for the Period Ended 30 November 2024
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes | |
Community Interest Report |
Directors' report period ended
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
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
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
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The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 30 November 2024
Basis of measurement and preparation
Turnover policy
Tangible fixed assets depreciation policy
for the Period Ended 30 November 2024
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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.
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.
No remuneration was received by David Berry or Jonathan Hind. Helen Todd received remuneration of £ 26,486.66.
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