Company registration number 4289053 (England and Wales)
EC2I LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
EC2I LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
EC2I LTD
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
63,828
88,944
Current assets
Stocks
5
45,235
80,100
Debtors
6
752,467
869,249
Cash at bank and in hand
17,351
28,608
815,053
977,957
Creditors: amounts falling due within one year
7
(573,714)
(685,249)
Net current assets
241,339
292,708
Total assets less current liabilities
305,167
381,652
Creditors: amounts falling due after more than one year
8
(57,957)
(136,585)
Net assets
247,210
245,067
Capital and reserves
Called up share capital
29,033
29,033
Capital redemption reserve
70,967
70,967
Profit and loss reserves
147,210
145,067
Total equity
247,210
245,067

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 22 May 2025 and are signed on its behalf by:
S Fitzgerald
Director
Company Registration No. 4289053
EC2I LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022
29,033
70,967
163,212
263,212
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
46,128
46,128
Dividends
3
-
-
(64,273)
(64,273)
Balance at 31 October 2023
29,033
70,967
145,067
245,067
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
-
34,492
34,492
Dividends
3
-
-
(32,349)
(32,349)
Balance at 31 October 2024
29,033
70,967
147,210
247,210
EC2I LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information

EC2i Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 19 Aviation Way, Southend-On-Sea, Essex, United Kingdom, SS2 6UN.

1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company has a net asset position of £247,210 following a profit before tax being made in the year ended 31 st October 2024. In these difficult times of trading, the directors continue to carefully monitor budgets and cashflow projections, reducing costs where necessary. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing these financial statements.

1.3
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 and volume rebates.

1.4
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:

Plant and equipment
37.5% on cost, 33% on cost and 25% on cost
Fixtures and fittings
33% on cost

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 credited or charged to profit or loss.

EC2I LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

Work in progress is valued at the lower of cost and net realisable value based on labour rates for jobs outstanding at the year-end.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
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.

1.7
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

EC2I LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
1.8
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 company’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 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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
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 lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
28
32
EC2I LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
3
Dividends
2024
2023
£
£
Interim paid
32,349
64,273
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 November 2023
678,063
197,612
875,675
Additions
-
0
2,764
2,764
Disposals
(9,617)
(6,170)
(15,787)
At 31 October 2024
668,446
194,206
862,652
Depreciation and impairment
At 1 November 2023
647,783
138,948
786,731
Depreciation charged in the year
11,153
16,728
27,881
Eliminated in respect of disposals
(9,618)
(6,170)
(15,788)
At 31 October 2024
649,318
149,506
798,824
Carrying amount
At 31 October 2024
19,128
44,700
63,828
At 31 October 2023
30,280
58,664
88,944
5
Stocks
2024
2023
£
£
Stocks
45,235
80,100
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
532,561
656,956
Amounts owed by group undertakings
87,970
92,747
Other debtors
10,234
10,459
Prepayments and accrued income
109,668
100,889
740,433
861,051
EC2I LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
6
Debtors
(Continued)
- 7 -
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 10)
12,034
8,198
Total debtors
752,467
869,249
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
143,821
267,988
Trade creditors
135,774
182,108
Amounts owed to group undertakings
54,550
-
0
Corporation tax
16,341
6,162
Other taxation and social security
162,961
184,385
Other creditors
8,402
6,505
Accruals and deferred income
51,865
38,101
573,714
685,249
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
57,957
136,585
9
Secured Debt

The bank has a fixed and floating charge over the assets of the company.

There is an £614,000 guarantee in place as security from Drei-Build LLP and debenture in EC2i and Drei-Build LLP for the loan taken out on 24/01/2020 and the Cbils loan taken out on 13/10/2020.

10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
12,034
8,198
EC2I LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
10
Deferred taxation
(Continued)
- 8 -
2024
Movements in the year:
£
Asset at 1 November 2023
(8,198)
Credit to profit or loss
(3,836)
Asset at 31 October 2024
(12,034)
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Adam Hubbard BA(Hons) FCA
Statutory Auditor:
Azets Audit Services
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
170,333
114,137
Between two and five years
381,314
125,957
551,647
240,094
EC2I LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
13
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2024
2023
£
£
Drei-Build LLP
150,942
154,787

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Drei-Build LLP
87,970
92,747
14
Parent company

The directors consider the ultimate holding company to be Centryflow Group Limited incorporated in England and Wales.

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