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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2018 |
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EFG Housewares Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2018 |
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for |
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EFG Housewares Limited |
EFG Housewares Limited (Registered number: 03530578) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 4 |
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Income Statement | 6 |
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Other Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Cash Flow Statement | 10 |
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Notes to the Cash Flow Statement | 11 |
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Notes to the Financial Statements | 12 |
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EFG Housewares Limited |
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Company Information |
for the Year Ended 31 December 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered accountants and statutory auditor |
Old Station Road |
Loughton |
Essex |
IG10 4PL |
EFG Housewares Limited (Registered number: 03530578) |
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Strategic Report |
for the Year Ended 31 December 2018 |
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The directors present their strategic report for the year ended 31 December 2018. |
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REVIEW OF BUSINESS |
The directors are satisfied with the company's performance as set out in the attached financial statements and the |
company continues to grow in line with our expectations with turnover growth in the last year. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The company's main risks are those relating to pressure on prices and increased competition. The company continues to |
monitor this and find ways of minimising these risks. |
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FINANCIAL KEY PERFORMANCE INDICATORS |
Company turnover grew during the year, showing £34.2m turnover for the year, 5% increase (December 2017 - |
£32.5m). The gross profit for the year of £4.76m represents, an increase of 6.4% (December 2017- £4.47m). This |
represents a margin of 13.9% (December 2017-13.7%). |
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ON BEHALF OF THE BOARD: |
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EFG Housewares Limited (Registered number: 03530578) |
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Report of the Directors |
for the Year Ended 31 December 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2018. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of Cash and Carry Wholesalers |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2018. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2018 to the date of this |
report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
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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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
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AUDITORS |
The auditors, Haslers, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
EFG Housewares Limited |
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Opinion |
We have audited the financial statements of EFG Housewares Limited (the 'company') for the year ended |
31 December 2018 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of |
Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, |
including a summary of significant accounting policies. The financial reporting framework that has been applied in their |
preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted |
Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its loss 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. |
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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 Auditors' 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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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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. |
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In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. 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. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
Report of the Independent Auditors to the Members of |
EFG Housewares Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are |
free from material misstatement, whether due to fraud or error. |
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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. |
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Auditors' 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 a Report of the Auditors 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. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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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 a Report of the Auditors 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. |
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for and on behalf of
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Chartered accountants and statutory auditor |
Old Station Road |
Loughton |
Essex |
IG10 4PL |
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EFG Housewares Limited (Registered number: 03530578) |
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Income Statement |
for the Year Ended 31 December 2018 |
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31.12.18 | 31.12.17 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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885,634 | 1,114,708 |
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Other operating income |
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OPERATING PROFIT | 6 |
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PAYE/NI on EFRBS contribution | 7 |
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(1,561,887 | ) | 1,117,664 |
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Interest payable and similar expenses | 8 |
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(LOSS)/PROFIT BEFORE TAXATION | ( |
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Tax on (loss)/profit | 9 |
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(LOSS)/PROFIT FOR THE FINANCIAL
YEAR |
( |
) |
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EFG Housewares Limited (Registered number: 03530578) |
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Other Comprehensive Income |
for the Year Ended 31 December 2018 |
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31.12.18 | 31.12.17 |
Notes | £ | £ |
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(LOSS)/PROFIT FOR THE YEAR | ( |
) |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
( |
) |
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EFG Housewares Limited (Registered number: 03530578) |
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Balance Sheet |
31 December 2018 |
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31.12.18 | 31.12.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
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Investments | 11 |
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CURRENT ASSETS |
Stocks | 12 |
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Debtors | 13 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 14 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
15 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 20 |
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( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 21 |
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Retained earnings | 22 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
by: |
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EFG Housewares Limited (Registered number: 03530578) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2018 |
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Share |
Called up | based |
share | Retained | payment | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 January 2017 |
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Total comprehensive income | - |
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Shares vested | - | 3,894 | (20,492 | ) | (16,598 | ) |
Total transactions with owners,
recognised directly in equity |
- |
3,894 |
(20,492 |
) |
(16,598 |
) |
Balance at 31 December 2017 |
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Total comprehensive income | - | ( |
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( |
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Transfer on termination of SIP | - | (1,817,978 | ) | - | (1,817,978 | ) |
Total transactions with owners,
recognised directly in equity |
- |
(1,817,978 |
) |
- |
(1,817,978 |
) |
Balance at 31 December 2018 |
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EFG Housewares Limited (Registered number: 03530578) |
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Cash Flow Statement |
for the Year Ended 31 December 2018 |
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31.12.18 | 31.12.17 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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( |
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Interest paid | ( |
) | ( |
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Interest element of hire purchase payments
paid |
( |
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( |
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Tax paid | ( |
) | ( |
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Net cash from operating activities |
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( |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
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Net cash from investing activities | ( |
) | ( |
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Cash flows from financing activities |
New finance leases |
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Capital repayments in year | ( |
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Net cash from financing activities | ( |
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Increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at beginning of
year |
2 |
(172,141 |
) |
113,811 |
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Cash and cash equivalents at end of year | 2 | 320,342 | ( |
) |
EFG Housewares Limited (Registered number: 03530578) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 December 2018 |
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1. |
RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
31.12.18 | 31.12.17 |
£ | £ |
(Loss)/profit before taxation | ( |
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Depreciation charges |
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Finance costs | 7,728 | 1,789 |
(1,510,991 | ) | 1,175,999 |
Decrease/(increase) in stocks |
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( |
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Decrease/(increase) in trade and other debtors |
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( |
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Increase in trade and other creditors |
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Cash generated from operations |
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( |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
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Year ended 31 December 2018 |
31.12.18 | 1.1.18 |
£ | £ |
Cash and cash equivalents | 320,342 | 8,061 |
Bank overdrafts |
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( |
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320,342 | (172,141 | ) |
Year ended 31 December 2017 |
31.12.17 | 1.1.17 |
£ | £ |
Cash and cash equivalents | 8,061 | 113,811 |
Bank overdrafts | ( |
) |
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(172,141 | ) | 113,811 |
EFG Housewares Limited (Registered number: 03530578) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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EFG Housewares Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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General information and basis of preparation |
EFG Housewares Limited is a private company limited by shares incorporated in United Kingdom. The address |
of the registered office is given in the company information on page one of these financial statements. The |
principal place of business is 29 Mollison Avenue, Enfield, Middlesex, EN3 7NJ. The nature of the company's |
operations and principle activities are that of Cash and Carry Wholesalers. |
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These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The |
Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The |
financial statements have been prepared under the historical cost convention. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. Income is recognised on delivery of goods. |
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Financial Instruments |
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The Company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to |
related parties and investments in non-puttable ordinary shares. |
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Debt instruments (other than those wholly repayable or receivable within one year) including loans and other |
accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently |
at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one |
year, typically trade payable or receivables, are measured, initially and subsequently, at the undiscounted amount |
of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term |
instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business |
terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at |
market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow |
discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is |
recognised in the Statement of Comprehensive Income. |
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Judgements and key sources of estimation uncertainty |
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In applying the Company's accounting policies, the directors are required to make judgements, estimates and |
assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates |
and assumptions are based on the best and most reliable evidence available at the time when the decisions are |
made, and are based on historical experience and other factors that are considered to be applicable. Due to the |
inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and |
outcomes may differ. |
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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, if the revision effects only that period, or in the |
period of the revision and future periods, if the revision effects both current and future periods. |
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The directors do not believe that there have been judgements (apart from those involving estimates) made in the |
process of applying the above accounting policies that have had a significant effect on amounts recognised in the |
financial statements. |
EFG Housewares Limited (Registered number: 03530578) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Improvements to property | - |
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Warehouse Equipment | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Investments |
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Investments held as fixed assets are shown at cost less provision for impairment. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value (FIFO), after making due allowance for obsolete |
and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
EFG Housewares Limited (Registered number: 03530578) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Contributions to share incentive plan (sip) |
In accordance with FRS 102, contributions to the Enfield Fancy Goods SIP are not recognised in the Profit and |
Loss Account until such time as the shares vest unconditionally with the employees. Until that time the SIP's |
investment in the shares of the holding company is shown as an investment. |
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During the year the company gave notice to terminate the SIP and any remaining shares held by the SIP were |
subsequently repurchased and any funds held by the SIP returned to the company. In light of this, the balance |
remaining in the accounts relating to the SIP has been transferred to the profit and loss reserve. |
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3. | TURNOVER |
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In the period to 31 December 2018, 52% of the company's turnover was derived from markets outside the United |
Kingdom (December 2017 - 55%). |
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4. | EMPLOYEES AND DIRECTORS |
31.12.18 | 31.12.17 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
31.12.18 | 31.12.17 |
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Office and administration | 4 | 4 |
Warehouse and sales | 76 | 74 |
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5. | DIRECTORS' EMOLUMENTS |
31.12.18 | 31.12.17 |
£ | £ |
Directors' remuneration |
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6. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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31.12.18 | 31.12.17 |
£ | £ |
Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Auditors' remuneration |
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Management Charges |
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7. | EXCEPTIONAL ITEMS |
31.12.18 | 31.12.17 |
£ | £ |
PAYE/NI on EFRBS contribution | ( |
) |
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EFG Housewares Limited (Registered number: 03530578) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.18 | 31.12.17 |
£ | £ |
Interest on Corporation Tax |
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Tax interest and penalties |
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Hire purchase |
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9. | TAXATION |
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Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
31.12.18 | 31.12.17 |
£ | £ |
Current tax: |
UK corporation tax |
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Tax on (loss)/profit |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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31.12.18 | 31.12.17 |
£ | £ |
(Loss)/profit before tax | ( |
) |
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(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
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( |
) |
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Effects of: |
Expenses not deductible for tax purposes |
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Depreciation in excess of capital allowances |
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|
Loss carried forward | 74,871 | - |
Total tax charge | - | 219,678 |
EFG Housewares Limited (Registered number: 03530578) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
10. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Warehouse | and | Computer |
property | Equipment | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2018 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 31 December 2018 |
|
|
|
|
|
DEPRECIATION |
At 1 January 2018 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
At 31 December 2018 |
|
|
|
|
|
NET BOOK VALUE |
At 31 December 2018 |
