Company registration number 12662574 (England and Wales)
ECO-1 GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
ECO-1 GROUP LIMITED
COMPANY INFORMATION
Director
Mr J D Belcher
Company number
12662574
Registered office
200 Rookery Lane
Aldridge
Walsall
West Midlands
WS9 8NP
Auditor
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
ECO-1 GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
ECO-1 GROUP LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -

The director presents the strategic report for the period ended 31 December 2023.

Review of the business

The Eco-1 Group is predominately made up of Eco-1 Electrical Solutions Limited together with Aldridge Prime Ltd, Eco-1 Energy Ltd and Eco-1 React Ltd.

Eco-1 Group Limited is the forward-thinking electrical group that is dedicated to improving value through long term sustainable working relationships. We are the trusted partners of leading business and institutions.

 

We work with our customers suggesting new and innovative ways and are committed to providing solutions. It’s all about lean, sustainable, energy-saving installations delivered, safely, to the highest quality, on time and on budget. Our scale, scope and knowledge allow us to develop electrical solutions that are truly functional. We invest significant time and effort developing and renewing partnerships with suppliers, manufacturers, and subcontractors to develop experience and expertise which allows us to offer latest technology, best value and unique insights to our customers. We are passionate about taking on new electrical challenges, providing the perfect solution and always adding value.

 

Vision

To be the trusted electrical partner creating a positive experience for all people and companies we engage with.

Mission Statement

Strive to be the best in everything we do, exceeding customer expectations, leading in new efficient technology and innovation.

Principal risks and uncertainties

Economic risks include continued inflationary pressure which may further impair margins or cause delays or cancellations on secured works that are yet to commence. To diffuse such, the Company continues to source and develop added-value initiatives, with its clients and standardise product in order to ensure best value and the reduction of waste.

 

Operational risks include the risk of losses resulting from inadequate or failed installations causing delays and consequential costs. This also includes Health & Safety risks, IT, information security, project, outsourcing, tax, legal, fraud and compliance risks. As part of the operational risk management process, the Company has an Operational Risk Policy and undertakes a risk & control self-assessment process across all programs.

 

The Company believes it has the relevant KPI’s and risk & method statements in place to support the recording of risks and controls as well as monitoring operational risks and risk events in regular reviews.

Development and performance

Whilst profitable for the 14-month period ending December 31st, 2023, inflation from supply chain & energy price increases eroded margins on programs secured in 2022 and installed in 2023. In addition to this the Company suffered losses in the financial year following the demise of both Buckingham Group and J Tomlinson entering into administration.

Operating Profit for the 14-month period of £753,586 was just ahead of the prior 12-month period ending October 31st 2022 at £550,714.

The Group has developed a 5-year strategic growth plan and currently has every expectation to deliver in accordance.

Key performance indicators

The Group maintains and reports several KPI’s to measure and evaluate performance against targets, budgets and 5-year strategy outlooks. These include turnover, project margins, net profitability, rolling profitability and cash forecasts, employee attendance & turnover. Programs that overlap several months also have monthly detailed ‘cost to complete’ reviews to evaluate financial performance in progress.

ECO-1 GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

Mr J D Belcher
Director
3 September 2024
ECO-1 GROUP LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -

The director presents his annual report and financial statements for the period ended 31 December 2023.

Principal activities

The principal activity of the company is that of a holding company and the principal activity of the group continued to be that of electrical contractors.

Results and dividends

The results for the period are set out on page 8.

Ordinary dividends were paid amounting to £105,575. The directors do not recommend payment of a further dividend .

Director

The director who held office during the period and up to the date of signature of the financial statements was as follows:

Mr J D Belcher
Auditor

In accordance with the company's articles, a resolution proposing that Edwards be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

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

On behalf of the board
Mr J D Belcher
Director
3 September 2024
ECO-1 GROUP LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ECO-1 GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ECO-1 GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of ECO-1 Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

ECO-1 GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ECO-1 GROUP LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

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

 

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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.

 

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.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We obtained an understanding of the legal and regulatory frameworks within which the group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, employment law, electrical contractors association, off payroll working and health & safety regulations compliance.

 

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: the override of controls by management, revenue journals, inappropriate treatment of non-routine transactions and areas of estimation uncertainty, specifically surrounding the investment valuations, work in progress valuations, goodwill valuations and long term contracts. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and review of accounting estimates for biases.

