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REGISTERED NUMBER: 01355367 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2022

for

Enfield Fancy Goods Limited and
subsidiary companies

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Enfield Fancy Goods Limited and
subsidiary companies

Company Information
for the Year Ended 31 December 2022







DIRECTORS: A B Shipton
T R Shipton
D Shipton
M W Shipton





SECRETARY: A B Shipton





REGISTERED OFFICE: 55 High Street
Hoddesdon
Herts
EN11 8TQ





REGISTERED NUMBER: 01355367 (England and Wales)





AUDITORS: Haslers
Chartered accountants and statutory auditor
Old Station Road
Loughton
Essex
IG10 4PL

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Group Strategic Report
for the Year Ended 31 December 2022

The directors present their strategic report of the company and the group for the year ended 31 December 2022.

REVIEW OF BUSINESS
The directors are satisfied with the group's performance as set out in the attached financial statements and the group continues to grow in line with our expectations with turnover growth in the last year.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's main risks are those relating to pressure on prices and increased competition. The group continues to monitor this and find ways of minimising these risks.

FINANCIAL KEY PERFORMANCE INDICATORS
Company turnover reduced during the year, showing turnover of £37.6m (2021 - £41.3m). The gross profit for the year of £5.63m (2021- £6.34m). This represents a margin of 14.9% (2021 - 14.9%).

ON BEHALF OF THE BOARD:





D Shipton - Director


28 September 2023

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Report of the Directors
for the Year Ended 31 December 2022

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2022.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

A B Shipton
T R Shipton
D Shipton
M W Shipton

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On the 4th December 2022, the company’s stock system was updated and existing stock holding information on that date was manually transferred to a new stock holding system. Subsequent to this, the directors noted that the year-end stock figure was considerably higher than anticipated.

After further investigation it was identified that errors existed in the recording of certain stock lines where on the old system, multiple items were recorded as a batch and on the new system they were recorded as individual items.

The auditors also identified the inconsistency as part of their year-end stock testing.

Over the period since the year end, a live, stock quantity rectification process has been on-going and the directors are now confident that the stock holding records have been, on the whole, rectified.

A full stock take will be carried out at on 31 December 2023 to ensure that any final corrections are made.

In the meantime, the directors are aware that as the auditors could not satisfy themselves regarding the stock holding quantities held at the year-end they have had to qualify the audit report.

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Report of the Directors
for the Year Ended 31 December 2022


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 group'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 group's auditors are aware of that information.

AUDITORS
The auditors, Haslers, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D Shipton - Director


28 September 2023

Report of the Independent Auditors to the Members of
Enfield Fancy Goods Limited and
subsidiary companies

Opinion
We have audited the financial statements of EFG Housewares Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

Except for the stock value of £4,304,782,

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2022 and of the group's 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 qualified 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Whilst completing audit procedures of the physical inventories held at the year end, we identified that there had been a malfunction in the transfer of data to the new stock system. We have been unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31st December 2022. Consequently, we are unable to determine whether any adjustment to this amount is required.

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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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

Opinions on other matters prescribed by the Companies Act 2006
As described in the basis for qualified opinion section of our report, we are unable to satisfy ourselves concerning the inventory quantities held at 31st December 2022. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Report of the Independent Auditors to the Members of
Enfield Fancy Goods Limited and
subsidiary companies


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, arising solely from the limitation of scope of our work relating to inventory, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

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.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Enfield Fancy Goods Limited and
subsidiary companies


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.

Irregularities, including fraud, are instances of noncompliance 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 that are applicable to the entity and
determined that the most significant are those that:

- Had a direct effect on the determination of material amounts and disclosures in the financial statements.
These include the UK Companies Act and tax legislation etc; and

- Do not have a direct effect on the financial statements but compliance with which may be fundamental to
the company's ability to operate.

