Company registration number 10736853 (England and Wales)
EE WHOLESALE (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EE WHOLESALE (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
EE WHOLESALE (UK) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
10,814
13,816
Tangible assets
4
787,746
94,477
798,560
108,293
Current assets
Stocks
394,694
432,889
Debtors
5
357,881
413,714
Cash at bank and in hand
79,507
155,044
832,082
1,001,647
Creditors: amounts falling due within one year
6
(1,523,238)
(893,742)
Net current (liabilities)/assets
(691,156)
107,905
Total assets less current liabilities
107,404
216,198
Provisions for liabilities
16,468
(5,507)
Net assets
123,872
210,691
Capital and reserves
Called up share capital
66,667
66,667
Profit and loss reserves
57,205
144,024
Total equity
123,872
210,691

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 22 July 2024 and are signed on its behalf by:
Ms SW Gall
Director
Company registration number 10736853 (England and Wales)
EE WHOLESALE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

EE Wholesale (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5E, Southwick Industrial Estate, North Hylton Road, Sunderland, Tyne and Wear, England, SR5 3TX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

 

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

1.2
Going concern

The financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding and support will be more than adequate for the company's needs. The directors have considered a period of twelve months from the date of approval of the financial statements and believe that no further disclosures relating to the company's ability to continue as a going concern need to be made in the financial statements.

1.3
Turnover

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

 

Turnover is recognised when goods are despatched.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition Fulwell Mill over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years (20%).

1.5
Tangible fixed assets

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

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

Plant and equipment
4 - 20% straight line
Fixtures and fittings
10% straight line
Computers
33% straight line
EE WHOLESALE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

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

1.7
Stocks

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

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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

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.

1.10
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.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

EE WHOLESALE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.12
Foreign exchange

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.

1.13

Debtors

Trade debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.

1.14

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2
Employees

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

2023
2022
Number
Number
Total
29
12
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
15,008
Amortisation and impairment
At 1 January 2023
1,192
Amortisation charged for the year
3,002
At 31 December 2023
4,194
Carrying amount
At 31 December 2023
10,814
At 31 December 2022
13,816
EE WHOLESALE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
100,000
2,596
2,267
104,863
Additions
709,440
4,929
1,895
716,264
At 31 December 2023
809,440
7,525
4,162
821,127
Depreciation and impairment
At 1 January 2023
7,945
174
2,267
10,386
Depreciation charged in the year
22,139
509
347
22,995
At 31 December 2023
30,084
683
2,614
33,381
Carrying amount
At 31 December 2023
779,356
6,842
1,548
787,746
At 31 December 2022
92,055
2,422
-
0
94,477
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
277,059
207,925
Other debtors
29,160
5,763
Prepayments and accrued income
51,662
200,026
357,881
413,714
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
254,290
209,582
Amounts owed to group undertakings
1,241,193
651,786
Taxation and social security
15,518
11,547
Other creditors
1,827
2,569
Accruals and deferred income
10,410
18,258
1,523,238
893,742
EE WHOLESALE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Michael T Moran BA FCA
Statutory Auditor:
Robson Laidler Accountants Limited
Date of audit report:
24 July 2024
8
Operating lease commitments
Lessee

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

2023
2022
£
£
338,175
44,119
9
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
-
417,116
10
Ultimate controlling party

The company is a 100% owned subsidiary of Equal Exchange Inc, a company registered in the USA.

2023-12-312023-01-01false24 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr R DickinsonMr P E FawcettMs S W GallMs R J KoganerMs N VitelloMs L Rawson-Ahernfalsefalse107368532023-01-012023-12-31107368532023-12-31107368532022-12-3110736853core:NetGoodwill2023-12-3110736853core:NetGoodwill2022-12-3110736853core:PlantMachinery2023-12-3110736853core:FurnitureFittings2023-12-3110736853core:ComputerEquipment2023-12-3110736853core:PlantMachinery2022-12-3110736853core:FurnitureFittings2022-12-3110736853core:ComputerEquipment2022-12-3110736853core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110736853core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110736853core:CurrentFinancialInstruments2023-12-3110736853core:CurrentFinancialInstruments2022-12-3110736853core:ShareCapital2023-12-3110736853core:ShareCapital2022-12-3110736853core:RetainedEarningsAccumulatedLosses2023-12-3110736853core:RetainedEarningsAccumulatedLosses2022-12-3110736853bus:Director32023-01-012023-12-3110736853core:Goodwill2023-01-012023-12-3110736853core:PlantMachinery2023-01-012023-12-3110736853core:FurnitureFittings2023-01-012023-12-3110736853core:ComputerEquipment2023-01-012023-12-31107368532022-01-012022-12-3110736853core:NetGoodwill2022-12-3110736853core:NetGoodwill2023-01-012023-12-3110736853core:PlantMachinery2022-12-3110736853core:FurnitureFittings2022-12-3110736853core:ComputerEquipment2022-12-31107368532022-12-3110736853bus:PrivateLimitedCompanyLtd2023-01-012023-12-3110736853bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3110736853bus:FRS1022023-01-012023-12-3110736853bus:Audited2023-01-012023-12-3110736853bus:Director12023-01-012023-12-3110736853bus:Director22023-01-012023-12-3110736853bus:Director42023-01-012023-12-3110736853bus:Director52023-01-012023-12-3110736853bus:Director62023-01-012023-12-3110736853bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP