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REGISTERED NUMBER: 11474633 (England and Wales)















Echo Liverpool Limited

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024






Echo Liverpool Limited (Registered number: 11474633)






Contents of the Consolidated Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Consolidated Statement of Profit or Loss 8

Consolidated Statement of Profit or Loss and Other
Comprehensive Income

9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16


Echo Liverpool Limited

Company Information
for the year ended 31 December 2024







DIRECTORS: SJ Allsop
A Aslam





REGISTERED OFFICE: Bridge House
12 Market Street
Glossop
United Kingdom
SK13 8AR





REGISTERED NUMBER: 11474633 (England and Wales)





AUDITORS: McMillan & Co LLP
Chartered Accountants and
Statutory Auditor
28 Eaton Avenue
Matrix Office Park
Buckshaw Village
Chorley
Lancashire
PR7 7NA

Echo Liverpool Limited (Registered number: 11474633)

Report of the Directors
for the year ended 31 December 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of property development.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors who have held office during the period from 1 January 2024 to the date of this report are as follows:

TJ Hardwick - resigned 14 November 2024
AP Raja - resigned 14 November 2024
SJ Allsop - appointed 14 November 2024
A Aslam - appointed 14 November 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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 UK-adopted international accounting standards. 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Echo Liverpool Limited (Registered number: 11474633)

Report of the Directors
for the year ended 31 December 2024


AUDITORS
The auditors, McMillan & Co LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





A Aslam - Director


23 May 2025

Report of the Independent Auditors to the Members of
Echo Liverpool Limited

Opinion
We have audited the financial statements of Echo Liverpool Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Profit or Loss, the Consolidated Statement of Profit or Loss and Other Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 International Financial Reporting Standards (IFRSs) as adopted by the UK.

In our opinion:
-the financial statements give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's loss for the year then ended;
-the group financial statements have been properly prepared in accordance with IFRSs as adopted by the UK;
-the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the UK and as applied in accordance with the provisions of the Companies Act 2006; and
-the financial statements 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 directors' 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 the 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 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 in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Echo Liverpool Limited


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

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 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 directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 group's and 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Echo Liverpool Limited


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 other management, and from our commercial knowledge and experience of the sector;
- 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 and data protection, anti-bribery, employment, environmental 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,

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;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Echo Liverpool Limited


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 a Report of the Auditors 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.




Andrea Gerring FCA (Senior Statutory Auditor)
for and on behalf of McMillan & Co LLP
Chartered Accountants and
Statutory Auditor

23 May 2025

Echo Liverpool Limited (Registered number: 11474633)

Consolidated Statement of Profit or Loss
for the year ended 31 December 2024

2024 2023
Notes £ £

CONTINUING OPERATIONS
Revenue 2,491,142 2,490,264

Cost of sales (14,535 ) (71,157 )
GROSS PROFIT 2,476,607 2,419,107

Administrative expenses (1,002,814 ) (953,152 )
OPERATING PROFIT 1,473,793 1,465,955

Finance costs 4 (2,114,578 ) (2,061,692 )

Finance income 4 89,023 -
LOSS BEFORE INCOME TAX 5 (551,762 ) (595,737 )

Income tax 6 - -
LOSS FOR THE YEAR (551,762 ) (595,737 )
Loss attributable to:
Owners of the parent (551,762 ) (595,737 )

Echo Liverpool Limited (Registered number: 11474633)

Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the year ended 31 December 2024

2024 2023
£ £

LOSS FOR THE YEAR (551,762 ) (595,737 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(551,762

)

(595,737

)

Total comprehensive income attributable to:
Owners of the parent (551,762 ) (595,737 )

Echo Liverpool Limited (Registered number: 11474633)

