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REGISTERED NUMBER: 13050038 (England and Wales)














Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

For Everyone Group Ltd

For Everyone Group Ltd (Registered number: 13050038)






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 5

Report of the Independent Auditors 6

Consolidated Profit and Loss Account 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


For Everyone Group Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S Johnson
Mrs C J Johnson
B Johnson
Mrs H Johnson





REGISTERED OFFICE: Unit 8
Centenary Park
Coronet Way
Salford
Greater Manchester
M50 1RE





REGISTERED NUMBER: 13050038 (England and Wales)





AUDITORS: Thompson Wright Limited
Chartered Accountants
and Statutory Auditors
Ebenezer House
Ryecroft
Newcastle under Lyme
Staffordshire
ST5 2BE

For Everyone Group Ltd (Registered number: 13050038)

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
Overview
For Everyone Group Limited operates a diverse portfolio of brands in the UK, each tailored to specific markets, from healthcare refrigeration to kitchen appliances and EV charging solutions. Key brands include CoolMed, Evec, Ship It Appliances, SIA, AFE Distribution, XingBang UK, and OEM Appliances. The group operates through a multichannel sales strategy at each entity level, this includes business to business, ecommerce and wholesale distributor.

Going concern
The group endured a difficult financial year in 2023, with negative economic conditions reducing margins, increasing operating costs and causing the group to make operating losses. These losses were driven by reduced margin, increased delivery costs, foreign exchange losses, stock provisions and high operating costs with key partners. Whilst revenue has remained strong the group acknowledges costs have not been focused on. In 2024, the group has realigned its buying strategy and recovered inventory management to ensure stock is acquired to demand plans whilst also reviewing prices and undergoing a major cost restructuring exercise. Restructuring costs includes closure of a large warehouse in Mansfield, key partner costs have been renegotiated to reduce rates and an internal review on resourcing.

The business continues to be funded by third party lenders, Close Invoice Finance Ltd (Close), through an invoice financing facility, stock based lending facility and term loan which grants the company working capital to run its day to day operations. This funding arrangement was completed on 13 October 2023 and is provided with monthly covenant conditions on debt servicing and cash headroom. These covenants were breached throughout inception, as such, following the restructuring strategy and with the agreement of Close, these covenants were adjusted on 18 October 2024 to ensure adjusted covenants are achievable whilst the business transitions. Close have agreed to take no action on previous covenant breaches whilst requiring the group has an external review of forecasts by a third party accountancy firm, the adjusted agreement was indemnified by Stephen and Brian Johnson.

The group's ability to continue as a going concern is dependant on the continued access to financing from third party lenders (Close Invoice Finance Limited) and key Chinese suppliers. The company has adequate headroom within its invoicing financing facility with the support of outstanding Chinese suppliers debts and enhanced terms for payment. The directors are also considering a possible sale of business assets which would significantly reduce the group's exposure to requiring third party funding.

The shareholders are committed to not withdrawing equity or repaying shareholder loans within the group. Any inflows from shareholders will continue to support the group and the Directors have indemnified Close Brothers.
After reviewing the company forecasts and projections up to 31 December 2025, the Directors have a reasonable expectation that the group has adequate resources and support to continue in operational existence for the foreseeable future whilst meeting amended covenants. The group therefore continues to adopt the going concern basis in preparing its financial statements.

Business Model
The group manages its brands independently, with each brand targeting specific industries:

CoolMed: Specializes in medical refrigeration for healthcare facilities.

Evec: Focuses on affordable, smart EV chargers to promote sustainable vehicle use.

Ship It Appliances: Provides reliable, affordable kitchen appliances direct to consumer through their own website and online marketplaces.

OEM appliances and AFE Distribution: Offers high-quality appliances to business clients.

SIA: Is the group's own brand of appliances which provides high-quality appliances at reasonable prices to the consumer through various channels.

Xingbang: Supplies major UK brands with kitchen appliances.

