IRIS Accounts Production v23.2.0.158 NI062433 Board of Directors Board of Directors 1.1.22 31.12.22 31.12.22 24.10.23 false true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureNI0624332021-12-31NI0624332022-12-31NI0624332022-01-012022-12-31NI0624332020-12-31NI0624332021-01-012021-12-31NI0624332021-12-31NI062433ns16:NorthernIreland2022-01-012022-12-31NI062433ns15:PoundSterling2022-01-012022-12-31NI062433ns11:Director12022-01-012022-12-31NI062433ns11:Director22022-01-012022-12-31NI062433ns11:PrivateLimitedCompanyLtd2022-01-012022-12-31NI062433ns11:SmallEntities2022-01-012022-12-31NI062433ns11:Audited2022-01-012022-12-31NI062433ns11:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-31NI062433ns11:SmallCompaniesRegimeForAccounts2022-01-012022-12-31NI062433ns11:FullAccounts2022-01-012022-12-31NI062433ns11:OrdinaryShareClass12022-01-012022-12-31NI062433ns11:CompanySecretary12022-01-012022-12-31NI062433ns11:RegisteredOffice2022-01-012022-12-31NI062433ns6:CurrentFinancialInstruments2022-12-31NI062433ns6:CurrentFinancialInstruments2021-12-31NI062433ns6:Non-currentFinancialInstruments2022-12-31NI062433ns6:Non-currentFinancialInstruments2021-12-31NI062433ns6:ShareCapital2022-12-31NI062433ns6:ShareCapital2021-12-31NI062433ns6:RetainedEarningsAccumulatedLosses2022-12-31NI062433ns6:RetainedEarningsAccumulatedLosses2021-12-31NI062433ns6:LeaseholdImprovements2022-01-012022-12-31NI062433ns6:FurnitureFittings2022-01-012022-12-31NI062433ns6:MotorVehicles2022-01-012022-12-31NI062433ns6:ComputerEquipment2022-01-012022-12-31NI062433ns6:LeaseholdImprovements2021-12-31NI062433ns6:FurnitureFittings2021-12-31NI062433ns6:MotorVehicles2021-12-31NI062433ns6:ComputerEquipment2021-12-31NI062433ns6:LeaseholdImprovements2022-12-31NI062433ns6:FurnitureFittings2022-12-31NI062433ns6:MotorVehicles2022-12-31NI062433ns6:ComputerEquipment2022-12-31NI062433ns6:LeaseholdImprovements2021-12-31NI062433ns6:FurnitureFittings2021-12-31NI062433ns6:MotorVehicles2021-12-31NI062433ns6:ComputerEquipment2021-12-31NI062433ns6:WithinOneYearns6:CurrentFinancialInstruments2022-12-31NI062433ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-31NI062433ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2022-12-31NI062433ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2021-12-31NI062433ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2022-12-31NI062433ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2021-12-31NI062433ns6:HirePurchaseContracts2022-12-31NI062433ns6:HirePurchaseContracts2021-12-31NI062433ns6:WithinOneYear2022-12-31NI062433ns6:WithinOneYear2021-12-31NI062433ns6:BetweenOneFiveYears2022-12-31NI062433ns6:BetweenOneFiveYears2021-12-31NI062433ns6:AllPeriods2022-12-31NI062433ns6:AllPeriods2021-12-31NI062433ns11:OrdinaryShareClass12022-12-31
REGISTERED NUMBER: NI062433 (Northern Ireland)















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: G Dwyer
D Hanratty



SECRETARY: G Dwyer



REGISTERED OFFICE: 3 Duncrue Industrial Park
Duncrue Road
Belfast
BT3 9BP



REGISTERED NUMBER: NI062433 (Northern Ireland)



AUDITORS: Baker Tilly Mooney Moore
Statutory Auditors
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG



BANKERS: Bank of Ireland
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 25,921 32,951

CURRENT ASSETS
Stocks 6 321,321 207,192
Debtors 7 343,654 329,793
Cash at bank and in hand 40,724 29,617
705,699 566,602
CREDITORS
Amounts falling due within one year 8 301,680 230,441
NET CURRENT ASSETS 404,019 336,161
TOTAL ASSETS LESS CURRENT
LIABILITIES

429,940

369,112

CREDITORS
Amounts falling due after more than one
year

9

(5,922

)

(13,236

)

PROVISIONS FOR LIABILITIES (5,993 ) (7,620 )
NET ASSETS 418,025 348,256

CAPITAL AND RESERVES
Called up share capital 12 1 1
Retained earnings 418,024 348,255
SHAREHOLDERS' FUNDS 418,025 348,256

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 20 October 2023 and were signed on its behalf by:




G Dwyer - Director



D Hanratty - Director


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 private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Fixtures, fittings & equipment - 25% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 25% on cost and 20% on reducing balance

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 5 (2021 - 5 ) .

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 28,658 30,598 25,450 22,883 107,589
Additions - - - 3,573 3,573
At 31 December 2022 28,658 30,598 25,450 26,456 111,162
DEPRECIATION
At 1 January 2022 26,188 22,750 10,180 15,520 74,638
Charge for year 520 1,962 5,089 3,032 10,603
At 31 December 2022 26,708 24,712 15,269 18,552 85,241
NET BOOK VALUE
At 31 December 2022 1,950 5,886 10,181 7,904 25,921
At 31 December 2021 2,470 7,848 15,270 7,363 32,951

6. STOCKS
31.12.22 31.12.21
£    £   
Stocks 321,321 207,192

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 245,877 310,289
Amounts owed by group undertakings 89,660 10,783
Other debtors 8,117 8,721
343,654 329,793

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts 149,832 50,951
Hire purchase contracts (see note 10) 5,625 5,875
Trade creditors 31,437 52,518
Taxation and social security 94,661 99,580
Other creditors 20,125 21,517
301,680 230,441

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) 550 6,000
Other creditors 5,372 7,236
5,922 13,236

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 5,625 5,875
Between one and five years 550 6,000
6,175 11,875

Non-cancellable operating leases
31.12.22 31.12.21
£    £   
Within one year 37,265 37,265
Between one and five years 107,137 144,402
144,402 181,667

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: £    £   
1 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.

Joanne Small (Senior Statutory Auditor)
for and on behalf of Baker Tilly Mooney Moore

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.