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Registered number: 05823830
ESCO GB LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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ESCO GB LIMITED
REGISTERED NUMBER: 05823830
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Creditors: amounts falling due after more than one year
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ESCO GB LIMITED
REGISTERED NUMBER: 05823830
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 16 form part of these financial statements.
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ESCO GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Esco GB Limited (the "Company") is a private company limited by shares and incorporated in England and Wales. Its registered office and trading address is Unit 2 Kestrel Way, Barnsley, South Yorkshire, S70 5SZ.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have prepared the financial statements on a going concern basis which assumes that the Company will be able to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of the financial statements.
In assessing the Company’s ability to continue as a going concern, the directors have considered the Company’s financial resources available at the time of approving the financial statements, as well as the expected future sales pipeline. Subsequent to the year end, the Company received equity funding in July 2025 through the issue of 2,107,535 Ordinary shares (see Note 16).
The immediate parent undertaking is Esco Technologies (Asia) Pte Ltd, has provided a written confirmation of their ongoing support as is necessary to enable the Company to meet its liabilities as they fall due, for a period of not less than twelve months from the date of approval of these financial statements.
The directors believe that the Company is adequately placed to manage its business risks successfully and that the Company will have adequate financial resources available to meet is liabilities as they fall due.
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ESCO GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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:
Sale of goods
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.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
The majority of the Company’s contracts to provide services are fixed-price arrangements. Revenue from these contracts is recognised based on the proportion of deliverables provided to the client at the reporting date, which reflects the stage of completion of each project. This is determined by comparing actual costs incurred to date with the estimated total costs to complete the project. Where a project is forecast to overrun, an appropriate adjustment is made to the revenue recognised. Estimates of revenue and the extent of progress towards completion are reviewed and revised if circumstances change, with any resulting adjustments recognised in the period in which the revisions are made.
Customers pay for the value of services provided in accordance with an agreed invoicing and payment schedule. Consideration is payable when invoiced, based on the contractual payment terms. Amounts recoverable on contracts, which are included within debtors, represent the net sales value of work performed to date, less amounts received as progress payments. Where progress payments exceed the value of work completed, the excess is presented within creditors as payments received on account.
Other operating income includes reimbursement of costs from group companies and sundry income.
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ESCO GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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FOREIGN CURRENCY TRANSLATION
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
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. Non-monetary 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.
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OPERATING LEASES: THE COMPANY AS LESSEE
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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LEASED ASSETS: THE COMPANY AS LESSEE
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
DEFINED CONTRIBUTION PENSION PLAN
The Company operates a defined contribution pension plan for its employees. A defined contribution pension plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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ESCO GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The useful life of computer software has been assessed as one to four years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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ESCO GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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TANGIBLE FIXED ASSETS (CONTINUED)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
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Long-term leasehold property
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Over the term of the lease
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the 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.
Short term debtors are measured at transaction price, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price.
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ESCO GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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PROVISIONS FOR LIABILITIES
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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ESCO GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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FINANCIAL INSTRUMENTS (CONTINUED)
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Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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ESCO GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
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Preparation of the financial statements requires management to make significant judgements, estimates and assumptions about the carrying amounts 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 of the revision and future periods if the revision affects both current and future periods.
Revenue recognition on long-term contracts
Revenue recognition on projects is based on the estimated stage of completion at the reporting date. Management exercises judgement in determining the stage of completion by comparing costs incurred to date with the total budgeted cost to complete each project. These budgeted costs are established prior to the commencement of the project and are reviewed regularly throughout its duration. The accuracy of revenue recognised is dependent on the reliability of these cost estimates and the assessment of project progress.
Provision for loss-making contracts
Management exercises judgement in assessing whether any active contracts at the year end are expected to be loss-making over their full duration. This involves reviewing detailed project tracking data, including actual costs incurred to date, forecasted costs to complete, and expected revenues. Where a contract is expected to result in an overall loss, a provision is recognised in accordance with FRS 102 Section 21 Provisions and Contingencies. The estimation of the provision requires management to make assumptions about future project performance, cost overruns, and recoverability of amounts recoverable on long term contracts. These estimates are inherently uncertain and subject to change as projects progress. Any revisions to the estimated losses are recognised in the period in which the estimates are updated.
Provision for bad and doubtful debts
Management judgement is applied in assessing the provision for bad and doubtful debts. This assessment is based on a detailed review of the expected collectability of trade debtors, taking into account factors such as the age of the debt, historical payment patterns, current financial conditions of customers, and any specific risks identified. The provision reflects management’s best estimate of recoverable debts at the reporting date.
