profit forecasts and its ability to continue as a going concern, and are of the opinion that the group will be able to continue as a going concern for the foreseeable future.

1.5
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

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

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:


The group has entered into contractual agreements to perform planned and reactive maintenance services to customers. Turnover arising from such services is recognised once the maintenance services have been provided to the customer and is measured at the fair value of the service provided.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 15 -
1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
Straight line 25%
Development Costs
Straight line 5% - 20%
1.9
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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 Leasehold
over period of lease
Leasehold improvements
6 years straight line
Plant and machinery
4% on cost, 25% on cost and over period of lease
Fixtures, fittings & equipment
25% on cost
Computer equipment
25% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.10
Fixed asset investments

Investments in subsidiaries are measured at cost and less accumulated impairment. Investments are assessed at the end of each reporting period for objective evidence of impairment. If the objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. The impairment loss is measured as the difference between the investment's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

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.

ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -
1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

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

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
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.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.14
Taxation

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

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.

ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 19 -
1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

The directors were required to make use of judgement and estimation in preparing certain aspects of the financial statements.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Goodwill valuation

Goodwill is recognised at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life of ten years. An impairment review is undertaken annually by reviewing the subsidiary's results and future forecasts.

ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Revenue recognition

The group enters into fixed price contracts for the provision of goods and services, including the installation of solar energy equipment. Where work related to such fixed price contracts is ongoing at the balance sheet date, the directors assess the stage of completion of the contract work in order to ensure that the appropriate amount of turnover is recognised. The stage of completion is estimated based on the directors' view of the fair value of the services provided at the balance sheet date.

Work in progress

Work in progress is calculated as a percentage of materials leaving the warehouse in the last week of the financial year for ongoing projects which are unbilled at the year end.

Depreciation

Depreciation is provided for on tangible fixed assets at the rates shown in accounting policies.

Amortisation

Amortisation is provided for on intangible fixed assets at the rates shown in accounting policies.

3
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Total
40
44
17
28
4
Interest receivable and similar income
2023
2022
£
£
Other interest receivable and similar income
8,043
1,007
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 21 -
5
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
10,353
-
0
Adjustments in respect of prior periods
-
0
(44,418)
Total current tax
10,353
(44,418)
Deferred tax
Origination and reversal of timing differences
14,556
31,110
Total tax charge/(credit)
24,909
(13,308)

The actual charge/(credit) 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:

2023
2022
£
£
Profit before taxation
573,718
18,053
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
109,006
3,430
Tax effect of expenses that are not deductible in determining taxable profit
7
27
Permanent capital allowances in excess of depreciation
(3,428)
(784)
Depreciation on assets not qualifying for tax allowances
3,133
2,660
Tax at marginal rate
645
-
0
Deferred tax not recognised
(84,454)
(18,641)
Taxation charge/(credit)
24,909
(13,308)
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 22 -
6
Intangible fixed assets
Group
Goodwill
Software
Development Costs
Total
£
£
£
£
Cost
At 1 July 2022
450,066
515,077
83,547
1,048,690
Additions
-
0
16,020
-
0
16,020
At 30 June 2023
450,066
531,097
83,547
1,064,710
Amortisation and impairment
At 1 July 2022
450,066
112,195
46,842
609,103
Amortisation charged for the year
-
0
51,613
4,131
55,744
At 30 June 2023
450,066
163,808
50,973
664,847
Carrying amount
At 30 June 2023
-
0
367,289
32,574
399,863
At 30 June 2022
-
0
402,882
36,705
439,587
Company
Software
Development Costs
Total
£
£
£
Cost
At 1 July 2022
505,432
83,547
588,979
Additions
16,020
-
0
16,020
At 30 June 2023
521,452
83,547
604,999
Amortisation and impairment
At 1 July 2022
110,541
46,842
157,383
Amortisation charged for the year
50,407
4,131
54,538
At 30 June 2023
160,948
50,973
211,921
Carrying amount
At 30 June 2023
360,504
32,574
393,078
At 30 June 2022
394,891
36,705
431,596
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 23 -
7
Tangible fixed assets
Group
Land and buildings Leasehold
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 July 2022
134,657
45,232
272,100
103,675
387,291
311,672
1,254,627
Additions
41,681
-
0
-
0
2,656
7,673
69,091
121,101
Disposals
-
0
-
0
-
0
-
0
-
0
(70,760)
(70,760)
At 30 June 2023
176,338
45,232
272,100
106,331
394,964
310,003
1,304,968
Depreciation and impairment
At 1 July 2022
76,919
25,493
155,228
97,490
326,674
220,358
902,162
Depreciation charged in the year
12,961
4,563
9,433
1,986
13,987
18,277
61,207
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(60,421)
(60,421)
At 30 June 2023
89,880
30,056
164,661
99,476
340,661
178,214
902,948
Carrying amount
At 30 June 2023
86,458
15,176
107,439
6,855
54,303
131,789
402,020
At 30 June 2022
57,738
19,739
116,872
6,185
60,617
91,314
352,465
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 24 -
Company
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2022
134,657
234,095
101,757
332,397
151,071
953,977
Additions
41,681
-
0
2,656
7,673
69,091
121,101
Disposals
-
0
-
0
-
0
-
0
(42,677)
(42,677)
At 30 June 2023
176,338
234,095
104,413
340,070
177,485
1,032,401
Depreciation and impairment
At 1 July 2022
76,919
139,952
96,836
280,764
113,633
708,104
Depreciation charged in the year
12,961
5,511
1,759
11,697
9,834
41,762
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(38,263)
(38,263)
At 30 June 2023
89,880
145,463
98,595
292,461
85,204
711,603
Carrying amount
At 30 June 2023
86,458
88,632
5,818
47,609
92,281
320,798
At 30 June 2022
57,738
94,143
4,921
51,633
37,438
245,873
8
Fixed asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Shares in group undertakings and participating interests
-
-
101
101
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2022 and 30 June 2023
101
Carrying amount
At 30 June 2023
101
At 30 June 2022
101
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 25 -
9
Subsidiaries

Details of the company's subsidiaries at 30 June 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Ecolution Energy Services Limited
2
Ordinary
100.00
-
Ecolution Products Limited
1
Ordinary X, Ordinary Y
100.00
-
Ecolution Energy (Eastern) Limited
3
Ordinary
0
100.00
Ecolution Energy Technologies Limited
4
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
19-21 Swan Street, West Malling, Kent, ME19 6JU
2
19-21 Swan Street, West Malling, Kent, ME19 6JU
3
19-21 Swan Street, West Malling, Kent, ME19 6JU
4
19-21 Swan Street, West Malling, Kent, ME19 6JU
10
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,672,531
1,790,936
1,270,864
295,123
Corporation tax recoverable
-
0
46,139
-
0
20,053
Amounts owed by group undertakings
-
0
-
0
1,236,943
2,149,832
Other debtors
408,969
348,190
348,750
291,384
2,081,500
2,185,265
2,856,557
2,756,392
11
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
180,000
180,000
180,000
180,000
Trade creditors
668,064
777,715
641,140
258,387
Corporation tax payable
10,353
-
0
-
0
-
0
Other taxation and social security
92,614
171,066
71,273
24,006
Other creditors
338,377
522,961
312,028
238,976
1,289,408
1,651,742
1,204,441
701,369
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 26 -
12
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
375,000
555,000
375,000
555,000
Other creditors
106,036
122,611
104,094
112,902
481,036
677,611
479,094
667,902
13
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
555,000
735,000
555,000
735,000
Payable within one year
180,000
180,000
180,000
180,000
Payable after one year
375,000
555,000
375,000
555,000

The group has entered into a cross guarantee arrangement with one of its bankers in relation to the parent Ecolution Group Limited and its subsidiaries Ecolution Energy Services Limited, Ecolution Energy Technologies Limited and Ecolution Products Limited.

Loans and overdrafts are secured by fixed and floating charges over the company's assets both present and future.

At 30 June 2023, loans and overdrafts in these group companies subject to this guarantee totalled £nil (2022 - £nil).

A separate arrangement has been entered in to with these bankers which is also secured by fixed and floating charges over the respective companies' assets both present and future.

 

A further separate arrangement has been entered in to with another one of the group's bankers which is also secured by fixed and floating charges over the companies' assets both present and future.

