Company registration number 03740408 (England and Wales)
ECOLUTION GROUP LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
ECOLUTION GROUP LIMITED
COMPANY INFORMATION
Directors
K D Knapp
A J Knapp
R M Jenkins
Secretary
K D Knapp
Company number
03740408
Registered office
19/21 Swan Street
West Malling
United Kingdom
ME19 6JU
Accountants
Perrys Accountants Limited
Chartered Accountants
10 Upper Grosvenor Road
Tunbridge Wells
Kent
TN1 2EP
ECOLUTION GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Group statement of comprehensive income
5
Group balance sheet
6 - 7
Company balance sheet
8 - 9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 31
Accountants' report
32
ECOLUTION GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Review of the business
Four years ago, Ecolution embarked on a strategic transition from a primarily construction-focused business to a leading provider of Repairs & Maintenance (R&M) and energy efficiency solutions within the commercial and public sectors. This report highlights the successful completion of this transition and outlines our strategic priorities for continued growth and value creation.
Key Achievements
Completed Strategic Transition: We have successfully repositioned Ecolution as a comprehensive R&M and energy efficiency specialist. This is evidenced by our strong financial performance, with a 14% increase in revenue and improved gross margins.
Expanded Service Offering: We have significantly broadened our capabilities to offer a fully integrated approach to energy efficiency, encompassing both enhanced insulation services and a comprehensive range of renewable energy solutions.
Strengthened Corporate Governance: We have embedded a robust corporate governance framework and a new ERP system to support controlled growth and operational efficiency.
Enhanced Accreditations: We maintain our commitment to quality, safety, and environmental responsibility, as demonstrated by our ISO 9001, 14001, 45001, and 50001 accreditations. We have also commenced the process of achieving ISO 27001 certification.
Strategic Focus
Our strategy is centred on capitalising on the growing demand for energy efficiency and decarbonisation solutions within the commercial and public sectors. We are well-positioned to help our clients – local authorities, housing associations, FM companies, and commercial property owners – achieve their carbon emission reduction targets.
Key Strategic Priorities:
Expand Market Share: Leverage our expertise and comprehensive service offering to secure new clients and projects, particularly those supported by government initiatives such as the Social Housing Decarbonisation Fund (SHDF).
Drive Operational Excellence: Continue to enhance our operational efficiency through process optimisation, technology investments (including AI), and employee training and development.
Invest in Talent: Develop our team's skills and expertise through our in-house BPEC-approved training facility and a new Learning Management System (LMS) to mitigate the risk of skills shortages in the sector.
Strengthen Customer Relationships: Maintain our focus on delivering exceptional customer service and building long-term partnerships with our clients.
Deliver Uncompromising Quality: Maintain our unwavering commitment to the highest standards of quality in all our installations and servicing. This commitment is reflected in our adherence to SFG20 guidelines, ensuring our clients receive optimal performance and longevity from our solutions.
ECOLUTION GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Principal risks and uncertainties
While the market opportunities are significant, we recognise potential challenges:
Meeting Government Targets: The ambitious targets and timeframes set by the government for carbon emission reduction may be challenging to achieve.
Funding: Continued government funding is essential to support the widespread adoption of renewable and energy-efficient technologies.
Skills Shortages: The availability of skilled workers remains a concern within the industry. This presents a challenge to businesses seeking to expand their operations and meet the growing demand for energy efficiency services. However, Ecolution has proactively addressed this challenge by investing in training and development programs for our employees. Our in-house BPEC-approved training facility allows us to upskill our engineers and equip them with the latest knowledge and expertise in energy efficiency technologies. This strategy not only enhances the quality of our services but also contributes to the development of a skilled workforce within the sector.
Development and performance
Our financial performance reflects the success of our strategy:
Strong Revenue Growth: We achieved a 14% increase in revenue, driven by the growth of our R&M business and expansion into the retrofit and decarbonisation market.
Improved Gross Margins: Our focus on operational efficiency and value-added services has resulted in improved gross margins.
Strong Financial Position: We maintain a strong balance sheet and a culture of reinvesting profits to support future growth.
We are committed to delivering sustainable, profitable growth and creating long-term value for our stakeholders.
Key performance indicators
Our key performance indicators (KPIs) demonstrate the successful implementation of our strategy and the foundation we have built for sustainable, profitable growth. We focus on metrics that drive business efficiency and profitability.
Financial Performance: We have achieved strong gross and net profit margins, along with improvements in debtor days, stock days, and creditor days. We have also strengthened our interest cover and debt-to-equity ratios. Looking ahead, we forecast continued revenue growth, reduced overhead, and increased net profit margins through ongoing investments in technology and software.
Operational Efficiency: We closely monitor the utilisation of our direct resources, including engineers, and our ability to complete projects on time and within budget. First-time fixes and customer satisfaction are paramount, as evidenced by repeat business from our long-term clients and consistently positive feedback.
ECOLUTION GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Directors' statement of intent
Ecolution is dedicated to being a responsible and sustainable business. We are committed to:
Providing a Safe and Energy-Efficient Workplace: We prioritise the health and safety of our employees and are committed to minimising our environmental impact.
Investing in Our People: We believe in developing our employees and empowering them to become future leaders in the sector.
Supporting Our Community: We actively engage in local community projects and provide free information and training to schools and other organisations.
Strengthening Leadership: To ensure the successful execution of our strategic growth plan, we are committed to strengthening and investing in our senior team. This includes fostering a culture of robust cash management and exemplary client service.
K D Knapp
Director
14 November 2024
ECOLUTION GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the group in the year under review was that of the design, supply, installation, maintenance and distribution of renewable energy products and systems.
Results and dividends
The results for the year are set out on page 5.
Ordinary dividends were paid amounting to £98,800. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
K D Knapp
A J Knapp
R M Jenkins
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
K D Knapp
Director
14 November 2024
ECOLUTION GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2024
2023
as restated
Notes
£
£
Turnover
6,769,667
5,958,751
Cost of sales
(3,537,341)
(3,383,193)
Gross profit
3,232,326
2,575,558
Administrative expenses
(2,616,346)
(2,278,298)
Other operating income
182
Operating profit
615,980
297,442
Interest receivable and similar income
4
18,788
8,043
Interest payable and similar expenses
(16,370)
(16,984)
Profit before taxation
618,398
288,501
Tax on profit
5
(160,476)
29,282
Profit for the financial year
457,922
317,783
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
ECOLUTION GROUP LIMITED (REGISTERED NUMBER: 03740408)
GROUP BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 6 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
6
426,419
399,863
Tangible assets
7
588,000
402,020
1,014,419
801,883
Current assets
Stocks
606,673
614,841
Debtors
10
2,415,778
1,929,668
Cash at bank and in hand
872,615
1,095,454
3,895,066
3,639,963
Creditors: amounts falling due within one year
11
(1,426,122)
(1,335,225)
Net current assets
2,468,944
2,304,738
Total assets less current liabilities
3,483,363
3,106,621
Creditors: amounts falling due after more than one year
12
(407,149)
(481,036)
Provisions for liabilities
(97,647)
(6,990)
Net assets
2,978,567
2,618,595
Capital and reserves
Called up share capital
15
7,050
6,200
Share premium account
683,167
683,167
Profit and loss reserves
2,288,350
1,929,228
Total equity
2,978,567
2,618,595
For the financial year ended 30 June 2024 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.
Directors' responsibilities under the Companies Act 2006:
The members have not required the to obtain an audit of its financial statements for the year in question in accordance with section 476;
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.