Provision for slow-moving and obsolete stock
Management judgement is required in determining the provision for slow-moving and obsolete stock. This assessment is based on group-wide policies which consider historical stock movement patterns, the typical useful life of stock items, and current market conditions. The provision reflects management’s best estimate of the net realisable value of stock at the reporting date.
Useful economic life of tangible fixed assets
Management exercises judgement in determining the useful economic lives of tangible fixed assets. These estimates are based on historical experience, expected usage, and anticipated technological developments. The assigned useful lives impact the depreciation charges recognised in the financial statements and are reviewed periodically to ensure they remain appropriate in light of changes in operational circumstances or asset utilisation.
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ESCO GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The average monthly number of employees, including directors, during the year was 32 (2023 - 34).
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Charge for the year on owned assets
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ESCO GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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Charge for the year on financed assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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ESCO GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Raw materials and consumables
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Finished goods and goods for resale
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Long-term contract work in progress
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Stocks are stated net of a provision for slow-moving and obsolete stock totalling £1,109,813 (2023 - £688,727).
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts recoverable on long term contracts
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Trade debtors are stated net of a provision for bad and doubtful debts totalling £141,450 (2023 - £147,530).
Amounts owed by group undertakings are unsecured, interest-free and repayable on demand.
Prior year restatement
The comparative figures presented in the above note have been restated to reflect a more appropriate classification of balances. This reclassification has been made to enhance the clarity and relevance of the financial information presented. The restatement does not affect the previously reported reserves or profit for the comparative period. The impact of this has been summarised below:
∙Increase in amounts recoverable on long term contracts of £1,080,703;
∙Increase in trade debtors of £64,454; and
∙Decrease in other debtors of £1,145,157.
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ESCO GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Payments received on account
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts (see Note 11)
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured and repayable on demand. Included within amounts owed to group undertakings is a loan amounting to £1,078,493 (2023 - £1,028,356) which incurs an interest rate of 5% per annum. The remainder of the amounts owed to group undertakings are interest-free.
Other creditors include contributions of £4,684 (2023 - £5,448) payable to the Company's defined contribution pension scheme at the balance sheet date.
Prior year restatement
The comparative figures presented in the above note have been restated to reflect a more appropriate classification of balances. This reclassification has been made to enhance the clarity and relevance of the financial information presented. The restatement does not affect the previously reported reserves or profit for the comparative period. The impact of this has been summarised below:
∙Increase in payments received on account of £144,148;
∙Increase in amounts owed to group undertakings of £1,000,000;
∙Decrease in trade creditors of £144,148; and
∙Decrease in other creditors of £1,000,000.
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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Obligations under finance leases and hire purchase contracts (see Note 11)
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ESCO GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HIRE PURCHASE AND FINANCE LEASES
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Minimum lease payments under hire purchase fall due as follows:
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Obligations under finance lease and hire purchase contracts are secured against the assets concerned.
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At the year end, the Company had tax losses amounting to approximately £3 million (2023 - £1 million) available for offset against future taxable profits. A deferred tax asset has not been recognised in respect of these losses due to uncertainty regarding the timing and extent of future taxable profits against which the losses can be utilised.
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Provision for loss-making contracts
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Charged to profit or loss
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The directors have reviewed all ongoing contracts at the year end and identified those where the estimated costs to complete exceed the expected economic benefits. In accordance with FRS 102 Section 21 Provisions and Contingencies, a provision has been recognised for the expected losses on these contracts. The provision represents management’s best estimate of the unavoidable costs of fulfilling the contracts.
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ALLOTTED, CALLED UP AND FULLY PAID
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1,000 (2023 - 1,000) Ordinary shares of £1 each
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ESCO GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMMITMENTS UNDER OPERATING LEASES
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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POST BALANCE SHEET EVENTS
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On 16 July 2025 the Company issued 2,107,535 Ordinary shares of £1.00 each at par.
The immediate parent undertaking is Esco Technologies (Asia) Pte Ltd, a private company registered in Singapore. The consolidated financial statements of Esco Technologies (Asia) Pte Ltd are available from their registered office of 21 Changi South Street 1, Singapore, 486777.
The ultimate parent undertaking is Escocom Ltd, a private company registered in the Cayman Islands.
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 17 December 2025 by Thomas Hamilton (Senior Statutory Auditor) on behalf of PEM Audit Limited.
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