Company registration number 12662574 (England and Wales)
ECO-1 GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ECO-1 GROUP LIMITED
COMPANY INFORMATION
Director
Mr J D Belcher
Company number
12662574
Registered office
200 Rookery Lane
Aldridge
Walsall
West Midlands
WS9 8NP
Auditor
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
ECO-1 GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
ECO-1 GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The director presents the strategic report for the year ended 31 December 2024.
Review of the business
The Eco-1 Group is a parent and holding company of Eco-1 Electrical Solutions Limited, Aldridge Prime Ltd, Eco-1 Energy Ltd and Eco-1 React Ltd.
We invest considerable time and effort developing and renewing partnerships with suppliers, manufacturers, and subcontractors to develop experience and ability which allows us to offer the latest technology, best value and unique insights to our customers. We are enthusiastic about taking on new electrical challenges, providing the perfect solution and always adding value.
Vision
To be a trusted electrical partner creating a positive experience for all people and companies we engage with.
Mission Statement
Strive to be the best in everything we do, exceeding customer expectations, leading in new, efficient technology and innovation.
Principal risks and uncertainties
Economic risks include continued inflationary pressure which may further impair margins or cause delays or cancellations on secured works that are yet to commence. To manage and mitigate risk, the Company continues to source and develop added-value initiatives with its clients, simplifying installations and prefabricating where possible, along with standardisation of product to ensure best value for money and reduction of waste.
Operational risks include the risk of losses resulting from inadequate or failed installations causing delays and consequential costs. This also includes Health & Safety risks, IT, information security, project, outsourcing, tax, legal, fraud and compliance risks.
As part of the operational risk management process, the Company has an Operational Risk Policy and undertakes a risk & control self-assessment process across all programs. The Company believes it has the relevant KPI’s and risk & method statements in place to support the recording of risks and controls as well as monitoring operational risks and risk events in regular reviews including monthly Board meetings.
Development and performance
The company continued to be profitable for the 12-month period ending December 31st, 2024. Inflation from supply chain & energy prices stabilised in 2024 allowing normal trading. Our focus on controlled growth, quarterly sales targets and excellent delivery allowed the Company to grow in a controlled and profitable manner.
The Company experienced one bad debt in the year due to a customer entering administration.
The Company has developed a 5-year strategic growth plan and currently are on target and has every expectation to deliver this in accordance.
Sales secured for 2025 are in line with our business target of £24 million turnover.
Key performance indicators
The Company maintains and reports several KPIs to measure and evaluate business performance against targets, budgets and 5-year strategy outlooks. These include turnover, project margins, net profitability, rolling profitability, cash forecasts, employee attendance and retention.
In addition to the above, Programs that overlap several months also have monthly detailed project reviews to evaluate financial performance, monitor progress against plan and identify any specific project risks.
ECO-1 GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Mr J D Belcher
Director
2 May 2025
ECO-1 GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The director presents his annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company is that of a holding company and the principal activity of the group continued to be that of electrical contractors.
Results and dividends
The results for the year are set out on page 8.
Dividends were paid amounting to £123,255 (2023: £105,575).
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr J D Belcher
Financial instruments
The group makes use of financial instruments principally through its operational bank accounts but does not consider there is any exposure to foreign exchange risk as there is no export trading.
Research and development
Research and development activities are undertaken with the prospect of gaining new technical knowledge and understanding, and are expected to continue at a similar level.
Auditor
In accordance with the company's articles, a resolution proposing that Edwards be reappointed as auditor of the group will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr J D Belcher
Director
2 May 2025
ECO-1 GROUP LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
The director is responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ECO-1 GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ECO-1 GROUP LIMITED
- 5 -
Opinion
We have audited the financial statements of ECO-1 Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 December 2024 and of the group's 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.
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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
ECO-1 GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ECO-1 GROUP LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 director
As explained more fully in the director's responsibilities statement, 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 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 director is responsible for assessing the parent 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 parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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.
