SUSTAINABLE INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Company Registration No. 07095838 (England and Wales)
SUSTAINABLE INVESTMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4 - 6
Director's responsibilities statement
7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12 - 13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 38
SUSTAINABLE INVESTMENTS LIMITED
COMPANY INFORMATION
Director
Mr D I Horrocks
Secretary
Mrs M H Horrocks
Company number
07095838
Registered office
2b Maple Court
Maple View
White Moss Business Park
Skelmersdale
WN8 9TW
Auditor
DSG Audit
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
Bankers
Barclays Bank UK Plc
Solicitors
DWF LLP
SUSTAINABLE INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 1 -
The director presents the strategic report for the year ended 31 January 2025.
Review of the business
The Sustainable Investments Limited group of companies has operated for many years in the energy efficiency construction sector. Continuing to be fuelled by ever increasing, significant government investment, the fast growing ‘Decarbonisation of Homes’ market has emerged as a major focus in supporting the governments net zero targets. The group’s directors have responded to this significant opportunity by adding low carbon heating and renewable regeneration solutions to their existing energy efficiency portfolio, therefore proposing to our clients a whole house retrofit approach and full turnkey solution. To this end the directors have looked for strategic acquisitions and moved into different service lines in order to accommodate the ever-changing political and regulatory requirements, creating significant growth for the Sustainable Investments Limited group of companies which is now a major and extremely well-respected player in this exciting, fast developing marketplace.
The long-term plan is now coming to fruition which has always been for the combined group to be able to offer a complete service line of deliverables to satisfy clients’ future regulatory net zero requirements whilst ensuring our clients are accessing all the government support and funding available. This may continue to include future acquisitions along with the very significant organic growth we continuing to experience post the date of these accounts. The new group structure that was implemented in February 2022 is enabling the group to grow through acquisition of new subsidiaries under the Sustainable banner without jeopardising the existing businesses. It will also allow for joint venture operations to be undertaken at subsidiary level if appropriate again without risk to the other companies. The combined group is now a very significant player in this exciting marketplace.
This year has seen extensive investment in technology based solutions such as Proptech and we are now able to offer full SMART home monitoring to our clients through our IOT solution as well as developing an extremely innovative Fintech model which has been heavily funded by the Department of Energy Security and Net Zero’s Green Homes Finance Accelerator competition and will give our Private customers access to extensive innovative funding models to decarbonize their homes. Providing advanced Technological solutions and how AI technology can aid our offering is a primary focus for the next few years.
As shown in the group statement of comprehensive income, revenue for the year was £69.9m (2024: £48.1m) and profit before tax £10.3m (2024: £7.0m) showing continuing tremendous growth whilst also increasing net profit margins. Trading has continued to improve impressively since the date of these accounts both in significantly increased levels of revenue and profit before tax. The group’s financial position remains strong with net assets growing to £16.1m (2024: £10.3m) at the period end.
The business remains committed to growing sales and profitability into the future by continuing to build lasting partnerships with some of the country's best-known housing associations, local authorities and larger combined authorities who are increasingly being granted devolved money for this sector. We are also continuing to build our presence in the business to consumer sector along with the private rented sector. We are wholly committed to partnership working. Through strict quality control and a culture of communication and accountability, we will continue to make ourselves as valuable as possible to our customers, clients and their residents. Our core activities will remain in the rapidly growing decarbonisation of homes sector, with particular expertise in creating modern, energy efficient domestic living space. The concept of sustainability is central to our vision and values. The importance of environmental sustainability will continue to drive our energy efficiency and decarbonisation work and we also strive to ensure greater sustainability in the communities we work, in our workforce and in our own business model. The work we are doing at significant scale is now improving the living conditions of whole communities, resulting in many thousands of households across the country now living in significantly warmer, healthier, drier and cheaper to heat properties and thus the group is making a significant and growing contribution to providing solutions for the 4 modern day cries of energy security, cost of living, health and climate and most of all striving to be at the forefront of driving social change.
The group intends to retain its current investments and will consider any further strategic opportunities as they arise.
SUSTAINABLE INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
Principal risks and uncertainties
There are a number of risks and uncertainties that can impact on the performance of the group, some of which are beyond its control. The group monitors market trends and risks on an ongoing basis and takes corrective action as and when required.
Competitive pressure in the industry it operates in are an ongoing risk to the group which could result in losing market share to its main competitors. To manage this risk the group maintains strong relationships with its customers with high levels of customer service, expertise and the ability to offer a comprehensive range of services.
Key performance indicators
The directors consider the key performance indicators to be: -
Turnover and gross profit margin
The group’s turnover for the year was £69,883,100 (2024: £48,106,893) and the group’s gross profit margin was similar to the previous period at 24.0% (2024: 23.8%).
Profit before tax
The group maintains strong controls over fixed costs and other overheads. Profit before tax for the year was £10,304,019 (2024: £6,974,553 ).
Cash and liquidity
The cash balance at the period end was £21,581,670 (2024 : £15,480,481) . The group maintains strong cash control which has enabled it to meet its obligations to suppliers and other creditors as they fall due.
Other performance indicators
Net asset value
The net asset value has increased by £5,825,857 to £16,120,422 in the period. This was after dividends of £1,424,200 were paid to shareholders with a controlling interest and £332,596 to shareholders with non-controlling interests.
Employees
Average headcount for 2025 was 147 (2024: 96). The group continues to invest in its strategies for the training, development and retention of employees.
SUSTAINABLE INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
Section 172(1) Statement
The director of Sustainable Investments Limited confirms that, during the financial year ended 31 January 2025, they have acted in a manner they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so, they have had regard to the matters set out in Section 172(1) of the Companies Act 2006.
1. The likely consequences of any decision in the long term
As a holding company overseeing a group of businesses in the sustainable construction and retrofit sector, our strategic decisions are made with a focus on long-term value creation. We invest in subsidiaries that align with our commitment to energy efficiency and environmental sustainability, ensuring that our portfolio contributes positively to the UK's net-zero targets.
2. The interests of the company’s employees
While Sustainable Investments Limited has a lean operational structure, we recognise the importance of our employees. We foster a culture of transparency and inclusivity, providing opportunities for professional development and ensuring that employee welfare is a priority in our decision-making processes.
3. The need to foster the company’s business relationships with suppliers, customers, and others
We maintain strong relationships with our subsidiaries, stakeholders, and partners. By promoting collaboration and open communication, we ensure that our business relationships are built on trust and mutual benefit, which is essential for the sustained success of our group companies.
4. The impact of the company’s operations on the community and the environment
Our investment strategy is centered around businesses that have a positive impact on communities and the environment. Through our subsidiaries, we support initiatives that reduce carbon emissions, improve energy efficiency, and enhance the quality of housing, thereby contributing to broader societal goals.
5. The desirability of the company maintaining a reputation for high standards of business conduct
We are committed to upholding the highest standards of corporate governance and ethical conduct. Our policies and practices are designed to ensure compliance with legal and regulatory requirements, and we expect the same from our subsidiaries. This commitment reinforces our reputation as a responsible and trustworthy holding company.
6. The need to act fairly as between members of the company
We ensure that the interests of all shareholders are considered in our decision-making processes. By maintaining open lines of communication and providing transparent reporting, we uphold our duty to act fairly and equitably among all members.
This statement reflects the directors' commitment to responsible governance and sustainable business practices
Mr D I Horrocks
Director
4 June 2025
SUSTAINABLE INVESTMENTS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -
The director presents his annual report and financial statements for the year ended 31 January 2025.
Principal activities
The principal activity of the company in the year under review continued to be that of a holding company. The company did not trade during the year.
The principal activity of the group in the year under review continued to be that of the provision of a specialist contractor in energy efficiency measures and property maintenance and the manufacture of external wall insulation.
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £1,424,200. The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr D I Horrocks
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its director during the year. These provisions remain in force at the reporting date.
Financial instruments
Liquidity risk
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.
Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Auditor
DSG resigned as auditor on 25 February 2025. DSG Audit were appointed on 25 February 2025 to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
SUSTAINABLE INVESTMENTS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -
Energy and carbon report
This carbon report for Sustainable Investments Limited provides a comprehensive overview of our energy consumption and carbon emissions for the year ended 31 January 2025.
