Company registration number 03127468 (England and Wales)
ECOPAC (U.K.) POWER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ECOPAC (U.K.) POWER LIMITED
COMPANY INFORMATION
Directors
G Breed
G P Dennehy
Company number
03127468
Registered office
Unit 4, Ridgeway
Long Crendon Industrial Estate
Long Crendon
Bucks
HP18 9BF
Auditor
M J Bushell Audit LLP
Ground Floor
Kings House
101-135 Kings Road
Brentwood
Essex
CM14 4DR
ECOPAC (U.K.) POWER LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
ECOPAC (U.K.) POWER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Business review

The global market remains depressed, and the UK continues to be a challenging environment for the electronics industry. Two of the original shareholders retired from the Company during the year under the agreed terms of the purchase of the business, and this facilitated the Management team to begin restructuring for future growth.

Note that the previous year’s figures were for 9 months ending 31st December 2023, due to alignment with the financial year of our parent company TTI Inc.

 

 

 

 

Principal risks and uncertainties

Customers remained overstocked generally, risk adverse to hold inventory and not willing to order in advance, leading to difficulty in forecasting future business certainty. Changes in UK government alongside ongoing uncertainty in global trade due to continued global conflicts affected business appetite. Supply chain improvements continued to ease product availability, but the end market slowdown persisted.

On a positive note, the USD exchange rate returned to pre-covid conditions, which improved our Gross Profit on imports, and improving interest rates help our customers to invest for the future.

 

 

 

On behalf of the board

G Breed
Director
30 July 2025
ECOPAC (U.K.) POWER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of the company during the year continued to be that of suppliers electrical components.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

G Breed
G P Dennehy
Auditor

M J Bushell Audit LLP were appointed as auditor 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.

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
G Breed
G P Dennehy
Director
Director
30 July 2015
ECOPAC (U.K.) POWER LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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:

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.

ECOPAC (U.K.) POWER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ECOPAC (U.K.) POWER LIMITED
- 4 -
Opinion

We have audited the financial statements of Ecopac (U.K.) Power Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

Other information

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ECOPAC (U.K.) POWER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ECOPAC (U.K.) POWER LIMITED
- 5 -
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:

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.

 

We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and revenue recognition. Our audit procedures to respond to management override risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases. Our audit procedures to respond to revenue recognition risks included testing a sample of income transactions across the year, agreeing these to supporting documentation, and testing revenue recorded either side of the year end to ensure this had been recognised correctly.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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.

ECOPAC (U.K.) POWER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ECOPAC (U.K.) POWER LIMITED
- 6 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.

Corné Von Wielligh ACA
Senior Statutory Auditor
For and on behalf of M J Bushell Audit LLP
31 July 2025
Statutory Auditor
Ground Floor
Kings House
101-135 Kings Road
Brentwood
Essex
CM14 4DR
ECOPAC (U.K.) POWER LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Year
Period
ended
ended
31 December
31 December
2024
2023
Notes
£
£
Turnover
3
14,225,532
10,902,469
Cost of sales
(8,696,250)
(6,720,995)
Gross profit
5,529,282
4,181,474
Administrative expenses
(1,623,805)
(1,265,568)
Operating profit
4
3,905,477
2,915,906
Interest receivable and similar income
7
1,110,693
623,869
Profit before taxation
5,016,170
3,539,775
Tax on profit
8
(1,310,677)
(910,000)
Profit for the financial year
3,705,493
2,629,775

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ECOPAC (U.K.) POWER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Year
Period
ended
ended
2024
2023
£
£
Profit for the year
3,705,493
2,629,775
Other comprehensive income
-
-
Total comprehensive income for the year
3,705,493
2,629,775
ECOPAC (U.K.) POWER LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
819,138
844,174
Current assets
Stocks
10
3,199,292
2,447,592
Debtors
11
21,711,523
18,455,681
Cash at bank and in hand
1,296,838
1,175,324
26,207,653
22,078,597
Creditors: amounts falling due within one year
12
(1,928,867)
(1,530,340)
Net current assets
24,278,786
20,548,257
Total assets less current liabilities
25,097,924
21,392,431
Provisions for liabilities
Provisions
13
80,000
80,000
(80,000)
(80,000)
Net assets
25,017,924
21,312,431
Capital and reserves
Called up share capital
16
200
200
Profit and loss reserves
25,017,724
21,312,231
Total equity
25,017,924
21,312,431

