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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
Ebenezer House |
Ryecroft |
Newcastle under Lyme |
Staffordshire |
ST5 2BE |
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 | ( |
) | ( |
) |
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 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 21 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
At 31 December 2023 |
DEPRECIATION |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
Additions |
Impairments | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Unit 8, Centenary Park, Coronet Way, Salford Greater Manchester, M50 1RE. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 8, Centenary Park, Cornonet Way, Salford, Greater Manchester, M50 1RE. |
Nature of business: |
% |
Class of shares: | holding |
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 |
Registered office: Unit 8 Centenary Park, Coronet Way. Salford, Greater Manchester, M50 1RE. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 8 Centenary Park, Coronet Way, Salford, Greater Manchester, M50 1RE |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 8, Centenary Park, Coronet Way, Salford, Greater Manchester M50 1RE |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 8, Centenary Park, Coronet Way, Salford, Greater Manchester M50 1RE |
Nature of business: |
% |
Class of shares: | holding |
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 |
Amounts owed by group undertakings | - | - |
Other debtors | 422,318 | 864,390 |
Unpaid share capital | - | 80 | - | 80 |
Pleo account | - | 60,077 | - | - |
Tax | 899 | 23,854 |
VAT | - | - |
Deferred tax asset | - | 57,334 | - | - |
Prepayments and accrued income | 676,892 | 2,630,327 |
Prepayments | - | - |
5,958,439 | 5,529,625 |
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 |
Amounts owed to group undertakings | - | - |
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 |
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 |
18,090,812 | 8,733,533 |
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 | - |
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 |
Balance at 31 December 2023 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A Ordinary | £1 | 94 | 47 |
B Ordinary | £1 | 40 | 20 |
C Ordinary | £1 | 66 | 33 |
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 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
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. |