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REGISTERED NUMBER: 11563035 (England and Wales)









COTSWOLD ENERGY GROUP LTD

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024






COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


COTSWOLD ENERGY GROUP LTD

COMPANY INFORMATION
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024







DIRECTOR: N M I Gillanders





REGISTERED OFFICE: Unit 12a
I O Centre
Stephenson Road
Fareham
Hants
PO15 5RU





REGISTERED NUMBER: 11563035 (England and Wales)





AUDITORS: Morris Crocker Limited
Chartered Accountants
Statutory Auditors
Station House
North Street
Havant
Hampshire
PO9 1QU

COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

STRATEGIC REPORT
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

Cotswold Energy (Group) Limited is a UK-based provider of renewable energy solutions, delivering sustainable technologies for homes and businesses. The company focuses on solar PV, heat pumps, and insulation, alongside EV charging infrastructure. As a standalone entity, the company's core mission is to help reduce carbon footprints through customized energy-saving installations.

PRINCIPLE ACTIVITIES
The entity specializes in:
1 Solar Photovoltaic (PV) Systems: Installation of solar panels for homes and businesses to generate
clean energy.
2 Heat Pumps: Offering both ground and air-source heat pumps for sustainable heating.
3 Insulation Upgrades: Improving energy efficiency through insulation solutions.
4 EV Charging: Supporting electric vehicle infrastructure with dedicated home and commercial
chargers.

These services aim to enhance energy independence, lower costs, and reduce carbon emissions.

BUSHINESS MODEL
The company operates on a project-based model, generating revenue primarily through:
1 Residential Installations: Home energy upgrades that include solar PV, heat pumps, and insulation.
2 Commercial Projects: Tailored energy solutions for businesses seeking to reduce operational costs
and achieve sustainability goals.
3 Consulting and Design Services: Providing detailed feasibility assessments and energy-saving
project designs.

Cotswold Energy also offers long-term support, including maintenance and servicing of installed systems, ensuring optimal performance.

Key Performance Indicators (KPIs)
The company evaluates success using the following KPIs:
1. Revenue Growth: Sustained year-on-year revenue increase through new project installations.
2. Carbon Reduction: Measured by tonnes of CO2 saved through installed systems, projecting over 30,000 tonnes of savings over 20 years.
3. Customer Satisfaction: High customer ratings for service quality, supported by positive testimonials on timely installations and professional service.

PRINCIPLE RISK AND UNCERTAINTIES
1 Technological Advances: Rapid changes in renewable technology necessitate constant innovation.
2 Market Competition: Increasing number of entrants in the renewable energy space.
3 Regulatory Risks: Dependency on government grants and incentives for customer affordability.
4 Supply Chain Risks: Potential delays or disruptions in sourcing components for installations

To mitigate these risks, Cotswold Energy diversifies its product offerings and stays aligned with government energy policies.

FINANCIAL PERFORMANCE
For the financial year ending 31 March 2024, the company reported robust growth, supported by strong demand for renewable energy services:

Revenue: £15.277mil, representing a 189% increase compared to the previous year.
Gross
profit:

£5.033mil, driven by cost-efficient project execution and growing market demand.
Cash Flow: Positive operating cash flow, ensuring liquidity for ongoing and future projects.

The company operated a 15-month financial year in order to align with the year end of the new parent company.

Given its positive financial position and strong demand pipeline, Cotswold Energy (Group) Limited is well-positioned as a going concern. Management remains confident in meeting its liabilities for the next 12 months and beyond.


COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

STRATEGIC REPORT
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

FUTURE OUTLOOK
The outlook remains positive as demand for renewable energy continues to grow:

Expansion:
Plans to increase service offerings and expand geographical coverage across
the UK.

Innovation:
Investment in emerging energy technologies, particularly in battery storage and
EV infrastructure.

Government Incentives:
Capitalizing on grants and incentives to make energy solutions more affordable
for customers.

Cotswold Energy (Group) Limited is a key player in the UK's renewable energy sector, with strong financial performance and a clear strategy for growth. Its customer-centric approach, combined with innovative technologies, positions it for continued success in helping homes and businesses reduce their carbon footprints. Management remains focused on maintaining operational efficiency, driving growth, and delivering long-term sustainability.

ON BEHALF OF THE BOARD:





N M I Gillanders - Director


21 November 2024

COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

REPORT OF THE DIRECTOR
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

The director presents his report with the financial statements of the company for the period 1 January 2023 to 31 March 2024.

DIVIDENDS
Prior to the acquisition by Mimi and Marble Holdings Limited on May 10, 2023, dividends totaling £46,770 were disbursed to the shareholders.

DIRECTOR
N M I Gillanders was appointed as a director on 10 May 2023 and held office during the whole of the period from then to the date of this report.