Consolidated Statement of Financial Position
31 December 2024

2024 2023
Notes £ £
ASSETS
NON-CURRENT ASSETS
Investment property 8 36,993,320 37,820,917
Investments 9 - -
36,993,320 37,820,917
CURRENT ASSETS
Trade and other receivables 10 3,335,453 3,220,067
Cash and cash equivalents 11 4,482,502 2,276,382
7,817,955 5,496,449
TOTAL ASSETS 44,811,275 43,317,366
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 12 1,000 1,000
Retained earnings 13 (2,239,282 ) (1,687,520 )
TOTAL EQUITY (2,238,282 ) (1,686,520 )
LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities - borrowings
Interest bearing loans and borrowings 15 22,325,000 22,325,000
CURRENT LIABILITIES
Trade and other payables 14 24,724,557 22,678,886
TOTAL LIABILITIES 47,049,557 45,003,886
TOTAL EQUITY AND LIABILITIES 44,811,275 43,317,366


The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2025 and were signed on its behalf by:





A Aslam - Director


Echo Liverpool Limited (Registered number: 11474633)

Company Statement of Financial Position
31 December 2024

2024 2023
Notes £ £
ASSETS
NON-CURRENT ASSETS
Investment property 8 36,993,320 37,820,917
Investments 9 100 100
36,993,420 37,821,017
CURRENT ASSETS
Trade and other receivables 10 4,230,785 3,129,415
Cash and cash equivalents 11 4,482,531 2,089,554
8,713,316 5,218,969
TOTAL ASSETS 45,706,736 43,039,986
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 12 1,000 1,000
Retained earnings 13 (2,164,988 ) (1,658,455 )
TOTAL EQUITY (2,163,988 ) (1,657,455 )
LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities - borrowings
Interest bearing loans and borrowings 15 22,325,000 22,325,000
CURRENT LIABILITIES
Trade and other payables 14 25,545,724 22,372,441
TOTAL LIABILITIES 47,870,724 44,697,441
TOTAL EQUITY AND LIABILITIES 45,706,736 43,039,986



The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2025 and were signed on its behalf by:





A Aslam - Director


Echo Liverpool Limited (Registered number: 11474633)

Consolidated Statement of Changes in Equity
for the year ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2023 1,000 (1,091,783 ) (1,090,783 )

Changes in equity
Total comprehensive income - (595,737 ) (595,737 )
Balance at 31 December 2023 1,000 (1,687,520 ) (1,686,520 )

Changes in equity
Total comprehensive income - (551,762 ) (551,762 )
Balance at 31 December 2024 1,000 (2,239,282 ) (2,238,282 )

Echo Liverpool Limited (Registered number: 11474633)

Company Statement of Changes in Equity
for the year ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2023 1,000 (1,168,648 ) (1,167,648 )

Changes in equity
Total comprehensive income - (489,807 ) (489,807 )
Balance at 31 December 2023 1,000 (1,658,455 ) (1,657,455 )

Changes in equity
Total comprehensive income - (506,533 ) (506,533 )
Balance at 31 December 2024 1,000 (2,164,988 ) (2,163,988 )

Echo Liverpool Limited (Registered number: 11474633)

Consolidated Statement of Cash Flows
for the year ended 31 December 2024

2024 2023
£ £
Cash flows from operating activities
Cash generated from operations 1 2,256,153 1,180,274
Interest paid (2,114,578 ) (2,061,692 )
Net cash from operating activities 141,575 (881,418 )

Cash flows from investing activities
Cost of investment property development (34,993 ) (435,629 )
Group loans advanced 2,010,515 3,407,977
Interest received 89,023 -
Net cash from investing activities 2,064,545 2,972,348

Increase in cash and cash equivalents 2,206,120 2,090,930
Cash and cash equivalents at
beginning of year

2

2,276,382

185,452

Cash and cash equivalents at end of
year

2

4,482,502

2,276,382

Echo Liverpool Limited (Registered number: 11474633)

Notes to the Consolidated Statement of Cash Flows
for the year ended 31 December 2024

1. RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED FROM
OPERATIONS

2024 2023
£ £
Loss before income tax (551,762 ) (595,737 )
Depreciation charges 862,590 854,895
Finance costs 2,114,578 2,061,692
Finance income (89,023 ) -
2,336,383 2,320,850
Increase in trade and other receivables (115,966 ) (694,421 )
Increase/(decrease) in trade and other payables 35,736 (446,155 )
Cash generated from operations 2,256,153 1,180,274

