Company Registration No. 06718635 (England and Wales)
Electracom Projects (UK) Limited
Annual report and financial statements
for the period ended 31 December 2024
Electracom Projects (UK) Limited
Company information
Directors
Robert Gilbert
Kerry Overman
Nicholas Seaton
Andrew McKenzie
(Appointed 25 October 2024)
Mark Clinch
(Appointed 25 October 2024)
Company number
06718635
Registered office
The Chapel
Grenville Court
Britwell Road
Burnham
Buckinghamshire
SL1 8DF
Independent auditor
Saffery LLP
St John's Court
Easton Street
High Wycombe
HP11 1JX
Electracom Projects (UK) Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 22
Electracom Projects (UK) Limited
Strategic report
For the period ended 31 December 2024
1
The directors present the strategic report for the period ended 31 December 2024.
Review of the business
The year has been very eventful and exciting for Electracom securing a new investor for the business, Fr Sauter AG. The investment provides stability, security and financial support for the workforce we employ, our supply chain and valued clients. It also provides visibility to all Electracom stakeholders regarding the future direction of the business.
Over recent years we have listened to market trends and restructured the business to increase the diversity of our offering around the ELV packages. This strategy continues to prove successful and scalable in the current market. It has also allowed us to grow our client base which has in turn presented additional opportunities, whilst spreading commercial risk.
The central London office market continues to be strong, providing many opportunities for our increased service offering. We are maintaining a healthy forward order book and have good visibility of future prospects which continues to be predominantly based on the central London market and data centres.
The support services division continues to grow at a very healthy rate enabling us to build stronger relationships with clients and FM providers. Through the relationships built we are able to offer and secure contracts that extend past the usual twelve month term. We are working closely with clients to ensure our tenants have a secure, efficient and comfortable environment to operate from. We now provide billing platforms and energy saving advice to a number of blue-chip clients, and in some instances we are embedded into their own internal teams.
With the stable order book, confidence in the current market and new investors we intend to drive forward in the coming years and look further afield for similar opportunities and share our expertise and unique way of delivery with new and old clients alike.
Principal risks and uncertainties
We do not foresee any significant risk to our continued growth in the coming years. We have a strong order book and many future opportunities that we have identified are funded, progressing through planning or have appointed contractors in place. The market seems stable and the demand for high quality office and data centre space remains strong within the areas we are working.
Our largest risk continues to be good quality, qualified resource. We are meeting all of our current commitments and have a strong base of engineers that we are training and mentoring ready for any growth that may materialise.
Credit risk
Credit risk is managed with all new potential customers being analysed before agreed payment terms and contract conditions are offered. Customers are reviewed periodically for any changes in their risk profile and the payment of invoices to terms are reviewed on a monthly basis. The Company does not currently hedge this risk.
Liquidity risk
The Company manages financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Risk is managed through short and long term forecasts and projections and is monitored on a weekly basis. The Company has sufficient cash reserves to meet all cash flow requirements without use of external finance.
Development and performance
The key to our growth in recent years has been the willingness to develop new skills and deliver new services in a positive and professional manner. We continue to train and upskill our team and look for improved ways to deliver these services. This has enabled us to maintain and improve performance across all aspects of the business.
We continually review our systems and technical offering and have an active interest and budget to research and develop these to ensure we have a leading edge solution at all times.
Electracom Projects (UK) Limited
Strategic report (continued)
For the period ended 31 December 2024
2
Key performance indicators
The Company’s key performance indicators are sales revenues and gross profit as set out in the accounts. Sales revenues continue to grow to £12,484,148 during the 9 month period ending 31 December 2024 compared to £10,898,339 for the comparative 9 month period. Gross profit margins have increased to 33.5% (March 2024: 30.4%).
Business relationships
We have strong and well established business relationships with our supply chain and clients alike. During the period we have increased our client base significantly which provides a sound base for future growth.
Community and environment
We continue to review and invest in our engagement with our employees, clients, supply chain and third parties setting our own objectives whilst aligning with our clients and complying with any associated regulations and industry standards.
The Company endeavours to keep its environmental footprint to a minimum.
We work closely with local communities and continue to look at resourcing labour from the local area near our sites, where possible. We support various charities through our teams and relationships.
Business conduct
The Company has strong values and behaves with integrity at all times, which is supported and shared by all employees.
