|
Company Registration Number:
FOR THE YEAR ENDED 31 JULY 2025
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ECO-GENICS (HOLDINGS) LTD
COMPANY INFORMATION
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ECO-GENICS (HOLDINGS) LTD
CONTENTS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ECO-GENICS (HOLDINGS) LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2025
The directors present their Strategic Report for Eco-Genics (Holdings) Ltd for the year ended 31 July 2025.
Eco-Genics (Holdings) Ltd is a holding company.
Eco-Process Solutions Limited is a 100% wholly owned subsidiary. Its principal activity is that of solutions providing business. Eco-Genics Ltd is a 100% wholly owned subsidiary. Its principal activity is that of other cleaning services. The Dry Ice and Workspace divisions are within Eco-Genics Ltd. Dry Ice GB Ltd is a 100% wholly owned non-trading subsidiary. Eco Workspace Limited which is a 100% wholly owned non-trading subsidiary. Eco Communications Limited which is a 100% wholly owned non-trading subsidiary. Eco-Training Systems Limited which is a 100% wholly owned non-trading subsidiary. VASO Build Limited which is a 60% wholly owned non-trading subsidiary. Integrity Office Limited which is a 100% wholly owned subsidiary of Eco-Genics Ltd. Its principal activity is that of IT Solutions and Connectivity Provision. The IT services, Communications and Training Systems divisions are within Integrity Office Limited The directors present a balanced and comprehensive review of the development and performance of the Group during the year and the company's position at the year end. Strategic Growth, and External Recognition In the reporting period, Eco Group continued to participate in the prestigious Scale Up Scotland 2.0 programme, delivered by The Hunter Foundation in partnership with the Scottish National Investment Bank. This initiative supports Scotland’s most ambitious and high-growth businesses as they scale towards revenues exceeding £100 million. Our inclusion in this programme is a powerful endorsement of our business model, leadership strength, and long-term growth potential. It reflects the confidence of respected national institutions in our ability to deliver sustainable economic value, foster innovation, and contribute meaningfully to Scotland’s entrepreneurial landscape. Participation in Scale Up Scotland 2.0 continued throughout this year and has proved more valuable than anticipated last year in the way it provided us with access to world-class mentorship, strategic consultancy, and a peer network of high-performing businesses. These resources were and are instrumental in sharpening our strategic focus, enhancing governance, and accelerating our journey toward market leadership. Our Vision At Eco Group, our vision is to build a resilient, innovative, and globally competitive business that delivers exceptional value to our customers, empowers our people, and drives positive economic and social impact across Scotland and beyond. This recognition not only validates our achievements to date but also reinforces our commitment to scaling with purpose, guided by strong values and a clear strategic direction. Eco Dry-Ice Cleaning
Page 1
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ECO-GENICS (HOLDINGS) LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
Dry Ice Blasting, also known as cryogenic blasting, is the leading-edge sustainable, environmentally friendly technology that uses dry ice to clean all types of surfaces and machinery. In 2021, there was a raw material price increase and again in September 2022 affecting the cost of dry-ice production which rose by over 300%, this impacted one of the Eco Groups core businesses; the revenue in the year to July 2025 has risen by 82% from 2024, and margin has dropped marginally by 2%, but still a significant contributor to the group.
. Eco Projects The Eco Projects team of skilled in-house professionals; in the year to July 2025, they have primarily continued to focus on project management, specifically supporting our IT division in delivering some large contract work for the NHS taking care of the entire process - removing the stress of juggling contractors, regulations, budget constraints, suppliers and timescales. They have still maintained the delivery of high-quality refurbishment and fit outs for local businesses. This divisions turnover has increased tenfold, but purely in the project management area within the Eco Group but the future developments for this division are very positive. Eco Process Solutions Eco Process continued addressing inefficiencies for blue chip clients that slow productivity and growth and implemented bespoke industrial solutions to accelerate their requirements, aiding efficiency and profitability. Revenue in this division grew by over 14% in the year to July 2025, whilst maintaining its margins. Integrity Office IT Solutions Integrity continued to offer its core IT solutions which include the designing, supply, support and install of IT and comms systems to suit all types and sizes of businesses. The focus in the last year has been in the development and expansion in the cyber security area. Overall, Integrity turnover actually dropped by 14%, but gross margin increased by 1.2%. We continue to move into new IT and connectivity solutions referenced in the future strategy section of this report, we anticipate more growth, in different areas. EcoGoZero The EcoGoZero division continued with most emphasis being moved in this area to the VASO Project. This along with more time invested in social values is where the Eco Group are still focusing for the future. We still have several innovative technologies we have invested in; these are primarily in sectors where we have previous knowledge to source support and develop, and are mainly focused in energy management software, and construction from recycled materials. Being an innovative solutions business, we are developing a range of world-first green technologies and have been chosen as the UK’s first exclusive partner by the Sirolli Institute the globally renowned business gurus.
Page 2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ECO-GENICS (HOLDINGS) LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
Management continually monitor the key risks facing the Group together with assessing the controls used for managing risks. The directors agree policies for managing the risks arising from the Group's financial instruments. These are as follows:
• Cyber security events resulting in operational disruption or a breach in confidential or sensitive data. As a group including Integrity Office Ltd, we are better prepared than most in this risk category, and with their support mitigating this risk as much as reasonably possible. • Breach of regulation or occurrence of a major health, safety or environmental incident. • Supply chain disruption. • Failure to grow market share and seize new opportunities, as well as realising the benefits of strategic acquisitions. • Insufficient bandwidth of key people and failure to attract the right people to our roles. • Over-reliance on specific income streams. • Unexpected financial expenditure and credit risk.
Page 3
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ECO-GENICS (HOLDINGS) LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
Management use a range of performance measures to monitor and manager the Group. The directors consider the key financial performance indicators are those that communicate the financial performance and strength of the Group as a whole; each individual division or business in the Eco Group has its own unique sets of measures, used to evaluate performance and progress. These measures are monitored on a quarterly basis and are revised accordingly to meet annual targets and budgets.
Key targets are based on turnover growth and market share per group company broken down into individual proposition. Summarised as follows: turnover, EBITDA, profitability before taxation and net assets/(liabilities). 2025 2024 £m £m Turnover 6.5 6.4 EBITDA 2.1 1.0 Profit/(Loss) before tax 0.9 (0.4) Net assets/(liabilities) (0.5) (1.0)
Fair Work Environment
Eco Group is a fair work employer and is a company that can provide stability and security, we have an amazing team with a wealth of knowledge and experience, we encourage development and embrace ideas. We aspire to change business for good by championing people and embedding our purpose, principles and values in all existing and new business investments. Team Eco strives to enrich our own business, our people and our clients' businesses. We lead by example – what we do shows who we are. We are a family-owned group of companies with a well-recognised and respected brand. Future Developments Eco Dry-Ice Cleaning Dry Ice Blasting, going forward due to the continued instability in the current economic climate, as last year, one of the strengths of dry ice cleaning is its ability to prolong the use of equipment cost effectively, by regular cleaning and inclusion of this in the maintenance program. We are still seeing a requirement for this and a slower increase in orders, but an increase none the less. This is still a significant division for the Eco Group, along with the recovery in the cost pricing the future for dry-ice cleaning looks very positive. The Turnover in the year to July 2026, has been maintained at the 2025 level, the gross margin is slightly down but is still a significant contributor to the group. Eco Projects The Eco Projects division has continued to primarily focuses on supporting the Eco Group as project managers, with larger clients across the group the requirement for the skill set this team brings to the table enables the group to run more effectively, and this is the way forward for this highly qualified expert team. As forecasted last year more time from this division has been spent on the managing of the manufacturing opportunity of construction materials, under the name of Vaso. Eco Process Solutions Eco Process has continued to grow as a solutions providing business to blue chip global organisations, in the year to date in 2026 the revenue was maintained to the new higher level established in 2025 and continues to establish itself with more opportunities in the UK and further afield. Integrity Office IT Solutions Integrity as last year has increased its portfolio of clients and taken on significant contracts in the year. Its relationship with providing services to the NHS, stemming from their support during Covid has grown again, and since the legislation changes regarding new Social Value Point of View and have a requirement to use local
Page 4
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ECO-GENICS (HOLDINGS) LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
suppliers. It has strengthened our relationship as the local partner in this area for some of the larger framework partners to fulfil their requirements. Integrity continued to invest time and effort in building on its t cyber security division, called Resilience. This division has been created to support local businesses it provides insights into possible security flaws from an attacker's perspective, but once business owners have put themselves through this testing and fixed any weaknesses, they will be able to rest a lot easier.
Overall, in the year to July 2025, there is a slight drop in Turnover, mainly due to the drop in hardware sales, but the other portfolio products referenced have actually increased the gross margin in this period by 4%. VASO Developments We have focused and invested significant resources into the development of the manufacturing of our own product for the construction industry from recycled materials, in excess of £800,000 has been spent to date. We have gained significant traction, and progress has been made in this area and will be in production Q2 2026.
This report was approved by the board and signed on its behalf.
Page 5
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ECO-GENICS (HOLDINGS) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2025
The directors present their report and the financial statements for the year ended 31 July 2025.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £942,150 (2024 - loss £297,968).
During the year ended 31 July 2025 the directors paid a dividend of £Nil (2024 - £Nil).
The directors who served during the year were:
The company has chosen to set out in the company's strategic report information required to be contained in the director's report, in respect of financial instruments and future developments.
Page 6
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ECO-GENICS (HOLDINGS) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
The auditors, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 7
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ECO-GENICS (HOLDINGS) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ECO-GENICS (HOLDINGS) LTD
We have audited the financial statements of Eco-Genics (Holdings) Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2025, which comprise the Consolidated statement of comprehensive income , the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 8
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ECO-GENICS (HOLDINGS) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ECO-GENICS (HOLDINGS) LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
Page 9
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ECO-GENICS (HOLDINGS) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ECO-GENICS (HOLDINGS) LTD (CONTINUED)
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 Auditors' 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 Group 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 laws and regulations that affect the company, focusing on those that
had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and employment legislation. • We enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance. • We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period. • The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls. • We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. • We enquired of the directors and third-party advisors about actual and potential litigation and claims. • We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. • In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 10
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ECO-GENICS (HOLDINGS) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ECO-GENICS (HOLDINGS) LTD (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
Carlisle
Page 11
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ECO-GENICS (HOLDINGS) LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2025
Page 12
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ECO-GENICS (HOLDINGS) LTD
REGISTERED NUMBER: SC482952
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2025
Page 13
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ECO-GENICS (HOLDINGS) LTD
REGISTERED NUMBER: SC482952
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 44 form part of these financial statements.
Page 14
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ECO-GENICS (HOLDINGS) LTD
REGISTERED NUMBER: SC482952
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 44 form part of these financial statements.
Page 15
|