IRIS Accounts Production v24.1.9.2 01518942 Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 electrical wholesalers true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh015189422022-12-31015189422023-12-31015189422023-01-012023-12-31015189422021-12-31015189422022-01-012022-12-31015189422022-12-3101518942ns15:EnglandWales2023-01-012023-12-3101518942ns14:PoundSterling2023-01-012023-12-3101518942ns10:Director12023-01-012023-12-3101518942ns10:Director22023-01-012023-12-3101518942ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3101518942ns10:FRS1022023-01-012023-12-3101518942ns10:Audited2023-01-012023-12-3101518942ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3101518942ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3101518942ns10:FullAccounts2023-01-012023-12-3101518942ns10:OrdinaryShareClass12023-01-012023-12-3101518942ns10:Director42023-01-012023-12-3101518942ns10:Director52023-01-012023-12-3101518942ns10:Director62023-01-012023-12-3101518942ns10:CompanySecretary12023-01-012023-12-3101518942ns10:RegisteredOffice2023-01-012023-12-3101518942ns10:Director32023-01-012023-12-3101518942ns5:CurrentFinancialInstruments2023-12-3101518942ns5:CurrentFinancialInstruments2022-12-3101518942ns5:ShareCapital2023-12-3101518942ns5:ShareCapital2022-12-3101518942ns5:RetainedEarningsAccumulatedLosses2023-12-3101518942ns5:RetainedEarningsAccumulatedLosses2022-12-3101518942ns5:ShareCapital2021-12-3101518942ns5:RetainedEarningsAccumulatedLosses2021-12-3101518942ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3101518942ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3101518942ns5:OwnedAssets2023-01-012023-12-3101518942ns5:OwnedAssets2022-01-012022-12-3101518942112023-01-012023-12-3101518942112022-01-012022-12-3101518942122023-01-012023-12-3101518942122022-01-012022-12-3101518942ns10:OrdinaryShareClass12022-01-012022-12-3101518942ns5:PlantMachinery2022-12-3101518942ns5:FurnitureFittings2022-12-3101518942ns5:PlantMachinery2023-01-012023-12-3101518942ns5:FurnitureFittings2023-01-012023-12-3101518942ns5:PlantMachinery2023-12-3101518942ns5:FurnitureFittings2023-12-3101518942ns5:PlantMachinery2022-12-3101518942ns5:FurnitureFittings2022-12-3101518942ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3101518942ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3101518942ns5:WithinOneYear2023-12-3101518942ns5:WithinOneYear2022-12-3101518942ns5:Secured2023-12-3101518942ns5:Secured2022-12-3101518942ns5:DeferredTaxation2022-12-3101518942ns5:DeferredTaxation2023-12-3101518942ns10:OrdinaryShareClass12023-12-3101518942ns5:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 01518942 (England and Wales)


























STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ELECTROVISION LIMITED

ELECTROVISION LIMITED (REGISTERED NUMBER: 01518942)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


ELECTROVISION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr M Benyon
Mr R J J Fox
Mrs C J Hanwright
Mrs J A Ball
Mr I R Benyon



SECRETARY: Mr M Benyon



REGISTERED OFFICE: Lancots Lane
Sutton
St Helens
Merseyside
WA9 3EX



REGISTERED NUMBER: 01518942 (England and Wales)



AUDITORS: Livesey Spottiswood Ltd
Chartered Accountants and
Statutory Auditors
17 George Street
St Helens
Merseyside
WA10 1DB



BANKERS: Lloyds TSB Plc
23A Hardshaw Street
St Helens
Merseyside
WA10 1RT

ELECTROVISION LIMITED (REGISTERED NUMBER: 01518942)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


During the year, the company's main activities continued to be that of electrical wholesalers.

REVIEW OF BUSINESS
The principal activity of the company is the sale and distribution of a wide range of household goods in the UK and Europe. The majority of these goods are sourced from the Far East and our customers are on line and traditional retailers, wholesalers and tradesmen/installers in general.

The Directors consider both turnover and profit margins to be key financial indicators of the companies performance.

Turnover in the year has decreased by £790,199 (9%) due to increased competition but gross profit has increased from £2,590,777 (29% margin) to £2,621,308 (32% margin). The increase in margin is due to reductions in container freight rates.

The profit before tax in the year is £393,350. This was an improvement on the previous year of £66,658. The reason for this improvement is due to tight controls on overheads and a reduction in staff numbers.

Profit before tax is just under 5% of turnover and in current trading conditions we consider this as satisfactory. Margins have improved in 2024 but we are not expecting turnover to increase.

PRINCIPAL RISKS AND UNCERTAINTIES
There are many risks going forward. As a large proportion of our goods are imported from the Far East lead times for supply can be many months and in order to mitigate this risk we hold large stocks. Further risks are costs of compliance and insurance, obsolescence as well as container freight costs which have shown huge movements in the last years.

There was no significant capital expenditure in the year and none is envisaged in 2024.

ON BEHALF OF THE BOARD:





Mr M Benyon - Director


10 September 2024

ELECTROVISION LIMITED (REGISTERED NUMBER: 01518942)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £ 300,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr M Benyon
Mr R J J Fox
Mrs C J Hanwright
Mrs J A Ball
Mr I R Benyon

Other changes in directors holding office are as follows:

Mr S G Deeley - resigned 23 May 2023

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.

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:

-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 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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr M Benyon - Director


10 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELECTROVISION LIMITED


Opinion
We have audited the financial statements of Electrovision Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its 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 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.

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 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 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.

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.

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 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. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- 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
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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.

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:
- 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELECTROVISION LIMITED


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 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance 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 planned and performed to detect irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

- Discussions with management and those involved in the financial reporting process including consideration of known or suspected instances of non-compliance with laws and regulations central to the company's ability to operate, and fraud;
- Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or of significant monetary amount; and
-Review of the rationale for the calculation of key accounting estimates in the financial statements and testing of the accuracy of these calculations.

There are inherent limitations in the audit procedures described above. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

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.




Andrew McMinnis ACA FCCA (Senior Statutory Auditor)
for and on behalf of Livesey Spottiswood Ltd
Chartered Accountants and
Statutory Auditors
17 George Street
St Helens
Merseyside
WA10 1DB

13 September 2024

ELECTROVISION LIMITED (REGISTERED NUMBER: 01518942)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 8,186,542 8,976,741

Cost of sales (5,565,234 ) (6,385,964 )
GROSS PROFIT 2,621,308 2,590,777

Administrative expenses (2,468,599 ) (2,777,134 )
152,709 (186,357 )

Other operating income 251,300 269,301
OPERATING PROFIT 4 404,009 82,944


Interest payable and similar expenses 5 (10,659 ) (16,286 )
PROFIT BEFORE TAXATION 393,350 66,658

Tax on profit 6 (92,066 ) (11,339 )
PROFIT FOR THE FINANCIAL YEAR 301,284 55,319

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

301,284

55,319

ELECTROVISION LIMITED (REGISTERED NUMBER: 01518942)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 8 75,815 101,664

CURRENT ASSETS
Stocks 9 5,978,648 6,482,598
Debtors 10 2,722,167 3,931,995
Cash at bank and in hand 42,520 1,000
8,743,335 10,415,593
CREDITORS
Amounts falling due within one year 11 (6,786,794 ) (8,483,503 )
NET CURRENT ASSETS 1,956,541 1,932,090
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,032,356

2,033,754

PROVISIONS FOR LIABILITIES 15 (3,512 ) (6,194 )
NET ASSETS 2,028,844 2,027,560

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 2,028,744 2,027,460
SHAREHOLDERS' FUNDS 2,028,844 2,027,560

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:




Mr M Benyon - Director



Mr R J J Fox - Director


ELECTROVISION LIMITED (REGISTERED NUMBER: 01518942)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 1,972,141 1,972,241

Changes in equity
Total comprehensive income - 55,319 55,319
Balance at 31 December 2022 100 2,027,460 2,027,560

Changes in equity
Dividends - (300,000 ) (300,000 )
Total comprehensive income - 301,284 301,284
Balance at 31 December 2023 100 2,028,744 2,028,844

ELECTROVISION LIMITED (REGISTERED NUMBER: 01518942)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Electrovision Limited is a private company, limited by shares, registered in England & Wales. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are detailed in the Strategic Report on page 2.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.

Related party exemption
The company has taken advantage, 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year is in respect of the provision against stock.

The company sell items which can become technologically obsolete. As a result it is necessary to consider the recoverability of the cost of stock and the associated provision required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery-25% on cost
Fixtures and fittings-25% on cost

Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease.

ELECTROVISION LIMITED (REGISTERED NUMBER: 01518942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all direct production costs, costs of conversion and other costs incurred in bringing stock to it's present location and condition. Cost is calculated using the average cost formula. Provision is made for damaged, obsolete and slow moving stock where appropriate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Related parties
For the purposes of these financial statements, a party is considered to be related to the company if:
1. the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating decisions, or has joint control over the company;
2. the company and the party are subject to common control;
3. the party is an associate of the company or a joint venture in which the company is a venturer;
4. the party is a member of key management personnel of the company or the company's parent, or close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;
5. the party is a close family member of a party referred to in (1) or is an entity under the control, joint control or significant influence of such individuals; or
6. the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Research and development
Research and development expenditure is written off as incurred.

ELECTROVISION LIMITED (REGISTERED NUMBER: 01518942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Leased assets
Rentals payable under operating leases are charged against profits on a straight line basis over the periods of the leases. Assets acquired under finance leases and hire purchase contracts are capitalised as tangible fixed assets and depreciated in accordance with the accounting policy on depreciation. The related obligations, net of finance costs allocated to future periods, are included in creditors. Finance costs are charged against profits on a straight line basis over the periods of the contracts.

Employee benefits
When employees have rendered services to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid for that service.

The company operates a defined contribution plan for the benefit of its directors and employees. Contributions are expensed as they become payable.

Grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,254,504 1,385,604
Social security costs 118,556 133,289
Other pension costs 24,175 26,915
1,397,235 1,545,808

The average number of employees during the year was as follows:
2023 2022

Administration 10 9
Selling and distribution 31 41
41 50

2023 2022
£    £   
Directors' remuneration 153,523 194,043
Directors' pension contributions to money purchase schemes 1,491 2,242

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

Money purchase schemes 3 3

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 66,325 129,020
Profit on disposal of fixed assets (1,850 ) (2,000 )
Auditors' remuneration 9,744 8,436
Exchange rate losses/(gains) (5,506 ) (9,462 )
Other operating leases 200,000 200,000

ELECTROVISION LIMITED (REGISTERED NUMBER: 01518942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 10,659 16,286

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 94,924 20,579
Prior periods (176 ) -
Total current tax 94,748 20,579

Deferred tax (2,682 ) (9,240 )
Tax on profit 92,066 11,339

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 393,350 66,658
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2022 -
19%)

98,338

12,665

Effects of:
Expenses not deductible for tax purposes - 176
Depreciation in excess of capital allowances 2,557 7,738
Adjustments to tax charge in respect of previous periods (176 ) -
Changes in tax rates (5,971 ) -
Deferred tax movement (2,682 ) (9,240 )
Total tax charge 92,066 11,339

7. DIVIDENDS
2023 2022
£    £   
Dividends paid 300,000 -

ELECTROVISION LIMITED (REGISTERED NUMBER: 01518942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 January 2023 1,240,514 54,541 1,295,055
Additions 40,476 - 40,476
Disposals (9,569 ) - (9,569 )
At 31 December 2023 1,271,421 54,541 1,325,962
DEPRECIATION
At 1 January 2023 1,138,850 54,541 1,193,391
Charge for year 66,325 - 66,325
Eliminated on disposal (9,569 ) - (9,569 )
At 31 December 2023 1,195,606 54,541 1,250,147
NET BOOK VALUE
At 31 December 2023 75,815 - 75,815
At 31 December 2022 101,664 - 101,664

9. STOCKS
2023 2022
£    £   
Goods for resale 5,978,648 6,482,598

Stocks are stated after provisions for impairment of £724,120 (2022 - £707,398).

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,762,356 2,432,650
Other debtors 9,329 4,455
Amounts due from group companies 367,644 794,590
VAT 362,592 557,271
Prepayments and accrued income 220,246 143,029
2,722,167 3,931,995

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 12) - 164,936
Trade creditors 509,782 600,696
Corporation tax 94,924 20,579
Social security and other taxes 40,448 40,024
Other creditors 25,094 28,176
Amounts due to group companies 5,738,700 7,206,692
Accruals and deferred income 377,846 422,400
6,786,794 8,483,503

ELECTROVISION LIMITED (REGISTERED NUMBER: 01518942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 164,936

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 16,667 16,667

14. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 164,936
Amounts due to group companies 2,464,561 4,718,437
2,464,561 4,883,373

There are currently debentures held in favour of Lloyds TSB Bank plc in relation to all money and liabilities whether actual or contingent, in addition there is a 1st legal charge over commercial freehold property at Lancots Lane.

There is also a further debenture in place with the parent company Holmpatrick Limited in the form of a fixed and floating charge over the assets of the company.

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 3,512 6,194

Deferred
tax
£   
Balance at 1 January 2023 6,194
Movement in the year (2,682 )
Balance at 31 December 2023 3,512

Deferred tax is wholly in respect of accelerated capital allowances.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

ELECTROVISION LIMITED (REGISTERED NUMBER: 01518942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


17. RESERVES
Retained
earnings
£   

At 1 January 2023 2,027,460
Profit for the year 301,284
Dividends (300,000 )
At 31 December 2023 2,028,744

18. PENSION COMMITMENTS

During the year the company made contributions to a defined contribution pension scheme in respect of directors and employees. The amount paid during the year was £24,175 (2022 - £26,915). At 31 December 2023, £3,581 (2022 - £2,360) was due in respect of outstanding pension contributions.

19. ULTIMATE PARENT COMPANY

The company's ultimate parent company is Holmpatrick Limited, a company incorporated in England and Wales. The registered office of Holmpatrick Limited is Lancots Lane, Sutton, St Helens, WA9 3EX.

20. CONTINGENT LIABILITIES

The company has entered into an inter-company bank guarantee with other group companies of up to £750,000 gross or £100,000 net. The net indebtedness of other group companies at 31 December 2023 was £Nil (2022 - £18,683).

21. RELATED PARTY DISCLOSURES

During the year the company sold goods amounting to £801,825 (2022 - £1,017,010) to non-wholly owned subsidiaries within the Holmpatrick Group. The company also purchased goods amounting to £346,008 (2022 - £398,070) from non-wholly owned subsidiaries within the Holmpatrick Group.

Also during the year the company also received management charges of £250,000 (2022 - £250,000) from non-wholly owned subsidiaries within the Holmpatrick Group.

At 31 December 2023, £316,896 (2022 - £641,585) was due from and £140,102 (2022 - £Nil) was due to non-wholly owned subsidiaries within the Holmpatrick Group.

During the year, a total of key management personnel compensation of £ 155,014 (2022 - £ 196,285 ) was paid.