We assessed the susceptibility of the company's financial statements to material misstatement, including how
fraud might occur. Audit procedures performed by the audit engagement team include:

- Identifying and testing journal entries, in particular any unusual journal entries posted around the year
end and journal entries with no descriptions
- Assessing the extent of compliance with the relevant laws and regulations
- Identifying and assessing the design effectiveness of controls management has in place to prevent and
detect fraud.
- Challenging assumptions and judgements made by management in significant accounting estimates;
and
- Carrying out a review of large and unusual bank transactions

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Enfield Fancy Goods Limited and
subsidiary companies


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.




Charalambos Patsalides (Senior Statutory Auditor)
for and on behalf of Haslers
Chartered accountants and statutory auditor
Old Station Road
Loughton
Essex
IG10 4PL

28 September 2023

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Consolidated
Income Statement
for the Year Ended 31 December 2022

31.12.22 31.12.21
Notes £    £   

TURNOVER 3 37,668,696 41,316,393

Cost of sales 32,035,201 34,975,662
GROSS PROFIT 5,633,495 6,340,731

Administrative expenses 5,365,019 4,656,822
268,476 1,683,909

Other operating income - 52,966
OPERATING PROFIT 6 268,476 1,736,875

Interest receivable and similar income 96,200 96,200
364,676 1,833,075

Interest payable and similar expenses 7 114,224 94,592
PROFIT BEFORE TAXATION 250,452 1,738,483

Tax on profit 8 56,614 133,931
PROFIT FOR THE FINANCIAL YEAR 193,838 1,604,552
Profit attributable to:
Owners of the parent 193,838 1,604,552

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Consolidated
Other Comprehensive Income
for the Year Ended 31 December 2022

31.12.22 31.12.21
Notes £    £   

PROFIT FOR THE YEAR 193,838 1,604,552


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

193,838

1,604,552

Total comprehensive income attributable to:
Owners of the parent 193,838 1,604,552

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Consolidated Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 3,662,692 3,714,438
Investments 12 373,694 373,694
4,036,386 4,088,132

CURRENT ASSETS
Stocks 13 4,304,782 4,356,902
Debtors 14 6,082,267 6,714,700
Cash at bank and in hand 1,299,717 750,081
11,686,766 11,821,683
CREDITORS
Amounts falling due within one year 15 3,938,423 3,868,076
NET CURRENT ASSETS 7,748,343 7,953,607
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,784,729

12,041,739

CREDITORS
Amounts falling due after more than one
year

16

1,592,190

2,043,038
NET ASSETS 10,192,539 9,998,701

CAPITAL AND RESERVES
Called up share capital 21 6,740 6,740
Revaluation reserve 22 1,842,405 1,842,405
Capital redemption reserve 22 11,535 11,535
Retained earnings 22 8,331,659 8,137,821
SHAREHOLDERS' FUNDS 10,192,339 9,998,501

NON-CONTROLLING INTERESTS 23 200 200
TOTAL EQUITY 10,192,539 9,998,701

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:




D Shipton - Director



M W Shipton - Director


Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Company Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 3,500,000 3,500,000
Investments 12 11,581 11,581
3,511,581 3,511,581

CURRENT ASSETS
Debtors 14 2,707,936 2,590,019
Cash at bank 2,272 161,878
2,710,208 2,751,897
CREDITORS
Amounts falling due within one year 15 1,990,480 1,883,155
NET CURRENT ASSETS 719,728 868,742
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,231,309

4,380,323

CREDITORS
Amounts falling due after more than one
year

16

1,565,464

1,803,877
NET ASSETS 2,665,845 2,576,446

CAPITAL AND RESERVES
Called up share capital 21 6,740 6,740
Revaluation reserve 22 1,842,405 1,842,405
Capital redemption reserve 22 11,535 11,535
Retained earnings 22 805,165 715,766
SHAREHOLDERS' FUNDS 2,665,845 2,576,446

Company's profit for the financial year 89,399 996,836

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:




D Shipton - Director



M W Shipton - Director


Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2022

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   

Balance at 1 January 2021 6,740 6,867,608 1,842,405

Changes in equity
Dividends - (334,339 ) -
Total comprehensive income - 1,604,552 -
Balance at 31 December 2021 6,740 8,137,821 1,842,405

Changes in equity
Total comprehensive income - 193,838 -
Balance at 31 December 2022 6,740 8,331,659 1,842,405
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   

Balance at 1 January 2021 11,535 8,728,288 200 8,728,488

Changes in equity
Dividends - (334,339 ) - (334,339 )
Total comprehensive income - 1,604,552 - 1,604,552
Balance at 31 December 2021 11,535 9,998,501 200 9,998,701

Changes in equity
Total comprehensive income - 193,838 - 193,838
Balance at 31 December 2022 11,535 10,192,339 200 10,192,539

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Company Statement of Changes in Equity
for the Year Ended 31 December 2022

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   

Balance at 1 January 2021 6,740 53,269 1,842,405 11,535 1,913,949
Total comprehensive income - 996,836 - - 996,836
Dividends - (334,339 ) - - (334,339 )
Total transactions with owners,
recognised directly in equity

-

(334,339

)

-

-

(334,339

)
Balance at 31 December 2021 6,740 715,766 1,842,405 11,535 2,576,446
Total comprehensive income - 89,399 - - 89,399
Total transactions with owners,
recognised directly in equity

-

-

-

-

-
Balance at 31 December 2022 6,740 805,165 1,842,405 11,535 2,665,845

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2022

31.12.22 31.12.21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 916,630 (785,198 )
Interest paid (114,224 ) (89,595 )
Interest element of hire purchase payments
paid

-

(4,997

)
Tax paid (133,930 ) (318,159 )
Net cash from operating activities 668,476 (1,197,949 )

Cash flows from investing activities
Purchase of tangible fixed assets - (53,062 )
Interest received - 96,200
Net cash from investing activities - 43,138

Cash flows from financing activities
Loan repayments in period (132,602 ) (110,509 )
Capital repayments in period - (28,632 )
Amount introduced by directors - 370,848
Amount withdrawn by directors 13,762 -
Equity dividends paid - (334,339 )
Net cash from financing activities (118,840 ) (102,632 )

Increase/(decrease) in cash and cash equivalents 549,636 (1,257,443 )
Cash and cash equivalents at beginning of
year

2

750,081

2,007,524

Cash and cash equivalents at end of year 2 1,299,717 750,081

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.22 31.12.21
£    £   
Profit before taxation 250,452 1,738,483
Depreciation charges 51,745 58,003
Loss on disposal of fixed assets - 1,334
Finance costs 114,224 94,592
Finance income (96,200 ) (96,200 )
320,221 1,796,212
Decrease/(increase) in stocks 52,120 (44,033 )
Decrease/(increase) in trade and other debtors 714,870 (811,093 )
Decrease in trade and other creditors (170,581 ) (1,726,284 )
Cash generated from operations 916,630 (785,198 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,299,717 750,081
Year ended 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 750,081 2,007,524


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank and in hand 750,081 549,636 1,299,717
750,081 549,636 1,299,717
Debt
Finance leases (79,453 ) 27,389 (52,064 )
Debts falling due within 1 year (156,282 ) - (156,282 )
Debts falling due after 1 year (1,671,774 ) 105,213 (1,566,561 )
(1,907,509 ) 132,602 (1,774,907 )
Total (1,157,428 ) 682,238 (475,190 )

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Enfield Fancy Goods Limited and subsidiary companies is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Financial Instruments

The Group 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.

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.

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.

Judgements and key sources of estimation uncertainty

In applying the Group'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.

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.

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.

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Improvements to property - 10% on straight line
Warehouse Equipment - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

The freehold property was professionally revalued (see Note 9) on 14 February 2012. The valuation was on an open market basis. No depreciation is provided on the freehold property in accordance with FRS 102.

Investments

Investments held as fixed assets are shown at cost less provision for impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

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.

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.

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.