ECOLUTION GROUP LIMITED (REGISTERED NUMBER: 03740408)
GROUP BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 7 -
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:
14 November 2024
K D Knapp
Director
ECOLUTION GROUP LIMITED (REGISTERED NUMBER: 03740408)
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 8 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
6
420,840
393,078
Tangible assets
7
534,155
320,798
Investments
8
101
101
955,096
713,977
Current assets
Stocks
606,673
614,841
Debtors
10
3,752,104
2,693,039
Cash at bank and in hand
432,623
605,937
4,791,400
3,913,817
Creditors: amounts falling due within one year
11
(2,539,752)
(1,239,794)
Net current assets
2,251,648
2,674,023
Total assets less current liabilities
3,206,744
3,388,000
Creditors: amounts falling due after more than one year
12
(407,149)
(479,094)
Provisions for liabilities
(92,891)
-
Net assets
2,706,704
2,908,906
Capital and reserves
Called up share capital
15
7,050
6,200
Share premium account
683,167
683,167
Profit and loss reserves
2,016,487
2,219,539
Total equity
2,706,704
2,908,906
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £104,252 (2023 - £253,281 loss).
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.
ECOLUTION GROUP LIMITED (REGISTERED NUMBER: 03740408)
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 9 -
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
14 November 2024
K D Knapp
Director
ECOLUTION GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 June 2023:
Balance at 1 July 2022
6,200
683,167
1,713,195
2,402,562
Prior period adjustment - see note 21
-
-
(40,000)
(40,000)
As restated
6,200
683,167
1,673,195
2,362,562
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
317,783
317,783
Dividends
-
-
(61,750)
(61,750)
Balance at 30 June 2023
6,200
683,167
1,929,228
2,618,595
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
457,922
457,922
Issue of share capital
15
850
-
850
Dividends
-
-
(98,800)
(98,800)
Balance at 30 June 2024
7,050
683,167
2,288,350
2,978,567
ECOLUTION GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 June 2023:
Balance at 1 July 2022
6,200
683,167
2,534,570
3,223,937
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
(253,281)
(253,281)
Dividends
-
-
(61,750)
(61,750)
Balance at 30 June 2023
6,200
683,167
2,219,539
2,908,906
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
(104,252)
(104,252)
Issue of share capital
15
850
-
850
Dividends
-
-
(98,800)
(98,800)
Balance at 30 June 2024
7,050
683,167
2,016,487
2,706,704
ECOLUTION GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
303,007
590,194
Interest paid
(16,370)
(16,984)
Income taxes (paid)/refunded
(10,275)
46,139
Net cash inflow from operating activities
276,362
619,349
Investing activities
Purchase of intangible assets
(85,427)
(16,020)
Purchase of tangible fixed assets
(60,640)
(56,129)
Proceeds from disposal of tangible fixed assets
9,892
21,076
Interest received
18,788
8,043
Net cash used in investing activities
(117,387)
(43,030)
Financing activities
Repayment of bank loans
(180,000)
(180,000)
Payment of finance leases obligations
(103,014)
(59,806)
Dividends paid to equity shareholders
(98,800)
(61,750)
Net cash used in financing activities
(381,814)
(301,556)
Net (decrease)/increase in cash and cash equivalents
(222,839)
274,763
Cash and cash equivalents at beginning of year
1,095,454
820,691
Cash and cash equivalents at end of year
872,615
1,095,454
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information
Ecolution Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 19/21 Swan Street, West Malling, United Kingdom, ME19 6JU.
The group consists of Ecolution Group Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Ecolution Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future.
1.5
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the group has transferred the significant risks and rewards of ownership to the buyer;
the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the group 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.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably
it is probable that the group 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 group has entered into contractual agreements to perform planned and reactive maintenance services to customers. Turnover arising from such services is recognised once the maintenance services have been provided to the customer and is measured at the fair value of the service provided.
1.6
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.7
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.8
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
Straight line 25%
Development Costs
Straight line 5% - 20%
1.9
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
over period of lease
Leasehold improvements
6 years straight line
Plant and machinery
4% on cost, 25% on cost and over period of lease
Fixtures, fittings & equipment
25% on cost
Computer equipment
25% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.10
Fixed asset investments
Investments in subsidiaries are measured at cost and less accumulated impairment. Investments are assessed at the end of each reporting period for objective evidence of impairment. If the objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. The impairment loss is measured as the difference between the investment's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.11
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment is recognised immediately in the profit and loss account.
1.12
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.13
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
The directors were required to make use of judgement and estimation in preparing certain aspects of the financial statements.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Goodwill valuation
Goodwill is recognised at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life of ten years. An impairment review is undertaken annually by reviewing the subsidiary's results and future forecasts.
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Revenue recognition
The group enters into fixed price contracts for the provision of goods and services, including the installation of solar energy equipment. Where work related to such fixed price contracts is ongoing at the balance sheet date, the directors assess the stage of completion of the contract work in order to ensure that the appropriate amount of turnover is recognised. The stage of completion is estimated based on the directors' view of the fair value of the services provided at the balance sheet date.
Work in progress
Work in progress is calculated as a percentage of materials leaving the warehouse in the last week of the financial year for ongoing projects which are unbilled at the year end.
Depreciation
Depreciation is provided for on tangible fixed assets at the rates shown in accounting policies.
Amortisation
Amortisation is provided for on intangible fixed assets at the rates shown in accounting policies.
3
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
41
40
14
17
4
Interest receivable and similar income
2024
2023
£
£
Other interest receivable and similar income
18,788
8,043
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
54,303
10,353
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Taxation
2024
2023
£
£
(Continued)
- 20 -
Deferred tax
Origination and reversal of timing differences
106,173
(39,635)
Total tax charge/(credit)
160,476
(29,282)
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
618,398
288,501
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
154,600
54,815
Tax effect of expenses that are not deductible in determining taxable profit
(5)
7
Effect of change in corporation tax rate
(23,669)
-
Permanent capital allowances in excess of depreciation
(3,428)
Depreciation on assets not qualifying for tax allowances
7,207
3,133
Tax at marginal rate
645
Deferred tax not recognised
22,343
(84,454)
Taxation charge/(credit)
160,476
(29,282)
6
Intangible fixed assets
Group
Goodwill
Software
Development Costs
Total
£
£
£
£
Cost
At 1 July 2023
450,066
531,097
83,547
1,064,710
Additions
85,427
85,427
At 30 June 2024
450,066
616,524
83,547
1,150,137
Amortisation and impairment
At 1 July 2023
450,066
163,808
50,973
664,847
Amortisation charged for the year
54,745
4,126
58,871
At 30 June 2024
450,066
218,553
55,099
723,718
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Intangible fixed assets
(Continued)
- 21 -
Carrying amount
At 30 June 2024
397,971
28,448
426,419
At 30 June 2023
367,289
32,574
399,863
Company
Software
Development Costs
Total
£
£
£
Cost
At 1 July 2023
521,452
83,547
604,999
Additions
85,427
85,427
At 30 June 2024
606,879
83,547
690,426
Amortisation and impairment
At 1 July 2023
160,948
50,973
211,921
Amortisation charged for the year
53,539
4,126
57,665
At 30 June 2024
214,487
55,099
269,586
Carrying amount
At 30 June 2024
