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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 2023

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 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Enfield Fancy Goods Limited and
subsidiary companies

Company Information
for the Year Ended 31 December 2023







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





SECRETARY: A B Shipton





REGISTERED OFFICE: Building 1
St. Cross Chambers
Upper Marsh Lane
Hoddesdon
Hertfordshire
EN11 8LQ





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 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The Company continued its principal activity of the wholesale of housewares and continued to expand the range of products to ensure customers’ requirements are met. The Company’s key objectives are the retention of existing customers through continued high levels of service and organic growth by securing new customers.

PRINCIPAL RISKS AND UNCERTAINTIES
Overseas markets - The company continues to monitor the situation in its overseas markets particularly those in West Africa and reduce exposure to the more volatile markets.

Increased competition - The housewares market continues to be a very competitive one and the company continues to monitor costs and sales prices to ensure it keeps up with current market trends. The expansion of the product range continues to ensure we are seen as the market leader in meeting customer requirements.

Credit risk - The Company is exposed to credit risk from its trading activities primarily from its trade receivables. Credit quality of customers is continually monitored. Outstanding receivable balances are monitored and chased on a regular basis to ensure compliance with trading terms.

RESULTS AND PERFORMANCE
Company turnover for the year was £37.5m very slightly down on the previous year £37.6m, this was due to the very competitive nature of the market in which the Company operates.

The gross profit for the year increased to £6.18m (2022 - £5.63m), the gross margin of 16.5% showed a significant increase from 14.9% in the prior year.

Net profit for the year was £349,762 (2022 - £250,452)

FUTURE DEVELOPMENTS
The Company is continually looking at increasing and improving its product range and sourcing new suppliers across the world.

The Company continues to invest in its IT infrastructure and system developments. The website has undergone an upgrade and there are plans for further developments in the foreseeable future. The web presence is seen as a critical part of the future plans for the business.

ON BEHALF OF THE BOARD:





D Shipton - Director


4 September 2024

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

Report of the Directors
for the Year Ended 31 December 2023

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

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

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

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


4 September 2024

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

Qualified opinion
We have audited the financial statements of Enfield Fancy Goods Limited and subsidiary companies (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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).

We have audited the financial statements of EFG Housewares Limited (the 'Company') for the year ended 31 December 2023, 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).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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 qualified opinion
Whilst completing audit procedures during the audit for the year ended 31st December 2022 of the physical inventories held by the company as at 31st December 2022, we identified that there had been a malfunction in the transfer of data to the new stock system. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £4,304,782 held at 31st December 2022. Consequently, we were unable to determine whether any adjustment to this amount at 31st December 2022 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31st December 2023. In addition, were any adjustment to the 31st December 2022 inventory balance be required, the strategic report would also need to be amended.

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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified 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 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.

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


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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £4,304,872 held at 31 December 2022. We have concluded that where the other information refers to the inventory balance as at 31 December 2022 or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, 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 directors’ report.

Arising solely from the limitation on the scope of our work relating to inventory held by the company as at 31st December 2022, 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.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- 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;

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

4 September 2024

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

Consolidated
Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 37,568,741 37,668,696

Cost of sales 31,382,869 32,035,201
GROSS PROFIT 6,185,872 5,633,495

Administrative expenses 5,808,528 5,365,019
OPERATING PROFIT 6 377,344 268,476

Interest receivable and similar income 96,200 96,200
473,544 364,676

Interest payable and similar expenses 7 123,782 114,224
PROFIT BEFORE TAXATION 349,762 250,452

Tax on profit 8 89,754 56,614
PROFIT FOR THE FINANCIAL YEAR 260,008 193,838
Profit attributable to:
Owners of the parent 260,008 193,838

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

Consolidated
Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 260,008 193,838


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

260,008

193,838

Total comprehensive income attributable to:
Owners of the parent 260,008 193,838

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

Consolidated Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 3,622,017 3,662,692
Investments 11 373,694 373,694
3,995,711 4,036,386

