Registration number:
Environmental Integrated Solutions Limited
for the Year Ended 30 December 2023
Environmental Integrated Solutions Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Environmental Integrated Solutions Limited
Company Information
Directors |
T R Gleason P K Johansson D A Barker J Watkins-Asiyanbi J J Woodus |
Company secretary |
J Turner |
Registered office |
|
Bankers |
|
Auditors |
|
Environmental Integrated Solutions Limited
Strategic Report for the Year Ended 30 December 2023
The directors present their strategic report for the year ended 30 December 2023.
Principal activity
The principal activity of the company is Industrial Air Pollution Control
Fair review of the business
During 2023, turnover was £17.471m (2022: £15.557m). The gross margin was 24.2%, a 4.1% increase over the previously reported period.
The Company employs a range of indicators to monitor performance monthly, quarterly and year on year. Core indicators of sales, margins, profitability, and financial stability are periodically augmented by KPls specific to improvement projects.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Sales growth |
% |
12 |
12 |
Net profit margin |
% |
11 |
10 |
EBITDA |
£000 |
2,499 |
2,016 |
Principal risks and uncertainties
Within the business there are a number of normal commercial risks which may affect the performance of the Company.
These risks are subject to regular review and, where appropriate, processes are established to minimise the level of exposure.
Operating expenses - these are continually monitored. A budget is prepared annually, and forecasts are prepared monthly. Revenue and expenses are reviewed each month against forecast.
Working capital - this is part of the annual budget and monthly forecasts. Contractual terms are monitored closely to ensure invoices are billed and collected per the terms and conditions agreed to. Environmental Industrial Solutions is effective at matching contractual terms from customers with the terms given to subcontractors to manage cash flow.
Financial risk - credit risk is addressed by carrying out regular credit checks of our customers with a reputable credit risk agency.
Currency risk - the growing level of trade with overseas companies leads to an increased risk from currency movements. The company aims to mitigate the risk by transacting in the same currencies throughout each contract wherever possible.
Ukraine War - Management has reviewed the current situation in Ukraine carefully and confirmed that this will not have a direct impact in the day-to-day operations of the company. Management is also aware that there may be indirect impact on the company's operational activity such as increase in expense, however management does not consider that these will have any significant impact.
Approved by the Board on
P K Johansson
Director
Environmental Integrated Solutions Limited
Directors' Report for the Year Ended 30 December 2023
The directors present their report and the financial statements for the year ended 30 December 2023.
Directors of the company
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Lambert Chapman LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved by the Board on
P K Johansson
Director
Environmental Integrated Solutions Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
Environmental Integrated Solutions Limited
Independent Auditor's Report to the Members of
Environmental Integrated Solutions Limited
Opinion
We have audited the financial statements of Environmental Integrated Solutions Limited (the 'company') for the year ended 30 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 30 December 2023 and of its profit for the year 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 auditor 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Environmental Integrated Solutions Limited
Independent Auditor's Report to the Members of
Environmental Integrated Solutions Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
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 directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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 an auditor’s report 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.
Environmental Integrated Solutions Limited
Independent Auditor's Report to the Members of
Environmental Integrated Solutions Limited
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and from our knowledge and experience of the sector within which the company operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment and health and safety legislation.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
Environmental Integrated Solutions Limited
Independent Auditor's Report to the Members of
Environmental Integrated Solutions Limited
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor’s report 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.