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31/12/24 1/1/24
£ £
Cash and cash equivalents 4,482,502 2,276,382
Year ended 31 December 2023
31/12/23 1/1/23
£ £
Cash and cash equivalents 2,276,382 185,452

Echo Liverpool Limited (Registered number: 11474633)

Notes to the Consolidated Financial Statements
for the year ended 31 December 2024


1. STATUTORY INFORMATION

Echo Liverpool Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The amounts in the financial statements have been rounded to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

Going concern
Despite the fact that the company has consolidated net current liabilities of £16.9m (2023: £17.2m), the financial statements have been prepared on a going concern basis which the directors consider to be appropriate.

The directors are of the opinion that the company will have sufficient funds to meet its liabilities as they fall due. Funds will be provided through funding from the ultimate parent company, Select Group Limited, if required, and funds have been secured post year end from an external funders.

The directors have considered the ability of Select Group Limited to provide financial support based on information provided by Select Group Limited. The ability of Select Group Limited to continue to provide this support is dependent on the group achieving its own cash flow forecast and the continued availability of shareholder loans to the Group.

Based on these indications, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

Basis of consolidation
These consolidated account incorporate the accounts of the Company and its subsidiary, which has been consolidated on a line-by-line basis. The financial accounts of the subsidiary have been prepared up to 31 December.

Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power of the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.

Transactions eliminated on consolidation
All intra-group balances and transactions, and any unrealised gains or losses and income or expenses arising from intra-group transactions, are eliminated in full in preparing these consolidated financial statements. Unrealised gains arising from transactions with equity accounted investments are eliminated to the extent of the Group's interest in the entity.

Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

Echo Liverpool Limited (Registered number: 11474633)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
The critical accounting judgement is the valuation of property, and the depreciation rate applied to it.

The property is maintained at cost, less depreciation. The useful economic life has been set at 50 years. The property has been professionally valued in the year, but the financial statements are not updated to reflect the uplift in the valuation as a cost model has been adopted.

Revenue recognition
Under IFRS 15 Revenue is recognised when the following criteria are met;

- the parties to the contract have approved the contract;
- the entity can identify each parties rights regarding the goods to be transferred;
- the entity can identify the payment terms;
- the contract has commercial substance;
- it is probable that the entity will collect the consideration we are entitled to in respect to the goods to be transferred.

Turnover from apartment rental is recognised on a straight line basis over the term of the rental contract, to the extent that it is probable that the economic benefits will flow to the company and it can be reliably measured.

Cash and cash equivalents
Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Investment property
IAS 40 allows for two methods of measurement for Investment property following the initial measurement at cost, the fair value method or the cost method. The company's accounting policy is to use the cost model and therefore the property is held at cost and then depreciated.

Depreciation is calculated using a straight-line method to allocate the depreciation amounts over the estimated useful lives. The useful economic life of the property is 50 years. The property included an element of land, which is not depreciated.

Financial instruments
Financing expenses include interest payable, finance charges on shares classified as liabilities and finance charges on lease liabilities recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the income statement. Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial time to be prepared for use, are capitalised as part of the cost of that asset.

Financing income comprise interest receivable on funds invested, dividend income, interest income on lease receivables and net foreign exchange gains.

Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised in the income statement on the date the entity's right to receive payments is established. Foreign currency gains and losses are reported on a net basis.

Echo Liverpool Limited (Registered number: 11474633)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2024 nor for the year ended 31 December 2023.

The average number of employees during the year was NIL (2023 - NIL).