|
|
|
|
|
At 31 December 2017 |
|
|
|
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Warehouse |
Equipment |
£ |
COST |
At 1 January 2018 |
|
Additions |
|
At 31 December 2018 |
|
DEPRECIATION |
At 1 January 2018 |
|
Charge for year |
|
At 31 December 2018 |
|
NET BOOK VALUE |
At 31 December 2018 |
|
At 31 December 2017 |
|
|
11. | FIXED ASSET INVESTMENTS |
|
31.12.18 | 31.12.17 |
£ | £ |
Other investments not loans |
|
|
EFG Housewares Limited (Registered number: 03530578) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
11. | FIXED ASSET INVESTMENTS - continued |
|
Additional information is as follows: |
Unlisted |
investments |
£ |
COST |
At 1 January 2018 |
and 31 December 2018 |
|
NET BOOK VALUE |
At 31 December 2018 |
|
At 31 December 2017 |
|
|
Investments (neither listed nor unlisted) were as follows: |
31.12.18 | 31.12.17 |
£ | £ |
SIP's holding in parent |
company shares brought forward | 2,271,273 | 2,291,765 |
Transfer on termination of SIP | (2,271,273 | ) | - |
Shares vested | - | (20,492 | ) |
- | 2,271,273 |
|
Investment in parent company shares |
|
Shares held | Nominal | Cost | Total |
in Trust | Value |
Number | £ | £ | £ |
|
At 1 January 2018 | 3,172,395 | 3,469 | 2,271,273 | 2,271,273 |
Transfer on termination of SIP | (3,172,395 | ) | (3,469 | ) | (2,271,273 | ) | (2,271,273 | ) |
At 31 December 2018 | 0 | 0 | 0 | 0 |
|
|
The Enfield Fancy Goods Share Incentive Plan was established to purchase shares in the company for the benefit |
of employees of the group. |
|
During the year the company gave notice to terminate the SIP and any remaining shares held by the SIP were |
subsequently repurchased and any funds held by the SIP returned to the company. In light of this, the balance |
remaining in the accounts relating to the SIP and the associated deferred taxation has been transferred to the |
profit and loss reserve. |
|
Investment in Film Production |
|
The company made an investment in the partnership Big Screen Productions 17 LLP on 24 March 2011 of |
£183,143. |
There was income receivable during the year of £3,280. |
|
12. | STOCKS |
31.12.18 | 31.12.17 |
£ | £ |
Stocks |
|
|
|
During the year £29,428,355 has been recognised as an expense (2017 - £28,070,175). |
EFG Housewares Limited (Registered number: 03530578) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
13. | DEBTORS |
31.12.18 | 31.12.17 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Amounts owed by participating interests | 70,000 | 70,000 |
Sundry Debtors and Prepayments |
|
|
VAT |
|
|
|
|
|
Amounts falling due after more than one year: |
Other debtors |
|
|
|
Aggregate amounts |
|
|
|
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Bank loans and overdrafts (see note 16) |
|
|
Hire purchase contracts (see note 17) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Creditors and Accruals | 108,431 | 59,648 |
|
|
|
15. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Other loans (see note 16) |
|
|
Hire purchase contracts (see note 17) |
|
|
Social security and other taxes |
|
|
|
|
|
16. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
31.12.18 | 31.12.17 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
|
Amounts falling due between one and two years: |
Film Investment Loan | 1,097 | 1,097 |
EFG Housewares Limited (Registered number: 03530578) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
17. | LEASING AGREEMENTS |
|
Minimum lease payments under hire purchase fall due as follows: |
|
31.12.18 | 31.12.17 |
£ | £ |
Gross obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Finance charges repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
18. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.12.18 | 31.12.17 |
£ | £ |
Film Investment Loan | 1,097 | 1,097 |
Hire purchase agreements | 22,426 | 24,658 |
|
|
|
The company has provided a cross guarantee to the parent company's bank in respect of the parent company's |
bank overdraft and loans. The amount of exposure at the year-end under this cross guarantee was £2.097m. |
EFG Housewares Limited (Registered number: 03530578) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
19. | FINANCIAL INSTRUMENTS |
|
31.12.18 | 31.12.17 |
£ | £ |
Financial assets |
|
Financial assets that are debt instruments measured at amortised cost | 6,003,249 | 5,926,730 |
|
|
Financial liabilities |
|
Financial liabilities measured at amortised cost | 4,921,622 | 3,502,346 |
|
|
Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by |
group undertakings and other debtors. |
|
Financial liabilities measured at amortised cost comprise bank overdrafts, loans, trade creditors, amounts owed |
to group undertakings, finance leases and other creditors. |
|
20. | PROVISIONS FOR LIABILITIES |
31.12.18 | 31.12.17 |
£ | £ |
Deferred tax | - | 453,295 |
|
Deferred |
tax |
£ |
Balance at 1 January 2018 |
|
Transfer on termination of SIP | (453,295 | ) |
Balance at 31 December 2018 |
|
|
Deferred taxation arises from accelerated capital allowances restricted by any unrelieved trading losses and from |
contributions to the SIP (see note 1). |
|
21. | CALLED UP SHARE CAPITAL |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.18 | 31.12.17 |
value: | £ | £ |
|
'A' Ordinary | £1 | 1,000 | 1,000 |
|
'B' Ordinary non-voting |
non-equity | £1 | 200 | 200 |
1,200 | 1,200 |
EFG Housewares Limited (Registered number: 03530578) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
22. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2018 |
|
Deficit for the year | ( |
) |
Transfer on termination of SIP | (1,817,978 | ) |
At 31 December 2018 |
|
|
23. | PENSION COMMITMENTS |
|
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately |
from those of the Company in an independently administered fund. The pension cost charge represents |
contributions payable by the Company to the fund and amounted to £19,779 (2017 £8,828). Contributions |
totalling £4,115 (2017 £408) were payable to fund at the balance sheet date and are included in creditors. |
|
24. | ULTIMATE PARENT COMPANY |
|
Enfield Fancy Goods Limited registered in England. |
|
|
25. | RELATED PARTY DISCLOSURES |
|
The company has taken advantage of the exemptions in Financial Reporting Standard 8 from the requirement to |
disclose transactions with group companies on the grounds that consolidated financial statements are prepared by |
the parent company, Enfield Fancy Goods Limited and are publicly available. |
|
26. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is the Shipton family by virtue of the fact that they and family trusts in which they |
have beneficial interests own the majority of the issued share capital in the parent company. |