Mr J Bonnar Resigned 10 May 2023
Mr R Hodge Resigned 10 May 2023
Mr A Stuart-Kelso Resigned 10 May 2023
Mr N Gillanders Appointed 10 May 2023

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Morris Crocker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N M I Gillanders - Director


21 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COTSWOLD ENERGY GROUP LTD

Opinion
We have audited the financial statements of Cotswold Energy Group Ltd (the 'company') for the period ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the 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 director is responsible for the other information. The other information comprises the information in the Report of
the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COTSWOLD ENERGY GROUP LTD


Other matter
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.
We draw attention to the fact that the financial statements for the year ended 31 December 2022, presented for comparative purposes, were not audited. Accordingly, the comparative figures in the current year’s financial statements are unaudited and were included for information purposes only. Our opinion is not modified in respect of this matter.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, 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 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 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 company or to cease operations, or has no realistic
alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COTSWOLD ENERGY GROUP LTD


Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

From discussion with management and those charged with governance information about the entity is documented to assess the activity within the organisation. We discuss management's assessment of risk in respect of irregularities, fraud and going concern.

Based on these discussions and our own assessments we determined that the key risk areas were income recognition in respect of cut off issues and management override concerning the size of the organisation.

We set financial statement materiality level based on the level of income. As a trading organisation generating income is its primary focus which is why income was used to determine the level of materiality. Our overall assessment of risk was used to determine performance materiality at an appropriate level.

Substantive audit tests were designed after assessing and performing walkthrough tests. The walkthrough testing confirmed documented systems which have been designed to act as a preventative measure against fraud and error which appear to be operating as documented. Substantive testing tested a sample of the population, representative of the population, to identify errors. The testing did not identify any material misstatements in areas tested.

Audit substantive tests concluded no material errors over the key risk areas of income recognition and management override.

The audit considers the organisation is not exposed to material risk of error as a result of assessing laws and regulations that are appropriate to the organisation.

Management assessed there is no going concern risk. The audit undertook a review of budgets, management accounts and the review of board minutes and came to the same conclusion as management.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COTSWOLD ENERGY GROUP LTD


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 a Report of the Auditors 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.




Paul Underwood (Senior Statutory Auditor)
for and on behalf of Morris Crocker Limited
Chartered Accountants
Statutory Auditors
Station House
North Street
Havant
Hampshire
PO9 1QU

26 November 2024

COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

INCOME STATEMENT
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

Period Year ended
1.1.23 to 31.3.24 31.12.22
(Unaudited)
Notes £    £    £    £   

TURNOVER 15,277,006 5,282,967

Cost of sales 10,243,873 3,819,819
GROSS PROFIT 5,033,133 1,463,148

Distribution costs 381,358 87,345
Administrative expenses 3,775,931 1,261,309
4,157,289 1,348,654
875,844 114,494

Other operating income - 14,000
OPERATING PROFIT 4 875,844 128,494


Interest payable and similar expenses 5 66,631 10,448
PROFIT BEFORE TAXATION 809,213 118,046

Tax on profit 6 474,349 -
PROFIT FOR THE FINANCIAL PERIOD 334,864 118,046

COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

Period
1.1.23
to Year ended
31.3.24 31.12.22
(Unaudited)
Notes £    £   

PROFIT FOR THE PERIOD 334,864 118,046


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

334,864

118,046

COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

BALANCE SHEET
31 MARCH 2024

2024 2022
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 48,170 2,912
Tangible assets 9 1,338,821 864,390
1,386,991 867,302

CURRENT ASSETS
Stocks 10 354,354 225,749
Debtors 11 2,718,572 979,938
Cash at bank 521,388 468,239
3,594,314 1,673,926
CREDITORS
Amounts falling due within one year 12 2,846,835 1,216,014
NET CURRENT ASSETS 747,479 457,912
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,134,470

1,325,214

CREDITORS
Amounts falling due after more than one
year

13

(787,770

)

(568,374

)

PROVISIONS FOR LIABILITIES 16 (301,766 ) -
NET ASSETS 1,044,934 756,840

CAPITAL AND RESERVES
Called up share capital 17 78 78
Retained earnings 18 1,044,856 756,762
SHAREHOLDERS' FUNDS 1,044,934 756,840

The financial statements were approved by the director and authorised for issue on 21 November 2024 and were signed by:





N M I Gillanders - Director


COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 78 807,319 807,397

Changes in equity
Dividends - (168,603 ) (168,603 )
Total comprehensive income - 118,046 118,046
Balance at 31 December 2022 78 756,762 756,840

Changes in equity
Dividends - (46,770 ) (46,770 )
Total comprehensive income - 334,864 334,864
Balance at 31 March 2024 78 1,044,856 1,044,934

COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

CASH FLOW STATEMENT
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

Period
1.1.23
to Year ended
31.3.24 31.12.22
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 905,120 571,355
Interest paid (5,477 ) (10,448 )
Interest element of hire purchase
payments paid

(61,154

)

-
Net cash from operating activities 838,489 560,907

Cash flows from investing activities
Purchase of intangible fixed assets (48,170 ) (3,495 )
Purchase of tangible fixed assets (130,240 ) (634,243 )
Sale of intangible fixed assets 2,912 -
Sale of tangible fixed assets 25,940 (1,493 )
Net cash from investing activities (149,558 ) (639,231 )

Cash flows from financing activities
Loan repayments in year (316,667 ) (198,333 )
Capital repayments in year (272,345 ) 201,431
Equity dividends paid (46,770 ) (168,603 )
Net cash from financing activities (635,782 ) (165,505 )

Increase/(decrease) in cash and cash equivalents 53,149 (243,829 )
Cash and cash equivalents at
beginning of period

2

468,239

712,068

Cash and cash equivalents at end of
period

2

521,388

468,239

COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period
1.1.23
to Year ended
31.3.24 31.12.22
(Unaudited)
£    £   
Profit before taxation 809,213 118,046
Depreciation charges 380,874 87,345
(Profit)/loss on disposal of fixed assets (1,287 ) 1,493
Non cash adjustment - Bad debts 147,299 10,057
Impairment loss 312,391 -
Finance costs 66,631 10,448
1,715,121 227,389
Increase in stocks (128,605 ) (160,056 )
Increase in trade and other debtors (1,656,430 ) (104,738 )
Increase in trade and other creditors 975,034 608,760
Cash generated from operations 905,120 571,355

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 March 2024
31.3.24 1.1.23
£    £   
Cash and cash equivalents 521,388 468,239
Year ended 31 December 2022
31.12.22 1.1.22
(Unaudited)
£    £   
Cash and cash equivalents 468,239 712,068


COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 468,239 53,149 521,388
468,239 53,149 521,388
Debt
Finance leases (451,246 ) (710,953 ) (1,162,199 )
Debts falling due after 1 year (316,667 ) 316,667 -
(767,913 ) (394,286 ) (1,162,199 )
Total (299,674 ) (341,137 ) (640,811 )

COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

1. STATUTORY INFORMATION

Cotswold Energy Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Changes in accounting estimates
Following the acquisition of the entity by Mimi and Marble Holdings Limited on 10 May 2023, there has been a significant change in the depreciation estimates for tangible fixed assets. This change has been applied prospectively.

CategoryPrevious Policy New Policy
Plant and MachineryStraight line over 6 years33% on cost
Fixtures and FittingsStraight line over 6 years20% on cost
Motor VehiclesStraight line over 6 years25% on cost

This change in estimate has been implemented to better reflect the usage and economic benefit derived from these assets. The revised depreciation rates are intended to provide a more accurate allocation of the cost of tangible fixed assets over their useful lives.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company, the revenue can be reliably measured and the revenue can be matched in the same period the service was rendered to the customer. Revenue is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Expenses
Expenses are recognised when it is probable that an outflow of resources embodying economic benefits will result from the settlement of a present obligation and the amount of the expense can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of six years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Long term loans
Long-term loans requires that they be initially recognized at the transaction price, which is typically the amount of cash received or the fair value of other consideration given. Subsequently, long-term loans are measured at amortized cost using the effective interest rate method. This approach involves recognizing interest expense in profit or loss over the period of the loan in such a way that the interest rate is constant over the term of the loan.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Right of use assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.

Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

3. EMPLOYEES AND DIRECTORS
Period
1.1.23
to Year ended
31.3.24 31.12.22
(Unaudited)
£    £   
Wages and salaries 3,712,798 1,394,335
Social security costs 205,360 72,754
3,918,158 1,467,089

The average number of employees during the period was as follows:
Period
1.1.23
to Year ended
31.3.24 31.12.22
(Unaudited)

Direct 52 50

Period
1.1.23
to Year ended
31.3.24 31.12.22
(Unaudited)
£    £   
Director's remuneration 9,876 29,597

COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.1.23
to Year ended
31.3.24 31.12.22
(Unaudited)
£    £   
Other operating leases 10,807 2,200
Depreciation - owned assets 380,874 86,762
(Profit)/loss on disposal of fixed assets (1,287 ) 1,493
Goodwill amortisation - 583

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.1.23
to Year ended
31.3.24 31.12.22
(Unaudited)
£    £   
Bank loan interest 5,477 10,448
Hire purchase interest 61,154 -
66,631 10,448

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1.1.23
to Year ended
31.3.24 31.12.22
(Unaudited)
£    £   
Current tax:
UK corporation tax 172,583 -

