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Registration number: 09045808

Ekco Bournemouth Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Ekco Bournemouth Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 20

 

Ekco Bournemouth Limited

Company Information

Directors

Mr D O'Reilly

Mr E Blacklock

Mr A Bradley

Mr J Crowe

Registered office

2nd Floor
41 Moorgate
London
EC2R 6PP

Auditors

Xeinadin Audit Limited
Statutory Auditors
Becket House
36 Old Jewry
London
EC2R 8DD

 

Ekco Bournemouth Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is providing cloud hosting solutions.

Fair review of the business

Turnover for the financial year amounted to £420,013 (2022: £400,378). The Company earned a profit after taxation totalling £8,942 (2022: profit £14,659).

The net current asset position of the Company as at the financial year end amounted to £56,375 (2022: net current asset £53,230).

The net asset position of the Company as at the financial year end amounted to £87,805 (2022: net asset £78,863).

Principal risks and uncertainties

Market risk
The industry in which the Company operates is competitive and challenging, however the directors have detailed knowledge and experience in this sector.

Fraud risk
The risk is mitigated by maintaining segregation of duties for receipt of funds and payment of creditors. The directors have put processes in place to ensure that detailed checking is carried out at all stages to ensure the accuracy and validity of all transactions.

Liquidity risk
It is felt that the Company has adequate cash to meet its day-to-day operations going forward and the Company is part of a larger group organisation, so can avail of group resources as and when needed.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................
Mr D O'Reilly
Director

 

Ekco Bournemouth Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr D O'Reilly

Mr E Blacklock

Mr A Bradley

Mr J Crowe

Strategic aims

Objectives and policies

The Company’s objective is to provide IT services as a partner of its customers in the transition to the cloud with an emphasis on IT infrastructure consultancy and cloud services.

Ekco Bournemouth Limited has continued with the strategic aim to grow organically, building the business on its existing solid foundations, and working with clients as their trusted IT partner. The Company remains focused on service offerings to ensure its class-leading status.

Future developments

There are no plans to materially change the Company's activities in the future.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................
Mr D O'Reilly
Director

 

Ekco Bournemouth Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.

 

Ekco Bournemouth Limited

Independent Auditor's Report to the Members of Ekco Bournemouth Limited

Opinion

We have audited the financial statements of Ekco Bournemouth Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Ekco Bournemouth Limited

Independent Auditor's Report to the Members of Ekco Bournemouth Limited

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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

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

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

 

Ekco Bournemouth Limited

Independent Auditor's Report to the Members of Ekco Bournemouth Limited

Discussions with and enquiries of management and those charged with governance were held with a view to identify those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include health and safety legislation, employment law and GDPR.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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

Use of our report

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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Nicholas Mark Hume (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditors

Becket House
36 Old Jewry
London
EC2R 8DD

2 August 2024

 

Ekco Bournemouth Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

420,013

400,378

Cost of sales

 

(143,965)

(120,968)

Gross profit

 

276,048

279,410

Administrative expenses

 

(266,992)

(263,539)

Operating profit

5

9,056

15,871

Interest payable and similar expenses

6

3,539

(3,860)

Profit before tax

 

12,595

12,011

Tax on profit

9

(3,653)

2,648

Profit for the financial year

 

8,942

14,659

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Ekco Bournemouth Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

8,942

14,659

Total comprehensive income for the year

8,942

14,659

 

Ekco Bournemouth Limited

(Registration number: 09045808)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

10

41,096

31,646

Current assets

 

Debtors

11

436,467

228,017

Cash at bank and in hand

 

44,640

53,403

 

481,107

281,420

Creditors: Amounts falling due within one year

13

(424,732)

(228,190)

Net current assets

 

56,375

53,230

Total assets less current liabilities

 

97,471

84,876

Provisions for liabilities

14

(9,666)

(6,013)

Net assets

 

87,805

78,863

Capital and reserves

 

Called up share capital

100

100

Retained earnings

87,705

78,763

Shareholders' funds

 

87,805

78,863

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................
Mr D O'Reilly
Director

 

Ekco Bournemouth Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

78,763

78,863

Profit for the year

-

8,942

8,942

At 31 December 2023

100

87,705

87,805

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

100

64,104

64,204

Profit for the year

-

14,659

14,659

At 31 December 2022

100

78,763

78,863

 

Ekco Bournemouth Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

8,942

14,659

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

17,731

22,922

Profit on disposal of tangible assets

4

(337)

-

Income tax expense

9

3,653

(2,648)

 

29,989

34,933

Working capital adjustments

 

Increase in trade debtors

11

(208,450)

(69,600)

Increase in trade creditors

13

196,542

75,404

Net cash flow from operating activities

 

18,081

40,737

Cash flows from investing activities

 

Acquisitions of tangible assets

(28,694)

(8,986)

Proceeds from sale of tangible assets

 

1,850

-

Net cash flows from investing activities

 

(26,844)

(8,986)

Net (decrease)/increase in cash and cash equivalents

 

(8,763)

31,751

Cash and cash equivalents at 1 January

 

53,403

21,652

Cash and cash equivalents at 31 December

 

44,640

53,403

 

Ekco Bournemouth Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2nd Floor
41 Moorgate
London
EC2R 6PP

The principal place of business is:
Basepoint Business Centre
Aviation Park West
Christchurch
Dorset
BH23 6NX

These financial statements were authorised for issue by the Board on 2 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Name of parent of group

These financial statements are consolidated in the financial statements of Plutus Topco Limited.

The financial statements of Plutus Topco Limited may be obtained from 25 Golden Square, London, W1F 9LU.

Going concern

The financial statements have been prepared on a going concern basis.

 

Ekco Bournemouth Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Changes in circumstances

Adoption of full provisions of FRS 102
Since the Ekco Group no longer meets the criteria for qualifying as a small group, these financial statements have been prepared under the full provisions of FRS 102.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line method

Office equipment

20% straight line method

 

Ekco Bournemouth Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Rendering of services

420,013

400,378

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023
£

2022
£

Gain on disposal of Tangible assets

337

-

 

Ekco Bournemouth Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

17,731

22,922

Profit on disposal of property, plant and equipment

(337)

-

6

Interest payable and similar expenses

2023
£

2022
£

Foreign exchange (gains)/losses

(3,539)

3,860

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

95,363

107,946

Social security costs

9,157

11,192

Pension costs, defined contribution scheme

3,644

6,599

Other employee expense

7,647

6,210

115,811

131,947

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

2

3

Administration and support

4

4

6

7

8

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

2,125

2,125


 

 

Ekco Bournemouth Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Deferred taxation

Arising from changes in tax rates and laws

3,653

(2,648)

Deferred tax

 

Ekco Bournemouth Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

141,745

16,902

158,647

Additions

-

28,694

28,694

Disposals

-

(1,850)

(1,850)

At 31 December 2023

141,745

43,746

185,491

Depreciation

At 1 January 2023

120,784

6,217

127,001

Charge for the year

14,235

3,496

17,731

Eliminated on disposal

-

(337)

(337)

At 31 December 2023

135,019

9,376

144,395

Carrying amount

At 31 December 2023

6,726

34,370

41,096

At 31 December 2022

20,961

10,685

31,646

11

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

29,576

48,776

Amounts owed by related parties

390,382

160,310

Other debtors

 

1,010

1,010

Prepayments

 

12,733

15,075

Accrued income

 

2,766

2,846

   

436,467

228,017

12

Cash and cash equivalents

2023
£

2022
£

Cash at bank

44,640

53,403

 

Ekco Bournemouth Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

13

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

40,083

2,367

Amounts due to related parties

330,979

157,900

Social security and other taxes

 

15,866

23,322

Outstanding defined contribution pension costs

 

994

928

Other payables

 

(215)

(621)

Accruals

 

37,025

44,294

 

424,732

228,190

14

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2023

6,013

6,013

Increase (decrease) in existing provisions

3,653

3,653

At 31 December 2023

9,666

9,666

15

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £3,644 (2022 - £6,599).

Contributions totalling £994 (2022 - £928) were payable to the scheme at the end of the year and are included in creditors.

16

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Ekco Bournemouth Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

17

Parent and ultimate parent undertaking

The company's immediate parent is Ekco UK Holdings Limited, incorporated in England.

 The ultimate parent is Plutus Topco Limited, incorporated in England.

 The most senior parent entity producing publicly available financial statements is Plutus Topco Limited. These financial statements are available upon request from 25 Golden Square, London, W1F 9LU

 

The parent of the largest group in which these financial statements are consolidated is Plutus Topco Limited, incorporated in England.

The address of Plutus Topco Limited is:
25 Golden Square, London, W1F 9LU