2025
Energy consumption
kWh
Aggregate of energy consumption in the year
- Gas combustion
60,124
- Electricity purchased
69,495
- Fuel consumed for transport
1,593,884
1,723,503
2025
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
11.00
- Fuel consumed for owned transport
237.37
248.37
Scope 2 - indirect emissions
- Electricity purchased
14.39
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
131.00
Total gross emissions
393.76
Intensity ratio
Tonnes CO2e per employee
0.6
Quantification and reporting methodology
We have evaluated our Scope 1, Scope 2 and Scope 3 (business travel) based on DEFRA 2024 Emission Factors using the HM Government Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance, March 2019 guidance.
Intensity measurement
We have taken 'Total gross emissions in tonnes CO2e per £100,000 of turnover' as the chosen intensity measurement ratio, the recommended ratio for the sector.
Measures taken to improve energy efficiency
To address our energy consumption in our facilities, we have implemented measures such as LED lighting installation, enhanced monitoring systems, and energy-efficient office equipment to reduce energy use. A company-wide behaviour change initiative, including mandatory environmental training, further supports the goal of a 20% reduction in office energy consumption by 2026.
We have committed to transitioning our entire fleet to 100% electric vehicles by 2030. In the interim, we have introduced 8 Plug in Hybrid vehicles in the fleet, coupled with incentives for car-sharing and driver behaviour training. We are conscious of our business travel and make efforts to reduce business travel through a transition to virtual meetings whenever feasible.
SUSTAINABLE INVESTMENTS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
Across operations, good energy management practices have been integrated into all project sites, focusing on operational efficiency and sustainable resource use, extending also to EV charging points. Collaborating with site compound providers, we introduced Eco Site Cabins, which integrate solar power and energy-efficient systems, reducing operational emissions.
Statement of disclosure to auditor
So far as the director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company and group is unaware. Additionally, the director has taken all the necessary steps that he ought to have taken as director in order to make himself aware of all relevant audit information and to establish that the auditor of the company and group is aware of that information.
On behalf of the board
Mr D I Horrocks
Director
4 June 2025
SUSTAINABLE INVESTMENTS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2025
- 7 -
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SUSTAINABLE INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SUSTAINABLE INVESTMENTS LIMITED
- 8 -
Opinion
We have audited the financial statements of Sustainable Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 January 2025 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the director's report have been prepared in accordance with applicable legal requirements.
SUSTAINABLE INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SUSTAINABLE INVESTMENTS LIMITED
- 9 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
SUSTAINABLE INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SUSTAINABLE INVESTMENTS LIMITED
- 10 -
Capability of the audit in detecting irregularities, including fraud
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:
· Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
· Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations, health and safety legislation, trades description act and employment legislation.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; reviewing post year end payments for evidence of claims pay outs and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Jean Ellis BA FCA CTA
(Senior Statutory Auditor)
For and on behalf of DSG Audit
4 June 2025
Chartered Accountants
Statutory Auditor
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
SUSTAINABLE INVESTMENTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025
- 11 -
2025
2024
Notes
£
£
Turnover
3
69,883,100
48,106,893
Cost of sales
(53,088,579)
(36,169,870)
Gross profit
16,794,521
11,937,023
Administrative expenses
(6,803,196)
(5,079,237)
Operating profit
4
9,991,325
6,857,786
Interest receivable and similar income
8
380,385
146,852
Interest payable and similar expenses
7
(67,691)
(30,085)
Profit before taxation
10,304,019
6,974,553
Tax on profit
9
(2,669,706)
(1,728,831)
Profit for the financial year
7,634,313
5,245,722
Profit for the financial year is attributable to:
- Owners of the parent company
6,863,051
4,787,590
- Non-controlling interests
771,262
458,132
7,634,313
5,245,722