Deferred tax 301,766 -
Tax on profit 474,349 -

7. DIVIDENDS
Period
1.1.23
to Year ended
31.3.24 31.12.22
(Unaudited)
£    £   
Ordinary shares of 1 each
Interim 46,770 168,603

COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

8. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 January 2023 3,495 - 3,495
Additions - 48,170 48,170
Disposals (3,495 ) - (3,495 )
At 31 March 2024 - 48,170 48,170
AMORTISATION
At 1 January 2023 583 - 583
Eliminated on disposal (583 ) - (583 )
At 31 March 2024 - - -
NET BOOK VALUE
At 31 March 2024 - 48,170 48,170
At 31 December 2022 2,912 - 2,912

The entity is currently in the process of developing computer software. The project is still ongoing and has not yet been completed. In accordance with FRS 102, amortisation of the software should commence only when commercial production has started or when the developed product or service is put into use.

As the development costs capitalised have not yet resulted in a product that is in commercial production or use, no amortisation has been charged.

The entity is currently in the process of developing computer software. The project is still ongoing and has not yet been completed. In accordance with FRS 102, amortisation of the software should commence only when commercial production has started or when the developed product or service is put into use.

As the development costs capitalised have not yet resulted in a product that is in commercial production or use, no amortisation has been charged.

COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Right of Plant and and Motor
Use asset machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 - 42,695 391,654 589,853 1,024,202
Additions 434,783 61,253 68,986 627,327 1,192,349
Disposals - - - (33,423 ) (33,423 )
Impairments - - (334,605 ) - (334,605 )
At 31 March 2024 434,783 103,948 126,035 1,183,757 1,848,523
DEPRECIATION
At 1 January 2023 - 11,736 34,012 114,064 159,812
Charge for period 77,892 28,411 23,489 251,082 380,874
Eliminated on disposal - - - (8,770 ) (8,770 )
Impairments - - (22,214 ) - (22,214 )
At 31 March 2024 77,892 40,147 35,287 356,376 509,702
NET BOOK VALUE
At 31 March 2024 356,891 63,801 90,748 827,381 1,338,821
At 31 December 2022 - 30,959 357,642 475,789 864,390

Assets included within Motor Vehicles with a net book value of £405,816 were held under hire purchase contracts.

In accordance with FRS 102, the Company recognizes right-of-use assets for property leases within tangible fixed assets. These assets are recognized at the present value of the lease payments over the lease term.

As of 31 March 2024, the Company has recognized right-of-use assets for the following leased properties:

Warehouse: The recognized right-of-use asset pertains to a warehouse lease, which is utilized for our storage and logistics operations.

Office Spaces: The recognized right-of-use assets pertain to two office space leases, which are used for our administrative and executive activities.

10. STOCKS
2024 2022
(Unaudited)
£    £   
Stocks 354,354 225,749

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
(Unaudited)
£    £   
Trade debtors 2,082,270 448,436
Amounts owed by group undertakings 190,017 107,813
Other debtors 446,285 423,689
2,718,572 979,938

COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
(Unaudited)
£    £   
Hire purchase contracts (see note 15) 374,429 199,539
Trade creditors 1,227,534 604,039
Amounts owed to group undertakings 308,314 -
Corporation tax 172,583 -
Social security and other taxes 243,708 45,040
VAT 15,530 -
Other creditors 504,737 367,396
2,846,835 1,216,014

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2022
(Unaudited)
£    £   
Bank loans (see note 14) - 316,667
Hire purchase contracts (see note 15) 787,770 251,707
787,770 568,374

14. LOANS

An analysis of the maturity of loans is given below:

2024 2022
(Unaudited)
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years - 316,667

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2022
(Unaudited
£    £   
Net obligations repayable:
Within one year 374,429 199,539
Between one and five years 787,770 251,707
1,162,199 451,246

COTSWOLD ENERGY GROUP LTD (REGISTERED NUMBER: 11563035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024

15. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2022
(Unaudited)
£    £   
Within one year 238,255 199,539
Between one and five years 190,869 251,707
In more than five years 369,599 -
798,723 451,246

16. PROVISIONS FOR LIABILITIES
2024 2022
(Unaudited)
£    £   
Deferred tax 301,766 -

Deferred
tax
£   
Accelerated capital allowances 325,048
Tax loss (23,282 )
Balance at 31 March 2024 301,766

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2022
value: £    £   
78 Ordinary 1 78 78

18. RESERVES
Retained
earnings
£   

At 1 January 2023 756,762
Profit for the period 334,864
Dividends (46,770 )
At 31 March 2024 1,044,856

19. ULTIMATE PARENT COMPANY

Mimi & Marble Holdings Limited is regarded by the director as being the company's ultimate parent company.