Kerry Overman
Director
2 June 2025
Electracom Projects (UK) Limited
Directors' report
For the period ended 31 December 2024
3
The directors present their annual report and financial statements for the period ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of maintaining and installing building management systems; electrical contractor works; wired telecommunications and provision of consultancy services.
Results and dividends
The results for the period are set out on page 9.
Ordinary dividends were paid amounting to £1,570,838. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Robert Gilbert
Kerry Overman
Nicholas Seaton
Andrew McKenzie
(Appointed 25 October 2024)
Mark Clinch
(Appointed 25 October 2024)
Research and development
During the period, the Company continued to invest in research and development across several key projects. These included the ongoing development of a dynamic billing platform for real-time, precision-based energy apportionment and loss allocation; an advanced integration and analytics framework to unify diverse Building Management Systems (BMS); a passive optical networking solution to enhance data transmission; and improvements to BMS data analytics aimed at increasing the accuracy of real-time energy monitoring.
Auditor
Saffery LLP have expressed their willingness to continue in office as auditors of the company.
Electracom Projects (UK) Limited
Directors' report (continued)
For the period ended 31 December 2024
4
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Matters covered in the strategic report
The Company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and financial risk management.
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 company’s auditor 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 company’s auditor 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
Kerry Overman
Director
2 June 2025
Electracom Projects (UK) Limited
Independent auditor's report
To the members of Electracom Projects (UK) Limited
5
Opinion
We have audited the financial statements of Electracom Projects (UK) Limited (the 'company') for the period ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 company's affairs as at 31 December 2024 and of its profit for the period 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 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 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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.
Electracom Projects (UK) Limited
Independent auditor's report (continued)
To the members of Electracom Projects (UK) Limited
6
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 directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor'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.
Electracom Projects (UK) Limited
Independent auditor's report (continued)
To the members of Electracom Projects (UK) Limited
7
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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.
Electracom Projects (UK) Limited
Independent auditor's report (continued)
To the members of Electracom Projects (UK) Limited
8
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.
Andrew Watkinson
Senior Statutory Auditor
For and on behalf of Saffery LLP
2 June 2025
Statutory Auditors
St John's Court
Easton Street
High Wycombe
HP11 1JX
Electracom Projects (UK) Limited
Statement of comprehensive income
For the period ended 31 December 2024
9
Period
Year
ended
ended
31 December
31 March
2024
2024
Notes
£
£
Turnover
3
12,484,147
15,769,397
Cost of sales
(8,045,504)
(10,976,267)
Gross profit
4,438,643
4,793,130
Administrative expenses
(2,143,214)
(2,040,086)
Other operating income
2,830
3,227
Operating profit
4
2,298,259
2,756,271
Interest receivable and similar income
7
200,073
Interest payable and similar expenses
(152)
Other gains and losses
8
-
(24)
Profit before taxation
2,298,107
2,956,320
Tax on profit
9
(486,972)
(648,921)
Profit for the financial period
1,811,135
2,307,399
The income statement has been prepared on the basis that all operations are continuing operations.
Electracom Projects (UK) Limited
Statement of financial position
As at 31 December 2024
31 December 2024
10
31 December 2024
31 March 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
40,257
23,197
Investments
12
1
40,258
23,197
Current assets
Debtors
14
3,528,557
5,207,221
Cash at bank and in hand
1,921,195
1,271,865
5,449,752
6,479,086
Creditors: amounts falling due within one year
15
(2,921,348)
(4,173,918)
Net current assets
2,528,404
2,305,168
Net assets
2,568,662
2,328,365
Capital and reserves
Called up share capital
17
10
10
Profit and loss reserves
2,568,652
2,328,355
Total equity
2,568,662
2,328,365
The financial statements were approved by the board of directors and authorised for issue on 2 June 2025 and are signed on its behalf by:
Kerry Overman
Director
Company Registration No. 06718635
Electracom Projects (UK) Limited
Statement of changes in equity
For the period ended 31 December 2024
11
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
10
1,520,956
1,520,966
Year ended 31 March 2024:
Profit and total comprehensive income
-
2,307,399
2,307,399
Dividends
10
-
(1,500,000)
(1,500,000)
Balance at 31 March 2024
10
2,328,355
2,328,365
Period ended 31 December 2024:
Profit and total comprehensive income
-
1,811,135
1,811,135
Dividends
10
-
(1,570,838)
(1,570,838)
Balance at 31 December 2024
10
2,568,652
2,568,662
Electracom Projects (UK) Limited
Notes to the financial statements
For the period ended 31 December 2024
12
1
Accounting policies
Company information
Electracom Projects (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Chapel, Grenville Court, Britwell Road, Burnham, Buckinghamshire, SL1 8DF.