2024 2023
£ £
Directors' remuneration - -

4. NET FINANCE COSTS
2024 2023
£ £
Finance income:
Deposit account interest 89,023 -
Finance costs:
Bank loan interest 1,373,759 1,294,285
Interest payable 740,819 767,407
2,114,578 2,061,692

Net finance costs 2,025,555 2,061,692

5. LOSS BEFORE INCOME TAX

The loss before income tax is stated after charging/(crediting):
2024 2023
£ £
Cost of inventories recognised as expense 14,535 71,157
Depreciation - owned assets 862,590 854,896
Auditors' remuneration 13,260 13,000
Foreign exchange differences - (7,351 )

6. INCOME TAX

Analysis of tax expense
No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

7. LOSS OF PARENT COMPANY

As permitted by Section 408 of the Companies Act 2006, the income statement of the parent company is not presented as part of these financial statements. The parent company's loss for the financial year was £(506,533) (2023 - £(489,807)).


Echo Liverpool Limited (Registered number: 11474633)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

8. INVESTMENT PROPERTY

Group
Total
£
COST
At 1 January 2024 39,815,673
Additions 34,993
At 31 December 2024 39,850,666
DEPRECIATION
At 1 January 2024 1,994,756
Charge for year 862,590
At 31 December 2024 2,857,346
NET BOOK VALUE
At 31 December 2024 36,993,320
At 31 December 2023 37,820,917

The investment property was professionally valued on 31 December 2023 by Avison Young at £43.74m.
The property is being depreciated over 50 years. The cost includes a value attributed to land of £3.9m, which is not subject to depreciation.

9. INVESTMENTS

Company
Unlisted
investments
£
COST
At 1 January 2024
and 31 December 2024 100
NET BOOK VALUE
At 31 December 2024 100
At 31 December 2023 100

Echo Liverpool Limited (Registered number: 11474633)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

9. INVESTMENTS - continued

Company

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

Echo Building (Liverpool) Limited
Registered office:
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves (74,193 ) (28,965 )
Loss for the year (45,228 ) (105,930 )

10. TRADE AND OTHER RECEIVABLES

Group Company
2024 2023 2024 2023
£ £ £ £
Current:
Trade debtors 2,708,896 2,570,605 2,708,896 2,570,605
Amounts owed by group undertakings 569,395 569,975 1,475,379 489,975
Prepayments and accrued income 57,162 79,487 46,510 68,835
3,335,453 3,220,067 4,230,785 3,129,415

11. CASH AND CASH EQUIVALENTS

Group Company
2024 2023 2024 2023
£ £ £ £
Bank accounts 4,482,502 2,276,382 4,482,531 2,089,554

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1,000 Ordinary £1 1,000 1,000

Echo Liverpool Limited (Registered number: 11474633)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

13. RESERVES

Group
Retained
earnings
£

At 1 January 2024 (1,687,520 )
Deficit for the year (551,762 )
At 31 December 2024 (2,239,282 )

Company
Retained
earnings
£

At 1 January 2024 (1,658,455 )
Deficit for the year (506,533 )
At 31 December 2024 (2,164,988 )


14. TRADE AND OTHER PAYABLES

Group Company
2024 2023 2024 2023
£ £ £ £
Current:
Trade creditors 79,351 75,874 - -
Amounts owed to group undertakings 23,704,979 21,695,044 24,811,597 21,661,964
Other creditors 178,313 186,644 10,516 18,847
Accruals and deferred income 575,152 551,943 513,588 494,969
VAT 186,762 169,381 210,023 196,661
24,724,557 22,678,886 25,545,724 22,372,441

15. FINANCIAL LIABILITIES - BORROWINGS

Group Company
2024 2023 2024 2023
£ £ £ £
Non-current:
Bank loans - 2-5 years 22,325,000 22,325,000 22,325,000 22,325,000


The loan obtained in the year is repayable in 5 years, and is secured by a fixed and floating charge over the investment property. It has some performance covenants which are tested annually.

Echo Liverpool Limited (Registered number: 11474633)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

16. FINANCIAL INSTRUMENTS RISK MANAGEMENT

The Group's principal financial instruments comprise of intercompany funding and cash and amounts payable to third party suppliers. The Group has various other assets and liabilities, such as trade and other receivables and other creditors, which arise directly from its operations.

The directors consider that the main risks arising from the the Group financial instruments are liquidity and credit risk. The policies for managing each of these risks are summarised below.

