Company registration number 08044676 (England and Wales)
ECOLUTION ENERGY TECHNOLOGIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
ECOLUTION ENERGY TECHNOLOGIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ECOLUTION ENERGY TECHNOLOGIES LIMITED (REGISTERED NUMBER: 08044676)
BALANCE SHEET
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
5,579
6,785
Tangible assets
5
26,283
32,787
31,862
39,572
Current assets
Debtors
6
185,166
245,382
Cash at bank and in hand
10,066
23,044
195,232
268,426
Creditors: amounts falling due within one year
7
(2,089,649)
(1,972,037)
Net current liabilities
(1,894,417)
(1,703,611)
Total assets less current liabilities
(1,862,555)
(1,664,039)
Creditors: amounts falling due after more than one year
8
(1,942)
Net liabilities
(1,862,555)
(1,665,981)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,862,655)
(1,666,081)
Total equity
(1,862,555)
(1,665,981)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ECOLUTION ENERGY TECHNOLOGIES LIMITED (REGISTERED NUMBER: 08044676)
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
K D Knapp
Director
ECOLUTION ENERGY TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Ecolution Energy Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19/21 Swan Street, West Malling, United Kingdom, ME19 6JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future.true
1.3
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
tcompany has transferred the significant risks and rewards of ownership to the buyer;
the retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of can be measured reliably;
it is probable that the will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
ECOLUTION ENERGY TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
The company has entered into contractual agreements to perform planned and reactive maintenance services to customers. Turnover arising from such services is recognised once the maintenance services have been provided to the customer and is measured at the fair value of the service provided.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
Straight line over 8 years
1.5
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:
Plant and machinery
Straight line over 8 years
Fixtures, fittings & equipment
Straight line over 8 years
Motor vehicles
Straight line over 8 years
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 credited or charged to profit or loss.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ECOLUTION ENERGY TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
Depreciation
Depreciation is provided for on tangible fixed assets at the rates shown in accounting policies.
Work in progress
Work in progress is calculated as a percentage of materials leaving the warehouse in the last week of the financial year for ongoing projects which are unbilled at the year end.
ECOLUTION ENERGY TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
8
4
Intangible fixed assets
Software
£
Cost
At 1 July 2023 and 30 June 2024
9,645
Amortisation and impairment
At 1 July 2023
2,860
Amortisation charged for the year
1,206
At 30 June 2024
4,066
Carrying amount
At 30 June 2024
5,579
At 30 June 2023
6,785
5
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
19,627
1,918
40,320
61,865
Depreciation and impairment
At 1 July 2023
11,820
881
16,377
29,078
Depreciation charged in the year
1,658
227
4,619
6,504
At 30 June 2024
13,478
1,108
20,996
35,582
Carrying amount
At 30 June 2024
6,149
810
19,324
26,283
At 30 June 2023
7,807
1,037
23,943
32,787
ECOLUTION ENERGY TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
154,220
214,436
Other debtors
30,946
30,946
185,166
245,382
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,420
24,881
Amounts owed to group undertakings
2,080,185
1,908,089
Taxation and social security
21,341
Other creditors
5,044
17,726
2,089,649
1,972,037
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,942
9
Financial commitments, guarantees and contingent liabilities
The company has entered into a cross guarantee arrangement with one of its bankers in relation to its parent Ecolution Group Limited and its fellow subsidiaries Ecolution Energy Services Limited and Ecolution Products Limited.
Loans and overdrafts are secured by fixed and floating charges over the company's assets both present and future.
A separate arrangement has been entered in to with its bankers which is also secured by fixed and floating charges over the company's assets both present and future.
10
Related party transactions
The truecompany has taken advantage of the exemption within FRS 102 from the requirement to disclose transactions entered into between two or more members of a group provided that any subsidiary which is party to the transaction is wholly owned by such a member.
ECOLUTION ENERGY TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
11
Parent company
The immediate and ultimate parent company of Ecolution Energy Technologies Limited is Ecolution Group Limited and its registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.
12
Prior period adjustment
Reconciliation of changes in equity
1 July
30 June
2022
2023
Notes
£
£
Adjustments to prior year
Correction to stock
1
-
-
Reversal of bad debt provision error
2
(40,000)
(40,000)
Equity as previously reported
(1,211,196)
(1,625,981)
Equity as adjusted
(1,251,196)
(1,665,981)
Analysis of the effect upon equity
Profit and loss reserves
(40,000)
(40,000)
Notes to reconciliation
1 Correction to stock
Stock of £40,222 was transferred to the company's parent during the year but this was not correctly reflected in the financial statements at 30 June 2023.
2 Reversal of bad debt provision error
In the financial statements for the year ended 30 June 2022, a bad debt provision present from 30 June 2021 was incorrectly included as being reversed from the financial statements.
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