REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
ECI LIGHTING (NI) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
ECI LIGHTING (NI) LIMITED |
ECI LIGHTING (NI) LIMITED (REGISTERED NUMBER: NI062433) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 7 |
ECI LIGHTING (NI) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
17 Clarendon Road |
Clarendon Dock |
Belfast |
BT1 3BG |
BANKERS: |
7 Townhall Street |
Enniskillen |
Co. Fermanagh |
BT74 7DB |
ECI LIGHTING (NI) LIMITED (REGISTERED NUMBER: NI062433) |
BALANCE SHEET |
31 DECEMBER 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were authorised for issue by the Board of Directors and authorised for issue on |
ECI LIGHTING (NI) LIMITED (REGISTERED NUMBER: NI062433) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
ECI Lighting (NI) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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. |
Significant judgements and estimates |
Recoverability of Debtors |
Estimates are made in respect of the recoverable value of trade debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered. |
Carrying value of stock |
Stock represents goods for resale and is valued at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. Provisions are made for obsolete and slow moving stock based on current and historical trading experience. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Improvements to property | - |
Fixtures, fittings & equipment | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement. |
ECI LIGHTING (NI) LIMITED (REGISTERED NUMBER: NI062433) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Operating leasing commitments |
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Lease incentives |
The benefits of lease incentives are recognised in profit and loss account over the lease period. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | AUDITORS' REMUNERATION |
31.12.22 | 31.12.21 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
5,400 |
5,000 |
All other services | 2,443 | 4,086 |
ECI LIGHTING (NI) LIMITED (REGISTERED NUMBER: NI062433) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures, |
to | fittings | Motor | Computer |
property | & equipment | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
6. | STOCKS |
31.12.22 | 31.12.21 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 10) |
Trade creditors |
Taxation and social security |
Other creditors |
ECI LIGHTING (NI) LIMITED (REGISTERED NUMBER: NI062433) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Hire purchase contracts (see note 10) |
Other creditors |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.12.22 | 31.12.21 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
31.12.22 | 31.12.21 |
£ | £ |
Within one year |
Between one and five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.22 | 31.12.21 |
£ | £ |
Factoring account | 149,832 | 50,951 |
The factoring account held with Bank of Ireland is secured by way of a standard Debt Purchase Agreement, restricted indemnities from Declan Hanratty and Gary Dwyer, and indemnity from Parent Company. |
In addition, facilities in the parent company ECI Lighting Limited are secured by a debenture over all assets, undertakings and liabilities of ECI Lighting (NI) Limited. |
ECI LIGHTING (NI) LIMITED (REGISTERED NUMBER: NI062433) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for qualified opinion |
As the Covid-19 pandemic proliferated in the UK in late 2020 and 2021 only staff who were deemed essential were permitted inside business premises as the result of local government lockdown measures. This meant that at the year-end 31 December 2020 there were reduced staff numbers who were operating the store with an increased workload and also essential staff required to perform the stocktake from the parent company, located in the ROI, could not travel to the location due to travel restrictions. As a result, performing a year-end stocktake at 31 December 2020 was deemed not feasible. |
Even if the staff had the time or the required staff from the parent had been permitted to travel to perform a count, we as auditors still would not have been able to physically attend the count due to the restrictions for non-essential persons. As a result, we were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 December 2020 by using other audit procedures. Consequently we were unable to determine whether there was any consequential effect on the cost of sales for the year ended 31 December 2021. Our audit opinion on the financial statements for the year ended 31 December 2021 was modified accordingly. Our opinion on the current year's financial statements is also modified because of the possible effect of this matter on the comparability of the current year's figures and the corresponding figures. |
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 qualified opinion. |
for and on behalf of |
14. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of intermediate parent company ECI Lighting Limited. The ultimate parent company is Rylston Enterprises Limited, a company incorporated in the Republic of Ireland. |
The ultimate controlling party is D Hanratty who is the majority shareholder of ultimate parent company Rylston Enterprises Limited. |