392,392
28,448
420,840
At 30 June 2023
360,504
32,574
393,078
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
7
Tangible fixed assets
Group
Land and buildings Leasehold
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 July 2023
176,338
45,232
272,100
106,331
394,964
310,003
1,304,968
Additions
66,086
14,198
338
230,368
310,990
Disposals
(105,387)
(105,387)
At 30 June 2024
242,424
45,232
286,298
106,669
394,964
434,984
1,510,571
Depreciation and impairment
At 1 July 2023
89,880
30,056
164,661
99,476
340,661
178,214
902,948
Depreciation charged in the year
28,306
4,564
12,741
2,445
14,205
42,703
104,964
Eliminated in respect of disposals
(85,341)
(85,341)
At 30 June 2024
118,186
34,620
177,402
101,921
354,866
135,576
922,571
Carrying amount
At 30 June 2024
124,238
10,612
108,896
4,748
40,098
299,408
588,000
At 30 June 2023
86,458
15,176
107,439
6,855
54,303
131,789
402,020
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
Company
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
176,338
234,095
104,413
340,070
177,485
1,032,401
Additions
66,086
14,198
338
230,368
310,990
Disposals
(41,775)
(41,775)
At 30 June 2024
242,424
248,293
104,751
340,070
366,078
1,301,616
Depreciation and impairment
At 1 July 2023
89,880
145,463
98,595
292,461
85,204
711,603
Depreciation charged in the year
28,306
8,979
2,218
11,915
34,542
85,960
Eliminated in respect of disposals
(30,102)
(30,102)
At 30 June 2024
118,186
154,442
100,813
304,376
89,644
767,461
Carrying amount
At 30 June 2024
124,238
93,851
3,938
35,694
276,434
534,155
At 30 June 2023
86,458
88,632
5,818
47,609
92,281
320,798
8
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Shares in group undertakings and participating interests
-
-
101
101
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
101
Carrying amount
At 30 June 2024
101
At 30 June 2023
101
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
9
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Ecolution Energy Services Limited
2
Ordinary
100.00
-
Ecolution Products Limited
1
Ordinary X, Ordinary Y
100.00
-
Ecolution Energy (Eastern) Limited
3
Ordinary
0
100.00
Ecolution Energy Technologies Limited
4
Ordinary
100.00
-
Registered office addresses (all UK unless otherwise indicated):
1
19-21 Swan Street, West Malling, Kent, ME19 6JU
2
19-21 Swan Street, West Malling, Kent, ME19 6JU
3
19-21 Swan Street, West Malling, Kent, ME19 6JU
4
19-21 Swan Street, West Malling, Kent, ME19 6JU
10
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,739,271
1,589,623
1,516,316
1,306,217
Amounts owed by group undertakings
1,680,168
1,195,721
Other debtors
581,509
324,530
460,622
175,586
2,320,780
1,914,153
3,657,106
2,677,524
Amounts falling due after more than one year:
Trade debtors
94,998
94,998
Deferred tax asset
-
15,515
-
15,515
94,998
15,515
94,998
15,515
Total debtors
2,415,778
1,929,668
3,752,104
2,693,039
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
11
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
180,000
180,000
180,000
180,000
Trade creditors
607,684
713,881
598,109
676,493
Amounts owed to group undertakings
1,187,802
Corporation tax payable
54,382
10,353
Other taxation and social security
227,926
92,614
227,926
71,273
Other creditors
356,130
338,377
345,915
312,028
1,426,122
1,335,225
2,539,752
1,239,794
12
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
195,000
375,000
195,000
375,000
Trade creditors
13,936
13,936
Other creditors
198,213
106,036
198,213
104,094
407,149
481,036
407,149
479,094
13
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
375,000
555,000
375,000
555,000
Payable within one year
180,000
180,000
180,000
180,000
Payable after one year
195,000
375,000
195,000
375,000
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
13
Loans and overdrafts
(Continued)
- 26 -
The group has entered into a cross guarantee arrangement with one of its bankers in relation to the parent Ecolution Group Limited and its subsidiaries Ecolution Energy Services Limited, Ecolution Energy Technologies Limited and Ecolution Products Limited.
Loans and overdrafts are secured by fixed and floating charges over the company's assets both present and future.
At 30 June 2024, loans and overdrafts in these group companies subject to this guarantee totalled £nil (2023 - £nil).
A separate arrangement has been entered in to with these bankers which is also secured by fixed and floating charges over the respective companies' assets both present and future.
