SUSTAINABLE INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Company Registration No. 07095838 (England and Wales)
SUSTAINABLE INVESTMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4 - 6
Director's responsibilities statement
7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12 - 13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 37
SUSTAINABLE INVESTMENTS LIMITED
COMPANY INFORMATION
Director
Mr D I Horrocks
Secretary
Mrs M H Horrocks
Company number
07095838
Registered office
2b Maple Court
Maple View
White Moss Business Park
Skelmersdale
WN8 9TW
Auditor
DSG Audit
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
Bankers
Barclays Bank UK Plc
Solicitors
DWF LLP
SUSTAINABLE INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
- 1 -

The director presents the strategic report for the year ended 31 January 2026.

Review of the business

 

The Sustainable Investments Limited group of companies has operated for many years in the energy efficiency construction sector. Continuing to be fuelled by ever increasing, significant government investment, the fast growing ‘Decarbonisation of Homes’ market has emerged as a major focus in supporting the governments net zero, warm home and cost of living targets. This market is now expanding exponentially with a further significant step change with the Governments announcement of the Warm Homes Plan and a £15b government intervention over this parliament.

The group’s directors continue to respond to this significant opportunity by further increasing our low carbon heating and renewable regeneration solutions to their existing energy efficiency portfolio, therefore proposing to our clients a whole house retrofit approach and full turnkey solution. To this end the directors have looked for strategic acquisitions and moved into different service lines in order to accommodate the ever-changing political and regulatory requirements, creating significant growth for the Sustainable Investments Limited group of companies which is now a major and extremely well-respected player in this exciting, fast developing marketplace. Whilst turnover and operating profit are down this year due to a hiatus whilst the Warm Homes funding routes were formalised, year ending Jan 27 is seeing significant growth again and this is expected to continue.

 

The long-term plan is now coming to fruition which has always been for the combined group to be able to offer a complete service line of deliverables to satisfy clients’ future regulatory net zero requirements whilst ensuring our clients are accessing all the government support and funding available. This may continue to include future acquisitions along with the very significant organic growth we continuing to experience post the date of these accounts. The new group structure that was implemented in February 2022 is enabling the group to grow through acquisition of new subsidiaries under the Sustainable banner without jeopardising the existing businesses. It will also allow for joint venture operations to be undertaken at subsidiary level if appropriate again without risk to the other companies. The combined group is now a very significant player in this exciting marketplace.

 

This year has seen continued extensive investment in technology based solutions such as Proptech and we are now able to offer full SMART home monitoring to our clients through our smart tech solution as well as developing an extremely innovative Fintech model which has been heavily funded by the Department of Energy Security and Net Zero’s Green Homes Finance Accelerator competition and will give our Private customers access to extensive innovative funding models to decarbonize their homes. Providing advanced Technological solutions and how AI technology can aid our offering is a primary focus for the next few years and is an extremely exciting addition to our solution.

 

Through funding being made available in the Warm Homes Plan and a new regulation that now requires Private Landlords to upgrade their portfolis to EPC by 2030, we anticipate that the private rented sector will be a major part of our growth as well as our more able to pay offering to private homes. The private homes market is growing significantly due to more awareness of cost of living, energy security and climate resilience issues.

 

As shown in the group statement of comprehensive income, revenue for the year was £60.2m (2025: £69.9m) and profit before tax £7.3m (2025: £10.3m) This decrease in revenue and profitability is due to a funding hiatus whilst the Warm Homes Plan funding routes were established. Trading has since continued to improve impressively since the date of these accounts both in significantly increased levels of revenue and profit before tax. The group’s financial position remains strong with net assets steady at £15.9m (2025: £16.1m) at the period end.

 

The business remains committed to growing sales and profitability into the future by continuing to build lasting partnerships with some of the country's best-known housing associations, local authorities and larger combined authorities who are increasingly being granted devolved money for this sector. We are also continuing to build our presence in the business to consumer sector along with the private rented sector. We are wholly committed to partnership working. Through strict quality control and a culture of communication and accountability, we will continue to make ourselves as valuable as possible to our customers, clients and their residents. Our core activities will remain in the rapidly growing decarbonisation of homes sector, with particular expertise in creating modern, energy efficient domestic living space.

 

 

SUSTAINABLE INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 2 -

The concept of sustainability is central to our vision and values. The importance of environmental sustainability will continue to drive our energy efficiency and decarbonisation work and we also strive to ensure greater sustainability in the communities we work, in our workforce and in our own business model. The work we are doing at significant scale is now improving the living conditions of whole communities, resulting in many thousands of households across the country now living in significantly warmer, healthier, drier and cheaper to heat properties and thus the group is making a significant and growing contribution to providing solutions for the 4 modern day cries of energy security, cost of living, health and climate and most of all striving to be at the forefront of driving social change.

 

Following the year end, as part of a group restructuring, Sustainable Investments Topco Limited became the ultimate parent undertaking of the Group. Derek Horrocks remains the ultimate controlling party.

 

The group intends to retain its current investments and will consider any further strategic opportunities as they arise.

Principal risks and uncertainties

There are a number of risks and uncertainties that can impact on the performance of the group, some of which are beyond its control. The group monitors market trends and risks on an ongoing basis and takes corrective action as and when required.

 

Competitive pressure in the industry it operates in are an ongoing risk to the group which could result in losing market share to its main competitors. To manage this risk the group maintains strong relationships with its customers with high levels of customer service, expertise and the ability to offer a comprehensive range of services.

Key performance indicators

The directors consider the key performance indicators to be: -

 

Turnover and gross profit margin

The group’s turnover for the year was £60.2m (2025: £69.9m) and the group’s gross profit margin was similar to the previous period at 24.0% (2025: 24.0%).

 

Profit before tax

The group maintains strong controls over fixed costs and other overheads. Profit before tax for the year was £7,327,962 (2025: £10,304,019).

 

Cash and liquidity

The cash balance at the period end was £16,086,319 (2025 : £21,581,670) . The group maintains strong cash control which has enabled it to meet its obligations to suppliers and other creditors as they fall due.

Other performance indicators

Net asset value

The net asset value has decreased by £247,418 to £15,873,004 in the period. This was after dividends of £5,199,800 were paid to shareholders with a controlling interest and £515,396 to shareholders with non-controlling interests.

 

Employees

Average headcount for 2026 was 158 (2025: 146). The group continues to invest in its strategies for the training, development and retention of employees.

SUSTAINABLE INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 3 -
Section 172(1) Statement

The director of Sustainable Investments Limited confirms that, during the financial year ended 31 January 2026, they have acted in a manner they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so, they have had regard to the matters set out in Section 172(1) of the Companies Act 2006.​

1. The likely consequences of any decision in the long term

As a holding company overseeing a group of businesses in the sustainable construction and retrofit sector, our strategic decisions are made with a focus on long-term value creation. We invest in subsidiaries that align with our commitment to energy efficiency and environmental sustainability, ensuring that our portfolio contributes positively to the UK's net-zero targets.​

2. The interests of the company’s employees

While Sustainable Investments Limited has a lean operational structure, we recognise the importance of our employees. We foster a culture of transparency and inclusivity, providing opportunities for professional development and ensuring that employee welfare is a priority in our decision-making processes.​

3. The need to foster the company’s business relationships with suppliers, customers, and others

We maintain strong relationships with our subsidiaries, stakeholders, and partners. By promoting collaboration and open communication, we ensure that our business relationships are built on trust and mutual benefit, which is essential for the sustained success of our group companies.​

4. The impact of the company’s operations on the community and the environment

Our investment strategy is centered around businesses that have a positive impact on communities and the environment. Through our subsidiaries, we support initiatives that reduce carbon emissions, improve energy efficiency, and enhance the quality of housing, thereby contributing to broader societal goals.​

5. The desirability of the company maintaining a reputation for high standards of business conduct

We are committed to upholding the highest standards of corporate governance and ethical conduct. Our policies and practices are designed to ensure compliance with legal and regulatory requirements, and we expect the same from our subsidiaries. This commitment reinforces our reputation as a responsible and trustworthy holding company.​

6. The need to act fairly as between members of the company

We ensure that the interests of all shareholders are considered in our decision-making processes. By maintaining open lines of communication and providing transparent reporting, we uphold our duty to act fairly and equitably among all members.​

This statement reflects the directors' commitment to responsible governance and sustainable business practices

On behalf of the board

Mr D I Horrocks
Director
29 October 2026
SUSTAINABLE INVESTMENTS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
- 4 -

The director presents his annual report and financial statements for the year ended 31 January 2026.

Principal activities

The principal activity of the company in the year under review continued to be that of a holding company. The company did not trade during the year.

 

The principal activity of the group in the year under review continued to be that of the provision of a specialist contractor in energy efficiency measures and property maintenance and the manufacture of external wall insulation.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £5,199,800. The director does not recommend payment of a further dividend.

Director

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

Mr D I Horrocks
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its director during the year. These provisions remain in force at the reporting date.

Financial instruments
Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

In accordance with the company's articles, a resolution proposing that DSG Audit be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

This carbon report for Sustainable Investments Limited provides a comprehensive overview of our energy consumption and carbon emissions for the year ended 31 January 2026.

SUSTAINABLE INVESTMENTS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 5 -
2026
Energy consumption
kWh
Aggregate of energy consumption in the year
- Gas combustion
65,402
- Electricity purchased
30,151
- Fuel consumed for transport
1,351,344
1,446,897
2026
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
11.97
- Fuel consumed for owned transport
216.05
228.02
Scope 2 - indirect emissions
- Electricity purchased
-
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
104.64
Total gross emissions
332.66
Intensity ratio
Tonnes CO2e per employee
0.61
Quantification and reporting methodology

We have evaluated our Scope 1, Scope 2 and Scope 3 (business travel) based on DEFRA 2024 Emission Factors using the HM Government Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance, March 2019 guidance.

Intensity measurement

We have taken 'Total gross emissions in tonnes CO2e per £100,000 of turnover' as the chosen intensity measurement ratio, the recommended ratio for the sector.

Measures taken to improve energy efficiency

To address our energy consumption in our facilities, we have implemented measures such as LED lighting installation, enhanced monitoring systems, and energy-efficient office equipment to reduce energy use. A company-wide behaviour change initiative, including mandatory environmental training, further supports the goal of a 20% reduction in office energy consumption by 2026.

 

We have committed to transitioning our entire fleet to 100% electric vehicles by 2030 and shifting all facilities to 100% renewable energy. In the interim, we have introduced 5 electric vehicles and fuel-efficient 5-seater vans, coupled with incentives for car-sharing and driver behaviour training. This initiative, combined with careful monthly tracking of emissions, resulted in a reduction in vehicle-related emissions from 20,019.34 tCO₂e in February 2024 to 16,406.77 tCO₂e in July 2024. We are concious of our business travel and make efforts to reduce business travel through a transition to virtual meetings via Teams and Zoom whenever feasible.

Across operations, good energy management practices have been integrated into all project sites, focusing on operational efficiency and sustainable resource use, extending also to EV charging points. Collaborating with site compound providers, we introduced Eco Site Cabins, which integrate solar power and energy-efficient systems, reducing operational emissions.

SUSTAINABLE INVESTMENTS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 6 -
Statement of disclosure to auditor

So far as the director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company and group is unaware. Additionally, the director has taken all the necessary steps that he ought to have taken as director in order to make himself aware of all relevant audit information and to establish that the auditor of the company and group is aware of that information.

On behalf of the board
Mr D I Horrocks
Director
29 October 2026
SUSTAINABLE INVESTMENTS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2026
- 7 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the director to prepare financial statements for each financial year. Under that law, the director has elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the director is required to:

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SUSTAINABLE INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SUSTAINABLE INVESTMENTS LIMITED
- 8 -
Opinion

We have audited the financial statements of Sustainable Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2026 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

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 director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

SUSTAINABLE INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SUSTAINABLE INVESTMENTS LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

SUSTAINABLE INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SUSTAINABLE INVESTMENTS LIMITED
- 10 -
Capability of the audit in detecting irregularities, including fraud

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:

 

· Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

 

· Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations, health and safety legislation, trades description act and employment legislation.

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; reviewing post year end payments for evidence of claims pay outs and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jean Ellis BA FCA CTA
(Senior Statutory Auditor)
For and on behalf of DSG Audit
29 October 2026
Chartered Accountants
Statutory Auditor
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
SUSTAINABLE INVESTMENTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2026
- 11 -
2026
2025
Notes
£
£
Turnover
3
60,204,803
69,883,100
Cost of sales
(45,775,482)
(53,088,579)
Gross profit
14,429,321
16,794,521
Administrative expenses
(7,653,868)
(6,803,196)
Other operating income
188,773
-
0
Operating profit
4
6,964,226
9,991,325
Interest receivable and similar income
9
389,620
380,385
Interest payable and similar expenses
7
(25,884)
(67,691)
Profit before taxation
7,327,962
10,304,019
Tax on profit
8
(1,860,184)
(2,669,706)
Profit for the financial year
5,467,778
7,634,313
Profit for the financial year is attributable to:
- Owners of the parent company
4,944,889
6,863,051
- Non-controlling interests
522,889
771,262
5,467,778
7,634,313
Total comprehensive income for the year is attributable to:
- Owners of the parent company
4,944,889
6,863,051
- Non-controlling interests
522,889
771,262
5,467,778
7,634,313
SUSTAINABLE INVESTMENTS LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2026
31 January 2026
- 12 -
2026
2025
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,353,318
1,466,125
Other intangible assets
11
111,357
71,546
Total intangible assets
1,464,675
1,537,671
Tangible assets
12
1,147,889
1,207,069
Investment property
13
234,067
234,067
Investments
14
60,716
104,192
2,907,347
3,082,999
Current assets
Stocks
16
343,446
458,709
Debtors
17
7,703,852
8,769,236
Cash at bank and in hand
16,086,319
21,581,670
24,133,617
30,809,615
Creditors: amounts falling due within one year
18
(10,960,289)
(17,522,243)
Net current assets
13,173,328
13,287,372
Total assets less current liabilities
16,080,675
16,370,371
Creditors: amounts falling due after more than one year
19
(153,088)
(188,546)
Provisions for liabilities
Deferred tax liability
21
54,583
61,403
(54,583)
(61,403)
Net assets
15,873,004
16,120,422
Capital and reserves
Called up share capital
23
975,000
975,000
Revaluation reserve
361,322
370,622
Other reserves
(865,065)
(865,065)
Profit and loss reserves
14,408,099
14,653,710
Equity attributable to owners of the parent company
14,879,356
15,134,267
Non-controlling interests
993,648
986,155
Total equity
15,873,004
16,120,422
SUSTAINABLE INVESTMENTS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2026
31 January 2026
- 13 -
The financial statements were approved and signed by the director and authorised for issue on 29 October 2026
29 October 2026
Mr D I Horrocks
Director
Company registration number 07095838 (England and Wales)
SUSTAINABLE INVESTMENTS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2026
31 January 2026
- 14 -
2026
2025
Notes
£
£
£
£
Fixed assets
Investment property
13
234,067
234,067
Investments
14
1,762,169
1,762,169
1,996,236
1,996,236
Current assets
Debtors
17
803,631
742,256
Cash at bank and in hand
885,958
2,039,637
1,689,589
2,781,893
Creditors: amounts falling due within one year
18
(147,461)
(106,169)
Net current assets
1,542,128
2,675,724
Net assets
3,538,364
4,671,960
Capital and reserves
Called up share capital
23
975,000
975,000
Profit and loss reserves
2,563,364
3,696,960
Total equity
3,538,364
4,671,960

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £4,066,204 (2025 - £3,157,551 profit).

The financial statements were approved and signed by the director and authorised for issue on 29 October 2026
29 October 2026
Mr D I Horrocks
Director
Company registration number 07095838 (England and Wales)
SUSTAINABLE INVESTMENTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2026
- 15 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 February 2024
975,000
379,922
(865,065)
9,205,559
9,695,416
599,149
10,294,565
Year ended 31 January 2025:
Profit and total comprehensive income
-
-
-
6,863,051
6,863,051
771,262
7,634,313
Dividends
10
-
-
-
(1,424,200)
(1,424,200)
(332,596)
(1,756,796)
Transfers
-
(9,300)
-
9,300
-
-
-
Acquisition of subsidiary
-
-
-
-
-
(51,660)
(51,660)
Balance at 31 January 2025
975,000
370,622
(865,065)
14,653,710
15,134,267
986,155
16,120,422
Year ended 31 January 2026:
Profit and total comprehensive income
-
-
-
4,944,889
4,944,889
522,889
5,467,778
Dividends
10
-
-
-
(5,199,800)
(5,199,800)
(515,396)
(5,715,196)
Transfers
-
(9,300)
-
9,300
-
-
-
Balance at 31 January 2026
975,000
361,322
(865,065)
14,408,099
14,879,356
993,648
15,873,004
SUSTAINABLE INVESTMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2026
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2024
975,000
1,963,609
2,938,609
Year ended 31 January 2025:
Profit and total comprehensive income for the year
-
3,157,551
3,157,551
Dividends
10
-
(1,424,200)
(1,424,200)
Balance at 31 January 2025
975,000
3,696,960
4,671,960
Year ended 31 January 2026:
Profit and total comprehensive income
-
4,066,204
4,066,204
Dividends
10
-
(5,199,800)
(5,199,800)
Balance at 31 January 2026
975,000
2,563,364
3,538,364
SUSTAINABLE INVESTMENTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2026
- 17 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,919,928
11,568,678
Interest paid
(25,884)
(67,691)
Income taxes paid
(2,912,805)
(2,618,077)
Net cash (outflow)/inflow from operating activities
(18,761)
8,882,910
Investing activities
Purchase of business
-
(556,803)
Purchase of intangible assets
(39,811)
(87,759)
Purchase of tangible fixed assets
(83,637)
(150,763)
Proceeds from disposal of tangible fixed assets
3,554
50,500
Purchase of investment property
-
(234,067)
Purchase of investments
-
(127,484)
Proceeds from disposal of investments
-
15,220
Repayment of loans
-
50
Interest received
389,620
380,385
Net cash generated from/(used in) investing activities
269,726
(710,721)
Financing activities
Repayment of borrowings
-
(284,064)
Repayment of bank loans
(33,233)
(30,140)
Dividends paid to equity shareholders
(5,199,800)
(1,424,200)
Dividends paid to non-controlling interests
(515,396)
(332,596)
Net cash used in financing activities
(5,748,429)
(2,071,000)
Net (decrease)/increase in cash and cash equivalents
(5,497,464)
6,101,189
Cash and cash equivalents at beginning of year
21,581,670
15,480,481
Cash and cash equivalents at end of year
16,084,206
21,581,670
Relating to:
Cash at bank and in hand
16,086,319
21,581,670
Bank overdrafts included in creditors payable within one year
(2,113)
-
SUSTAINABLE INVESTMENTS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2026
- 18 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(100,355)
(318,791)
Investing activities
Purchase of investment property
-
0
(234,067)
Proceeds from disposal of subsidiaries
-
0
(628,908)
Interest received
3,876
-
0
Dividends received
4,142,600
3,175,400
Net cash generated from investing activities
4,146,476
2,312,425
Financing activities
Dividends paid to equity shareholders
(5,199,800)
(1,424,200)
Net cash used in financing activities
(5,199,800)
(1,424,200)
Net (decrease)/increase in cash and cash equivalents
(1,153,679)
569,434
Cash and cash equivalents at beginning of year
2,039,637
1,470,203
Cash and cash equivalents at end of year
885,958
2,039,637
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
- 19 -
1
Accounting policies
Company information

Sustainable Investments Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2b Maple Court, Maple View, White Moss Business Park, Skelmersdale, WN8 9TW.

 

The group consists of Sustainable Investments Limited and all of its subsidiaries.

1.1
Basis of preparation

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

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

The consolidated financial statements include the financial statements of the company and all its subsidiaries drawn up to 31 January 2026. For business combinations that meet the criteria of group reconstructions under common control, the group applies merger accounting, consolidating as if the entities had always been part of the group. Other business combinations are accounted for using acquisition accounting in accordance with FRS 102 Section 19 recognising the identifiable assets acquired and liabilities assumed at fair value on the acquisition date.

1.3
Basis of consolidation

The consolidated financial statements incorporate those of Sustainable Investments Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 31 January 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 20 -

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Acquired goodwill is written off over its estimated useful economic life which is deemed to be 20 years.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Patents
3 - 20 years
Website costs
5 years straight line
Other Intangible assets
10 years straight line
1.9
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.

SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 21 -

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

Land and buildings Leasehold
2% straight line
Plant and machinery
15% reducing balance and 20% straight line
Fixtures, fittings & equipment
10% and 25% straight line
Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.10
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.11
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Other investments,whose fair value cannot be reliably determined, are stated at historical cost less impairment.

1.12
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 22 -

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.

1.13
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.14
Construction contracts

Contract costs are recognised as incurred. Where revenue is recognised over time, the net position of each contract is presented in the balance sheet as either:

 

- an asset within debtors where costs incurred plus recognised profits (less recognised losses) exceed progress billings; or

- a liability within creditors where progress billings exceed costs incurred plus recognised profits (less recognised losses).

 

Amounts recoverable on contracts and payments received on account are included within debtors and creditors respectively.

1.15
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.16
Financial instruments

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

 

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

 

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

Basic financial assets

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

SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 23 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.17
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 24 -
1.18
Taxation

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

Current tax

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

Deferred tax

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

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

1.19
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.

1.20
Retirement benefits

The group operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.21
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

As lessor

When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.

SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 25 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.22
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.23
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Construction contracts

Management has exercised significant judgment in determining the appropriate timing and amount of revenue recognised from construction contracts. The assessment of the stage of completion and the recognition of revenue under the input method (costs incurred relative to total estimated costs) requires estimation of total contract revenue, total contract costs, and the expected outcome of the project, including variations and claims.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Construction contracts

The group recognises revenue over time based on the proportion of costs incurred to date compared to the total expected costs to complete each contract. The assessment of the final outcome of construction contracts involves uncertainties such as forecasting future costs, resolving contract variations and claims, and assessing potential penalties or liquidated damages. If the actual outcomes differ from management’s estimates, there could be material adjustments to revenue and profit in future periods.

SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 26 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2026
2025
£
£
Turnover analysed by class of business
Building services
60,204,803
69,883,100
2026
2025
£
£
Turnover analysed by geographical market
United Kingdom
60,204,803
69,883,100
2026
2025
£
£
Other revenue
Interest income
389,620
380,385
Grants received
178,730
-
4
Operating profit
2026
2025
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
14,933
7,078
Research and development costs
25,227
-
Government grants
(178,730)
-
Depreciation of tangible fixed assets
139,263
119,849
Profit on disposal of tangible fixed assets
-
(36,570)
Amortisation of intangible assets
112,807
99,303
Operating lease charges
358,208
287,862
5
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
10,000
4,125
Audit of the financial statements of the company's subsidiaries
73,921
60,494
83,921
64,619
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 27 -
6
Employees

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

Group
Company
2026
2025
2026
2025
Number
Number
Number
Number
Average number of employees
135
124
1
1
23
22
-
-
Total
158
146
1
1

Their aggregate remuneration comprised:

Group
Company
2026
2025
2026
2025
£
£
£
£
Wages and salaries
7,119,222
6,100,784
9,096
9,096
Social security costs
790,646
566,514
-
-
Pension costs
215,292
168,127
-
0
-
0
8,125,160
6,835,425
9,096
9,096
7
Interest payable and similar expenses
2026
2025
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
14,123
18,176
Other finance costs:
Other interest
11,761
49,515
Total finance costs
25,884
67,691
8
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
1,902,440
2,670,720
Adjustments in respect of prior periods
(35,436)
(23,886)
Total current tax
1,867,004
2,646,834
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
8
Taxation
2026
2025
£
£
(Continued)
- 28 -
Deferred tax
Origination and reversal of timing differences
(6,820)
22,872
Total tax charge
1,860,184
2,669,706

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:

2026
2025
£
£
Profit before taxation
7,327,962
10,304,019
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2025: 25%)
1,831,991
2,576,005
Effects of:
Expenses that are not deductible in determining taxable profit
32,635
64,463
Adjustments in respect of prior years
(35,436)
(23,886)
Permanent capital allowances in excess of depreciation
2,292
21,291
Other tax adjustments
28,702
31,833
Taxation charge in the financial statements
1,860,184
2,669,706
9
Interest receivable and similar income
2026
2025
£
£
Interest income
Interest on bank deposits
389,620
380,385
10
Dividends
2026
2025
Recognised as distributions to equity holders:
£
£
Interim paid
5,199,800
1,424,200
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 29 -
11
Intangible fixed assets
Group
Goodwill
Patents
Website costs
Other Intangible assets
Total
£
£
£
£
£
Cost
At 1 February 2025
2,256,153
15,857
12,108
74,796
2,358,914
Additions - internally developed
-
0
-
0
-
0
39,811
39,811
At 31 January 2026
2,256,153
15,857
12,108
114,607
2,398,725
Amortisation and impairment
At 1 February 2025
790,028
15,855
12,108
3,252
821,243
Amortisation charged for the year
112,807
-
0
-
0
-
0
112,807
At 31 January 2026
902,835
15,855
12,108
3,252
934,050
Carrying amount
At 31 January 2026
1,353,318
2
-
0
111,355
1,464,675
At 31 January 2025
1,466,125
2
-
0
71,544
1,537,671
The company had no intangible fixed assets at 31 January 2026 or 31 January 2025.
12
Tangible fixed assets
Group
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computers
Total
£
£
£
£
£
Cost or valuation
At 1 February 2025
850,271
138,055
655,160
2,613
1,646,099
Additions
-
0
2,401
74,724
6,512
83,637
Disposals
-
0
-
0
(11,120)
-
0
(11,120)
At 31 January 2026
850,271
140,456
718,764
9,125
1,718,616
Depreciation and impairment
At 1 February 2025
127,837
125,291
183,976
1,926
439,030
Depreciation charged in the year
19,635
4,729
112,575
2,324
139,263
Eliminated in respect of disposals
-
0
-
0
(7,566)
-
0
(7,566)
At 31 January 2026
147,472
130,020
288,985
4,250
570,727
Carrying amount
At 31 January 2026
702,799
10,436
429,779
4,875
1,147,889
At 31 January 2025
722,434
12,764
471,184
687
1,207,069
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
12
Tangible fixed assets
(Continued)
- 30 -
Company
Fixtures, fittings & equipment
£
Cost or valuation
At 1 February 2025 and 31 January 2026
700
Depreciation and impairment
At 1 February 2025 and 31 January 2026
700
Carrying amount
At 31 January 2026
-
0

Land and buildings were revalued by Mather Jamie, independent valuers not connected with the company on the basis of market value in accordance with Valuation Practice Statement 4 (section 4), RICS Valuation – Global Standards (Red Book).

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately:

2026
2025
£
£
Group
Cost
516,800
516,800
Accumulated depreciation
(184,441)
(174,105)
Carrying value
332,359
342,695
13
Investment property
Group
Company
2026
2026
£
£
Fair value
At 1 February 2025 and 31 January 2026
234,067
234,067

 

The investment property is stated at fair value of £234,067 (2025: £234,067).

 

The company acquired the investment property in the prior year. At the reporting date, a formal external valuation has not been obtained since acquisition. The directors consider that there have been no significant changes in market conditions since the purchase of the property and, accordingly, the carrying value represents a reasonable approximation of its fair value based on their assessment of market data and comparable property transactions.

 

A formal external valuation will be considered periodically to ensure ongoing compliance with the fair value measurement requirements of FRS 102.

SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 31 -
14
Fixed asset investments
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,762,169
1,762,169
Other investments
60,716
104,192
-
0
-
0
60,716
104,192
1,762,169
1,762,169
Movements in fixed asset investments
Group
Other
£
Cost or valuation
At 1 February 2025
104,192
Impairment
(43,476)
At 31 January 2026
60,716
Carrying amount
At 31 January 2026
60,716
At 31 January 2025
104,192
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2025 and 31 January 2026
1,762,169
Carrying amount
At 31 January 2026
1,762,169
At 31 January 2025
1,762,169
15
Subsidiaries

Details of the company's subsidiaries at 31 January 2026 are as follows:

SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
15
Subsidiaries
(Continued)
- 32 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Sustainable Building Services (UK) Limited
England and Wales
Ordinary
0
90.00
Sustainable Group (UK) Limited
England and Wales
Ordinary
90.00
-
Sustainable Energy Services (UK) Limited
England and Wales
Ordinary
90.00
-
Sustainable Building Solutions (UK) Limited
England and Wales
Ordinary
83.90
-
Permarock Products Limited
England and Wales
Ordinary
0
83.90
Sustainable Smart Technologies Limited
England and Wales
Ordinary
76.00
-
16
Stocks
Group
Company
2026
2025
2026
2025
£
£
£
£
Raw materials and consumables
53,587
41,271
-
-
Finished goods and goods for resale
289,859
417,438
-
0
-
0
343,446
458,709
-
-
17
Debtors
Group
Company
2026
2025
2026
2025
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,870,088
5,751,595
-
0
-
0
Gross amounts owed by contract customers
5,033,848
2,196,309
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
800,930
725,930
Other debtors
36,174
182,300
2,701
16,326
Prepayments and accrued income
763,742
639,032
-
0
-
0
7,703,852
8,769,236
803,631
742,256

Trade debtors disclosed above are measured at amortised cost.

SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 33 -
18
Creditors: amounts falling due within one year
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Bank loans and overdrafts
20
37,450
33,112
-
0
-
0
Other borrowings
20
100,000
100,000
-
0
-
0
Trade creditors
4,420,219
6,684,708
181
18,231
Contract liabilities
100,854
917,283
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
20,031
24,431
Corporation tax payable
243,013
1,288,814
-
0
-
0
Other taxation and social security
559,512
1,039,880
-
0
-
0
Deferred income
8,438
42,702
-
0
-
0
Other creditors
111,775
111,899
64,249
63,507
Accruals and deferred income
5,379,028
7,303,845
63,000
-
0
10,960,289
17,522,243
147,461
106,169
19
Creditors: amounts falling due after more than one year
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Bank loans and overdrafts
20
153,088
188,546
-
0
-
0
20
Loans and overdrafts
Group
Company
2026
2025
2026
2025
£
£
£
£
Bank loans
188,425
221,658
-
0
-
0
Bank overdrafts
2,113
-
0
-
0
-
0
Other loans
100,000
100,000
-
0
-
0
290,538
321,658
-
-
Payable within one year
137,450
133,112
-
0
-
0
Payable after one year
153,088
188,546
-
0
-
0

Bank loans amounting to £188,425 (2025: £221,658) are secured by charges over the assets of the group.

SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 34 -
21
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2026
2025
Group
£
£
Accelerated capital allowances
59,910
65,394
Revaluations
-
9,117
Other short term timing differences
(5,327)
(13,108)
54,583
61,403
The company has no deferred tax assets or liabilities.
Group
Company
2026
2026
Movements in the year:
£
£
Liability at 1 February 2025
61,403
-
Credit to profit or loss
(6,820)
-
Liability at 31 January 2026
54,583
-
22
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
215,292
168,127

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
926,806
926,806
926,806
926,806
Ordinary A shares of £1 each
48,194
48,194
48,194
48,194
975,000
975,000
975,000
975,000
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 35 -
24
Events after the reporting date

Subsequent to the year end, the Group acquired the remaining minority shareholdings in Sustainable Building Solutions (UK) Limited, which subsequently became a wholly owned subsidiary of the Group.

 

Following a subsequent group restructuring, Sustainable Investments Topco Limited became the ultimate parent undertaking of the Group. Derek Horrocks remains the ultimate controlling party.

 

No adjustment has been made to these financial statements in respect of these post year-end transactions.

25
Directors' transactions

Dividends totalling £4,947,385 (2025 - £1,358,300) were paid in the year in respect of shares held by the company's director.

26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2026
2025
£
£
Aggregate compensation
133,680
165,240

During the year interest of £10,000 (2025: £10,000) was paid in respect of a loan provided to a subsidiary company by Mrs E Horrocks, the mother of Mr DI Horrocks. At the period end a balance of £100,000 (2025: £100,000) was due in respect of this loan.

 

At the period end the following balances were due to related parties:

 

Mr D I Horrocks £54,757 (2025: £56,657)

Sustainable Housing Limited £22,741 (2025: £22,741)

 

Mr D I Horrocks is the ultimate controlling party of Sustainable Investments Limited and Sustainable Housing Limited.

SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
26
Related party transactions
(Continued)
- 36 -

The related party transactions disclosed below occurred between subsidiaries of the Group that are not wholly owned. Details of the Group’s subsidiaries, including the percentage of ownership and voting rights held, are provided in Note 15 – Subsidiaries.

 

Transactions:

During the year, the Group engaged in the following aggregated transactions with its non-wholly owned subsidiaries:

 

Sales: 2026: £4,852,358 (2025: £6,108,326)

 

Purchases: 2026: £4,852,358 (2025: £6,108,326)

 

Outstanding Balances:

As at 31 January 2026, the following aggregated balances were outstanding between the Group and its non-wholly owned subsidiaries:

 

Receivables: 2026: £3,718,917 (2025: £4,034,162)

 

Payables: 2026: £3,718,917 (2025: £4,034,162)

 

Terms and Conditions:

The intercompany balances are non-interest-bearing and are repayable on demand. No provisions for doubtful debts have been made in respect of these balances.

27
Cash absorbed by operations - company
2026
2025
£
£
Profit after taxation
4,066,204
3,157,551
Adjustments for:
Investment income
(4,146,476)
(3,175,400)
Movements in working capital:
Increase in debtors
(61,375)
(319,758)
Increase in creditors
41,292
18,816
Cash absorbed by operations
(100,355)
(318,791)
28
Analysis of changes in net funds - group
1 February 2025
Cash flows
31 January 2026
£
£
£
Cash at bank and in hand
21,581,670
(5,495,351)
16,086,319
Bank overdrafts
-
0
(2,113)
(2,113)
21,581,670
(5,497,464)
16,084,206
Borrowings excluding overdrafts
(321,658)
33,233
(288,425)
21,260,012
(5,464,231)
15,795,781
SUSTAINABLE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 37 -
29
Cash generated from group operations
2026
2025
£
£
Profit after taxation
5,467,778
7,634,313
Adjustments for:
Taxation charged
1,860,184
2,669,706
Finance costs
25,884
67,691
Investment income
(389,620)
(380,385)
Gain on disposal of tangible fixed assets
-
(36,570)
Amortisation and impairment of intangible assets
112,807
99,303
Depreciation and impairment of tangible fixed assets
139,263
119,849
Impairment of other investments
43,476
130,239
Movements in working capital:
Decrease/(increase) in stocks
115,263
(83,434)
Decrease/(increase) in debtors
1,065,384
(2,378,947)
(Decrease)/increase in creditors
(5,486,227)
3,684,211
(Decrease)/increase in deferred income
(34,264)
42,702
Cash generated from operations
2,919,928
11,568,678
30
Analysis of changes in net funds - company
1 February 2025
Cash flows
31 January 2026
£
£
£
Cash at bank and in hand
2,039,637
(1,153,679)
885,958
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