14
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
85,909
64,168
78,141
54,667
In two to five years
106,036
122,611
104,094
112,902
191,945
186,779
182,235
167,569
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
14
Finance lease obligations
(Continued)
- 27 -

Liabilities for obligations under finance leases totalling £191,945 (2022 - £186,779) are secured on the assets purchased under hire purchase agreements.

15
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A1 Ordinary of 1p each
212,000
212,000
2,120
2,120
A2 Ordinary of 1p each
212,000
212,000
2,120
2,120
A3 Ordinary of 1p each
100,000
100,000
1,000
1,000
A4 Ordinary of 1p each
15,250
15,250
152
152
A5 Ordinary of 1p each
15,250
15,250
153
153
C1 Ordinary of 1p each
1,000
1,000
10
10
C2 Ordinary of 1p each
1,500
1,500
15
15
C3 Ordinary of 1p each
31,500
31,500
315
315
C5 Ordinary of 1p each
7,875
7,875
79
79
C6 Ordinary of 1p each
7,875
7,875
79
79
C7 Ordinary of 1p each
7,875
7,875
79
79
C8 Ordinary of 1p each
7,875
7,875
78
78
620,000
620,000
6,200
6,200

Except as expressly provided otherwise in the Articles of Association, every share irrespective of class shall rank pari passu in all respects but shall constitute separate classes of shares.

The directors may only issue B Shares to employees and may only issue C Shares to those who are neither a founder nor an employee.

 

Dividends may be declared on any class of A Shares, any class of B Shares or any class of C Shares at such times and in such amounts as shall be determined by the directors in their absolute discretion.

On a share sale, the sale proceeds shall be distributed in among the holders of the shares pro rata to the number of shares held, irrespective of the class.

 

If the holders of 50% by nominal value of the shares in issue wish to transfer all of their interest in shares to a bona fide purchaser on arm's-length terms ('proposed buyer'), the selling shareholders shall have the option to require all the other holders of shares on the date of the request to sell and transfer all their interest in shares with full title guarantee to the proposed buyer.

ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 28 -
16
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
18,750
43,750
18,750
43,750
17
Related party transactions

The truecompany has taken advantage of the exemption within FRS 102 from the requirement to disclose transactions entered into between two or more members of a group provided that any subsidiary which is party to the transaction is wholly owned by such a member.

18
Directors' transactions

Dividends totalling £52,400 (2022 - £0) were paid in the year in respect of shares held by the company's directors.