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 July 2025 and are signed on its behalf by:
G Breed
G P Dennehy
Director
Director
Company registration number 03127468 (England and Wales)
ECOPAC (U.K.) POWER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2023
200
18,682,456
18,682,656
Period ended 31 December 2023:
Profit and total comprehensive income
-
2,629,775
2,629,775
Balance at 31 December 2023
200
21,312,231
21,312,431
Year ended 31 December 2024:
Profit and total comprehensive income
-
3,705,493
3,705,493
Balance at 31 December 2024
200
25,017,724
25,017,924
ECOPAC (U.K.) POWER LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
381,214
567,644
Income taxes paid
(1,407,435)
(1,350,000)
Net cash outflow from operating activities
(1,026,221)
(782,356)
Investing activities
Purchase of tangible fixed assets
(33,158)
(246)
Proceeds from disposal of tangible fixed assets
70,200
-
0
Interest received
1,110,693
623,869
Net cash generated from investing activities
1,147,735
623,623
Net increase/(decrease) in cash and cash equivalents
121,514
(158,733)
Cash and cash equivalents at beginning of year
1,175,324
1,334,057
Cash and cash equivalents at end of year
1,296,838
1,175,324
ECOPAC (U.K.) POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Ecopac (U.K.) Power Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Ridgeway, Long Crendon Industrial Estate, Long Crendon, Bucks, HP18 9BF.

1.1
Reporting period

The accounts have been prepared for a period shorter than 1 year due to a change in year end to align with group companies. Therefore the figures within the period are not entirely comparable with previous and future comparatives.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

1.3
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.

1.4
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer.

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Straight line over 25 years
Fixtures and fittings
Straight line over 10 years
Computers
25% reducing balance
Motor vehicles
25% reducing balance
ECOPAC (U.K.) POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

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.

Additions to tangible fixed assets of less than £1,000 are treated as an expense.

 

1.6
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.

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.

1.7
Stocks

Stocks are stated at the lower of cost and net realisable value, being estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

1.8
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.

ECOPAC (U.K.) POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 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.

ECOPAC (U.K.) POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ECOPAC (U.K.) POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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.

ECOPAC (U.K.) POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.16
Foreign exchange

The company's functional and presentational currency is GBP.

 

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

1.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.18

Creditors

Short term creditors are measured at the transaction price.

2
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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
14,225,532
10,902,469
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,130,799
10,096,937
Rest of Europe
135,004
693,530
Rest of the world
959,729
112,002
14,225,532
10,902,469
ECOPAC (U.K.) POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 18 -
2024
2023
£
£
Other revenue
Interest income
1,110,693
623,869
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(1,763)
(80,170)
Depreciation of owned tangible fixed assets
15,637
41,001
Profit on disposal of tangible fixed assets
(27,643)
-
Operating lease charges
-
149
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,000
13,356
6
Employees

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

2024
2023
Number
Number
23
23

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,071,811
980,034
Social security costs
156,415
102,992
Pension costs
21,439
16,142
1,249,665
1,099,168
Redundancy payments made or committed
-
-
ECOPAC (U.K.) POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
46,805
40,908
Interest receivable from group companies
1,063,888
701,094
Other interest income
-
0
(118,133)
Total income
1,110,693
623,869
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,314,935
910,000
Deferred tax
Origination and reversal of timing differences
(4,258)
-
0
Total tax charge
1,310,677
910,000