CURRENT ASSETS
Stocks 12 5,250,040 4,304,782
Debtors 13 6,432,639 6,082,267
Cash at bank and in hand 470,864 1,299,717
12,153,543 11,686,766
CREDITORS
Amounts falling due within one year 14 5,691,334 3,938,423
NET CURRENT ASSETS 6,462,209 7,748,343
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,457,920

11,784,729

CREDITORS
Amounts falling due after more than one
year

15

5,372

1,592,190
NET ASSETS 10,452,548 10,192,539

CAPITAL AND RESERVES
Called up share capital 20 6,740 6,740
Revaluation reserve 21 1,842,405 1,842,405
Capital redemption reserve 21 11,535 11,535
Retained earnings 21 8,591,668 8,331,659
SHAREHOLDERS' FUNDS 10,452,348 10,192,339

NON-CONTROLLING INTERESTS 22 200 200
TOTAL EQUITY 10,452,548 10,192,539

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 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 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 3,500,000 3,500,000
Investments 11 11,581 11,581
3,511,581 3,511,581

CURRENT ASSETS
Debtors 13 2,964,662 2,707,936
Cash at bank - 2,272
2,964,662 2,710,208
CREDITORS
Amounts falling due within one year 14 3,649,296 1,990,480
NET CURRENT (LIABILITIES)/ASSETS (684,634 ) 719,728
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,826,947

4,231,309

CREDITORS
Amounts falling due after more than one
year

15

1,097

1,565,464
NET ASSETS 2,825,850 2,665,845

CAPITAL AND RESERVES
Called up share capital 20 6,740 6,740
Revaluation reserve 21 1,842,405 1,842,405
Capital redemption reserve 21 11,535 11,535
Retained earnings 21 965,170 805,165
SHAREHOLDERS' FUNDS 2,825,850 2,665,845

Company's profit for the financial year 160,005 89,399

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 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 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 January 2022 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

Changes in equity
Total comprehensive income - 260,008 -
Balance at 31 December 2023 6,740 8,591,667 1,842,405
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 January 2022 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

Changes in equity
Total comprehensive income - 260,008 - 260,008
Balance at 31 December 2023 11,535 10,452,347 200 10,452,547

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

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2022 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
Total comprehensive income - 160,005 - - 160,005
Total transactions with owners,
recognised directly in equity

-

-

-

-

-
Balance at 31 December 2023 6,740 965,170 1,842,405 11,535 2,825,850

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

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (355,901 ) 916,630
Interest paid (123,781 ) (114,224 )
Tax paid (62,119 ) (133,930 )
Net cash from operating activities (541,801 ) 668,476

Cash flows from financing activities
Loan repayments in period (126,526 ) (132,602 )
Amount withdrawn by directors (160,526 ) 13,762
Net cash from financing activities (287,052 ) (118,840 )

(Decrease)/increase in cash and cash equivalents (828,853 ) 549,636
Cash and cash equivalents at beginning of
year

2

1,299,717

750,081

Cash and cash equivalents at end of year 2 470,864 1,299,717

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

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 349,762 250,452
Depreciation charges 40,674 51,745
Finance costs 123,782 114,224
Finance income (96,200 ) (96,200 )
418,018 320,221
(Increase)/decrease in stocks (945,258 ) 52,120
(Increase)/decrease in trade and other debtors (482,968 ) 714,870
Increase/(decrease) in trade and other creditors 654,307 (170,581 )
Cash generated from operations (355,901 ) 916,630

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 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 470,864 1,299,717
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,299,717 750,081


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,299,717 (828,853 ) 470,864
1,299,717 (828,853 ) 470,864
Debt
Finance leases (52,064 ) 26,435 (25,629 )
Debts falling due within 1 year (156,282 ) (1,464,276 ) (1,620,558 )
Debts falling due after 1 year (1,566,561 ) 1,564,367 (2,194 )
(1,774,907 ) 126,526 (1,648,381 )
Total (475,190 ) (702,327 ) (1,177,517 )

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

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

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 2023

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 2023

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 2023, 48% of the company's turnover was derived from markets outside the United Kingdom (December 2022 - 47%).

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 3,823,917 3,475,445
Social security costs 386,857 367,405
Other pension costs 50,952 88,308
4,261,726 3,931,158

The average number of employees during the year was as follows:
31.12.23 31.12.22

Directors 4 4
Warehouse Operatives 106 102
Office and administration 4 4
114 110

The average number of employees by undertakings that were proportionately consolidated during the year was 114 (2022 - 110 ) .

5. DIRECTORS' EMOLUMENTS
31.12.23 31.12.22
£    £   
Directors' remuneration 739,992 697,624
Directors' pension contributions to money purchase schemes - 40,000

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

Money purchase schemes - 2

Information regarding the highest paid director is as follows:
31.12.23 31.12.22
£    £   
Emoluments etc 348,148 328,311
Pension contributions to money purchase schemes - 40,000

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

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

6. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 27,127 33,682
Depreciation - assets on hire purchase contracts 13,548 18,064
Auditors' remuneration 17,030 11,800

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank interest 85,416 64,323
Tax interest and penalties 33,915 45,220
Hire purchase 4,451 4,681
123,782 114,224

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 89,754 56,614
Tax on profit 89,754 56,614

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:

31.12.23 31.12.22
£    £   
Profit before tax 349,762 250,452
Profit multiplied by the standard rate of corporation tax in the UK of
23.500 % (2022 - 19 %)

82,194

47,586

Effects of:
Depreciation in excess of capital allowances 8,743 9,028


enhanced deduction
Differences attributing to change in tax rate (1,183 ) -
Total tax charge 89,754 56,614

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

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

8. TAXATION - continued

Factors affecting future tax charges

The corporation tax rate increased from 19% to 25% with effect from 1 April 2023. This results in the increase in tax rate shown above. Next year the Company's rate will be the full 25%. The deferred taxation balances have been measured using 25%, which is the enacted rate applicable in the reporting periods when the timing differences reverse.

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. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Warehouse
property property Equipment
£    £    £   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 3,500,000 74,591 582,306
DEPRECIATION
At 1 January 2023 - 44,754 480,407
Charge for year - 7,459 25,475
At 31 December 2023 - 52,213 505,882
NET BOOK VALUE
At 31 December 2023 3,500,000 22,378 76,424
At 31 December 2022 3,500,000 29,837 101,899

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 603,585 39,282 4,799,764
DEPRECIATION
At 1 January 2023 585,440 26,471 1,137,072
Charge for year 4,537 3,204 40,675
At 31 December 2023 589,977 29,675 1,177,747
NET BOOK VALUE
At 31 December 2023 13,608 9,607 3,622,017
At 31 December 2022 18,145 12,811 3,662,692

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

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 December 2023 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

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Warehouse
Equipment
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 137,130
DEPRECIATION
At 1 January 2023 82,938
Charge for year 13,548
At 31 December 2023 96,486
NET BOOK VALUE
At 31 December 2023 40,644
At 31 December 2022 54,192

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

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. TANGIBLE FIXED ASSETS - continued

Company
Freehold
property
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 3,500,000
NET BOOK VALUE
At 31 December 2023 3,500,000
At 31 December 2022 3,500,000

Cost or valuation at 31 December 2023 is represented by:

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

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

31.12.23 31.12.22
£    £   
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 .

11. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 373,694
NET BOOK VALUE
At 31 December 2023 373,694
At 31 December 2022 373,694

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

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

11. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 10,484 1,097 11,581
NET BOOK VALUE
At 31 December 2023 10,484 1,097 11,581
At 31 December 2022 10,484 1,097 11,581

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: Building 1, St. Cross Chambers, Upper Marsh Lane, Hoddesdon, Herts, EN11 8LQ
Nature of business: Cash & carry wholesalers
%
Class of shares: holding
'A' Ordinary £1 shares 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 7,627,697 7,527,695
Profit for the year 141,150 104,440

EFG Trustees Limited
Registered office: Building 1, St. Cross Chambers, Upper Marsh Lane, Hoddesdon, Herts, EN11 8LQ
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.

12. STOCKS

Group
31.12.23 31.12.22
£    £   
Stocks 5,250,040 4,304,782

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

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

13. DEBTORS

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 3,164,700 3,287,382 - -
Amounts owed by participating interests 70,000 70,000 - -
Sundry Debtors and Prepayments 459,185 284,349 363,600 267,400
Directors' current accounts 196,062 35,536 196,062 35,536
VAT 137,692 - - -
4,027,639 3,677,267 559,662 302,936

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 6,432,639 6,082,267 2,964,662 2,707,936

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans and overdrafts (see note 16) 1,620,558 156,282 1,620,558 156,282
Hire purchase contracts (see note 17) 22,451 26,435 - -
Trade creditors 3,947,626 3,304,769 - -
Amounts owed to group undertakings - - 1,962,438 1,494,419
Tax 89,754 56,613 48,606 20,969
Social security and other taxes (64,423 ) 254,494 - 132,917
VAT - 81,278 - 159,975
Creditors and Accruals 74,704 57,890 17,030 25,256
Directors' current accounts 664 662 664 662
5,691,334 3,938,423 3,649,296 1,990,480

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

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans (see note 16) - 1,564,367 - 1,564,367
Other loans (see note 16) 2,194 2,194 1,097 1,097
Hire purchase contracts (see note 17) 3,178 25,629 - -
5,372 1,592,190 1,097 1,565,464

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

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 1,620,558 156,282 1,620,558 156,282
Amounts falling due between one and two years:
Bank Loan between 1 and 2 yrs - 312,564 - 312,564
Film Investment Loan 2,194 2,194 1,097 1,097
2,194 314,758 1,097 313,661
Amounts falling due between two and five years:
Bank Loan between 2 and 5 yrs - 468,846 - 468,846
Amounts falling due in more than five years:
Repayable by instalments
Bank loan over 5 yrs instlmts - 782,957 - 782,957

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.23 31.12.22
£    £   
Gross obligations repayable:
Within one year 26,371 30,903
Between one and five years 3,688 30,059
30,059 60,962

Finance charges repayable:
Within one year 3,920 4,468
Between one and five years 510 4,430
4,430 8,898

Net obligations repayable:
Within one year 22,451 26,435
Between one and five years 3,178 25,629
25,629 52,064

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

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans 1,620,558 1,720,649 1,620,558 1,720,649
Film Investment Loan - 1,097 1,097 1,097
Hire purchase agreements - 52,064 - -
1,620,558 1,773,810 1,621,655 1,721,746

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

19. FINANCIAL INSTRUMENTS

31.12.23 31.12.22
£    £   
Financial assets

Financial assets that are debt instruments measured at amortised cost 6,059,555 6,082,267


Financial liabilities

Financial liabilities measured at amortised cost 5,606,953 5,530,613


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.

20. 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 2023

21. RESERVES

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

At 1 January 2023 8,331,660 1,842,405 11,535 10,185,600
Profit for the year 260,008 260,008
At 31 December 2023 8,591,668 1,842,405 11,535 10,445,608

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

At 1 January 2023 805,165 1,842,405 11,535 2,659,105
Profit for the year 160,005 160,005
At 31 December 2023 965,170 1,842,405 11,535 2,819,110


22. NON-CONTROLLING INTERESTS

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

23. 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 £50,952 (2022 £88,308). Contributions totalling £10,902 (2022 £8,816) were payable to the funds at the balance sheet date and are included in creditors.

24. 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.

25. RELATED PARTY DISCLOSURES

The amounts owed by the directors on their current accounts at 31 December 2023 totalled £196,062 (December 2022 £34,874).

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 (2022 : £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 2023.

26. 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.