For and on behalf of
3 Warners Mill
Silks Way
Essex
CM7 3GB
Environmental Integrated Solutions Limited
Profit and Loss Account for the Year Ended 30 December 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
2,497,513 |
2,013,368 |
|
Other interest receivable and similar income |
- |
|
|
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Environmental Integrated Solutions Limited
Statement of Comprehensive Income for the Year Ended 30 December 2023
2023 |
2022 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Environmental Integrated Solutions Limited
(Registration number: 05650507)
Balance Sheet as at 30 December 2023
Note |
2023 |
(As restated) |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
- |
36,555 |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
250,316 |
250,316 |
|
Retained earnings |
6,478,833 |
4,542,950 |
|
Shareholders' funds |
6,729,149 |
4,793,266 |
Approved and authorised by the
......................................... |
Environmental Integrated Solutions Limited
Statement of Changes in Equity for the Year Ended 30 December 2023
Retained earnings |
Total |
|
At 31 December 2022 |
|
|
Profit for the year |
|
|
At 30 December 2023 |
|
|
Retained earnings |
Total |
|
At 30 December 2021 |
|
|
Profit for the year |
|
|
At 30 December 2022 |
4,542,950 |
4,542,950 |
Environmental Integrated Solutions Limited
Statement of Cash Flows for the Year Ended 30 December 2023
2023 |
(As restated) |
|
Cash flows from operating activities |
||
Profit for the year |
|
|
Adjustments to cash flows from non-cash items |
||
Depreciation and amortisation |
|
|
Loss from disposals of investments |
|
- |
Finance income |
- |
( |
Income tax expense |
|
|
|
|
|
Working capital adjustments |
||
Decrease in stocks |
|
|
(Increase) in debtors |
( |
( |
Increase/(decrease) in creditors |
|
( |
Cash generated from operations |
|
( |
Income taxes paid |
( |
( |
Net cash flow from operating activities |
|
( |
Cash flows from investing activities |
||
Interest received |
- |
|
Loans made to parent company |
( |
- |
Net cash flows from investing activities |
( |
|
Net decrease in cash and cash equivalents |
( |
( |
Cash and cash equivalents at 31 December 2022 |
|
|
Cash and cash equivalents at 30 December |
1,196,617 |
1,428,807 |
Environmental Integrated Solutions Limited
Notes to the Financial Statements for the Year Ended 30 December 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The trading and registered office address is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Going concern
The financial statements have been prepared on a going concern basis.
Prior period errors
The Balance Sheet for the year ended 30 December 2022 has been restated. An adjustment has been made to reclassify the amounts due to and from customers for contract work. These amounts were both previously shown within work in progress. The adjustment made was to increase work in progress by £38,576, increase debtors by £367,582, with a corresponding increase in creditors of £406,158. This has no impact on the net current assets, nor the net assets as at 30 December 2022.
Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Key sources of estimation uncertainty
The directors consider amounts recoverable on long term contracts as a key area of estimation uncertainty. The value of work recoverable is assessed internally on a regular basis and is reviewed for accuracy and completeness.
Revenue is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total estimated costs for a contract. This method of revenue recognition creates work in progress and deferred income balances to ensure the appropriate amount of revenue is recognised in the year.
The accounts include a warranty provision which is based upon the anticipated costs that may be incurred on contracts which are still within the applicable warranty period. The carrying amount is £Nil (2022 -£70,000).
Environmental Integrated Solutions Limited
Notes to the Financial Statements for the Year Ended 30 December 2023
Revenue recognition
Turnover is recognised at the fair value of the consideration received or receivable for good and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Contract revenue recognition
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs for each project. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Costs calculated on long-term contracts are recognised by reference to the stage of completion of the contract at the Balance Sheet date.
Where costs are incurred on smaller works undertaken (such as maintenance and repair work) this is recognised within the financial statements as Work in Progress.
Profits on contracts are recognised when the Company is satisfied that the outcome of the contract can be assessed with reasonable certainty. When it is probable that total contract costs will exceed turnover, the expected total loss is recognised as an expense immediately.
The amount due from customers for contract work billed in the year is shown within trade debtors; amounts recognised as income but not yet billed is shown within gross amount due from customers for contract work in debtors.
Where customers have been invoiced amounts in excess of the amount recognised as income, the excess is shown within gross amount due to customers for contract work within creditors.
Foreign currency transactions and balances
Tax
Current tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Environmental Integrated Solutions Limited
Notes to the Financial Statements for the Year Ended 30 December 2023
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.
Deferred tax is calculated at the tax rate 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 is 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 when the company has 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and equipment |
15% reducing balance |
Fixtures and fittings |
15% reducing balance |
Investments
All investment assets acquired by the company are initially recognised at cost and adjusted for fair value where the fair value can be reliably determined.
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for products sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is appropriate evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Work in progress relates to contracts which are not dealt with under contract accounting. Work in progress is recognised in respect of smaller works undertaken (such as maintenance and repair work) by reference to the costs incurred to date on work yet to be invoiced at the Balance Sheet date.
