|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategic Report, Report of the Director and |
|
Audited Financial Statements for the Year Ended 31 December 2017 |
|
for |
|
Easylife Group Limited |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategic Report, Report of the Director and |
|
Audited Financial Statements for the Year Ended 31 December 2017 |
|
for |
|
Easylife Group Limited |
Easylife Group Limited (Registered number: 05221840) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Strategic Report | 2 |
|
Report of the Director | 3 |
|
Report of the Independent Auditors | 4 |
|
Income Statement | 6 |
|
Other Comprehensive Income | 7 |
|
Statement of Financial Position | 8 |
|
Statement of Changes in Equity | 9 |
|
Statement of Cash Flows | 10 |
|
Notes to the Statement of Cash Flows | 11 |
|
Notes to the Financial Statements | 12 |
|
Easylife Group Limited |
|
Company Information |
for the Year Ended 31 December 2017 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Chartered Accountants and |
Statutory Auditor |
94 Orchard Gate |
Greenford |
Middlesex |
UB6 0QP |
Easylife Group Limited (Registered number: 05221840) |
|
Strategic Report |
for the Year Ended 31 December 2017 |
|
The director presents his strategic report for the year ended 31 December 2017. |
|
REVIEW OF BUSINESS |
2017 saw the fruits realised from the significant infrastructure investment made in 2016. Turnover grew, overstocks |
reduced, overheads came back in line and profit was restored. Most importantly of all, the streamlined systems improved |
delivery lead times and customer satisfaction, reflected in the repeat order rate of our 0-12-month customers doubling. |
With a more responsive customer base, and the associated new revenue driver opportunities, the company is well |
positioned for 2018, limited only by restrictive credit terms and working capital constraints, a carryover from the costs |
of 2016. |
|
PRINCIPAL RISKS AND UNCERTAINTIES |
Risks are accepted as part of the company's business. The director and key employees review the company's risks |
regularly, and take actions to monitor and mitigate them. |
|
The company's main financial risk is in the exposure to foreign currency fluctuations on the imports of goods from |
overseas suppliers. |
|
The company also has market risk as it trades in a highly competitive online platform. To mitigate this risk the company |
regularly monitors market prices. |
|
The company is fastidious about quality control and carries out regular reviews and tests on their products. Product |
safety is of paramount importance to the company's business ethos. |
|
The company has liquidity and interest rate risks on its current overdraft facilities. |
|
KEY PERFORMANCE INDICATORS |
Turnover shows an increase of 23.3% from £28.85m to £35.58m. |
|
Gross profit percentage shows an increase from 4.04% in 2016 to 9.34% in 2017. |
|
Pre-tax results show a profit of £831K for 2017, compared to a loss of £1.7m for 2016. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
Easylife Group Limited (Registered number: 05221840) |
|
Report of the Director |
for the Year Ended 31 December 2017 |
|
The director presents his report with the financial statements of the company for the year ended 31 December 2017. |
|
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of an importer, distributor and wholesaler of |
general mail order merchandise, and publisher of mail order catalogues. |
|
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2017. |
|
DIRECTOR |
|
|
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in |
accordance with applicable law and regulations. |
|
Company law requires the director to prepare financial statements for each financial year. Under that law the director |
has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not |
approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the director is |
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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
|
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a |
director in order to make himself aware of any relevant audit information and to establish that the company's auditors are |
aware of that information. |
|
AUDITORS |
The auditors, Lam & Co, 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 |
Easylife Group Limited |
|
Opinion |
We have audited the financial statements of Easylife Group Limited (the 'company') for the year ended |
31 December 2017 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial |
Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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). |
|
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. |
|
In our opinion the financial statements: |
- |
give a true and fair view of the state of the company's affairs as at 31 December 2017 and of its profit for the year
then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
|
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
|
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
- |
the director's use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
- |
the director has not disclosed in the financial statements any identified material uncertainties that may cast significant
doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
|
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Director, 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 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, 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. |
|
Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- |
the information given in the Strategic Report and the Report of the Director for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
- |
the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal
requirements. |
Report of the Independent Auditors to the Members of |
Easylife Group Limited |
|
|
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Director. |
|
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
|
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic |
alternative but to do so. |
|
Our 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. |
|
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. |
|
|
|
|
|
for and on behalf of
|
Chartered Accountants and |
Statutory Auditor |
94 Orchard Gate |
Greenford |
Middlesex |
UB6 0QP |
|
|
Easylife Group Limited (Registered number: 05221840) |
|
Income Statement |
for the Year Ended 31 December 2017 |
|
31.12.17 | 31.12.16 |
Notes | £ | £ |
|
TURNOVER | 3 |
|
|
|
Cost of sales |
|
|
GROSS PROFIT |
|
|
|
Administrative expenses |
|
|
473,030 | (1,746,649 | ) |
|
Other operating income |
|
|
OPERATING PROFIT/(LOSS) | 5 |
|
( |
) |
|
Interest receivable and similar income |
|
|
903,110 | (1,745,935 | ) |
|
Interest payable and similar expenses | 6 |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
|
( |
) |
|
Tax on profit/(loss) | 7 | ( |
) | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR |
|
( |
) |
Easylife Group Limited (Registered number: 05221840) |
|
Other Comprehensive Income |
for the Year Ended 31 December 2017 |
|
31.12.17 | 31.12.16 |
Notes | £ | £ |
|
PROFIT/(LOSS) FOR THE YEAR |
|
( |
) |
|
|
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE
INCOME/(LOSS) FOR THE YEAR |
|
( |
) |
Easylife Group Limited (Registered number: 05221840) |
|
Statement of Financial Position |
31 December 2017 |
|
31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
|
|
Tangible assets | 9 |
|
|
|
|
|
CURRENT ASSETS |
Stocks | 10 |
|
|
Debtors | 11 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 12 |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
|
( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES | 15 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 16 |
|
|
Retained earnings | 17 |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
The financial statements were approved by the director on
|
|
|
|
|
|
|
|
Easylife Group Limited (Registered number: 05221840) |
|
Statement of Changes in Equity |
for the Year Ended 31 December 2017 |
|
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
|
Balance at 1 January 2016 |
|
|
|
|
Changes in equity |
Total comprehensive loss | - | ( |
) | ( |
) |
Balance at 31 December 2016 |
|
|
|
|
Changes in equity |
Total comprehensive income | - |
|
|
Balance at 31 December 2017 |
|
|
|
Easylife Group Limited (Registered number: 05221840) |
|
Statement of Cash Flows |
for the Year Ended 31 December 2017 |
|
31.12.17 | 31.12.16 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid |
|
( |
) |
Net cash from operating activities | ( |
) | ( |
) |
|
Cash flows from investing activities |
Purchase of intangible fixed assets |
|
( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
|
|
Net cash from investing activities | ( |
) | ( |
) |
|
Cash flows from financing activities |
New loans in year |
|
( |
) |
Loan repayments in year |
|
|
Amount introduced by directors | 52 | - |
Amount withdrawn by directors | - | (122 | ) |
Net cash from financing activities |
|
( |
) |
|
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of
year |
2 |
(498,901 |
) |
1,671,692 |
|
Cash and cash equivalents at end of year | 2 | ( |
) | ( |
) |
Easylife Group Limited (Registered number: 05221840) |
|
Notes to the Statement of Cash Flows |
for the Year Ended 31 December 2017 |
|
1. |
RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
31.12.17 | 31.12.16 |
£ | £ |
Profit/(loss) before taxation |
|
( |
) |
Depreciation charges |
|
|
Inter-co debt written-off | (429,959 | ) | - |
Finance costs | 71,746 | 3,751 |
Finance income | (121 | ) | (714 | ) |
692,677 | (1,589,313 | ) |
Decrease/(increase) in stocks |
|
( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
|
Increase in trade and other creditors |
|
|
Cash generated from operations | ( |
) | ( |
) |
|
2. | CASH AND CASH EQUIVALENTS |
|
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of |
these Statement of Financial Position amounts: |
|
Year ended 31 December 2017 |
31.12.17 | 1.1.17 |
£ | £ |
Cash and cash equivalents | 167,977 | 167,327 |
Bank overdrafts | ( |
) | ( |
) |
(1,214,327 | ) | (498,901 | ) |
Year ended 31 December 2016 |
31.12.16 | 1.1.16 |
£ | £ |
Cash and cash equivalents | 167,327 | 1,671,692 |
Bank overdrafts | ( |
) |
|
(498,901 | ) | 1,671,692 |
Easylife Group Limited (Registered number: 05221840) |
|
Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
|
1. | STATUTORY INFORMATION |
|
Easylife Group Limited is a
|
company's registered number and registered office address can be found on the Company Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
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. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
|
Goodwill |
|
|
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. |
|
Tangible fixed assets |
|
Short leasehold | - |
|