ECO-1 GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ECO-1 GROUP LIMITED
- 7 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

David Webb FCA (Senior Statutory Auditor)
For and on behalf of Edwards
3 September 2024
Chartered Accountants
Statutory Auditor
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
ECO-1 GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
Period
Year
ended
ended
31 December
31 October
2023
2022
Notes
£
£
Turnover
3
18,369,649
13,989,663
Cost of sales
(15,184,231)
(11,928,725)
Gross profit
3,185,418
2,060,938
Administrative expenses
(2,431,832)
(1,510,224)
Operating profit
4
753,586
550,714
Interest receivable and similar income
8
204
2,638
Exceptional item
9
(184,529)
-
0
Profit before taxation
569,261
553,352
Tax on profit
10
(151,524)
(122,305)
Profit for the financial period
417,737
431,047
Total comprehensive income for the period is all attributable to the owner of the parent company.
ECO-1 GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
31 December 2023
31 October 2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
295,570
337,794
Tangible assets
13
767,720
674,424
Investment property
14
226,667
226,667
1,289,957
1,238,885
Current assets
Stocks
17
1,981,222
3,924,310
Debtors
18
1,761,110
1,092,395
Cash at bank and in hand
2,159,668
1,994,062
5,902,000
7,010,767
Creditors: amounts falling due within one year
19
(3,184,157)
(4,453,014)
Net current assets
2,717,843
2,557,753
Total assets less current liabilities
4,007,800
3,796,638
Creditors: amounts falling due after more than one year
20
(80,000)
(200,000)
Provisions for liabilities
Deferred tax liability
22
49,000
30,000
(49,000)
(30,000)
Net assets
3,878,800
3,566,638
Capital and reserves
Called up share capital
24
2,550,100
2,550,100
Profit and loss reserves
1,328,700
1,016,538
Total equity
3,878,800
3,566,638

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 3 September 2024
03 September 2024
Mr J D Belcher
Director
Company registration number 12662574 (England and Wales)
ECO-1 GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
31 December 2023
31 October 2022
Notes
£
£
£
£
Fixed assets
Investment property
14
680,000
-
0
Investments
15
3,925,200
4,611,011
4,605,200
4,611,011
Current assets
Debtors
18
100
100
Creditors: amounts falling due within one year
19
(22,802)
(200)
Net current liabilities
(22,702)
(100)
Net assets
4,582,498
4,610,911
Capital and reserves
Called up share capital
24
2,550,100
2,550,100
Profit and loss reserves
2,032,398
2,060,811
Total equity
4,582,498
4,610,911

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 period was £28,413 (2022 - £685,811 profit).

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 and signed by the director and authorised for issue on 3 September 2024
03 September 2024
Mr J D Belcher
Director
Company registration number 12662574 (England and Wales)
ECO-1 GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2021
2,550,100
669,951
3,220,051
Year ended 31 October 2022:
Profit and total comprehensive income
-
431,047
431,047
Dividends
11
-
(84,460)
(84,460)
Balance at 31 October 2022
2,550,100
1,016,538
3,566,638
Period ended 31 December 2023:
Profit and total comprehensive income
-
417,737
417,737
Dividends
11
-
(105,575)
(105,575)
Balance at 31 December 2023
2,550,100
1,328,700
3,878,800
ECO-1 GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2021
2,550,100
1,375,000
3,925,100
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
685,811
685,811
Balance at 31 October 2022
2,550,100
2,060,811
4,610,911
Period ended 31 December 2023:
Profit and total comprehensive income
-
(28,413)
(28,413)
Balance at 31 December 2023
2,550,100
2,032,398
4,582,498
ECO-1 GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
643,115
1,278,991
Income taxes paid
(100,563)
(189,166)
Net cash inflow from operating activities
542,552
1,089,825
Investing activities
Purchase of subsidiaries, net of cash acquired
-
(670,091)
Purchase of tangible fixed assets
(241,575)
(225,865)
Proceeds from disposal of tangible fixed assets
20,000
46,033
Interest received
204
2,638
Net cash used in investing activities
(221,371)
(847,285)
Financing activities
Proceeds from borrowings
-
250,000
Repayment of borrowings
(50,000)
-
Dividends paid to equity shareholders
(105,575)
(84,460)
Net cash (used in)/generated from financing activities
(155,575)
165,540
Net increase in cash and cash equivalents
165,606
408,080
Cash and cash equivalents at beginning of period
1,994,062
1,585,982
Cash and cash equivalents at end of period
2,159,668
1,994,062
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

ECO-1 Group Limited (“the company”) is a private limited company incorporated in England and Wales. The registered office is 200 Rookery Lane, Aldridge, Walsall, West Midlands, WS9 8NP.

 

The group consists of ECO-1 Group Limited and all of its subsidiaries.

1.1
Reporting period

The company has extended its period end to 31 December 2023 to align with other group members. The current reporting period is for the 14 months ended 31 December 2023. The comparative reporting period is for the 12 month period ended 31 October 2022. Comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
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.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.3
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. 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.

ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company ECO-1 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 31 December 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts.

 

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.8
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:

Freehold property
2% Straight line
Fixtures and fittings
25% Straight line
Motor vehicles
25% Straight line

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.

1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.10
Fixed asset investments

In the parent company financial statements, interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Long term contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.13
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.

1.14
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.

ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
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.

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.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.18
Retirement benefits

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

1.19
Leases

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.

ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.20

Audit exemption

Aldridge Prime Limited (company number - 07209353), a subsidiary of the Company, has taken advantage of section 479A of the Companies Act 2006 (the "Act") not to conduct an audit on their accounts. In the opinion of the directors, the subsidiary qualifies under section 479A of the Act with a guarantee to be given for Aldridge Prime Limited by ECO-1 Group Limited.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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.

Contract accounting

The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Turnover for such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years. Provision is made for any losses as soon as they are foreseen.

 

Contract work in progress is stated at cost incurred, less those transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched with turnover.

Goodwill valuation

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.

Investment valuation

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Electrical contractors
18,335,059
13,977,963
Rent
34,590
11,700
18,369,649
13,989,663
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 20 -
2023
2022
£
£
Other revenue
Interest income
204
2,638
4
Operating profit
2023
2022
£
£
Operating profit for the period is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
137,620
59,517
Profit on disposal of tangible fixed assets
(9,341)
(36,808)
Amortisation of intangible assets
42,224
42,224
Operating lease charges
85,758
93,495
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and its subsidiaries
13,900
12,000
For other services
Other non-audit services
5,550
3,750
Taxation compliance services
1,550
750
7,100
4,500
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Office/Administration
20
20
-
-
Site/Direct
20
15
-
-
Total
40
35
-
0
-
0
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,938,649
1,224,374
-
0
-
0
Social security costs
212,261
152,618
-
-
Pension costs
140,916
42,563
-
0
-
0
2,291,826
1,419,555
-
0
-
0
7
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
16,728
11,881
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
-
0
2,638
Other interest income
204
-
Total income
204
2,638
9
Exceptional item

During the period the group suffered an exceptional cost of £184,529 (2022: £Nil) relating to a customer bad debt.

10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
132,524
92,905
Deferred tax
Origination and reversal of timing differences
19,000
29,400
Total tax charge
151,524
122,305
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 22 -

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
569,261
553,352
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
142,315
105,137
Tax effect of expenses that are not deductible in determining taxable profit
9,348
3,794
Consolidated goodwill
13,201
8,023
Tax effect of enhanced capital allowances
(108)
(5,617)
Tax effect of change in tax rates
(13,232)
10,968
Taxation charge
151,524
122,305
11
Dividends
One of the subsidiary companies paid dividends amounting to £105,575 (2022: £84,460) to the owners of its B Ordinary Non Voting shares. As this shareholder has no voting rights they are not included within the consolidated financial statements.
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2022 and 31 December 2023
422,242
Amortisation and impairment
At 1 November 2022
84,448
Amortisation charged for the period
42,224
At 31 December 2023
126,672
Carrying amount
At 31 December 2023
295,570
At 31 October 2022
337,794
The company had no intangible fixed assets at 31 December 2023 or 31 October 2022.
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 23 -
13
Tangible fixed assets
Group
Freehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
453,333
66,218
288,663
808,214
Additions
-
0
31,675
209,900
241,575
Disposals
-
0
-
0
(31,978)
(31,978)
At 31 December 2023
453,333
97,893
466,585
1,017,811
Depreciation and impairment
At 1 November 2022
4,533
45,108
84,149
133,790
Depreciation charged in the period
10,578
8,845
118,197
137,620
Eliminated in respect of disposals
-
0
-
0
(21,319)
(21,319)
At 31 December 2023
15,111
53,953
181,027
250,091
Carrying amount
At 31 December 2023
438,222
43,940
285,558
767,720
At 31 October 2022
448,800
21,110
204,514
674,424
The company had no tangible fixed assets at 31 December 2023 or 31 October 2022.
14
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 November 2022
226,667
-
Additions
-
680,000
At 31 December 2023
226,667
680,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 200 Rookery Lane by Bulleys Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and the director considers this to remain appropriate.

15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
3,925,200
4,611,011
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
15
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2022
4,611,011
Additions
5,100,000
At 31 December 2023
9,711,011
Impairment
At 1 November 2022
-
Impairment losses
5,785,811
At 31 December 2023
5,785,811
Carrying amount
At 31 December 2023
3,925,200
At 31 October 2022
4,611,011

Following a group reorganisation during the financial period, the company has acquired the fixed asset investments of ECO-1 Holdings Limited on 15 December 2023.

16
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Eco-1 Holdings Limited
Aldridge Prime Rookery Lane, Aldridge, Walsall, West Midlands, England, WS9 8NP
Ordinary shares
100.00
Eco-1 Electrical Solutions Limited
Aldridge Prime Rookery Lane, Aldridge, Walsall, West Midlands, England, WS9 8NP
Ordinary A shares
100.00
Eco-1 Energy Limited
200 Rookery Lane, Aldridge, Walsall, West Midlands, England, WS9 8NP
Ordinary shares
100.00
Eco-1 React Limited
200 Rookery Lane, Aldridge, Walsall, West Midlands, England, WS9 8NP
Ordinary shares
100.00
Aldridge Prime Limited
200 Rookery Lane, Aldridge, Walsall, West Midlands, England, WS9 8NP
Ordinary shares
100.00
17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Work in progress
1,981,222
3,924,310
-
-
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 25 -
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,662,556
635,404
-
0
-
0
Other debtors
38,718
448,855
100
100
Prepayments and accrued income
59,836
8,136
-
0
-
0
1,761,110
1,092,395
100
100
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
21
120,000
50,000
-
0
-
0
Trade creditors
2,638,531
4,063,409
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
22,802
200
Corporation tax payable
132,524
100,563
-
0
-
0
Other taxation and social security
53,747
44,480
-
-
Other creditors
49,668
34,171
-
0
-
0
Accruals and deferred income
189,687
160,391
-
0
-
0
3,184,157
4,453,014
22,802
200
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
21
80,000
200,000
-
0
-
0
21
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Other borrowings
200,000
250,000
-
0
-
0
Payable within one year
120,000
50,000
-
0
-
0
Payable after one year
80,000
200,000
-
0
-
0

Other borrowings represent a loan due to a related party of £200,000 (2022: £250,000). The loan is interest free, unsecured and repayable in equal instalments.

ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 26 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
49,000
30,000
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the period:
£
£
Liability at 1 November 2022
30,000
-
Charge to profit or loss
19,000
-
Liability at 31 December 2023
49,000
-
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
140,916
42,563

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,550,100
2,550,100
2,550,100
2,550,100
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 27 -
25
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
44,525
56,997
-
-
Between two and five years
22,515
68,340
-
-
67,040
125,337
-
-
26
Related party transactions

Total key management compensation paid during the period amounted to £172,288 (2022: £156,291).

 

During the previous year, the group was loaned £250,000 from a related party. The loan is interest free and repayable in equal monthly instalments.

 

At 31 December 2023, included within other borrowings is an amount of £200,000 (2022: £250,000) due to related parties and included within other debtors is an amount of £21,115 (2022: £21,115) due from related parties.

27
Cash generated from group operations
2023
2022
£
£
Profit for the period after tax
417,737
431,047
Adjustments for:
Taxation charged
151,524
122,305
Investment income
(204)
(2,638)
Gain on disposal of tangible fixed assets
(9,341)
(36,808)
Amortisation and impairment of intangible assets
42,224
42,224
Depreciation and impairment of tangible fixed assets
137,620
59,517
Movements in working capital:
Decrease/(increase) in stocks
1,943,088
(1,742,805)
(Increase)/decrease in debtors
(668,715)
313,258
(Decrease)/increase in creditors
(1,370,818)
2,092,891
Cash generated from operations
643,115
1,278,991
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 28 -
28
Analysis of changes in net funds - group
1 November 2022
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,994,062
165,606
2,159,668
Borrowings excluding overdrafts
(250,000)
50,000
(200,000)
1,744,062
215,606
1,959,668
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