Liquidity risk
Liquidity risk arises from the groups management of working capital. The table below analyses the Group's financial instruments into relevant maturity groupings based on the remaining period at the financial statement date.

Due within one year

2024 2023
Assets £    £   
Debtors excluding Group debtors 2,766,058 2,650,092
Cash at bank and in hand 4,482,502 2,276,382
7,248,560 4,926,474
Group debtors 569,395 569,975

Liabilities
Creditors excluding group creditors 1,019,578 983,842
Group creditors 23,704,979 21,695,044

Credit risk
The Group's main exposure to credit risk is associated with the intercompany payable to the holding company.

At 31 December 2024 and 2023, there were no trade receivables past due or impaired. Within accruals and other payables, there are no impaired or past due amounts, and are therefore deemed low risk. The Group does not enter into derivatives to management credit risk.

17. RELATED PARTY DISCLOSURES

The following balances were present at the year end:

2024 2023
£    £   
Sheffield One (Hotel) Limited (24,000 ) (24,000 )
Harridge Developments Limited 99,345 99,975
Select Birmingham Limited 120,000 120,000
Select E Commerce Limited 140,050 140,000
Sheffield UK Limited 210,000 210,000
Select Investments Limited (19,515,979 ) (21,671,044 )
Select Group Limited (4,165,000 ) -

The balance with Select Investments Limited includes a loan balance of £18,630,671 (2023: £19,800,357). Interest is payable at 7%. Interest of £740,819 was paid in the year (2023: £767,407).

There is no interest payable on any other balance.

All balances are repayable on demand, and have accordingly be classified as due within 1 year.

Echo Liverpool Limited (Registered number: 11474633)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

18. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Select Investments Limited, a company registered in the Jabel Ali Free Trade Zone in the United Arab Emirates. This is a wholly owned subsidiary of Select Group Limited. The consolidated financial statements of Select Investments Limited and Select Group Limited are not publicly available. The ultimate controlling party is Rahail Aslam.

19. NEW AND AMENDED IFRS STANDARDS

Adoption of new and revised Standards

New and amended IFRS Standards that are effective for the current year
In the current year, the Company has adopted all the new and revised Standards and Interpretations issued by the International Accounting Standards Board (the IASB) and the International Financial Reporting Interpretations Committee (the IFRIC) of the IASB that are relevant to its operations and effective for an annual period that begins on or after 1 January 2024 all of which were endorsed in the UK. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.

- Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current
- Amendments to IAS 1 Presentation of Financial Statements: Non-current Liabilities with Covenants
- Amendments to IAS 7 Statement of Cash Flows: Supplier Finance Arrangements
- Amendments to IAS 12 Income Taxes: International Tax Reform - Pillar Two Model Rules
- Amendments to IFRS 16 Lease Liability in a Sale and Leaseback

The Company has not adopted early any standards, interpretations or amendments that have been issued but are not yet effective.

Standards and interpretations published, but not yet applicable for the annual period beginning on 1 January 2024

At the date of authorisation of these financial statement, the Company has not applied the following new and revised IFRS Standards and Interpretations that have been issued but are not yet effective and, in some cases, had not yet been adopted by the EU:

- Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (applicable for annual periods beginning on or after 1 January 2025)
- Amendments to IFRS 7 Amendments to the Classification and Measurement of Financial Instruments (applicable for annual periods beginning on or after 1 January 2026)
- Amendments to IFRS 9 Contracts referencing Nature-dependent Electricity (applicable for annual periods beginning on or after 1 January 2026)
- Amendments to Annual Improvements to IFRS Accounting Standards - Volume 11 (applicable for annual periods beginning on or after 1 January 2026)
- Amendments to IFRS 18 Presentation and Disclosure in Financial Statements (applicable for annual periods beginning on or after 1 January 2027)
- Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (applicable for annual periods beginning on or after 1 January 2027)


It is expected that the standards and interpretations, not yet applicable, will have no significant impact on the Company's financial result or position.