A further separate arrangement has been entered in to with another one of the group's bankers which is also secured by fixed and floating charges over the companies' assets both present and future.
14
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
141,068
85,909
139,126
78,141
In two to five years
198,213
106,036
198,213
104,094
339,281
191,945
337,339
182,235
Liabilities for obligations under finance leases totalling £339,281 (2023 - £191,945) are secured on the assets purchased under hire purchase agreements.
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
15
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
A1 Ordinary of 1p each
212,000
212,000
2,120
2,120
A2 Ordinary of 1p each
212,000
212,000
2,120
2,120
A3 Ordinary of 1p each
100,000
100,000
1,000
1,000
A4 Ordinary of 1p each
15,250
15,250
152
152
A5 Ordinary of 1p each
15,250
15,250
153
153
C1 Ordinary of 1p each
1,000
1,000
10
10
C2 Ordinary of 1p each
1,500
1,500
15
15
C3 Ordinary of 1p each
31,500
31,500
315
315
C5 Ordinary of 1p each
7,875
7,875
79
79
C6 Ordinary of 1p each
7,875
7,875
79
79
C7 Ordinary of 1p each
7,875
7,875
79
79
C8 Ordinary of 1p each
7,875
7,875
78
78
D Ordinary of 1p each
85,000
-
850
-
705,000
620,000
7,050
6,200
Except as expressly provided otherwise in the Articles of Association, every share irrespective of class shall rank pari passu in all respects but shall constitute separate classes of shares.
The directors may only issue B Shares to employees and may only issue C Shares to those who are neither a founder nor an employee.
Dividends may be declared on any class of A Shares, any class of B Shares or any class of C Shares at such times and in such amounts as shall be determined by the directors in their absolute discretion. The D Ordinary shares do not carry a right to a dividend.
On a share sale, D Ordinary shares do not carry any entitlement to sales proceeds if the share sale is a sale less than £8 million. If the sales proceeds exceed £8 million, the D Ordinary shares carry equal entitlement to the excess on a pro rata basis determined by the number of shares held. Otherwise, the sale proceeds shall be distributed in among the holders of the shares pro rata to the number of shares held, irrespective of the class.
If the holders of 50% by nominal value of the shares in issue wish to transfer all of their interest in shares to a bona fide purchaser on arm's-length terms ('proposed buyer'), the selling shareholders shall have the option to require all the other holders of shares on the date of the request to sell and transfer all their interest in shares with full title guarantee to the proposed buyer.
During the year, 85,000 D Ordinary shares were issued. These shares remain unpaid at the year end, all other classes of shares are fully paid.
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
16
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
-
18,750
-
18,750
17
Related party transactions
The truecompany has taken advantage of the exemption within FRS 102 from the requirement to disclose transactions entered into between two or more members of a group provided that any subsidiary which is party to the transaction is wholly owned by such a member.
18
Directors' transactions
Dividends totalling £83,840 (2023 - £52,400) were paid in the year in respect of shares held by the company's directors.