Fixtures, fittings & equipment | - |
|
Computer software | - |
|
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
|
Easylife Group Limited (Registered number: 05221840) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position 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 |
statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the |
operating result. |
|
Hire purchase and leasing commitments |
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
|
3. | TURNOVER |
|
The turnover and profit (2016 - loss) before taxation are attributable to the one principal activity of the company. |
|
An analysis of turnover by class of business is given below: |
|
31.12.17 | 31.12.16 |
£ | £ |
|
|
|
|
|
|
|
|
|
An analysis of turnover by geographical market is given below: |
|
31.12.17 | 31.12.16 |
£ | £ |
United Kingdom |
|
|
Europe |
|
|
Asia |
|
|
West Indies | 180,000 | - |
|
|
Easylife Group Limited (Registered number: 05221840) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
4. | EMPLOYEES AND DIRECTORS |
31.12.17 | 31.12.16 |
£ | £ |
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
|
|
|
The average number of employees during the year was as follows: |
31.12.17 | 31.12.16 |
|
Management and administration | 8 | 8 |
Sales, marketing and operations | 20 | 17 |
Customer services | 28 | 28 |
|
|
|
31.12.17 | 31.12.16 |
£ | £ |
Director's remuneration |
|
|
|
5. | OPERATING PROFIT/(LOSS) |
|
The operating profit (2016 - operating loss) is stated after charging/(crediting): |
|
31.12.17 | 31.12.16 |
£ | £ |
Hire of plant and machinery |
|
|
Other operating leases |
|
|
Depreciation - owned assets |
|
|
Goodwill amortisation |
|
|
Foreign exchange differences |
|
( |
) |
Auditors' remuneration - Audit services |
|
|
Auditors' remuneration - Other services |
|
|
Inter-co debt written-off | ( |
) |
|
|
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.17 | 31.12.16 |
£ | £ |
Bank and credit card interests |
|
|
Interest on overdue tax |
|
|
|
|
Easylife Group Limited (Registered number: 05221840) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
7. | TAXATION |
|
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
31.12.17 | 31.12.16 |
£ | £ |
Current tax: |
UK corporation tax |
|
( |
) |
|
Deferred tax | ( |
) |
|
Tax on profit/(loss) | ( |
) | ( |
) |
|
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2017 |
and 31 December 2017 |
|
AMORTISATION |
At 1 January 2017 |
|
Amortisation for year |
|
At 31 December 2017 |
|
NET BOOK VALUE |
At 31 December 2017 |
|
At 31 December 2016 |
|
|
9. | TANGIBLE FIXED ASSETS |
Fixtures, |
Short | fittings | Computer |
leasehold | & equipment | software | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2017 |
|
|
|
|
Additions |
|
|
|
|
At 31 December 2017 |
|
|
|
|
DEPRECIATION |
At 1 January 2017 |
|
|
|
|
Charge for year |
|
|
|
|
At 31 December 2017 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2017 |
|
|
|
|
At 31 December 2016 |
|
|
|
|
Easylife Group Limited (Registered number: 05221840) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
10. | STOCKS |
31.12.17 | 31.12.16 |
£ | £ |
Finished goods |
|
|
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Directors' loan accounts |
|
|
Tax |
|
|
Prepayments and accrued income |
|
|
|
|
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Bank loans and overdrafts (see note 13) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Directors' current accounts |
|
|
Accrued expenses |
|
|
|
|
|
13. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
31.12.17 | 31.12.16 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
|
14. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.17 | 31.12.16 |
£ | £ |
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
15. | PROVISIONS FOR LIABILITIES |
31.12.17 | 31.12.16 |
£ | £ |
Deferred tax |
|
|
Easylife Group Limited (Registered number: 05221840) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
15. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred |
tax |
£ |
Balance at 1 January 2017 |
|
Accelerated capital allowances | (8,215 | ) |
Balance at 31 December 2017 |
|
|
16. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.17 | 31.12.16 |
value: | £ | £ |
|
Ordinary | £1 | 1 | 1 |
|
17. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2017 |
|
Profit for the year |
|
At 31 December 2017 |
|
|
18. | ULTIMATE PARENT COMPANY |
|
Easylife Holdings Limited is regarded by the director as being the company's ultimate parent company. |
|
The consolidated accounts of Easylife Holdings Limited can be obtained from 11-13 Kings Terrace, Camden, |
London NW1 0JP. |
|
19. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 31 December 2017 and |
31 December 2016: |
|
31.12.17 | 31.12.16 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts repaid |
|
|
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
The loan to the director is repayable on demand. |
|
The company occupies premises owned by the director. Under the term of the lease, a commercial rent of |
£55,000 was payable for the year (2016: £55,000). |
Easylife Group Limited (Registered number: 05221840) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
20. | ULTIMATE CONTROLLING PARTY |
|
The company is a wholly owned subsidiary of Easylife Holdings Limited, which is itself owned by Easylife |
Group Limited Employee Benefit Trust. The trustees being Louvre Trustees Limited are therefore the ultimate |
controlling parties. |