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

In the period to 31 December 2022, 47% of the company's turnover was derived from markets outside the United Kingdom (December 2021 - 48%).

4. EMPLOYEES AND DIRECTORS
31.12.22 31.12.21
£    £   
Wages and salaries 3,475,445 2,802,244
Social security costs 367,405 262,740
Other pension costs 88,308 108,841
3,931,158 3,173,825

The average number of employees during the year was as follows:
31.12.22 31.12.21

Directors 4 4
Warehouse Operatives 102 95
Office and administration 4 4
110 103

The average number of employees by undertakings that were proportionately consolidated during the year was 110 (2021 - 103 ) .

5. DIRECTORS' EMOLUMENTS
31.12.22 31.12.21
£    £   
Directors' remuneration 697,624 258,667
Directors' pension contributions to money purchase schemes 40,000 64,226

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
31.12.22 31.12.21
£    £   
Emoluments etc 328,311 100,000
Pension contributions to money purchase schemes 40,000 64,226

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

6. OPERATING PROFIT

The operating profit is stated after charging:

31.12.22 31.12.21
£    £   
Depreciation - owned assets 33,682 32,463
Depreciation - assets on hire purchase contracts 18,064 25,541
Loss on disposal of fixed assets - 1,334
Auditors' remuneration 11,800 12,250

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.22 31.12.21
£    £   
Bank interest 64,323 44,375
Tax interest and penalties 45,220 45,220
Hire purchase 4,681 4,997
114,224 94,592

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.22 31.12.21
£    £   
Current tax:
UK corporation tax 56,614 133,931
Tax on profit 56,614 133,931

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:

31.12.22 31.12.21
£    £   
Profit before tax 250,452 1,738,483
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2021 - 19 %)

47,586

330,312

Effects of:
Capital allowances in excess of depreciation - (3,065 )
Depreciation in excess of capital allowances 9,028 -
Utilisation of tax losses - (148,485 )


Research & Development enhanced deduction - (44,831 )
Total tax charge 56,614 133,931

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

8. TAXATION - continued

Factors affecting future tax charges

During March 2021, the UK Chancellor of the Exchequer announced an expected change to UK corporation tax rates from 19% to 25%. This was enacted into the Finance Act in June 2021. The rate will increase to 25% from 1 April 2023 and will impact on the corporation tax provision for the company from that date.

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
31.12.22 31.12.21
£    £   
'A' Ordinary shares of £0.01 each
Interim - 4,339
'B' Ordinary shares of £0.01 each
Interim - 29,124
'C' Ordinary shares of £0.001 each
Interim - 300,876
- 334,339

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Warehouse
property property Equipment
£    £    £   
COST OR VALUATION
At 1 January 2022
and 31 December 2022 3,500,000 74,591 582,306
DEPRECIATION
At 1 January 2022 - 37,295 446,440
Charge for year - 7,459 33,967
At 31 December 2022 - 44,754 480,407
NET BOOK VALUE
At 31 December 2022 3,500,000 29,837 101,899
At 31 December 2021 3,500,000 37,296 135,866

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST OR VALUATION
At 1 January 2022
and 31 December 2022 603,585 39,282 4,799,764
DEPRECIATION
At 1 January 2022 579,391 22,200 1,085,326
Charge for year 6,049 4,271 51,746
At 31 December 2022 585,440 26,471 1,137,072
NET BOOK VALUE
At 31 December 2022 18,145 12,811 3,662,692
At 31 December 2021 24,194 17,082 3,714,438

Cost or valuation at 31 December 2022 is represented by:

Improvements
Freehold to Warehouse
property property Equipment
£    £    £   
Valuation in 2005 1,242,405 - -
Valuation in 2012 600,000 - -
Cost 1,657,595 74,591 582,306
3,500,000 74,591 582,306

Fixtures
and Computer
fittings equipment Totals
£    £    £   
Valuation in 2005 - - 1,242,405
Valuation in 2012 - - 600,000
Cost 603,585 39,282 2,957,359
603,585 39,282 4,799,764

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

11. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Warehouse
Equipment
£   
COST OR VALUATION
At 1 January 2022 154,130
Transfer to ownership (17,000 )
At 31 December 2022 137,130
DEPRECIATION
At 1 January 2022 77,508
Charge for year 18,064
Transfer to ownership (12,634 )
At 31 December 2022 82,938
NET BOOK VALUE
At 31 December 2022 54,192
At 31 December 2021 76,622

Company
Freehold
property
£   
COST OR VALUATION
At 1 January 2022
and 31 December 2022 3,500,000
NET BOOK VALUE
At 31 December 2022 3,500,000
At 31 December 2021 3,500,000

Cost or valuation at 31 December 2022 is represented by:

Freehold
property
£   
Valuation in 2005 1,242,405
Valuation in 2012 600,000
Cost 1,657,595
3,500,000

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

11. TANGIBLE FIXED ASSETS - continued

Company

If Freehold Property had not been revalued it would have been included at the following historical cost:

31.12.22 31.12.21
£    £   
Cost 1,657,595 1,657,595
Aggregate depreciation 536,390 536,390

Freehold property was valued on an open market basis on 14 February 2012 by Glenny LLP .

12. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 January 2022
and 31 December 2022 373,694
NET BOOK VALUE
At 31 December 2022 373,694
At 31 December 2021 373,694
Company
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 January 2022
and 31 December 2022 10,484 1,097 11,581
NET BOOK VALUE
At 31 December 2022 10,484 1,097 11,581
At 31 December 2021 10,484 1,097 11,581

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

E F G Housewares Limited
Registered office: 55 High street, Hoddesdon, Herts, EN11 8TQ
Nature of business: Cash & carry wholesalers
%
Class of shares: holding
'A' Ordinary £1 shares 100.00
31.12.22 31.12.21
£    £   
Aggregate capital and reserves 7,527,695 7,423,255
Profit for the year 104,440 607,716

EFG Trustees Limited
Registered office: 55 High Street, Hoddesdon, Herts, EN11 8TQ
Nature of business: Trustee Company
%
Class of shares: holding
Ordinary 100.00


Unlisted Investments

The unlisted investment net book value is being reduced by the impairment.

13. STOCKS

Group
31.12.22 31.12.21
£    £   
Stocks 4,304,782 4,356,902

14. DEBTORS

Group Company
31.12.22 31.12.21 31.12.22 31.12.21
£    £    £    £   
Amounts falling due within one year:
Trade debtors 3,287,382 4,038,124 - -
Amounts owed by participating interests 70,000 70,000 - -
Sundry Debtors and Prepayments 284,349 187,757 267,400 171,200
Directors' current accounts 35,536 13,819 35,536 13,819
3,677,267 4,309,700 302,936 185,019

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

14. DEBTORS - continued

Group Company
31.12.22 31.12.21 31.12.22 31.12.21
£    £    £    £   
Amounts falling due after more than one year:
Amounts owed by connected parties 2,405,000 2,405,000 2,405,000 2,405,000

Aggregate amounts 6,082,267 6,714,700 2,707,936 2,590,019

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.22 31.12.21 31.12.22 31.12.21
£    £    £    £   
Bank loans and overdrafts (see note 17) 156,282 156,282 156,282 156,282
Hire purchase contracts (see note 18) 26,435 27,389 - -
Trade creditors 3,304,769 2,969,795 - -
Amounts owed to group undertakings - - 1,494,419 1,306,493
Tax 56,613 133,931 20,969 50,511
Social security and other taxes 254,494 418,152 132,917 186,464
VAT 81,278 107,131 159,975 159,975
Creditors and Accruals 57,890 53,482 25,256 21,516
Directors' current accounts 662 1,914 662 1,914
3,938,423 3,868,076 1,990,480 1,883,155

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.12.22 31.12.21 31.12.22 31.12.21
£    £    £    £   
Bank loans (see note 17) 1,564,367 1,669,580 1,564,367 1,669,580
Other loans (see note 17) 2,194 2,194 1,097 1,097
Hire purchase contracts (see note 18) 25,629 52,064 - -
Social security and other taxes - 319,200 - 133,200
1,592,190 2,043,038 1,565,464 1,803,877

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.22 31.12.21 31.12.22 31.12.21
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 156,282 156,282 156,282 156,282
Amounts falling due between one and two years:
Bank Loan between 1 and 2 yrs 312,564 312,564 312,564 312,564
Film Investment Loan 2,194 2,194 1,097 1,097
314,758 314,758 313,661 313,661
Amounts falling due between two and five years:
Bank Loan between 2 and 5 yrs 468,846 468,846 468,846 468,846
Amounts falling due in more than five years:
Repayable by instalments
Bank loan over 5 yrs instlmts 782,957 888,170 782,957 888,170

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.22 31.12.21
£    £   
Gross obligations repayable:
Within one year 30,903 31,955
Between one and five years 30,059 60,962
60,962 92,917

Finance charges repayable:
Within one year 4,468 4,566
Between one and five years 4,430 8,898
8,898 13,464

Net obligations repayable:
Within one year 26,435 27,389
Between one and five years 25,629 52,064
52,064 79,453

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31.12.22 31.12.21 31.12.22 31.12.21
£    £    £    £   
Bank loans 1,720,649 1,825,862 1,720,649 1,825,862
Film Investment Loan 1,097 1,097 1,097 1,097
Hire purchase agreements 52,064 79,453 - -
1,773,810 1,906,412 1,721,746 1,826,959

The bank borrowings are secured on the Group's freehold property and by an unlimited guarantee given by the principal trading subsidiary.

20. FINANCIAL INSTRUMENTS

31.12.22 31.12.21
£    £   
Financial assets

Financial assets that are debt instruments measured at amortised cost 6,082,267 6,714,700


Financial liabilities

Financial liabilities measured at amortised cost 5,530,613 5,911,114


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.

21. CALLED UP SHARE CAPITAL

Allotted,issued and fully paid
Number Class Nominal 31.12.22 31.12.21
Value £ £
46,024 'A' Ordinary £0.01 460 460
308,888 'B' Ordinary £0.01 3,089 3,089
3,191,132 'C' Ordinary £0.001 3,191 3,191

6,740 6,740

Enfield Fancy Goods Limited and
subsidiary companies (Registered number: 01355367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

22. RESERVES

Group
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2022 8,137,821 1,842,405 11,535 9,991,761
Profit for the year 193,838 193,838
At 31 December 2022 8,331,659 1,842,405 11,535 10,185,599

Company
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2022 715,766 1,842,405 11,535 2,569,706
Profit for the year 89,399 89,399
At 31 December 2022 805,165 1,842,405 11,535 2,659,105


23. NON-CONTROLLING INTERESTS

200 Non equity B Ordinary shares of £1 each held by third parties in the principal operating subsidiary.

24. PENSION COMMITMENTS

The Company and it's subsidiary operate defined contributions pension schemes. The assets of the schemes are held separately from those of the Companies in independently administered funds. The pension cost charge represents contributions payable by the Company and it's subsidiary to the funds and amounted to £88,308 (2021 £108,841). Contributions totalling £8,816 (2021 £8,152) were payable to the funds at the balance sheet date and are included in creditors.

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, the company advanced loans to two directors of the company. All amounts due have been repaid by the directors after the year end.

26. RELATED PARTY DISCLOSURES

The amounts owed by the directors on their current accounts at 31 December 2022 totalled £34,874 (December 2021 £11,904).

The company has advanced a loan to a company controlled by one of the directors. At the year end, the amount outstanding on this loan was £2,405,000 (2021 : £2,405,000). Interest of 4% is charged on this loan and interest receivable of £96,200 is included in the year ended 31 December 2022.

27. 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.