SY ECOFIT CIC

Company limited by guarantee

Company Registration Number:
15297646 (England and Wales)

Unaudited statutory accounts for the year ended 30 November 2024

Period of accounts

Start date: 21 November 2023

End date: 30 November 2024

SY ECOFIT CIC

Contents of the Financial Statements

for the Period Ended 30 November 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

SY ECOFIT CIC

Directors' report period ended 30 November 2024

The directors present their report with the financial statements of the company for the period ended 30 November 2024

Additional information

As this is the first year of financial reporting for SY Ecofit CIC, we are pleased to present an overview of our financial performance and operational highlights. SY Ecofit CIC was established to drive forward decarbonisation and community wealth- building in South Yorkshire through building retrofit and community energy projects. Throughout this inaugural year, we focused on delivering impactful projects, building operational structures, and forming strategic partnerships to support our long-term mission of environmental sustainability and community wealth-building. In the financial period ending 30 November 2024, the company achieved a turnover of £178,318, reflecting encouraging early demand for our services, and successful early grant applications. Despite the challenges of a start-up phase, we generated a gross surplus of £93,497 after accounting for cost of sales of £84,821. Administrative expenses for the year amounted to £111,595, resulting in an operating deficit of £18,098. This deficit was anticipated as we invested heavily in the development of our operational capabilities, team expansion, and initial marketing efforts. Indeed, we believe the relatively low amount of this deficit demonstrates the success of our first year and the substantial, rapid progress made. Our balance sheet shows fixed assets of £1,834 and current assets totalling £31,153, including £29,103 cash in bank and at hand. Creditors due within one year stand at £51,085, resulting in net current liabilities of £19,932 and total net liabilities of £18,098. We remain confident that these early-stage investments will lay the foundation for a financially sustainable and impactful future. As we look ahead, our priorities will include expanding our service offerings, developing our marketing, and securing additional funding streams to support growth and community-focused projects.



Directors

The director shown below has held office during the whole of the period from
21 November 2023 to 30 November 2024

Jonathan David Michael Hind


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
7 March 2025

And signed on behalf of the board by:
Name: Jonathan David Michael Hind
Status: Director

SY ECOFIT CIC

Profit And Loss Account

for the Period Ended 30 November 2024

2024


£
Turnover: 178,318
Cost of sales: ( 84,821 )
Gross profit(or loss): 93,497
Administrative expenses: ( 111,595 )
Operating profit(or loss): (18,098)
Profit(or loss) before tax: (18,098)
Profit(or loss) for the financial year: (18,098)

SY ECOFIT CIC

Balance sheet

As at 30 November 2024

Notes 2024


£
Fixed assets
Tangible assets: 3 1,834
Total fixed assets: 1,834
Current assets
Debtors: 4 2,050
Cash at bank and in hand: 29,103
Total current assets: 31,153
Creditors: amounts falling due within one year: 5 ( 51,085 )
Net current assets (liabilities): (19,932)
Total assets less current liabilities: (18,098)
Total net assets (liabilities): (18,098)
Members' funds
Profit and loss account: (18,098)
Total members' funds: ( 18,098)

The notes form part of these financial statements

SY ECOFIT CIC

Balance sheet statements

For the year ending 30 November 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 7 March 2025
and signed on behalf of the board by:

Name: Jonathan David Michael Hind
Status: Director

The notes form part of these financial statements

SY ECOFIT CIC

Notes to the Financial Statements

for the Period Ended 30 November 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Plant & Machinery 3 years, straight line

SY ECOFIT CIC

Notes to the Financial Statements

for the Period Ended 30 November 2024

  • 2. Employees

    2024
    Average number of employees during the period 4

SY ECOFIT CIC

Notes to the Financial Statements

for the Period Ended 30 November 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
Additions 2,000 2,000
Disposals
Revaluations
Transfers
At 30 November 2024 2,000 2,000
Depreciation
Charge for year 166 166
On disposals
Other adjustments
At 30 November 2024 166 166
Net book value
At 30 November 2024 1,834 1,834

SY ECOFIT CIC

Notes to the Financial Statements

for the Period Ended 30 November 2024

4. Debtors

2024
£
Trade debtors 700
Prepayments and accrued income 1,227
Other debtors 123
Total 2,050

SY ECOFIT CIC

Notes to the Financial Statements

for the Period Ended 30 November 2024

5. Creditors: amounts falling due within one year note

2024
£
Accruals and deferred income 1,085
Other creditors 50,000
Total 51,085

COMMUNITY INTEREST ANNUAL REPORT

SY ECOFIT CIC

Company Number: 15297646 (England and Wales)

Year Ending: 30 November 2024

Company activities and impact

Throughout this inaugural year, we focused on delivering impactful projects, building operational structures, and forming strategic partnerships to support our long-term mission of environmental sustainability and community wealth-building. This includes: - Working with a local Housing Charity to retrofit four properties as part of the Social Housing Decarbonisation Fund; increasing the warmth and comfort of some of society’s most vulnerable people, reducing the charity’s energy bills and using the works as a vehicle to build skills and training for local workers - Securing DESNZ funding to undertake a feasibility study on a Green Hydrogen production site, to be operated as a community owned asset - Launching our retrofit delivery service in the ‘able to pay’ sector, which currently has a shortfall in capacity, to increase the scale of none grant funded retrofit works being undertaken in South Yorkshire; supporting decarbonisation and creating job opportunities As we look ahead, our priorities will include expanding our service offerings, developing our marketing, and securing additional funding streams to support growth and community-focused projects.

Consultation with stakeholders

Stakeholder consultation has included: The communities of South Yorkshire: We have undertaken a research project to co-design a Community Centred approach to retrofit. Policy makers: We regularly engage with the South Yorkshire Mayoral Combined Authority (SYMCA) and the four Local Authorities (LA) of South Yorkshire to align our strategy with national and local government policy. This includes our attendance at the monthly joint SYMCA and LA retrofit steering committee. The supply chain: We have established a ‘Task Force’ to engages with the retrofit supply chain, as well as training providers and colleges, to jointly develop pathways to increasing the scale and pace of retrofit work that installers are able to deliver in South Yorkshire.

Directors' remuneration

No remuneration was received by David Berry or Jonathan Hind. Helen Todd received remuneration of £ 26,486.66.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
7 March 2025

And signed on behalf of the board by:
Name: Jonathan Hind
Status: Director