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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We obtained an understanding of the legal and regulatory frameworks within which the group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, employment law, electrical contractors association, off payroll working and health & safety regulations compliance.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: the override of controls by management, revenue journals, inappropriate treatment of non-routine transactions and areas of estimation uncertainty, specifically surrounding the investment valuations, work in progress valuations, goodwill valuations and long term contracts. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and review of accounting estimates for biases.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
ECO-1 GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ECO-1 GROUP LIMITED
- 7 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
Paul Tonks BSc (Econ) FCA (Senior Statutory Auditor)
For and on behalf of Edwards
2 May 2025
Chartered Accountants
Statutory Auditor
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
ECO-1 GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Year
Period
ended
ended
31 December
31 December
2024
2023
Notes
£
£
Turnover
3
21,119,250
18,369,649
Cost of sales
(17,263,837)
(15,184,231)
Gross profit
3,855,413
3,185,418
Administrative expenses
(2,276,262)
(2,431,832)
Other operating income
26,200
-
Operating profit
4
1,605,351
753,586
Interest receivable and similar income
8
107,887
204
Interest payable and similar expenses
9
(6,057)
Exceptional item - customer bad debt provision
10
(197,593)
(184,529)
Profit before taxation
1,509,588
569,261
Tax on profit
11
(376,136)
(151,524)
Profit for the financial year
1,133,452
417,737
Profit for the financial year is attributable to:
- Owner of the parent company
1,076,632
417,737
- Non-controlling interests
56,820
-
1,133,452
417,737
Total comprehensive income for the year is attributable to:
- Owner of the parent company
1,076,632
417,737
- Non-controlling interests
56,820
1,133,452
417,737
The group statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
ECO-1 GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
218,430
295,570
Tangible assets
14
809,759
767,720
Investment property
15
226,667
226,667
1,254,856
1,289,957
Current assets
Stocks
18
2,507,626
1,981,222
Debtors
19
1,239,105
1,761,110
Cash at bank and in hand
3,841,113
2,159,668
7,587,844
5,902,000
Creditors: amounts falling due within one year
20
(3,920,703)
(3,184,157)
Net current assets
3,667,141
2,717,843
Total assets less current liabilities
4,921,997
4,007,800
Creditors: amounts falling due after more than one year
21
-
(80,000)
Provisions for liabilities
Deferred tax liability
23
33,000
49,000
(33,000)
(49,000)
Net assets
4,888,997
3,878,800
Capital and reserves
Called up share capital
25
2,550,100
2,550,100
Profit and loss reserves
2,176,009
1,328,700
Equity attributable to owner of the parent company
4,726,109
3,878,800
Non-controlling interests
162,888
Total equity
4,888,997
3,878,800
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved and signed by the director and authorised for issue on 2 May 2025
02 May 2025
Mr J D Belcher
Director
Company registration number 12662574 (England and Wales)
ECO-1 GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
15
680,000
680,000
Investments
16
3,728,950
3,925,200
4,408,950
4,605,200
Current assets
Debtors
19
544,370
100
Creditors: amounts falling due within one year
20
(8,820)
(22,802)
Net current assets/(liabilities)
535,550
(22,702)
Net assets
4,944,500
4,582,498
Capital and reserves
Called up share capital
25
2,550,100
2,550,100
Profit and loss reserves
2,394,400
2,032,398
Total equity
4,944,500
4,582,498
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the period was £362,002 (2023 - £28,413 loss).
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 and signed by the director and authorised for issue on 2 May 2025
02 May 2025
Mr J D Belcher
Director
Company registration number 12662574 (England and Wales)
ECO-1 GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 November 2022
2,550,100
1,016,538
3,566,638
-
3,566,638
Period ended 31 December 2023:
Profit and total comprehensive income
-
417,737
417,737
-
417,737
Dividends
12
-
(105,575)
(105,575)
-
(105,575)
Balance at 31 December 2023
2,550,100
1,328,700
3,878,800
3,878,800
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,076,632
1,076,632
56,820
1,133,452
Dividends
12
-
(84,460)
(84,460)
(38,795)
(123,255)
Increase in proportion of non-controlling interests
-
(144,863)
(144,863)
144,863
-
Balance at 31 December 2024
2,550,100
2,176,009
4,726,109
162,888
4,888,997
ECO-1 GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2022
2,550,100
2,060,811
4,610,911
Period ended 31 December 2023:
Loss and total comprehensive income for the period
-
(28,413)
(28,413)
Balance at 31 December 2023
2,550,100
2,032,398
4,582,498
Year ended 31 December 2024:
Profit and total comprehensive income
-
362,002
362,002
Balance at 31 December 2024
2,550,100
2,394,400
4,944,500
ECO-1 GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,158,434
643,115
Interest paid
(6,057)
Income taxes paid
(132,524)
(100,563)
Net cash inflow from operating activities
2,019,853
542,552
Investing activities
Purchase of tangible fixed assets
(208,168)
(241,575)
Proceeds from disposal of tangible fixed assets
26,333
20,000
Interest received
107,887
204
Net cash used in investing activities
(73,948)
(221,371)
Financing activities
Repayment of borrowings
(180,000)
(50,000)
Dividends paid to equity shareholders
(84,460)
(105,575)
Net cash used in financing activities
(264,460)
(155,575)
Net increase in cash and cash equivalents
1,681,445
165,606
Cash and cash equivalents at beginning of year
2,159,668
1,994,062
Cash and cash equivalents at end of year
3,841,113
2,159,668
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information
ECO-1 Group Limited (“the company”) is a private limited company incorporated in England and Wales. The registered office is 200 Rookery Lane, Aldridge, Walsall, West Midlands, WS9 8NP.
