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Registration number: 11004488

Ekco UK Holdings Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Ekco UK Holdings 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 UK Holdings Limited

Company Information

Directors

Mr D O'Reilly

Mr E Blacklock

Company secretary

Mr E Blacklock

Registered office

2nd Floor
41 Moorgate
London
EC2R 6PP

Auditors

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

 

Ekco UK Holdings 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 acting as a holding company.

Fair review of the business

Turnover for the financial year amounted to £0 (2022: £0). The Company made a loss after taxation totalling £960,627 (2022: profit £661,914).

The net current liabilities position of the Company as at the financial year end amounted to £55,411,403 (2022: net current liability £24,659,530).

The net asset position of the Company as at the financial year end amounted to £2,763,438 (2022: net asset £3,724,065).

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 UK Holdings 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 - Company secretary and director

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 UK Holdings 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 UK Holdings 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 UK Holdings Limited

Independent Auditor's Report to the Members of Ekco UK Holdings Limited

Opinion

We have audited the financial statements of Ekco UK Holdings 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 loss 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 UK Holdings Limited

Independent Auditor's Report to the Members of Ekco UK Holdings 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 UK Holdings Limited

Independent Auditor's Report to the Members of Ekco UK Holdings 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 UK Holdings Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

-

-

Gross profit/(loss)

 

-

-

Administrative expenses

 

(1,550,509)

(287,791)

Operating loss

3

(1,550,509)

(287,791)

Income from shares in group undertakings

 

-

2,250,000

Interest payable and similar expenses

5

589,882

(1,300,295)

   

589,882

949,705

(Loss)/profit before tax

 

(960,627)

661,914

(Loss)/profit for the financial year

 

(960,627)

661,914

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 UK Holdings Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

(Loss)/profit for the year

(960,627)

661,914

Total comprehensive income for the year

(960,627)

661,914

 

Ekco UK Holdings Limited

(Registration number: 11004488)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

8

109

210

Investments

9

58,174,732

28,383,385

 

58,174,841

28,383,595

Current assets

 

Debtors

10

930,547

40,670

Cash at bank and in hand

 

45,308

7,196

 

975,855

47,866

Creditors: Amounts falling due within one year

12

(56,387,258)

(24,707,396)

Net current liabilities

 

(55,411,403)

(24,659,530)

Net assets

 

2,763,438

3,724,065

Capital and reserves

 

Called up share capital

1

1

Retained earnings

2,763,437

3,724,064

Shareholders' funds

 

2,763,438

3,724,065

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

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

 

Ekco UK Holdings Limited

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

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1

3,724,064

3,724,065

Loss for the year

-

(960,627)

(960,627)

At 31 December 2023

1

2,763,437

2,763,438

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

1

3,062,150

3,062,151

Profit for the year

-

661,914

661,914

At 31 December 2022

1

3,724,064

3,724,065

 

Ekco UK Holdings Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

(Loss)/profit for the year

 

(960,627)

661,914

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

3

101

101

Finance income

4

-

(2,250,000)

Finance costs

5

-

158,180

 

(960,526)

(1,429,805)

Working capital adjustments

 

(Increase)/decrease in trade debtors

10

(889,877)

12,912

Increase in trade creditors

12

31,679,862

9,059,608

Net cash flow from operating activities

 

29,829,459

7,642,715

Cash flows from investing activities

 

Interest received

4

-

2,250,000

Acquisition of subsidiaries

9

(29,791,347)

(9,945,252)

Net cash flows from investing activities

 

(29,791,347)

(7,695,252)

Cash flows from financing activities

 

Interest paid

5

-

(158,180)

Net increase/(decrease) in cash and cash equivalents

 

38,112

(210,717)

Cash and cash equivalents at 1 January

 

7,196

217,913

Cash and cash equivalents at 31 December

 

45,308

7,196

 

Ekco UK Holdings 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

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.

Group accounts not prepared

This holding company has not prepared Group accounts since it satisfies the conditions for exemption, because it is included in the Group accounts of a larger group.

Going concern

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

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.

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.

 

Ekco UK Holdings Limited

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

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks, patents and licenses

20% straight line method

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Ekco UK Holdings Limited

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

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.

3

Operating loss

Arrived at after charging/(crediting)

2023
£

2022
£

Amortisation expense

101

101

4

Other interest receivable and similar income

2023
£

2022
£

5

Interest payable and similar expenses

2023
£

2022
£

Interest expense on other finance liabilities

-

158,180

Foreign exchange (gains)/losses

(589,882)

1,142,115

(589,882)

1,300,295

6

Staff costs

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

2023
£

2022
£

Wages and salaries

735,219

278,692

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

2023
No.

2022
No.

Administration and support

2

2

2

2

 

Ekco UK Holdings Limited

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

7

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

1,550

1,550


 

 

Ekco UK Holdings Limited

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

8

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2023

504

504

At 31 December 2023

504

504

Amortisation

At 1 January 2023

294

294

Amortisation charge

101

101

At 31 December 2023

395

395

Carrying amount

At 31 December 2023

109

109

At 31 December 2022

210

210

9

Investments

2023
£

2022
£

Investments in subsidiaries

58,174,732

28,383,385

Subsidiaries

£

Cost or valuation

At 1 January 2023

28,383,385

Additions

29,791,347

At 31 December 2023

58,174,732

Provision

Carrying amount

At 31 December 2023

58,174,732

At 31 December 2022

28,383,385

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Ekco UK Holdings Limited

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Ekco Reading Limited

2nd Floor
41 Moorgate
London
EC2R 6PP

Ordinary shares

100%

100%

Ekco Cloud Edinburgh Limited

2nd Floor
41 Moorgate
London
EC2R 6PP

Ordinary shares

100%

100%

SecureVirtual Holdings Limited

2nd Floor
41 Moorgate
London
EC2R 6PP

Ordinary shares

100%

100%

Ekco Nottingham Limited

2nd Floor
41 Moorgate
London
EC2R 6PP

Ordinary shares

100%

100%

Ekco Bournemouth Limited

2nd Floor
41 Moorgate
London
EC2R 6PP

Ordinary shares

100%

100%

Ekco Birmingham Limited

2nd Floor
41 Moorgate
London
EC2R 6PP

Ordinary shares

100%

100%

Ekco London Limited

2nd Floor
41 Moorgate
London
EC2R 6PP

Ordinary shares

100%

100%

Transit Networks Limited

2nd Floor
41 Moorgate
London
EC2R 6PP

Ordinary shares

100%

100%

Frontier Technology Limited

2nd Floor
41 Moorgate
London
EC2R 6PP

Ordinary shares

100%

100%

xTen Limited

2nd Floor
41 Moorgate
London
EC2R 6PP

Ordinary shares

100%

100%

 

Ekco UK Holdings Limited

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Coro Holdings Limited

2nd Floor
41 Moorgate
London
EC2R 6PP

Ordinary shares

100%

0%

iSystems Integration Limited

2nd Floor
41 Moorgate
London
EC2R 6PP

Ordinary shares

100%

0%

Bluecube Group Limited

2nd Floor
41 Moorgate
London
EC2R 6PP

Ordinary shares

100%

0%

10

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

855,913

-

Other debtors

 

72,609

25,824

Prepayments

 

2,025

14,846

   

930,547

40,670

11

Cash and cash equivalents

2023
£

2022
£

Cash at bank

45,308

7,196

12

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

158,404

38,666

Amounts due to related parties

53,111,603

23,529,340

Other payables

 

11,897

6,926

Accruals

 

3,105,354

1,132,464

 

56,387,258

24,707,396

 

Ekco UK Holdings Limited

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

13

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

14

Parent and ultimate parent undertaking

The company's immediate parent is Ekco Cloud Corporate Limited, incorporated in Ireland.

 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

Significant control is also exercised by Plutus Midco Two Limited, a company incorporated in England.