19
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
457,922
317,783
Adjustments for:
Taxation charged/(credited)
160,476
(29,282)
Finance costs
16,370
16,984
Investment income
(18,788)
(8,043)
Loss/(gain) on disposal of tangible fixed assets
10,154
(10,737)
Amortisation and impairment of intangible assets
58,871
55,744
Depreciation and impairment of tangible fixed assets
104,964
61,207
Movements in working capital:
Decrease in stocks
8,168
350,176
(Increase)/decrease in debtors
(500,775)
184,973
Increase/(decrease) in creditors
5,645
(348,611)
Cash generated from operations
303,007
590,194
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
20
Analysis of changes in net funds - group
1 July 2023
Cash flows
New finance leases
30 June 2024
£
£
£
£
Cash at bank and in hand
1,095,454
(222,839)
-
872,615
Borrowings excluding overdrafts
(555,000)
180,000
-
(375,000)
Obligations under finance leases
(191,945)
103,014
(250,350)
(339,281)
348,509
60,175
(250,350)
158,334
21
Prior period adjustment
Reconciliation of changes in equity - group
1 July
30 June
2022
2023
Notes
£
£
Adjustments to prior year
Corrections to stock
1
-
(285,217)
Reversal of bad debt provision error
2
(40,000)
(40,000)
Deferred tax on stock correction
3
-
54,191
Total adjustments
(40,000)
(271,026)
Equity as previously reported
2,402,562
2,889,621
Equity as adjusted
2,362,562
2,618,595
Analysis of the effect upon equity
Profit and loss reserves
(40,000)
(271,026)
Reconciliation of changes in profit for the previous financial period
2023
Notes
£
Adjustments to prior year
Corrections to stock
1
(285,217)
Reversal of bad debt provision error
2
-
Deferred tax on stock correction
3
54,191
Total adjustments
(231,026)
Profit as previously reported
548,809
Profit as adjusted
317,783
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21
Prior period adjustment
(Continued)
- 30 -
Reconciliation of changes in equity - company
1 July
30 June
2022
2023
Notes
£
£
Adjustments to prior year
Corrections to stock
(i)
-
(285,217)
Deferred tax on stock correction
(ii)
-
54,191
Total adjustments
-
(231,026)
Equity as previously reported
3,223,937
3,139,932
Equity as adjusted
3,223,937
2,908,906
Analysis of the effect upon equity
Profit and loss reserves
-
(231,026)
Reconciliation of changes in loss for the previous financial period
2023
Notes
£
Adjustments to prior year
Corrections to stock
(i)
(285,217)
Deferred tax on stock correction
(ii)
54,191
Total adjustments
(231,026)
Loss as previously reported
(22,255)
Loss as adjusted
(253,281)
Notes to reconciliation
1 Corrections to stock
In the financial statements for the year ended 30 June 2023, incorrect values for stock were recorded:
(a) Included in other debtors at 30 June 2023 was £173,164 which represented a write down of stock. This should have been included within cost of sales.
(b) Additionally, the stocks figure stated in the financial statements at 30 June 2023 was overstated by £112,053.
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.
ECOLUTION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21
Prior period adjustment
(Continued)
- 31 -
3 Deferred tax on stock correction
As a result of the errors in stock, the taxable loss for the year ended 30 June 2023 was £285,217 greater than previously reported. Additional tax losses are therefore available to offset against group profits.
Notes to reconciliation
(i) Corrections to stock
In the financial statements for the year ended 30 June 2023, incorrect values for stock were recorded:
(a) Stock of £40,222 was transferred to the company during the year from a subsidiary but this was not correctly reflected in the financial statements at 30 June 2023.
(b) Included in other debtors at 30 June 2023 was £173,164 which represented a write down of stock. This should have been included within cost of sales.
(c) Additionally, the stocks figure stated in the financial statements at 30 June 2023 was overstated by £112,053.
(ii) Deferred tax on stock correction
As a result of the errors in stock, the taxable loss for the year ended 30 June 2023 was £285,217 greater than previously reported. Additional tax losses are therefore available to offset against group profits.
ECOLUTION GROUP LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ECOLUTION GROUP LIMITED FOR THE YEAR ENDED 30 JUNE 2024
- 32 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ecolution Group Limited for the year ended 30 June 2024 set out on pages 5 to 31 from the accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Ecolution Group Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ecolution Group Limited and state those matters that we have agreed to state to the Board of Directors of Ecolution Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ecolution Group Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Ecolution Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ecolution Group Limited. You consider that Ecolution Group Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Ecolution Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Perrys Accountants Limited
Chartered Accountants
10 Upper Grosvenor Road
Tunbridge Wells
Kent
TN1 2EP
14 November 2024
2024-06-302023-07-01falsefalseCCH SoftwareCCH Accounts Production 2024.301A J KnappR M JenkinsR M JenkinsK D 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