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.
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, the principal accounting policies adopted are set out below.
This 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:
The financial statements of the company are consolidated in the financial statements of Ikan Projects Limited. These consolidated financial statements are available from its registered office, The Chapel, Grenville Court, Britwell Road, Burnham, Buckinghamshire, SL1 8DF.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet 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 the financial statements.
1.3
Reporting period
The accounting period has been shortened to be coterminous with the reporting period of the ultimate parent company. The financial statements have been prepared for the period from 1 April 2024 to 31 December 2024, covering a shorter reporting period of 9 months.
1.4
Turnover
Turnover represents revenue recognised by the company in respect to goods and services supplied during the period exclusive of VAT and trade discounts.
Electracom Projects (UK) Limited
Notes to the financial statements (continued)
For the period ended 31 December 2024
1
Accounting policies (continued)
13
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.
1.5
Long term contracts
Where the outcome of a long term 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 long term contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.
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.
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after the provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.
1.6
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 machinery
25% straight line
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.
1.7
Fixed asset investments
Interests in subsidiaries 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 company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Electracom Projects (UK) Limited
Notes to the financial statements (continued)
For the period ended 31 December 2024
1
Accounting policies (continued)
14
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. 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.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and represent cash in hand.
1.10
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors, 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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
Electracom Projects (UK) Limited
Notes to the financial statements (continued)
For the period ended 31 December 2024
1
Accounting policies (continued)
15
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.
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. Amounts 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company 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 company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
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 leases asset are consumed.
Electracom Projects (UK) Limited
Notes to the financial statements (continued)
For the period ended 31 December 2024
16
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Stage of completion and expected margin on long term contracts
In preparing the financial statements, it is necessary to estimate the stage of completion, expected profit achievable and recoverability on ongoing long term contracts. This judgement significantly effects revenue, cost of sales, work in progress and accruals.
It is the opinion of the directors that the figures shown in the financial statements give a true and fair view of the stage of completion of contracts completed in the period or ongoing at the balance sheet date.
3
Turnover
An analysis of the company's turnover is as follows:
31 December
31 March
2024
2024
£
£
Turnover analysed by class of business
Projects
9,105,685
11,471,661
Control services
2,531,958
2,302,072
Converged solutions
846,504
1,995,664
12,484,147
15,769,397
All turnover is derived from sales within the United Kingdom.
4
Operating profit
31 December
31 March
2024
2024
Operating profit for the period is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
29,950
28,500
Depreciation of owned tangible fixed assets
11,235
12,464
Operating lease charges
110,469
78,612
Electracom Projects (UK) Limited
Notes to the financial statements (continued)
For the period ended 31 December 2024
17
5
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
31 December
31 March
2024
2024
Number
Number
Engineers
43
32
Administrative, sales and directors
17
14
Total
60
46
Their aggregate remuneration comprised:
31 December
31 March
2024
2024
£
£
Wages and salaries
3,026,930
2,921,351
Social security costs
354,723
329,190
Pension costs
105,617
247,815
3,487,270
3,498,356
6
Directors' remuneration
31 December
31 March
2024
2024
£
£
Remuneration for qualifying services
187,551
274,519
Company pension contributions to defined contribution schemes
46,780
144,900
234,331
419,419
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (March 2024 - 3).
Electracom Projects (UK) Limited
Notes to the financial statements (continued)
For the period ended 31 December 2024
6
Directors' remuneration (continued)
18
Remuneration disclosed above include the following amounts paid to the highest paid director:
31 December
31 March
2024
2024
£
£
Remuneration for qualifying services
n/a
98,649
Company pension contributions to defined contribution schemes
n/a
48,300
As total directors' remuneration was less than £200,000 in the current period, no disclosure is provided for that period.