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
5,016,170
3,539,775
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
1,254,043
884,944
Tax effect of expenses that are not deductible in determining taxable profit
56,432
10,468
Fixed asset differences
-
0
(3,453)
Other differences leading to an increase (decrease) in the tax charge
202
18,041
Taxation charge for the year
1,310,677
910,000
ECOPAC (U.K.) POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
9
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
1,162,749
89,036
93,266
233,443
1,578,494
Additions
33,158
-
0
-
0
-
0
33,158
Disposals
-
0
-
0
-
0
(172,324)
(172,324)
At 31 December 2024
1,195,907
89,036
93,266
61,119
1,439,328
Depreciation and impairment
At 1 January 2024
393,350
85,981
92,053
162,936
734,320
Depreciation charged in the year
2,569
986
303
11,779
15,637
Eliminated in respect of disposals
-
0
-
0
-
0
(129,767)
(129,767)
At 31 December 2024
395,919
86,967
92,356
44,948
620,190
Carrying amount
At 31 December 2024
799,988
2,069
910
16,171
819,138
At 31 December 2023
769,399
3,055
1,213
70,507
844,174
10
Stocks
2024
2023
£
£
Finished goods and goods for resale
3,199,292
2,447,592

Impairment losses of £3,483 (2023 - £92,754) were recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.

11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,915,663
1,857,796
Other debtors
19,573,237
16,542,454
Prepayments and accrued income
172,925
9,991
21,661,825
18,410,241
ECOPAC (U.K.) POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Debtors
(Continued)
- 21 -
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 14)
49,698
45,440
Total debtors
21,711,523
18,455,681

Trade debtors includes a provision for doubtful debts of £40,281 (2023- £5,724).

 

12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,523,603
927,740
Corporation tax
(61,123)
31,377
Other taxation and social security
408,198
378,691
Accruals and deferred income
58,189
192,532
1,928,867
1,530,340
13
Provisions for liabilities
2024
2023
£
£
Warranty provision
80,000
80,000
Movements on provisions:
Warranty provision
£
At 1 January 2024 and 31 December 2024
80,000

A provision has been made for the cost of servicing warranty claims on products sold before the balance sheet date.

ECOPAC (U.K.) POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
14
Deferred taxation

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

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
29,698
25,440
Other short term timing differences
20,000
20,000
49,698
45,440
2024
Movements in the year:
£
Asset at 1 January 2024
(45,440)
Credit to profit or loss
(4,258)
Asset at 31 December 2024
(49,698)
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
21,439
16,142

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.

16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
50
50
50
50
Ordinary 'B' shares of £1 each
110
110
110
110
Ordinary 'E' shares of £1 each
20
20
20
20
Ordinary 'F' shares of £1 each
10
10
10
10
Ordinary 'G' shares of £1 each
10
10
10
10
200
200
200
200

Ordinary A and Ordinary B shares are each entitled to one vote in any circumstances, dividends declared on their respective shares and to participate in the winding up of the company.

 

Ordinary E, Ordinary F and Ordinary G shares rank pari passu with Ordinary A and Ordinary B shares save they shall only be entitled to dividends declared on their respective shares.

ECOPAC (U.K.) POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
17
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

18
Ultimate controlling party

The parent undertaking is TTI INC , a company incorporated in Delaware, United States. The registered office address is 2441 Northeast Parkway, Fort Worth, Texas, 76106-1896, United States.

The ultimate parent company is Berkshire Hathaway Inc., a United States company registered in Omaha, Nebraska. The group financial statements are not publicly available.

 

19
Cash generated from operations
2024
2023
£
£
Profit after taxation
3,705,493
2,629,775
Adjustments for:
Taxation charged
1,310,677
910,000
Investment income
(1,110,693)
(623,869)
Gain on disposal of tangible fixed assets
(27,643)
-
Depreciation and impairment of tangible fixed assets
15,637
41,001
Movements in working capital:
(Increase)/decrease in stocks
(751,700)
1,012,352
Increase in debtors
(3,251,584)
(3,100,743)
Increase/(decrease) in creditors
491,027
(300,872)
Cash generated from operations
381,214
567,644
20
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,175,324
121,514
1,296,838
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