19
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Profit for the year after tax
548,809
31,361
Adjustments for:
Taxation charged/(credited)
24,909
(13,308)
Finance costs
17,459
8,195
Investment income
(8,043)
(1,007)
Gain on disposal of tangible fixed assets
(10,737)
(1,504)
Amortisation and impairment of intangible assets
55,744
54,749
Depreciation and impairment of tangible fixed assets
61,207
57,313
Movements in working capital:
Decrease/(increase) in stocks
238,123
(393,790)
Decrease/(increase) in debtors
57,626
(290,700)
Decrease in creditors
(394,428)
(117,289)
Decrease in deferred income
-
(22,066)
Cash generated from/(absorbed by) operations
590,669
(688,046)
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 29 -
20
Analysis of changes in net funds/(debt) - group
1 July 2022
Cash flows
New finance leases
30 June 2023
£
£
£
£
Cash at bank and in hand
820,691
274,763
-
1,095,454
Borrowings excluding overdrafts
(735,000)
180,000
-
(555,000)
Obligations under finance leases
(186,779)
59,806
(64,972)
(191,945)
(101,088)
514,569
(64,972)
348,509
ECOLUTION GROUP LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ECOLUTION GROUP LIMITED FOR THE YEAR ENDED 30 JUNE 2023
- 30 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ecolution Group Limited for the year ended 30 June 2023 set out on pages 5 to 29 from the accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Ecolution Group Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ecolution Group Limited and state those matters that we have agreed to state to the Board of Directors of Ecolution Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ecolution Group Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Ecolution Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ecolution Group Limited. You consider that Ecolution Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ecolution Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Perrys Accountants Limited
Chartered Accountants
10 Upper Grosvenor Road
Tunbridge Wells
Kent
TN1 2EP
29 January 2024
2023-06-302022-07-01falseCCH SoftwareCCH Accounts Production 2023.300A J KnappR M JenkinsR M JenkinsK D Knappfalse03740408bus:Consolidated2022-07-012023-06-30037404082022-07-012023-06-3003740408bus:CompanySecretaryDirector12022-07-012023-06-3003740408bus:Director12022-07-012023-06-3003740408bus:Director22022-07-012023-06-3003740408bus:CompanySecretary12022-07-012023-06-3003740408bus:Director32022-07-012023-06-3003740408bus:RegisteredOffice2022-07-012023-06-3003740408bus:Consolidated2021-07-012022-06-3003740408core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-07-012022-06-3003740408core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-07-012023-06-3003740408core:RetainedEarningsAccumulatedLosses2021-07-012022-06-30037404082021-07-012022-06-3003740408core:RetainedEarningsAccumulatedLosses2022-07-012023-06-3003740408bus:Consolidated2023-06-30037404082023-06-3003740408bus:Consolidated2022-06-30037404082022-06-3003740408core:Goodwillbus:Consolidated2023-06-3003740408core:ComputerSoftwarebus:Consolidated2023-06-3003740408core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-06-3003740408core:Goodwillbus:Consolidated2022-06-3003740408core:ComputerSoftwarebus:Consolidated2022-06-3003740408core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2022-06-3003740408core:ComputerSoftware2023-06-3003740408core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-06-3003740408core:ComputerSoftware2022-06-3003740408core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-06-3003740408core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-06-3003740408core:LeaseholdImprovementsbus:Consolidated2023-06-3003740408core:PlantMachinerybus:Consolidated2023-06-3003740408core:FurnitureFittingsbus:Consolidated2023-06-3003740408core:ComputerEquipmentbus:Consolidated2023-06-3003740408core:MotorVehiclesbus:Consolidated2023-06-3003740408core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-06-3003740408core:LeaseholdImprovementsbus:Consolidated2022-06-3003740408core:PlantMachinerybus:Consolidated2022-06-3003740408core:FurnitureFittingsbus:Consolidated2022-06-3003740408core:ComputerEquipmentbus:Consolidated2022-06-3003740408core:MotorVehiclesbus:Consolidated2022-06-3003740408core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-06-3003740408core:PlantMachinery2023-06-3003740408core:FurnitureFittings2023-06-3003740408core:ComputerEquipment2023-06-3003740408core:MotorVehicles2023-06-3003740408core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-06-3003740408core:PlantMachinery2022-06-3003740408core:FurnitureFittings2022-06-3003740408core:ComputerEquipment2022-06-3003740408core:MotorVehicles2022-06-3003740408core:CurrentFinancialInstrumentsbus:Consolidated2023-06-3003740408core:CurrentFinancialInstrumentsbus:Consolidated2022-06-3003740408core:Non-currentFinancialInstrumentsbus:Consolidated2023-06-3003740408core:Non-currentFinancialInstrumentsbus:Consolidated2022-06-3003740408core:CurrentFinancialInstruments2023-06-3003740408core:CurrentFinancialInstruments2022-06-3003740408core:Non-currentFinancialInstruments2023-06-3003740408core:Non-currentFinancialInstruments2022-06-3003740408core:ShareCapitalbus:Consolidated2023-06-3003740408core:ShareCapitalbus:Consolidated2022-06-3003740408core:SharePremiumbus:Consolidated2023-06-3003740408core:SharePremiumbus:Consolidated2022-06-3003740408core