Environmental Integrated Solutions Limited
Notes to the Financial Statements for the Year Ended 30 December 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Share capital
Ordinary shares are classified as equity.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
The analysis of the company's turnover for the year by market is as follows:
2023 |
2022 |
|
UK |
|
|
Europe |
|
|
Rest of world |
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2023 |
2022 |
|
Loss from disposals of investments |
( |
- |
Foreign currency (gains)/losses |
(240,150) |
691,947 |
(276,705) |
691,947 |
Environmental Integrated Solutions Limited
Notes to the Financial Statements for the Year Ended 30 December 2023
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
- |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Managers |
|
|
Project Managers |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
- |
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Environmental Integrated Solutions Limited
Notes to the Financial Statements for the Year Ended 30 December 2023
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
- |
( |
559,255 |
455,701 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase from effect of capital allowances and depreciation |
|
- |
Effect of expense not deductible in determining taxable profit (tax loss) |
- |
|
Deferred tax expense/(credit) from unrecognised temporary difference from a prior period |
|
( |
Effect of change in corporation tax rate |
- |
( |
Tax decrease from allowable deduction |
( |
- |
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
2023 |
Liability |
Accelerated capital allowances |
|
|
2022 |
Liability |
Accelerated capital allowances |
|
|
Environmental Integrated Solutions Limited
Notes to the Financial Statements for the Year Ended 30 December 2023
Tangible assets |
Fixtures and fittings |
Plant and equipment |
Total |
|
Cost or valuation |
|||
At 31 December 2022 |
|
|
|
At 30 December 2023 |
|
|
|
Depreciation |
|||
At 31 December 2022 |
|
|
|
Charge for the year |
|
|
|
At 30 December 2023 |
|
|
|
Carrying amount |
|||
At 30 December 2023 |
|
|
|
At 30 December 2022 |
|
|
|
Fixed asset investments |
Unlisted investments |
Total |
|
Cost or valuation |
||
At 31 December 2022 |
36,555 |
36,555 |
Disposals |
(36,555) |
(36,555) |
At 30 December 2023 |
- |
- |
Stocks |
2023 |
(As restated) |
|
Work in progress |
|
|
Environmental Integrated Solutions Limited
Notes to the Financial Statements for the Year Ended 30 December 2023
Debtors |
Current |
Note |
2023 |
(As restated) |
Trade debtors |
|
|
|
Gross amounts due from customers for contract work |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash at bank |
|
|
Creditors |
2023 |
(As restated) |
|
Due within one year |
||
Trade creditors |
|
|
Gross amounts due to customers for contract work |
|
|
Amounts due to related parties |
|
- |
Accruals |
|
|
Social security and other taxes |
|
- |
Corporation tax |
269,629 |
410,096 |
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 31 December 2022 |
|
|
Increase (decrease) in existing provisions |
|
|
At 30 December 2023 |
|
|
|
Environmental Integrated Solutions Limited
Notes to the Financial Statements for the Year Ended 30 December 2023
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
102 |
|
102 |
|
|
102 |
|
102 |
|
|
100 |
|
100 |
|
|
3 |
|
3 |
|
|
3 |
|
3 |
|
|
3 |
|
3 |
|
|
3 |
|
3 |
|
|
250,000 |
|
250,000 |
|
|
|
|
Analysis of changes in net debt |
At 31 December 2022 |
Financing cash flows |
At 30 December 2023 |
|
Cash and cash equivalents |
|||
Cash |
1,428,807 |
(232,190) |
1,196,617 |
|
( |
|
|
|
Environmental Integrated Solutions Limited
Notes to the Financial Statements for the Year Ended 30 December 2023
|
Parent and ultimate parent undertaking |
The ultimate parent company is CECO Environmental Corporation, a publicly listed company on the NASDAQ and registered in the United States of America. Its registered office is 5080 Spectrum Drive, Suite 800E, Addison, Texas 75001.
The immediate parent company is Peerless Europe Limited, a company registered in England and Wales.
The financial statements contain information about Environmental Integrated Solutions Limited as an individual company and do not contain consolidated financial information as the subsidiary of a group. In accordance with paragraph 9.3 of FRS 102 and Section 401 of the Companies Act 2006, Environmental Integrated Solutions Limited has not been consolidated into the financial statements of its parent, Peerless Europe Limited.
The ultimate parent company of the group preparing consolidated financial statements that include both Peerless Europe Limited and Environmental Integrated Solutions Limited is CECO Environmental Corporation, and copies of those financial statements are available from investors.cecoenviro.com.