Total comprehensive income for the year is attributable to:
- Owners of the parent company
6,863,051
4,787,590
- Non-controlling interests
771,262
458,132
7,634,313
5,245,722
SUSTAINABLE INVESTMENTS LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,466,125
756,715
Other intangible assets
11
71,546
2
Total intangible assets
1,537,671
756,717
Tangible assets
12
1,207,069
1,106,293
Investment property
13
234,067
Investments
14
104,192
122,167
3,082,999
1,985,177
Current assets
Stocks
16
458,709
375,275
Debtors
17
8,769,236
6,245,870
Cash at bank and in hand
21,581,670
15,480,481
30,809,615
22,101,626
Creditors: amounts falling due within one year
18
(17,522,243)
(13,547,704)
Net current assets
13,287,372
8,553,922
Total assets less current liabilities
16,370,371
10,539,099
Creditors: amounts falling due after more than one year
19
(188,546)
(220,771)
Provisions for liabilities
Deferred tax liability
21
61,403
23,763
(61,403)
(23,763)
Net assets
16,120,422
10,294,565
Capital and reserves
Called up share capital
23
975,000
975,000
Revaluation reserve
370,622
379,922
Other reserves
(865,065)
(865,065)
Profit and loss reserves
14,653,710
9,205,559
Equity attributable to owners of the parent company
15,134,267
9,695,416
Non-controlling interests
986,155
599,149
Total equity
16,120,422
10,294,565
SUSTAINABLE INVESTMENTS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2025
31 January 2025
- 13 -
The financial statements were approved and signed by the director and authorised for issue on 4 June 2025
04 June 2025
Mr D I Horrocks
Director
Company registration number 07095838 (England and Wales)
SUSTAINABLE INVESTMENTS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 14 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
13
234,067
Investments
14
1,762,169
1,133,261
1,996,236
1,133,261
Current assets
Debtors
17
742,256
422,498
Cash at bank and in hand
2,039,637
1,470,203
2,781,893
1,892,701
Creditors: amounts falling due within one year
18
(106,169)
(87,353)
Net current assets
2,675,724
1,805,348
Net assets
4,671,960
2,938,609
Capital and reserves
Called up share capital
23
975,000
975,000
Profit and loss reserves
3,696,960
1,963,609
Total equity
4,671,960
2,938,609
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,157,551 (2024 - £1,238,945 profit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 4 June 2025
04 June 2025
Mr D I Horrocks
Director
Company registration number 07095838 (England and Wales)
SUSTAINABLE INVESTMENTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 15 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 February 2023
975,000
398,425
(865,065)
5,320,666
5,829,026
340,313
6,169,339
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
-
4,787,590
4,787,590
458,132
5,245,722
Dividends
10
-
-
-
(921,200)
(921,200)
(199,296)
(1,120,496)
Transfers
-
(18,503)
-
18,503
-
-
-
Balance at 31 January 2024
975,000
379,922
(865,065)
9,205,559
9,695,416
599,149
10,294,565
Year ended 31 January 2025:
Profit and total comprehensive income
-
-
-
6,863,051
6,863,051
771,262
7,634,313
Dividends
10
-
-
-
(1,424,200)
(1,424,200)
(332,596)
(1,756,796)
Transfers
-
(9,300)
-
9,300
-
-
-
Acquisition of subsidiary
-
-
-
-
-
(51,660)
(51,660)
Balance at 31 January 2025
975,000
370,622
(865,065)
14,653,710
15,134,267
986,155
16,120,422
SUSTAINABLE INVESTMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2023
975,000
1,645,864
2,620,864
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
1,238,945
1,238,945
Dividends
10
-
(921,200)
(921,200)
Balance at 31 January 2024
975,000
1,963,609
2,938,609
Year ended 31 January 2025:
Profit and total comprehensive income
-
3,157,551
3,157,551
Dividends
10
-
(1,424,200)
(1,424,200)
Balance at 31 January 2025
975,000
3,696,960
4,671,960
SUSTAINABLE INVESTMENTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025
- 17 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
11,568,678
9,660,124
Interest paid
(67,691)
(30,085)
Income taxes paid
(2,618,077)
(974,380)
Net cash inflow from operating activities
8,882,910
8,655,659
Investing activities
Purchase of business
(556,803)
-
Purchase of intangible assets
(87,759)
-
Purchase of tangible fixed assets
(150,763)
(267,473)
Proceeds from disposal of tangible fixed assets
50,500
-
Purchase of investment property
(234,067)
-
Purchase of investments
(127,484)
-
Proceeds from disposal of investments
15,220
-
Repayment of loans
50
-
Interest received
380,385
146,852
Net cash used in investing activities
(710,721)
(120,621)
Financing activities
Repayment of borrowings
(284,064)
-
Repayment of bank loans
(30,140)
(28,539)
Dividends paid to equity shareholders
(1,424,200)
(921,200)
Dividends paid to non-controlling interests
(332,596)
(199,296)
Net cash used in financing activities
(2,071,000)
(1,149,035)
Net increase in cash and cash equivalents