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-06-3003740408core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-06-3003740408core:ShareCapital2023-06-3003740408core:ShareCapital2022-06-3003740408core:SharePremium2023-06-3003740408core:SharePremium2022-06-3003740408core:RetainedEarningsAccumulatedLosses2023-06-3003740408core:ShareCapitalbus:Consolidated2021-06-3003740408core:SharePremiumbus:Consolidated2021-06-3003740408core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-06-3003740408bus:Consolidated2021-06-3003740408core:ShareCapital2021-06-3003740408core:SharePremium2021-06-3003740408core:RetainedEarningsAccumulatedLosses2021-06-30037404082021-06-3003740408core:RetainedEarningsAccumulatedLosses2022-06-3003740408bus:Consolidated2022-06-3003740408core:Goodwill2022-07-012023-06-3003740408core:IntangibleAssetsOtherThanGoodwill2022-07-012023-06-3003740408core:ComputerSoftware2022-07-012023-06-3003740408core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-07-012023-06-3003740408core:LandBuildingscore:LongLeaseholdAssets2022-07-012023-06-3003740408core:LeaseholdImprovements2022-07-012023-06-3003740408core:PlantMachinery2022-07-012023-06-3003740408core:FurnitureFittings2022-07-012023-06-3003740408core:ComputerEquipment2022-07-012023-06-3003740408core:MotorVehicles2022-07-012023-06-3003740408core:UKTaxbus:Consolidated2022-07-012023-06-3003740408core:UKTaxbus:Consolidated2021-07-012022-06-3003740408bus:Consolidated12022-07-012023-06-3003740408bus:Consolidated12021-07-012022-06-3003740408bus:Consolidated22022-07-012023-06-3003740408bus:Consolidated22021-07-012022-06-3003740408core:Goodwillbus:Consolidated2022-06-3003740408core:ComputerSoftwarebus:Consolidated2022-06-3003740408core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2022-06-3003740408core:ComputerSoftware2022-06-3003740408core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-06-30037404082022-06-3003740408core:Goodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2022-07-012023-06-3003740408core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2022-07-012023-06-3003740408core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2022-07-012023-06-3003740408core:ExternallyAcquiredIntangibleAssetsbus:Consolidated2022-07-012023-06-3003740408core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssets2022-07-012023-06-3003740408core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:ExternallyAcquiredIntangibleAssets2022-07-012023-06-3003740408core:ExternallyAcquiredIntangibleAssets2022-07-012023-06-3003740408core:Goodwillbus:Consolidated2022-07-012023-06-3003740408core:ComputerSoftwarebus:Consolidated2022-07-012023-06-3003740408core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2022-07-012023-06-3003740408core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-06-3003740408core:LeaseholdImprovementsbus:Consolidated2022-06-3003740408core:PlantMachinerybus:Consolidated2022-06-3003740408core:FurnitureFittingsbus:Consolidated2022-06-3003740408core:ComputerEquipmentbus:Consolidated2022-06-3003740408core:MotorVehiclesbus:Consolidated2022-06-3003740408core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-06-3003740408core:PlantMachinery2022-06-3003740408core:FurnitureFittings2022-06-3003740408core:ComputerEquipment2022-06-3003740408core:MotorVehicles2022-06-3003740408core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-07-012023-06-3003740408core:LeaseholdImprovementsbus:Consolidated2022-07-012023-06-3003740408core:PlantMachinerybus:Consolidated2022-07-012023-06-3003740408core:FurnitureFittingsbus:Consolidated2022-07-012023-06-3003740408core:ComputerEquipmentbus:Consolidated2022-07-012023-06-3003740408core:MotorVehiclesbus:Consolidated2022-07-012023-06-3003740408core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-07-012023-06-3003740408core:Subsidiary12022-07-012023-06-3003740408core:Subsidiary22022-07-012023-06-3003740408core:Subsidiary32022-07-012023-06-3003740408core:Subsidiary42022-07-012023-06-3003740408core:Subsidiary112022-07-012023-06-3003740408core:Subsidiary222022-07-012023-06-3003740408core:Subsidiary312022-07-012023-06-3003740408core:Subsidiary412022-07-012023-06-3003740408core:Subsidiary212022-07-012023-06-3003740408core:WithinOneYearbus:Consolidated2023-06-3003740408core:WithinOneYearbus:Consolidated2022-06-3003740408core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3003740408core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3003740408core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-06-3003740408core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-06-3003740408core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3003740408core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-3003740408core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-06-3003740408core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-06-3003740408core:WithinOneYear2023-06-3003740408core:WithinOneYear2022-06-3003740408core:BetweenTwoFiveYearsbus:Consolidated2023-06-3003740408core:BetweenTwoFiveYearsbus:Consolidated2022-06-3003740408core:BetweenTwoFiveYears2023-06-3003740408core:BetweenTwoFiveYears2022-06-3003740408bus:PrivateLimitedCompanyLtd2022-07-012023-06-3003740408bus:FRS1022022-07-012023-06-3003740408bus:AuditExemptWithAccountantsReport2022-07-012023-06-3003740408bus:ConsolidatedGroupCompanyAccounts2022-07-012023-06-3003740408bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP