Electrovision Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01518942 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ELECTROVISION LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M Benyon

Mr R J J Fox

Mrs C J Hanwright

Mrs J A Ball

Mr I R Benyon

SECRETARY:

Mr M Benyon

REGISTERED OFFICE:

Lancots Lane

Sutton

St Helens

Merseyside

WA9 3EX

REGISTERED NUMBER:

01518942 (England and Wales)

AUDITORS:

Livesey Spottiswood Ltd

Chartered Accountants and

Statutory Auditors

17 George Street

St Helens

Merseyside

WA10 1DB

BANKERS:

Lloyds TSB Plc

23A Hardshaw Street

St Helens

Merseyside

WA10 1RT

FIXED ASSETS

Tangible assets

4

39,067

75,815

CURRENT ASSETS

Stocks

5,995,525

5,978,648

Debtors

2,896,076

2,722,167

Cash at bank and in hand

61,606

42,520

8,953,207

8,743,335

CREDITORS

Amounts falling due within one year

(6,936,962

)

(6,786,794

)

NET CURRENT ASSETS

2,016,245

1,956,541

TOTAL ASSETS LESS CURRENT

LIABILITIES

2,055,312

2,032,356

PROVISIONS FOR LIABILITIES

-

(3,512

)

NET ASSETS

2,055,312

2,028,844

CAPITAL AND RESERVES

Called up share capital

7

100

Retained earnings

2,055,212

2,028,744

SHAREHOLDERS' FUNDS

2,055,312

2,028,844

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

Mr M Benyon - Director

Mr R J J Fox - Director

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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

Related party exemption

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

Significant judgements and key sources of estimation uncertainty

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

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

Turnover

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

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

Tangible fixed assets

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

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

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

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

Stocks

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

Debtors and creditors receivable / payable within one year

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

Taxation

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Related parties

For the purposes of these financial statements, a party is considered to be related to the company if:

1. the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating decisions, or has joint control over the company;

2. the company and the party are subject to common control;

3. the party is an associate of the company or a joint venture in which the company is a venturer;

4. the party is a member of key management personnel of the company or the company's parent, or close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

5. the party is a close family member of a party referred to in (1) or is an entity under the control, joint control or significant influence of such individuals; or

6. the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

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

Foreign currencies

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

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

Research and development

Research and development expenditure is written off as incurred.

Leased assets

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

Employee benefits

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

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2023 - 41) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

1,325,962

Additions

5,925

Disposals

(65,743

)

At 31 December 2024

1,266,144

DEPRECIATION

At 1 January 2024

1,250,147

Charge for year

42,673

Eliminated on disposal

(65,743

)

At 31 December 2024

1,227,077

NET BOOK VALUE

At 31 December 2024

39,067

At 31 December 2023

75,815

5.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

Within one year

16,667

6.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Amounts due to group companies

3,590,457

2,464,561

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

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

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

100

Ordinary

£1

100

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew McMinnis FCA FCCA (Senior Statutory Auditor)

for and on behalf of Livesey Spottiswood Ltd

9.	CONTINGENT LIABILITIES

The company has entered into an inter-company bank guarantee with other group companies of up to £750,000 gross or £100,000 net. The net indebtedness of other group companies at 31 December 2024 was £2,444 (2023 - £Nil).

10.	RELATED PARTY DISCLOSURES

During the year the company sold goods amounting to £664,804 (2023 - £801,825) to non-wholly owned subsidiaries within the Holmpatrick Group. The company also purchased goods amounting to £204,418 (2023 - £346,008) from non-wholly owned subsidiaries within the Holmpatrick Group.

Also during the year the company also received management charges of £195,000 (2023 - £250,000) from non-wholly owned subsidiaries within the Holmpatrick Group.

At 31 December 2024, £828,308 (2023 - £316,896) was due from and £Nil (2023 - £140,102) was due to non-wholly owned subsidiaries within the Holmpatrick Group.

11.	ULTIMATE CONTROLLING PARTY

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