The group consists of ECO-1 Group Limited and all of its subsidiaries.
1.1
Reporting period
In the prior period, the company has extended its period end to 31 December 2023 to align with other group members. The current reporting period is for the year ended 31 December 2024 and the comparative reporting period is for the 14 months ended 31 December 2023. Comparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable.
1.2
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.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.3
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. 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.
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company ECO-1 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 31 December 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.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.5
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.6
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
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, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. 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.
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 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.8
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:
Freehold property
2% Straight line
Fixtures and fittings
25% Straight line
Motor vehicles
25% Straight line
Freehold land is not depreciated.
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.
1.9
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.10
Fixed asset investments
In the parent company financial statements, interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.12
Long term contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.13
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.
1.14
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.
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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.
1.15
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.16
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.
1.17
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
1.18
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.19
Leases
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.20
Aldridge Prime Limited (company number - 07209353), a subsidiary of the Company, has taken advantage of section 479A of the Companies Act 2006 (the "Act") not to conduct an audit on their accounts. In the opinion of the directors, the subsidiary qualifies under section 479A of the Act with a guarantee to be given for Aldridge Prime Limited by ECO-1 Group Limited.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is 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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Contract accounting
The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Turnover for such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years. Provision is made for any losses as soon as they are foreseen.
Contract work in progress is stated at cost incurred, less those transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched with turnover.
Goodwill valuation
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.
Investment valuation
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Electrical contractors
21,093,050
18,335,059
Rent
26,200
34,590
21,119,250
18,369,649
2024
2023
£
£
Other revenue
Interest income
107,887
204
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
145,195
137,620
Profit on disposal of tangible fixed assets
(5,399)
(9,341)
Amortisation of intangible assets
38,345
42,224
Operating lease charges
65,510
85,758
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and its subsidiaries
14,600
13,900
For other services
Other non-audit services
8,360
8,540
Taxation compliance services
1,800
1,550
10,160
10,090
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
6
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
Office/Administration
22
21
1
1
Site/Direct
20
20
-
-
Total
42
41
1
1
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,915,775
1,938,649
Social security costs
216,164
212,261
-
-
Pension costs
144,408
140,916
2,276,347
2,291,826
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
15,929
16,728
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2023 - 0).
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
95,639
Other interest income
12,248
204
Total income
107,887
204
9
Interest payable and similar expenses
2024
2023
£
£
Other interest
6,057
-
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
10
Exceptional item
During the year the company suffered an exceptional cost of £197,593 relating to a customer bad debt for ISG Pearce Limited (2023: £184,529 relating to Buckingham Group).
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
392,136
132,524
Deferred tax
Origination and reversal of timing differences
(16,000)
19,000
Total tax charge
376,136
151,524
The actual charge 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
1,509,588
569,261
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
377,397
142,315
Tax effect of expenses that are not deductible in determining taxable profit
46,424
9,348
Other permanent differences
(20,175)
Consolidated goodwill
11,853
13,201
Tax effect of enhanced capital allowances
(108)
Tax effect of change in tax rates
(13,232)
Capital disposal
(39,363)
Taxation charge
376,136
151,524
12
Dividends
Dividends were paid by Eco-1 Electrical Solutions Limited, a subsidiary company, of £84,460 (2023: £105,575) to the owners of its 'B' Ordinary shares. In addition, Eco-1 Electrical Solutions Limited paid dividends of £38,795 (2023: £Nil) to the owner of 5% of its Ordinary shares which represents the non-controlling interests included in these group financial statements.
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024
422,242
Disposals
(38,795)
At 31 December 2024
383,447
Amortisation and impairment
At 1 January 2024
126,672
Amortisation charged for the year
38,345
At 31 December 2024
165,017
Carrying amount
At 31 December 2024
218,430
At 31 December 2023
295,570
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
14
Tangible fixed assets
Group
Freehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
453,333
97,893
466,585
1,017,811
Additions
1,238
206,930
208,168
Disposals
(26,217)
(56,798)
(83,015)
At 31 December 2024
453,333
72,914
616,717
1,142,964
Depreciation and impairment
At 1 January 2024
15,111
53,953
181,027
250,091
Depreciation charged in the year
9,067
14,790
121,338
145,195
Eliminated in respect of disposals
(26,217)
(35,864)
(62,081)
At 31 December 2024
24,178
42,526
266,501
333,205
Carrying amount
At 31 December 2024
429,155
30,388
350,216
809,759
At 31 December 2023
438,222
43,940
285,558
767,720
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
15
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024 and 31 December 2024
226,667
680,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 200 Rookery Lane by Bulleys Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and the director considers this to remain appropriate.
16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
17
3,728,950
3,925,200
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
9,711,011
Disposals
(196,250)
At 31 December 2024
9,514,761
Impairment
At 1 January 2024 and 31 December 2024
5,785,811
Carrying amount
At 31 December 2024
3,728,950
At 31 December 2023
3,925,200
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
17
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Eco-1 Holdings Limited
Aldridge Prime Rookery Lane, Aldridge, Walsall, West Midlands, England, WS9 8NP
Ordinary shares
100.00
Eco-1 Electrical Solutions Limited
Aldridge Prime Rookery Lane, Aldridge, Walsall, West Midlands, England, WS9 8NP
Ordinary shares
95.00
Eco-1 Energy Limited
200 Rookery Lane, Aldridge, Walsall, West Midlands, England, WS9 8NP
Ordinary shares
100.00
Eco-1 React Limited
200 Rookery Lane, Aldridge, Walsall, West Midlands, England, WS9 8NP
Ordinary shares
100.00
Aldridge Prime Limited
200 Rookery Lane, Aldridge, Walsall, West Midlands, England, WS9 8NP
Ordinary shares
100.00
18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
2,507,626
1,981,222
-
-
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,076,192
1,662,556
Amounts owed by group undertakings
-
-
505,475
-
Other debtors
83,219
38,718
38,895
100
Prepayments and accrued income
79,694
59,836
1,239,105
1,761,110
544,370
100
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
22
20,000
120,000
Trade creditors
2,856,947
2,638,531
Amounts owed to group undertakings
200
22,802
Corporation tax payable
392,136
132,524
Other taxation and social security
62,767
53,747
8,620
-
Other creditors
81,010
49,668
Accruals and deferred income
507,843
189,687
3,920,703
3,184,157
8,820
22,802
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
22
80,000
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other borrowings
20,000
200,000
Payable within one year
20,000
120,000
Payable after one year
80,000
Other borrowings represent a loan due to a related party of £20,000 (2023: £200,000). The loan is interest free, unsecured and repayable in equal instalments, although the group opted to make further capital repayments during the year to reduce the liability. This balance has been repaid in full since the year end.
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
36,000
49,000
Retirement benefit obligations
(3,000)
-
33,000
49,000
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
49,000
-
Credit to profit or loss
(16,000)
-
Liability at 31 December 2024
33,000
-
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
144,408
140,916
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
There were outstanding contributions of £13,023 (2023: £1,253) payable to the fund at the year end.
25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,550,100
2,550,100
2,550,100
2,550,100
26
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
36,789
44,525
-
-
Between two and five years
53,573
22,515
-
-
90,362
67,040
-
-
27
Related party transactions
Any directors or senior employees who have authority and responsibility for controlling the activities of the group are considered to be key management personnel. Total remuneration in respect of these individuals is £218,098 (2023: £172,288).
During the previous year, the group was loaned £250,000 from a related party. The loan is interest free and repayable in equal monthly instalments, although the group opted to make further capital repayments during the current year to reduce the liability.
At 31 December 2024, included within other borrowings is an amount of £20,000 (2023: £200,000) due to related parties and included within other debtors is an amount of £21,115 (2023: £21,115) due from related parties.
ECO-1 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
28
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,133,452
417,737
Adjustments for:
Taxation charged
376,136
151,524
Finance costs
6,057
Investment income
(107,887)
(204)
Gain on disposal of tangible fixed assets
(5,399)
(9,341)
Amortisation and impairment of intangible assets
38,345
42,224
Depreciation and impairment of tangible fixed assets
145,195
137,620
Movements in working capital:
(Increase)/decrease in stocks
(526,404)
1,943,088
Decrease/(increase) in debtors
522,005
(668,715)
Increase/(decrease) in creditors
576,934
(1,370,818)
Cash generated from operations
2,158,434
643,115
29
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
2,159,668
1,681,445
3,841,113
Borrowings excluding overdrafts
(200,000)
180,000
(20,000)
1,959,668
1,861,445
3,821,113
30
Controlling party
Eco-1 Group Limited is under the control of Mr J D Belcher by virtue of his 100% interest in the company's issued share capital.
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