7
Interest receivable and similar income
31 December
31 March
2024
2024
£
£
Interest income
Other interest income
73
Income from fixed asset investments
Income from shares in group undertakings
200,000
Total income
200,073
8
Other gains and losses
31 December
31 March
2024
2024
£
£
Gain/(loss) on disposal of fixed asset investments
-
(24)
Electracom Projects (UK) Limited
Notes to the financial statements (continued)
For the period ended 31 December 2024
19
9
Taxation
31 December
31 March
2024
2024
£
£
Current tax
UK corporation tax on profits for the current period
576,574
648,921
Adjustments in respect of prior periods
(89,602)
Total current tax
486,972
648,921
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
31 December
31 March
2024
2024
£
£
Profit before taxation
2,298,107
2,956,320
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (March 2024: 25.00%)
574,527
739,080
Tax effect of expenses that are not deductible in determining taxable profit
22,524
40,473
Group relief
(16,212)
(81,497)
Permanent capital allowances in excess of depreciation
(4,265)
865
Research and development tax credit
(89,602)
Dividend income
(50,000)
Taxation charge for the period
486,972
648,921
10
Dividends
31 December
31 March
2024
2024
£
£
Interim paid
1,570,838
1,500,000
Electracom Projects (UK) Limited
Notes to the financial statements (continued)
For the period ended 31 December 2024
20
11
Tangible fixed assets
Plant and machinery
£
Cost
At 1 April 2024
76,934
Additions
28,295
Disposals
(8,979)
At 31 December 2024
96,250
Depreciation and impairment
At 1 April 2024
53,737
Depreciation charged in the period
11,235
Eliminated in respect of disposals
(8,979)
At 31 December 2024
55,993
Carrying amount
At 31 December 2024
40,257
At 31 March 2024
23,197
12
Fixed asset investments
31 December
31 March
2024
2024
Notes
£
£
Investments in subsidiaries
13
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
-
Additions
1
At 31 December 2024
1
Carrying amount
At 31 December 2024
1
At 31 March 2024
-
Electracom Projects (UK) Limited
Notes to the financial statements (continued)
For the period ended 31 December 2024
21
13
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of
Registered office
Nature of
Class of
% Held
undertaking
business
shares held
Direct
Indirect
Electracom Services (UK) Limited
The Chapel Grenville Court, Britwell Road, Burnham, United Kingdom, SL1 8DF
Dormant
Ordinary
100
-
14
Debtors
31 December
31 March
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
1,972,422
2,803,145
Gross amounts owed by contract customers
1,385,601
1,536,673
Amounts owed by group undertakings
758,813
Other debtors
60,452
66,781
Prepayments and accrued income
110,082
41,809
3,528,557
5,207,221
15
Creditors: amounts falling due within one year
31 December
31 March
2024
2024
£
£
Trade creditors
1,490,625
816,234
Amounts owed to group undertakings
1
Corporation tax
339,392
473,572
Other taxation and social security
225,365
129,602
Other creditors
31,063
74,528
Accruals and deferred income
834,902
2,679,982
2,921,348
4,173,918
16
Retirement benefit schemes
31 December
31 March
2024
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
105,617
247,815
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Electracom Projects (UK) Limited
Notes to the financial statements (continued)
For the period ended 31 December 2024
22
17
Share capital
31 December
31 March
31 December
31 March
2024
2024
2024
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
All shares rank equally with regards to voting rights, rights in respect of dividends, capital and distribution of capital in the event of the company being wound up.
18
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
31 December
31 March
2024
2024
£
£
Within one year
59,638
69,623
Between two and five years
64,949
71,872
124,587
141,495
19
Related party transactions
Transactions with related parties
At the period end included in trade debtors there were amounts outstanding of £2,184 (March 2024 - £nil) receivable from fellow group companies. During the period, sales were made totalling £2,305 (March 2024 - £nil) to fellow group companies.
During the period, remuneration paid to employed family members of the directors totalling £52,340 (March 2024 - £99,440).
20
Ultimate controlling party
On 25 October 2024, 75% of the share capital of the parent company Ikan Projects Limited was purchased by Fr Sauter AG, a company incorporated in Switzerland.
The immediate parent undertaking is Ikan Projects Limited, a company incorporated in England and Wales. The ultimate parent company is Fr. Sauter Holding AG, a company incorporated in Switzerland.
The parent of the largest group in which these financial statements are consolidated is Fr Sauter AG, a company incorporated in Switzerland.
The parent of the smallest group in which these financial statements are consolidated is Ikan Projects Limited.
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