Strategic Objectives
1. Innovation: Developing advanced, reliable, and affordable products tailored to client needs

2. Sustainability: Partnership with Earthly to achieve climate-positive status and reduce carbon footprint.

3. Customer-Centric Approach: Enhancing partnerships with significant UK entities like the NHS and Lloyds Pharmacy.

4. Growth: Expanding brand reach and client base, focusing on strategic sectors.

Market Environment

For Everyone Group Ltd (Registered number: 13050038)

Group Strategic Report
for the Year Ended 31 December 2023

The group operates within competitive sectors, facing evolving customer expectations, regulatory requirements, and a shift towards sustainable practices.

Financial Highlights
KPI 2023 2022
Turnover '000 £35,737 £23,335
Gross profit '000 £9,464 £5,877
Gross profit % 26.48% 25.19%


For Everyone Group Ltd (Registered number: 13050038)

Group Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
There are certain risks, which could materially and adversely impact the group's results compared to expectation. A summary of the key risks is set out below. This is not an exhaustive list of the factors that could adversely impact group profitability.

FINANCIAL INSTRUMENTS
The group uses various financial instruments; these include cash and various items, such as trade debtors, trade creditors and loans that arise directly from its operations.

The existence of these financial instruments exposes the group to several financial risks which are described in more detail below.

The main risks arising from the group's financial instruments are categorised as market risk, credit risk and liquidity risk. The directors review and agree policies for managing these risks and they are summarised below.

MARKET RISK
The directors are constantly monitoring both the quality and price of the products it acquires and the range of goods it supplies to minimise the market risk.

A risk to the market, particularly with Xingbang UK and OEM, is that there is a reliance on the global supply chain which may impact the goods supplied into the UK.

The directors are monitoring regulatory compliance with the requirement to adhere to the latest regulations.

Economic indicators - the group acknowledges the importance of monitoring the economic climate to be able to identify the early signs of potential financial difficulties and opportunities. This is done in several ways including maintaining close relationships with our customers, system integrators and suppliers to share knowledge of our markets, whilst taking input from our relationships with Industry bodies and professional advisors.

INTEREST RATE RISK
The group's policy throughout the year has been to maintain liquid funds at the bank and avoid incurring too much interest whilst also funding the repayment of hire purchase obligations and loan repayments.

Where the group has had to undertake short term borrowings via hire purchase obligations, the group's exposure to interest rate fluctuations on its borrows its management by the use of fixed and floating facilities. It is the group's policy to minimise the amount of borrowings at floating rates of interest.

The maturity of the borrowings is set out on note 18 to the financial statements.

CREDIT RISK
To counteract the risk of bad debts the business has increased the use of credit checking and monitoring facilities to assess the risk to the group. If a significant risk is identified then a further review is made and where appropriate protective actions are undertaken.

LIQUIDITY RISK
The business has a very strong relationship with its bank. The group has the facilities available to meet its needs on an ongoing basis. These facilities are reviewed on a regular basis, by both the bank and the management, and are in accordance with the needs of the group.

FUTURE DEVELOPMENTS
For Everyone Group Limited will continue to focus on market expansion, sustainability, and product innovation, aligning each brand's objectives with consumer demand and regulatory expectations.

ON BEHALF OF THE BOARD:





S Johnson - Director


12 December 2024

For Everyone Group Ltd (Registered number: 13050038)

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
The total distribution of dividends for the year ended 31 December 2023 will be £ 290,415 .

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

S Johnson
Mrs C J Johnson
B Johnson

Other changes in directors holding office are as follows:

Mrs H Johnson - appointed 18 April 2023

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 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 group's auditors are aware of that information.

AUDITORS
The auditors, Thompson Wright Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S Johnson - Director


12 December 2024

Report of the Independent Auditors to the Members of
For Everyone Group Ltd

Opinion
We have audited the financial statements of For Everyone Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Profit and Loss Account, 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).

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

We were not appointed as auditors of the group until after 31st December 2022 and thus did not observe the counting of physical stock at the beginning of the year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31st December 2022 which are stated in the balance sheet at £4,600,128.

As a result of this matter, we were unable to determine whether any adjustments might have been found necessary in respect of recorded or unrecorded stock, and the elements making up the profit and loss account, statement of changes in equity and statement of cash flows.

Material uncertainty related to going concern
We draw attention to Note 2 in the financial statements, which indicates that the group has held discussions regarding its principal financing.

As part of these discussions, revised forecasts have been prepared and reduced covenant obligations have been agreed until June 2025, as the original covenants were unable to be met. The revised forecasts are to be subject to a review by a competent third party firm of accountants as requested by the group's main lender of finances. If the third party's review of the revised forecasts indicates that the reduced covenants will not be met, the lender will complete a further internal review before deciding upon the future funding facility.

The group is also considering the potential sale of business assets, which would significantly reduce its exposure to requiring third party lending.

As stated in Note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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, as noted above.

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
For Everyone Group Ltd


Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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
For Everyone Group Ltd


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the retail of white goods sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental consumer rights act, other industry specific accreditations and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


Report of the Independent Auditors to the Members of
For Everyone Group Ltd

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.

Other matters which we are required to address
In the previous accounting period the directors of the group took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.

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.




Richard Thompson BA FCA Dip PFS (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited
Chartered Accountants
and Statutory Auditors
Ebenezer House
Ryecroft
Newcastle under Lyme
Staffordshire
ST5 2BE

12 December 2024

For Everyone Group Ltd (Registered number: 13050038)

Consolidated Profit and Loss Account
for the Year Ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 35,736,693 25,415,766

Cost of sales 26,731,672 18,600,207
GROSS PROFIT 9,005,021 6,815,559

Distribution costs 1,560,571 1,301,548
Administrative expenses 10,225,700 5,683,898
11,786,271 6,985,446
(2,781,250 ) (169,887 )

Other operating income 6,500 -
OPERATING LOSS 5 (2,774,750 ) (169,887 )


Interest payable and similar expenses 7 317,490 27,085
LOSS BEFORE TAXATION (3,092,240 ) (196,972 )

Tax on loss 8 189,856 121,937
LOSS FOR THE FINANCIAL YEAR (3,282,096 ) (318,909 )
Loss attributable to:
Owners of the parent (3,282,096 ) (318,909 )

For Everyone Group Ltd (Registered number: 13050038)

Consolidated Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

LOSS FOR THE YEAR (3,282,096 ) (318,909 )


OTHER COMPREHENSIVE INCOME
- (70,000 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

-

(70,000

)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (3,282,096 ) (388,909 )

Total comprehensive income attributable to:
Owners of the parent (3,282,096 ) (388,909 )

For Everyone Group Ltd (Registered number: 13050038)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 24,330 446,000
Tangible assets 12 647,192 921,733
Investments 13 - -
671,522 1,367,733

CURRENT ASSETS
Stocks 14 11,658,935 4,600,128
Debtors 15 5,958,439 5,529,625
Cash at bank and in hand 206,585 572,770
17,823,959 10,702,523
CREDITORS
Amounts falling due within one year 16 18,090,812 8,733,533
NET CURRENT (LIABILITIES)/ASSETS (266,853 ) 1,968,990
TOTAL ASSETS LESS CURRENT LIABILITIES 404,669 3,336,723

CREDITORS
Amounts falling due after more than one year 17 (1,151,377 ) (513,265 )

PROVISIONS FOR LIABILITIES 21 (2,145 ) -
NET (LIABILITIES)/ASSETS (748,853 ) 2,823,458

CAPITAL AND RESERVES
Called up share capital 22 400 200
Share premium 23 99,963 99,963
Capital redemption reserve 23 5 5
Retained earnings 23 (849,221 ) 2,723,290
SHAREHOLDERS' FUNDS (748,853 ) 2,823,458

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2024 and were signed on its behalf by:





S Johnson - Director


For Everyone Group Ltd (Registered number: 13050038)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 36,879 -
Investments 13 533 102,896
37,412 102,896

CURRENT ASSETS
Debtors 15 830,851 223,244
Cash at bank 2,533 3,023
833,384 226,267
CREDITORS
Amounts falling due within one year 16 858,637 328,487
NET CURRENT LIABILITIES (25,253 ) (102,220 )
TOTAL ASSETS LESS CURRENT LIABILITIES 12,159 676

PROVISIONS FOR LIABILITIES 21 9,220 -
NET ASSETS 2,939 676

CAPITAL AND RESERVES
Called up share capital 22 400 200
Retained earnings 23 2,539 476
SHAREHOLDERS' FUNDS 2,939 676

Company's profit for the financial year 292,478 196,460

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2024 and were signed on its behalf by:





S Johnson - Director


For Everyone Group Ltd (Registered number: 13050038)

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

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 200 3,400,328 99,963 - 3,500,491

Changes in equity
Increase in share capital 10 - - - 10
Reduction in share capital (10 ) 5 - - (5 )
Dividends - (288,134 ) - - (288,134 )
Total comprehensive income - (388,909 ) - 5 (388,904 )
Balance at 31 December 2022 200 2,723,290 99,963 5 2,823,458

Changes in equity
Issue of share capital 200 - - - 200
Dividends - (290,415 ) - - (290,415 )
Total comprehensive income - (3,282,096 ) - - (3,282,096 )
Balance at 31 December 2023 400 (849,221 ) 99,963 5 (748,853 )

For Everyone Group Ltd (Registered number: 13050038)

Company 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 - 100

Changes in equity
Issue of share capital 100 - 100
Dividends - (195,984 ) (195,984 )
Total comprehensive income - 196,460 196,460
Balance at 31 December 2022 200 476 676

Changes in equity
Issue of share capital 200 - 200
Dividends - (290,415 ) (290,415 )
Total comprehensive income - 292,478 292,478
Balance at 31 December 2023 400 2,539 2,939

For Everyone Group Ltd (Registered number: 13050038)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (196,273 ) 873,425
Interest paid (298,247 ) (15,652 )
Interest element of hire purchase payments paid (19,243 ) (11,433 )
Tax paid (227,849 ) (420,714 )
Net cash from operating activities (741,612 ) 425,626

Cash flows from investing activities
Purchase of intangible fixed assets (6,864 ) (23,269 )
Purchase of tangible fixed assets (135,652 ) (361,659 )
Sale of tangible fixed assets 498,007 67,111
Net cash from investing activities 355,491 (317,817 )

Cash flows from financing activities
New loans in year 1,250,000 -
Loan repayments in year (513,333 ) (120,000 )
Capital repayments in year (315,598 ) (100,952 )
Amount introduced by directors 30,765 254,880
Amount withdrawn by directors (141,683 ) (107,214 )
Share issue 200 96
Share buyback - (69,990 )
Equity dividends paid (290,415 ) (288,134 )
Net cash from financing activities 19,936 (431,314 )

Decrease in cash and cash equivalents (366,185 ) (323,505 )
Cash and cash equivalents at beginning of year 2 572,770 896,275

Cash and cash equivalents at end of year 2 206,585 572,770

For Everyone Group Ltd (Registered number: 13050038)

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

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2023 2022
£    £   
Loss before taxation (3,092,240 ) (196,972 )
Depreciation charges 176,179 245,000
Loss/(profit) on disposal of fixed assets 29,063 (15,435 )
Impairment of Goodwill 392,034 193,700
Finance costs 317,490 27,085
(2,177,474 ) 253,378
Increase in stocks (7,058,807 ) (76,042 )
(Increase)/decrease in trade and other debtors (509,103 ) 1,353,194
Increase/(decrease) in trade and other creditors 9,549,111 (657,105 )
Cash generated from operations (196,273 ) 873,425

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 206,585 572,770
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 572,770 896,275


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 572,770 (366,185 ) 206,585
572,770 (366,185 ) 206,585
Debt
Finance leases (295,468 ) 59,042 (236,426 )
Debts falling due within 1 year (120,000 ) (129,996 ) (249,996 )
Debts falling due after 1 year (351,667 ) (606,671 ) (958,338 )
(767,135 ) (677,625 ) (1,444,760 )
Total (194,365 ) (1,043,810 ) (1,238,175 )

For Everyone Group Ltd (Registered number: 13050038)

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

1. STATUTORY INFORMATION

For Everyone Group Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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.

Going concern
The financial statements have been prepared on the basis of going concern, which assumes that the group will continue to operate its business for the foreseeable future. The group's ability to continue as a going concern is dependent on the continued access to adequate headroom within its invoice financing facility together with the support of suppliers and enhanced terms of payment from the suppliers. However, as at the date of signing these accounts, the group has agreed reduced covenant obligations with its lender until June 2025 and these amended covenants are pending a third party review by a firm of accountants, as requested by the lender, against trading forecasts prepared by the directors. These forecasts assess whether the group has sufficient working capital and cash flows to meet its obligations as they fall due over the 12 months following the signing of these financial statements, including servicing its debt, maintaining operations, and fulfilling its commitments to employees and suppliers.

The group's directors are actively addressing the situation and are working towards finding a resolution that takes into account the interests of all its stakeholders. In particular, the directors are working with the group's principal lender along with third party advisors to consider the optimal route forward, including a possible sale of business assets which would significantly reduce the group's exposure to requiring third party funding. The group's funding facility is disclosed in note 20.

If the group is unable to successfully address the situation and its associated challenges, it may have a material adverse effect on the group's financial condition and operating results. Given the outcome of the third party review is not yet complete, there is a material uncertainty in relation to the ability of the group to continue as a going concern. The financial statements presented do not include any adjustments to reflect the downside scenario.

Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity.

The consolidated financial statements incorporate the results of the business combinations using the acquisition method on purchase of Ship It Appliances Limited. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the date of acquisition. The results of acquired operations are included in the consolidated Profit and Loss Account from the date on which control is obtained.

The consolidated financial statements incorporate the results of the business combinations using the merger basis method on purchase of Coolmed Limited. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are recognised as if they were always in the group. The results of acquired operations are included in the consolidated Profit and Loss Account from the starting of the previous period.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

For Everyone Group Ltd (Registered number: 13050038)

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

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The significant judgments that the directors have made in the process of applying the company's accounting policies and key sources of estimation uncertainty that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.

Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and the company retains no ownership or effective control over the goods sold.

Recoverability of trade debtors
The group establishes a provision for trade debtors that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of the trade debtors, past experience of recoverability and the credit profile of individual or groups of customers.

All turnover is derived in the UK.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business has been amortised over a 10 year useful life basis.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software are being amortised evenly over their estimated useful life of 4 years.

Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

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.
Long leasehold - Straight line over 10 years
Plant and machinery - 25% on reducing balance, 15% on reducing balance and Straight line over 4 years
Fixtures and fittings - 33% on reducing balance, 15% on reducing balance and Straight line over 4 years
Motor vehicles - 25% on reducing balance and 15% on reducing balance
Computer equipment - 33% on reducing balance and Straight line over 4 years

Determining residual values of tangible assets
Judgement is applied by management when determining the residual values for fixed assets. When determining the residual value management aim to assess the amount that the group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Estimated useful life of tangible assets
The group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

For Everyone Group Ltd (Registered number: 13050038)

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

2. ACCOUNTING POLICIES - continued

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

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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.

For Everyone Group Ltd (Registered number: 13050038)

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

2. ACCOUNTING POLICIES - continued

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
White goods 30,028,540 22,890,917
EV chargers 3,100,253 425,397
Medical supplies 2,607,900 2,099,452
35,736,693 25,415,766

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,616,374 1,547,019
Social security costs 269,682 157,211
Other pension costs 103,392 102,267
2,989,448 1,806,497

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

Sales 11 2
Admin 24 14
Operations 32 23
67 39

2023 2022
£    £   
Directors' remuneration 39,432 22,282
Directors' pension contributions to money purchase schemes 12,142 52,000

For Everyone Group Ltd (Registered number: 13050038)

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

5. OPERATING LOSS

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

2023 2022
£    £   
Hire of plant and machinery 40,193 13,795
Other operating leases 673,141 315,069
Depreciation - owned assets 83,333 65,015
Depreciation - assets on hire purchase contracts 56,346 90,371
Loss/(profit) on disposal of fixed assets 29,063 (15,435 )
Goodwill amortisation 32,812 87,499
Computer software amortisation 3,688 2,115
Auditors' remuneration 54,484 -
Foreign exchange differences - (55,236 )
Impairment of investment in group undertaking 836,235 -

6. EXCEPTIONAL ITEMS
2023 2022
£    £   
Exceptional items (427,019 ) (193,700 )

During 2022, the exceptional items related to the correction of other debtor balances.

During 2023, the exceptional items related to the dilapidation costs for the property leased.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 289,887 11,133
CT interest 1,317 1,133
Other interest payable 7,043 3,386
Hire purchase 19,243 11,433
317,490 27,085

8. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - 78,065
Adjustments made to prior year 55,377 (63,366 )
HMRC settlement 75,000 200,000
Total current tax 130,377 214,699

Deferred tax 59,479 (92,762 )
Tax on loss 189,856 121,937

For Everyone Group Ltd (Registered number: 13050038)

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

8. TAXATION - continued

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:

2023 2022
£    £   
Loss before tax (3,092,240 ) (196,972 )
Loss multiplied by the standard rate of corporation tax in the UK of 19 % (2022 -
19 %)

(587,526

)

(37,425

)

Effects of:
Expenses not deductible for tax purposes 81,134 38,190
Income not taxable for tax purposes (178,360 ) (1,550 )
Capital allowances in excess of depreciation - (129,421 )
Depreciation in excess of capital allowances 115,352 -
Adjustments to tax charge in respect of previous periods 55,377 (63,366 )
Losses utilised (38,287 ) 115,509
HMRC Settlement 75,000 200,000
Losses carried forward 667,166 -
Total tax charge 189,856 121,937

Tax effects relating to effects of other comprehensive income

2022
Gross Tax Net
£    £    £   
Purchase of own shares (70,000 ) - (70,000 )
Capital redemption reserve 5 - 5
(69,995 ) - (69,995 )

9. INDIVIDUAL PROFIT AND LOSS ACCOUNT

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. DIVIDENDS
2023 2022
£    £   
A Ordinary shares of £1 each
Interim 37,005 63,534
B Ordinary shares of £1 each
Interim 31,587 109,197
C Ordinary shares of £1 each
Interim 120,979 20,755
D Ordinary shares of £1 each
Interim 100,844 94,648
290,415 288,134

During the financial year for 2022, within OEM Appliances Limited the company paid out a total of £40,550 to a minority shareholder who has since disposed of their investment.

During the financial year for 2022, within Coolmed Limited the company paid out a total of £51,600 to the Johnson family when the company was not included within the group.

For Everyone Group Ltd (Registered number: 13050038)

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

11. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 January 2023 1,390,610 23,269 1,413,879
Additions - 6,864 6,864
Impairment (640,610 ) - (640,610 )
At 31 December 2023 750,000 30,133 780,133
AMORTISATION
At 1 January 2023 965,764 2,115 967,879
Amortisation for year 32,812 3,688 36,500
Eliminated on impairment (248,576 ) - (248,576 )
At 31 December 2023 750,000 5,803 755,803
NET BOOK VALUE
At 31 December 2023 - 24,330 24,330
At 31 December 2022 424,846 21,154 446,000

12. TANGIBLE FIXED ASSETS

Group
Short Long Plant and
leasehold leasehold machinery
£    £    £   
COST
At 1 January 2023 - 61,845 479,234
Additions 17,057 - 26,297
Disposals - - -
At 31 December 2023 17,057 61,845 505,531
DEPRECIATION
At 1 January 2023 - 34,049 235,934
Charge for year 1,397 6,495 52,168
Eliminated on disposal - - -
At 31 December 2023 1,397 40,544 288,102
NET BOOK VALUE
At 31 December 2023 15,660 21,301 217,429
At 31 December 2022 - 27,796 243,300

For Everyone Group Ltd (Registered number: 13050038)

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

12. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 16,477 760,209 44,081 1,361,846
Additions 23,102 271,051 54,701 392,208
Disposals - (678,184 ) - (678,184 )
At 31 December 2023 39,579 353,076 98,782 1,075,870
DEPRECIATION
At 1 January 2023 6,086 140,616 23,428 440,113
Charge for year 5,330 56,972 17,317 139,679
Eliminated on disposal - (151,114 ) - (151,114 )
At 31 December 2023 11,416 46,474 40,745 428,678
NET BOOK VALUE
At 31 December 2023 28,163 306,602 58,037 647,192
At 31 December 2022 10,391 619,593 20,653 921,733

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 661,947
Additions 254,056
Disposals (579,922 )
At 31 December 2023 336,081
DEPRECIATION
At 1 January 2023 114,390
Charge for year 56,346
Eliminated on disposal (124,261 )
At 31 December 2023 46,475
NET BOOK VALUE
At 31 December 2023 289,606
At 31 December 2022 547,557

For Everyone Group Ltd (Registered number: 13050038)

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

12. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
Additions 12,393 13,192 15,334 40,919
At 31 December 2023 12,393 13,192 15,334 40,919
DEPRECIATION
Charge for year 1,549 758 1,733 4,040
At 31 December 2023 1,549 758 1,733 4,040
NET BOOK VALUE
At 31 December 2023 10,844 12,434 13,601 36,879

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023 102,896
Additions 836,372
Impairments (938,735 )
At 31 December 2023 533
NET BOOK VALUE
At 31 December 2023 533
At 31 December 2022 102,896

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

OEM Appliances Limited
Registered office: Unit 8, Centenary Park, Coronet Way, Salford Greater Manchester, M50 1RE.
Nature of business: Wholesale supply of appliances to business
%
Class of shares: holding
Ordinary 100.00

Xingbang Limited
Registered office: Unit 8, Centenary Park, Cornonet Way, Salford, Greater Manchester, M50 1RE.
Nature of business: The wholesale supply of appliances
%
Class of shares: holding
Ordinary 100.00

For Everyone Group Ltd (Registered number: 13050038)

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

13. FIXED ASSET INVESTMENTS - continued

Ship it Appliances
Registered office: Unit 8 Centenary Park, Coronet Way. Salford, Greater Manchester, M50 1RE.
Nature of business: Wholesale supply of kitchen appliances
%
Class of shares: holding
Ordinary 100.00

Coolmed Limited
Registered office: Unit 8 Centenary Park, Coronet Way, Salford, Greater Manchester, M50 1RE
Nature of business: Medical refrigeration for healthcare facilities
%
Class of shares: holding
Ordinary 100.00

Evec Limited
Registered office: Unit 8, Centenary Park, Coronet Way, Salford, Greater Manchester M50 1RE
Nature of business: Wholesale supply of smart EV charges
%
Class of shares: holding
Ordinary 96.00

SIA Appliances Limited
Registered office: Unit 8, Centenary Park, Coronet Way, Salford, Greater Manchester M50 1RE
Nature of business: The supply of own brand appliances to the public
%
Class of shares: holding
Ordinary 100.00


14. STOCKS

Group
2023 2022
£    £   
Stocks 11,658,935 4,600,128

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 4,858,330 1,893,563 4,242 -
Amounts owed by group undertakings - - 768,206 218,706
Other debtors 422,318 864,390 1,046 -
Unpaid share capital - 80 - 80
Pleo account - 60,077 - -
Tax 899 23,854 - -
VAT - - 20,652 4,458
Deferred tax asset - 57,334 - -
Prepayments and accrued income 676,892 2,630,327 - -
Prepayments - - 36,705 -
5,958,439 5,529,625 830,851 223,244

For Everyone Group Ltd (Registered number: 13050038)

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

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Deferred tax asset
Group Company
2023 2022 2023 2022
£    £    £    £   
Accelerated capital allowances - (107,866 ) - -
Tax losses carried forward - 165,200 - -
- 57,334 - -

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 249,996 120,000 - -
Hire purchase contracts (see note 19) 43,387 133,870 - -
Trade creditors 10,883,975 4,776,497 18,562 3,041
Amounts owed to group undertakings - - 701,672 259,547
Tax - 120,427 - -
Social security and other taxes 48,394 73,571 - -
VAT 1,106,964 435,060 - -
Other creditors 4,120,732 741,162 432 295
Factoring account 198,029 1,182,434 - -
Directors' current accounts 393,790 504,708 95,289 64,604
Accrued expenses 1,045,545 645,804 42,682 1,000
18,090,812 8,733,533 858,637 328,487

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

Group
2023 2022
£    £   
Bank loans (see note 18) 958,338 351,667
Hire purchase contracts (see note 19) 193,039 161,598
1,151,377 513,265

18. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 249,996 120,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 249,996 120,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 708,342 231,667

For Everyone Group Ltd (Registered number: 13050038)

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

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 43,387 133,870
Between one and five years 193,039 161,598
236,426 295,468

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 1,208,334 -
Hire purchase contracts 236,426 -
Invoice finance facility 3,865,346 -
5,310,106 -

A legal charge was created on 13th October 2023 which contains fixed charge, floating charge and negative pledge. The charge is also a floating charge which covers all the property or undertakings of the company.

Hire purchase creditors are secured over the assets to which they relate.

As at 31 December 2023, the group had an invoice finance facility of £3,865,346 and a loan of £1,208,334.

21. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax
Accelerated capital allowances 15,629 - 9,220 -
Other timing differences (13,484 ) - - -
2,145 - 9,220 -

Group
Deferred
tax
£   
Balance at 1 January 2023 (57,334 )
Charge to Profit and Loss Account during year 97,766
Losses carried forward (38,287 )
Balance at 31 December 2023 2,145

For Everyone Group Ltd (Registered number: 13050038)

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

21. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Charge to Income Statement during year 9,220
Balance at 31 December 2023 9,220

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
94 A Ordinary £1 94 47
40 B Ordinary £1 40 20
66 C Ordinary £1 66 33
200 D Ordinary £1 200 100
400 200

The following shares were issued during the year for cash at par :

47 A Ordinary shares of £1
20 B Ordinary shares of £1
33 C Ordinary shares of £1
100 D Ordinary shares of £1

23. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 2,723,290 99,963 5 2,823,258
Deficit for the year (3,282,096 ) (3,282,096 )
Dividends (290,415 ) (290,415 )
At 31 December 2023 (849,221 ) 99,963 5 (749,253 )

Company
Retained
earnings
£   

At 1 January 2023 476
Profit for the year 292,478
Dividends (290,415 )
At 31 December 2023 2,539


For Everyone Group Ltd (Registered number: 13050038)

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

24. OTHER FINANCIAL COMMITMENTS

Pension Commitments

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge in respect of contributions to the fund amounts to £91,250 (2022 £50,267).

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S Johnson.

The ultimate controlling parties are the directors/shareholders of For Everyone Group Limited.