6,101,189
7,386,003
Cash and cash equivalents at beginning of year
15,480,481
8,094,478
Cash and cash equivalents at end of year
21,581,670
15,480,481
SUSTAINABLE INVESTMENTS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025
- 18 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
29
(318,791)
(152,475)
Investing activities
Purchase of investment property
(234,067)
Proceeds from disposal of subsidiaries
(628,908)
Dividends received
3,175,400
1,292,000
Net cash generated from investing activities
2,312,425
1,292,000
Financing activities
Dividends paid to equity shareholders
(1,424,200)
(921,200)
Net cash used in financing activities
(1,424,200)
(921,200)
Net increase in cash and cash equivalents
569,434
218,325
Cash and cash equivalents at beginning of year
1,470,203
1,251,878
Cash and cash equivalents at end of year
2,039,637
1,470,203
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 19 -
1
Accounting policies
Company information
Sustainable Investments Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2b Maple Court, Maple View, White Moss Business Park, Skelmersdale, WN8 9TW.
The group consists of Sustainable Investments Limited and all of its subsidiaries.
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, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
The consolidated financial statements include the financial statements of the company and all its subsidiaries drawn up to 31 January 2025. For business combinations that meet the criteria of group reconstructions under common control, the group applies merger accounting, consolidating as if the entities had always been part of the group. Other business combinations are accounted for using acquisition accounting in accordance with FRS 102 Section 19 recognising the identifiable assets acquired and liabilities assumed at fair value on the acquisition date. The acquisition of 76% of Sustainable Smart Technologies Limited on 1 November 2024 has been accounted for using acquisition accounting.
1.3
Basis of consolidation
The consolidated financial statements incorporate those of Sustainable Investments Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 January 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.4
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses.
1.6
Intangible fixed assets - goodwill
Acquired goodwill is written off over its estimated useful economic life which is deemed to be 20 years.
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 20 -
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Patents
3 - 20 years
Website costs
5 years straight line
Other Intangible assets
10 years straight line
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
2% straight line
Plant and machinery
15% reducing balance and 20% straight line
Fixtures, fittings & equipment
10% and 25% straight line
Computers
33% 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 recognised in the profit and loss account.
1.9
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.10
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Other investments,whose fair value cannot be reliably determined, are stated at historical cost less impairment.
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 21 -
1.11
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.12
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.13
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 22 -
1.14
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.
1.15
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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 group 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.
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 23 -
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 group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans 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 group's contractual obligations expire or are discharged or cancelled.
1.16
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.17
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 24 -
1.18
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.
1.19
Retirement benefits
The group operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.20
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.21
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Construction contracts
Management has exercised significant judgment in determining the appropriate timing and amount of revenue recognised from construction contracts. The assessment of the stage of completion and the recognition of revenue under the input method (costs incurred relative to total estimated costs) requires estimation of total contract revenue, total contract costs, and the expected outcome of the project, including variations and claims.
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 25 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Construction contracts
The group recognises revenue over time based on the proportion of costs incurred to date compared to the total expected costs to complete each contract. The assessment of the final outcome of construction contracts involves uncertainties such as forecasting future costs, resolving contract variations and claims, and assessing potential penalties or liquidated damages. If the actual outcomes differ from management’s estimates, there could be material adjustments to revenue and profit in future periods.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2025
2024
£
£
Turnover analysed by class of business
Building services
69,883,100
48,106,893
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
69,883,100
48,106,893
2025
2024
£
£
Other revenue
Interest income
380,385
146,852
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
7,078
3,818
Depreciation of owned tangible fixed assets
119,849
74,130
Profit on disposal of tangible fixed assets
(36,570)
-
Amortisation of intangible assets
99,303
73,182
Operating lease charges
287,862
276,842
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 26 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,125
3,750
Audit of the financial statements of the company's subsidiaries
60,494
44,086
64,619
47,836
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Average number of employees
125
76
1
1
22
20
-
-
Total
147
96
1
1
Their aggregate remuneration comprised:
Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
6,100,784
4,101,065
9,096
8,354
Social security costs
566,514
359,579
-
-
Pension costs
168,127
119,630
6,835,425
4,580,274
9,096
8,354
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
18,176
19,048
Other finance costs:
Other interest
49,515
11,037
Total finance costs
67,691
30,085
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 27 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
380,385
146,852
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
2,670,720
1,740,057
Adjustments in respect of prior periods
(23,886)
(9,294)
Total current tax
2,646,834
1,730,763
Deferred tax
Origination and reversal of timing differences
22,872
(1,932)
Total tax charge
2,669,706
1,728,831
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2025
2024
£
£
Profit before taxation
10,304,019
6,974,553
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
2,576,005
1,743,638
Tax effect of expenses that are not deductible in determining taxable profit
64,463
32,665
Adjustments in respect of prior years
(23,886)
(9,355)
Effect of change in corporation tax rate
-
(55,178)
Permanent capital allowances in excess of depreciation
21,291
(8,110)
Other tax adjustments
31,833
25,171
Taxation charge
2,669,706
1,728,831
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
1,424,200
921,200
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 28 -
11
Intangible fixed assets
Group
Goodwill
Patents
Website costs
Other Intangible assets
Total
£
£
£
£
£
Cost
At 1 February 2024
1,463,655
15,002
1,478,657
Additions - internally developed
14,620
14,620
Additions - business combinations
792,498
855
12,108
60,176
865,637
At 31 January 2025
2,256,153
15,857
12,108
74,796
2,358,914
Amortisation and impairment
At 1 February 2024
706,940
15,000
721,940
Amortisation charged for the year
83,088
855
12,108
3,252
99,303
At 31 January 2025
790,028
15,855
12,108
3,252
821,243
Carrying amount
At 31 January 2025
1,466,125
2
71,544
1,537,671
At 31 January 2024
756,715
2
756,717
The company had no intangible fixed assets at 31 January 2025 or 31 January 2024.
More information on impairment movements in the year is given in note .
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 29 -
12
Tangible fixed assets
Group
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computers
Total
£
£
£
£
£
Cost or valuation
At 1 February 2024
850,271
333,579
429,040
1,612,890
Additions
1,769
222,283
224,052
Business combinations
4,053
3,837
2,613
10,503
Disposals
(201,346)
(201,346)
At 31 January 2025
850,271
138,055
655,160
2,613
1,646,099
Depreciation and impairment
At 1 February 2024
108,201
306,919
91,477
506,597
Depreciation charged in the year
19,636
5,788
92,499
1,926
119,849
Eliminated in respect of disposals
(187,416)
(187,416)
At 31 January 2025
127,837
125,291
183,976
1,926
439,030
Carrying amount
At 31 January 2025
722,434
12,764
471,184
687
1,207,069
At 31 January 2024
742,070
26,660
337,563
1,106,293
Company
Fixtures, fittings & equipment
£
Cost or valuation
At 1 February 2024 and 31 January 2025
700
Depreciation and impairment
At 1 February 2024 and 31 January 2025
700
Carrying amount
At 31 January 2025
Land and buildings were revalued by Mather Jamie, independent valuers not connected with the company on the basis of market value in accordance with Valuation Practice Statement 4 (section 4), RICS Valuation – Global Standards (Red Book).
Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately:
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
12
Tangible fixed assets
(Continued)
- 30 -
2025
2024
£
£
Group
Cost
516,800
516,800
Accumulated depreciation
(174,105)
(163,769)
Carrying value
342,695
353,031
13
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 February 2024
-
-
Additions through external acquisition
234,067
234,067
At 31 January 2025
234,067
234,067
The company acquired an investment property during the year. As at the reporting date, a formal external valuation had not yet been completed. In the absence of this, the property is recorded at cost, which the director considers a reasonable approximation of fair value based on internal assessment of market data and comparable property transactions. A full external valuation will be undertaken in the next financial year to ensure compliance with the fair value measurement requirements of FRS 102.
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
1,762,169
1,133,261
Other investments
104,192
122,167
104,192
122,167
1,762,169
1,133,261
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
14
Fixed asset investments
(Continued)
- 31 -
Movements in fixed asset investments
Group
Other
£
Cost or valuation
At 1 February 2024
122,167
Additions
127,484
Impairment
(130,239)
Disposals
(15,220)
At 31 January 2025
104,192
Carrying amount
At 31 January 2025
104,192
At 31 January 2024
122,167
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2024
1,133,261
Additions
628,908
At 31 January 2025
1,762,169
Carrying amount
At 31 January 2025
1,762,169
At 31 January 2024
1,133,261
15
Subsidiaries
Details of the company's subsidiaries at 31 January 2025 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Sustainable Building Services (UK) Limited
England and Wales
Ordinary
0
90.00
Sustainable Group (UK) Limited
England and Wales
Ordinary
90.00
-
Sustainable Energy Services (UK) Limited
England and Wages
Ordinary
90.00
-
Sustainable Building Solutions (UK) Limited
England and Wales
Ordinary
83.90
-
Permarock Products Limited
England and Wales
Ordinary
0
83.90
Sustainable Smart Technologies Limited
England and Wales
Ordinary
76.00
-
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 32 -
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
41,271
-
-
-
Finished goods and goods for resale
417,438
375,275
458,709
375,275
-
-
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,751,595
4,921,601
Gross amounts owed by contract customers
2,196,309
964,435
Amounts owed by group undertakings
-
-
725,930
366,866
Other debtors
182,300
62,608
16,326
55,632
Prepayments and accrued income
639,032
297,226
8,769,236
6,245,870
742,256
422,498
Trade debtors disclosed above are measured at amortised cost.
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
20
33,112
31,027
Other borrowings
20
100,000
100,000
Trade creditors
6,684,708
5,155,583
18,231
60
Gross amounts owed to contract customers
917,283
1,651,860
Amounts owed to group undertakings
24,431
24,431
Corporation tax payable
1,288,814
1,260,057
Other taxation and social security
1,039,880
782,555
-
-
Deferred income
42,702
Other creditors
111,899
537,967
63,507
62,862
Accruals and deferred income
7,303,845
4,028,655
17,522,243
13,547,704
106,169
87,353
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 33 -
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
188,546
220,771
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
221,658
251,798
Other loans
100,000
100,000
321,658
351,798
-
-
Payable within one year
133,112
131,027
Payable after one year
188,546
220,771
Bank loans amounting to £221,658 (2024: £251,798) are secured by charges over the assets of the group.
21
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
65,394
14,646
Revaluations
9,117
9,117
Other short term timing differences
(13,108)
-
61,403
23,763
The company has no deferred tax assets or liabilities.
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
21
Deferred taxation
(Continued)
- 34 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 February 2024
23,763
-
Charge to profit or loss
22,872
-
Other
14,768
-
Liability at 31 January 2025
61,403
-
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
168,127
119,630
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
926,806
926,806
926,806
926,806
Ordinary A shares of £1 each
48,194
48,194
48,194
48,194
975,000
975,000
975,000
975,000
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 35 -
24
Acquisition of a business
On 1 November 2024 the group acquired 76 percent of the issued capital of Sustainable Smart Technologies Limited.The following table sets out a summary of the assets and liabilities assumed during the transaction together with details of how the purchase consideration was settled.
Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
83,792
-
83,792
Trade and other receivables
144,469
-
144,469
Cash and cash equivalents
72,105
-
72,105
Borrowings
(284,064)
-
(284,064)
Trade and other payables
(216,784)
-
(216,784)
Deferred tax
(14,768)
-
(14,768)
Total identifiable net assets
(215,250)
-
(215,250)
Non-controlling interests
51,660
Goodwill
792,498
Total consideration
628,908
The consideration was satisfied by:
£
Cash
628,908
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
219,109
Loss after tax
(16,166)
Goodwill of £792,498 arose on acquisition, representing the future economic benefits expected from synergies and the workforce of Sustainable Smart Technologies Limited. This goodwill will be amortised over its estimated useful life of 20 years.
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 36 -
25
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
188,887
224,844
-
-
Between two and five years
408,887
403,210
-
-
In over five years
98,845
180,357
-
-
696,619
808,411
-
-
26
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2025
2024
£
£
Aggregate compensation
165,240
167,468
During the year interest of £10,000 (2024: £10,000) was paid in respect of a loan provided to a subsidiary company by Mrs E Horrocks, the mother of Mr DI Horrocks. At the period end a balance of £100,000 (2024: £100,000) was due in respect of this loan.
At the period end the following balances were due to related parties:
Mr D I Horrocks £56,657 (2024: £54,157)
Sustainable Housing Limited £22,741 (2024: £22,741)
Mr D I Horrocks is the ultimate controlling party of Sustainable Investments Limited and Sustainable Housing Limited.
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
26
Related party transactions
(Continued)
- 37 -
The related party transactions disclosed below occurred between subsidiaries of the Group that are not wholly owned. Details of the Group’s subsidiaries, including the percentage of ownership and voting rights held, are provided in Note 15 – Subsidiaries.
Transactions:
During the year, the Group engaged in the following aggregated transactions with its non-wholly owned subsidiaries:
Sales: 2025: £6,108,326 (2024: £5,051,196)
Purchases: 2025: £6,108,326 (2024: £5,051,196)
Outstanding Balances:
As at 31 January 2025, the following aggregated balances were outstanding between the Group and its non-wholly owned subsidiaries:
Receivables: 2025: £4,034,162 (2024: £3,304,092)
Payables: 2025: £4,034,162 (2024: £3,304,092)
Terms and Conditions:
The intercompany balances are non-interest-bearing and are repayable on demand. No provisions for doubtful debts have been made in respect of these balances.
27
Directors' transactions
Dividends totalling £1,358,300 (2024 - £852,000) were paid in the year in respect of shares held by the company's director.
28
Cash generated from group operations
2025
2024
£
£
Profit after taxation
7,634,313
5,245,722
Adjustments for:
Taxation charged
2,669,706
1,728,831
Finance costs
67,691
30,085
Investment income
(380,385)
(146,852)
Gain on disposal of tangible fixed assets
(36,570)
-
Amortisation and impairment of intangible assets
99,303
73,182
Depreciation and impairment of tangible fixed assets
119,849
74,130
Impairment of other investments
130,239
-
Movements in working capital:
(Increase)/decrease in stocks
(83,434)
83,771
Increase in debtors
(2,378,947)
(3,104,757)
Increase in creditors
3,684,211
5,676,012
Increase in deferred income
42,702
-
Cash generated from operations
11,568,678
9,660,124
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 38 -
29
Cash absorbed by operations - company
2025
2024
£
£
Profit after taxation
3,157,551
1,238,945
Adjustments for:
Investment income
(3,175,400)
(1,292,000)
Movements in working capital:
Increase in debtors
(319,758)
(55,632)
Increase/(decrease) in creditors
18,816
(43,788)
Cash absorbed by operations
(318,791)
(152,475)
30
Analysis of changes in net funds - group
1 February 2024
Cash flows
31 January 2025
£
£
£
Cash at bank and in hand
15,480,481
6,101,189
21,581,670
Borrowings excluding overdrafts
(351,798)
30,140
(321,658)
15,128,683
6,131,329
21,260,012
31
Analysis of changes in net funds - company
1 February 2024
Cash flows
31 January 2025
£
£
£
Cash at bank and in hand
1,470,203
569,434
2,039,637
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