Company registration number 03186655 (England and Wales)
ECO-1 ELECTRICAL SOLUTIONS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
ECO-1 ELECTRICAL SOLUTIONS LTD
COMPANY INFORMATION
Directors
Mr J D Belcher
Mr J Jenkinson
Company number
03186655
Registered office
Aldridge Prime Rookery Lane
Aldridge
Walsall
West Midlands
WS9 8NP
Auditor
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
ECO-1 ELECTRICAL SOLUTIONS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 21
ECO-1 ELECTRICAL SOLUTIONS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Review of the business

Eco-1 Electrical Solutions Limited is an electrical installation contractor focused on delivering safe, efficient and sustainable electrical solutions for commercial and institutional customers. The Company continues to develop long-term working relationships with clients, suppliers and subcontractors, with an emphasis on quality, value, programme certainty and cost control.

The Company’s business model is built around technical capability, reliable project delivery and collaborative procurement. Management seeks to improve project outcomes through early engagement, standardisation where appropriate, prefabrication opportunities, lean working practices and the adoption of energy-efficient technologies.

During the year, the directors remained focused on controlled growth, disciplined project selection and maintaining the Company’s reputation for delivering quality installations safely, on time and within agreed budgets.

Vision

The Company’s vision is to be a trusted electrical partner, creating positive and professional outcomes for the people and organisations it works with.

Mission Statement

The Company’s mission is to deliver high-quality electrical installations while exceeding customer expectations, supporting innovation and applying efficient technologies that improve value, safety and sustainability.

Principal risks and uncertainties

The principal risks facing the Company include inflationary pressure, customer credit risk, supply chain disruption, labour availability, increased competition and the potential for delays or cancellations in secured or tendered work. These factors may affect project margins, cash flow timing and the Company’s ability to maintain planned levels of growth. Key risks are identified and managed monthly at board meetings.

Operational risks include project execution, quality control, health and safety, compliance, information security, subcontractor performance and the management of contractual obligations. The directors recognise that failure to manage these risks could result in additional costs, programme delays, reputational damage or reduced profitability.

The Company manages these risks through project review meetings, risk assessments, method statements, financial monitoring, supplier engagement and regular management reporting. The directors continue to review operational controls and key performance indicators to ensure that risks are identified, monitored and addressed in a timely manner.

Development and performance

The Company remained profitable for the year ending 31 December 2025, turnover increased by 28% and it was deemed to be an exceptional year, gross margin % remained similar, reducing slightly by 1.3%. This performance was achieved despite continued inflationary pressure across supply chain and energy costs, together with a competitive trading environment. The directors maintained a focus on margin protection, cost control and cash management throughout the period.

At the end of 2024 and beginning of 2025 the Company invested in the refurbishment of the property internally with an external upgrade planned for 2026. The Company is also making excellent progress on converting its entire fleet to ev/phev vehicles.

The Company is in the fourth year of its rolling five-year strategic growth plan and remains on track and focused on achieving sustainable growth rather than growth at the expense of margin, service quality or financial resilience.

Management is reviewing the Company’s systems, processes and operational infrastructure to ensure that the business remains appropriately resourced to support future growth and maintain effective financial and operational control.

ECO-1 ELECTRICAL SOLUTIONS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Key performance indicators

The directors monitor a range of financial and operational key performance indicators to assess performance against budgets, forecasts and the rolling five-year strategy. These include turnover, gross margin, project profitability, net profitability, cash flow forecasts, order book visibility, employee attendance and employee retention.

For most of our projects which extend over several months, management conducts detailed monthly project reviews to evaluate financial performance, monitor progress against programme, review variations/change and identify specific project risks. These reviews support timely decision-making and help protect profitability, cash flow and customer service standards.

Going concern and future outlook

The directors have reviewed the Company’s current trading position, future order book, cash flow forecasts and expected working capital requirements. Based on this review, the directors consider that the Company has adequate resources in all disciplines to continue operating for the foreseeable future and to meet its obligations as they fall due.

Looking ahead, the directors remain cautiously optimistic. The Company will continue to focus on disciplined project selection, margin protection, cash management and operational efficiency, while seeking opportunities for sustainable growth in line with its rolling five-year strategic plan.

On behalf of the board

Mr J D Belcher
Director
6 July 2026
ECO-1 ELECTRICAL SOLUTIONS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of electrical contractors.

Results and dividends

The results for the year are set out on page 8.

Dividends were paid amounting to £518,660 (2024: £598,255).

Directors

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

Mr J D Belcher
Mr J Jenkinson
Financial instruments

The company makes use of financial instruments principally through its operational bank accounts but does not consider there is any exposure to foreign exchange risk as there is no export trading.

Research and development

Research and development activities are undertaken with the prospect of gaining new technical knowledge and understanding, and are expected to continue at a similar level.

Auditor

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium companies exemption.

On behalf of the board
Mr J D Belcher
Director
6 July 2026
ECO-1 ELECTRICAL SOLUTIONS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

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

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

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ECO-1 ELECTRICAL SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ECO-1 ELECTRICAL SOLUTIONS LTD
- 5 -
Opinion

We have audited the financial statements of Eco-1 Electrical Solutions Ltd (the 'company') for the year ended 31 December 2025 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

ECO-1 ELECTRICAL SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ECO-1 ELECTRICAL SOLUTIONS LTD (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

We obtained an understanding of the legal and regulatory frameworks within which the Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, employment law, Electrical Contractors Association, off-payroll working and health & safety regulations compliance.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: the override of controls by management, revenue journals, inappropriate treatment of non-routine transactions and areas of estimation uncertainty, specifically surrounding revenue recognition and work in progress valuations under contract accounting. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and review of accounting estimates for biases.

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

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

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

ECO-1 ELECTRICAL SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ECO-1 ELECTRICAL SOLUTIONS LTD (CONTINUED)
- 7 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Tonks BSc (Econ) FCA
Senior Statutory Auditor
For and on behalf of Edwards
7 July 2026
Chartered Accountants
Statutory Auditor
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
ECO-1 ELECTRICAL SOLUTIONS LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
27,233,123
21,119,250
Cost of sales
(22,621,189)
(17,263,837)
Gross profit
4,611,934
3,855,413
Administrative expenses
(2,865,687)
(2,247,107)
Operating profit
4
1,746,247
1,608,306
Interest receivable and similar income
8
120,752
107,887
Interest payable and similar expenses
9
(12,799)
(6,057)
Exceptional item - customer bad debt provision
10
-
0
(197,593)
Profit before taxation
1,854,200
1,512,543
Tax on profit
11
(473,744)
(376,136)
Profit for the financial year
1,380,456
1,136,407
Retained earnings brought forward
3,113,771
2,575,619
Dividends
12
(518,660)
(598,255)
Retained earnings carried forward
3,975,567
3,113,771

The statement of income and retained earnings has been prepared on the basis that all operations are continuing operations.

ECO-1 ELECTRICAL SOLUTIONS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
547,953
380,604
Current assets
Stocks
14
1,333,917
2,507,626
Debtors
15
3,716,824
1,196,018
Cash at bank and in hand
4,297,588
3,774,852
9,348,329
7,478,496
Creditors: amounts falling due within one year
16
(5,554,083)
(4,390,697)
Net current assets
3,794,246
3,087,799
Total assets less current liabilities
4,342,199
3,468,403
Provisions for liabilities
Deferred tax liability
18
45,000
33,000
(45,000)
(33,000)
Net assets
4,297,199
3,435,403
Capital and reserves
Called up share capital
20
57,375
57,375
Share premium account
261,710
261,710
Capital redemption reserve
2,547
2,547
Profit and loss reserves
3,975,567
3,113,771
Total equity
4,297,199
3,435,403

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

The financial statements were approved by the board of directors and authorised for issue on 6 July 2026 and are signed on its behalf by:
Mr J D Belcher
Director
Company registration number 03186655 (England and Wales)
ECO-1 ELECTRICAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
1
Accounting policies
Company information

Eco-1 Electrical Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Aldridge Prime Rookery Lane, Aldridge, Walsall, West Midlands, WS9 8NP.

1.1
Accounting convention

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

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

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Eco-1 Group Limited. These consolidated financial statements are available from Companies House.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

ECO-1 ELECTRICAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -
1.4
Tangible fixed assets

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

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

Fixtures, fittings and equipment
25% Straight line
Motor vehicles
25% 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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

ECO-1 ELECTRICAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.6
Long term contracts

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

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

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

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. Bank interest accruing on capital borrowed to fund the production of long term contracts is carried forward within long term contract balances.

1.7
Cash at bank and in hand

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.

1.8
Financial instruments

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

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

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

Basic financial assets

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

Other financial assets

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

ECO-1 ELECTRICAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

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

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

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

Derecognition of financial assets

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

Basic financial liabilities

Basic financial liabilities, including creditors 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Other financial liabilities

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

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

Derecognition of financial liabilities

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

1.9
Equity instruments

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

ECO-1 ELECTRICAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.10
Taxation

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

Current tax

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

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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged 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 lease asset are consumed.

2
Judgements and key sources of estimation uncertainty

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

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

ECO-1 ELECTRICAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 15 -
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.

Contract accounting

The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Turnover for such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years. Provision is made for any losses as soon as they are foreseen.

Contract work in progress is stated at cost incurred, less those transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched with turnover.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Electrical contractors
27,233,123
21,119,250
2025
2024
£
£
Other revenue
Interest income
120,752
107,887
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of tangible fixed assets
187,348
136,128
Profit on disposal of tangible fixed assets
(26,180)
(5,399)
Operating lease charges
95,237
110,350
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,500
11,000
For other services
Other non-audit services
3,235
3,060
Taxation compliance services
1,000
900
4,235
3,960
ECO-1 ELECTRICAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
6
Employees

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

2025
2024
Number
Number
Office/Administration
21
19
Site/Direct
25
20
Total
46
39

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,152,374
1,915,775
Social security costs
257,870
216,164
Pension costs
365,043
144,408
2,775,287
2,276,347
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
146,723
186,364
Company pension contributions to defined contribution schemes
170,012
9,681
316,735
196,045

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 1).

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
120,752
95,639
Other interest income
-
0
12,248
Total income
120,752
107,887
9
Interest payable and similar expenses
2025
2024
£
£
Other interest
12,799
6,057
ECO-1 ELECTRICAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
10
Exceptional item

During the previous year the company suffered bad debt costs of £197,593 relating to ISG Pierce Limited.

11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
461,744
392,136
Deferred tax
Origination and reversal of timing differences
12,000
(16,000)
Total tax charge
473,744
376,136

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

2025
2024
£
£
Profit before taxation
1,854,200
1,512,543
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
463,550
378,136
Tax effect of expenses that are not deductible in determining taxable profit
10,373
7,061
Group relief
-
0
(9,061)
Other permanent differences
(179)
-
0
Taxation charge for the year
473,744
376,136
12
Dividends
2025
2024
£
£
Final paid
518,660
598,255

Included in the above are dividends amounting to £284,160 (2024: £84,460) paid to the owners of the 'B' Ordinary shares. Further dividends amounting to £234,500 (2024: £513,795) were paid to the owners of the Ordinary shares.

ECO-1 ELECTRICAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
13
Tangible fixed assets
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2025
72,914
616,717
689,631
Additions
20,054
429,963
450,017
Disposals
-
0
(302,263)
(302,263)
At 31 December 2025
92,968
744,417
837,385
Depreciation and impairment
At 1 January 2025
42,526
266,501
309,027
Depreciation charged in the year
15,359
171,989
187,348
Eliminated in respect of disposals
-
0
(206,943)
(206,943)
At 31 December 2025
57,885
231,547
289,432
Carrying amount
At 31 December 2025
35,083
512,870
547,953
At 31 December 2024
30,388
350,216
380,604
14
Stocks
2025
2024
£
£
Work in progress
1,333,917
2,507,626
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,967,354
1,076,192
Other debtors
97,867
40,132
Prepayments and accrued income
1,651,603
79,694
3,716,824
1,196,018
ECO-1 ELECTRICAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Other borrowings
17
-
0
20,000
Trade creditors
4,170,365
2,856,947
Amounts owed to group undertakings
189,126
478,614
Corporation tax
286,654
392,136
Other taxation and social security
65,279
54,147
Other creditors
422,602
81,010
Accruals and deferred income
420,057
507,843
5,554,083
4,390,697
17
Loans and overdrafts
2025
2024
£
£
Other borrowings
-
0
20,000
Payable within one year
-
0
20,000

Other borrowings represented a loan due to a related party of £Nil (2024: £20,000). The loan was interest free, unsecured and repayable in equal monthly instalments. The amount was repaid in full during the year.

18
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
91,000
36,000
Retirement benefit obligations
(46,000)
(3,000)
45,000
33,000
2025
Movements in the year:
£
Liability at 1 January 2025
33,000
Charge to profit or loss
12,000
Liability at 31 December 2025
45,000
ECO-1 ELECTRICAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
365,043
144,408

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

There were outstanding contributions of £183,459 (2024: £13,023) payable to the fund at the year end.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
51,000
51,000
51,000
51,000
'B' Ordinary shares of 10p each
63,750
63,750
6,375
6,375
114,750
114,750
57,375
57,375

The rights attached to each category of share can be found in the company's Articles of Association.

21
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
40,017
36,789
Years 2-5
41,753
53,573
81,770
90,362
22
Related party transactions

During a previous period, the company was loaned £250,000 from a related party. The loan was interest free and repayable in equal monthly instalments. The amount was repaid in full during the year.

At 31 December 2025, included within other borrowings is an amount of £Nil (2024: £20,000) due to related parties and included within other creditors is an amount of £178,885 due to related parties (2024: £21,115 in other debtors due from related parties).

ECO-1 ELECTRICAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
23
Controlling party

The company is a subsidiary undertaking of Eco-1 Group Limited, a company incorporated in England and Wales, which is the immediate and ultimate parent undertaking.

Eco-1 Group Limited is under the control of Mr J D Belcher by virtue of his 100% interest in the company's issued share capital.

Eco-1 Group Limited is the largest and smallest group for which group financial statements are prepared. The group financial statements are available to the public and may be obtained from Companies House.

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