Easy Innovations Limited Filleted accounts for Companies House (small and micro)

EASY INNOVATIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04297482

Easy Innovations Limited

Filleted Unaudited Financial Statements

31 March 2019

Easy Innovations Limited

Financial Statements

Year ended 31 March 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Easy Innovations Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		10,531	13,444

Current assets

Stocks		29,056	28,163
Debtors	6	461,765	562,604
Cash at bank and in hand		28,731	59,217
		---------	---------
		519,552	649,984

Creditors: amounts falling due within one year	7	349,751		482,810
		---------		---------
Net current assets			169,801	167,174
			---------	---------
Total assets less current liabilities			180,332	180,618

Creditors: amounts falling due after more than one year	8		65,000	75,000

Provisions

Taxation including deferred tax	( 994)	( 994)
	---------	---------
Net assets	116,326	106,612
	---------	---------

Capital and reserves

Called up share capital	70	70
Capital redemption reserve	30	30
Profit and loss account	116,226	106,512
	---------	---------
Shareholders funds	116,326	106,612
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Easy Innovations Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 20 December 2019 , and are signed on behalf of the board by:

Mr L J Martino
Director

Company registration number: 04297482

Easy Innovations Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 6D, Thomas Way, Lake View International Business Park, Hersden, Canterbury, Kent, CT3 4JZ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared under the going concern basis which assumes the company with continue in existence for the forseeable future. The directors have a reasonable expectation that the company will be able to meet its liabilities as they fall due.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2018: 6 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2018	7,878	38,789	46,667
Additions	1,000	371	1,371
	-------	--------	--------
At 31 March 2019	8,878	39,160	48,038
	-------	--------	--------
Depreciation
At 1 April 2018	6,465	26,758	33,223
Charge for the year	471	3,813	4,284
	-------	--------	--------
At 31 March 2019	6,936	30,571	37,507
	-------	--------	--------
Carrying amount
At 31 March 2019	1,942	8,589	10,531
	-------	--------	--------
At 31 March 2018	1,413	12,031	13,444
	-------	--------	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	103,407	161,234
Other debtors	358,358	401,370
	---------	---------
	461,765	562,604
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	23,029	9,198
Trade creditors	89,832	130,669
Corporation tax	61,942	128,341
Social security and other taxes	33,097	26,113
Other creditors	141,851	188,489
	---------	---------
	349,751	482,810
	---------	---------

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	65,000	75,000
	--------	--------

9. Charges on assets

During the prior year a debenture loan, including fixed and floating legal mortgages over the whole assets, was entered into by the company with Lloyds Bank Plc for a total sum of £100,000. To be paid in monthly installments for a period of 10 years. With interest being charged at a fixed rate of 4.45% per annum.

The company also has a receivables finance agreement with Lloyds Bank Commercial Finance Limited with a debenture on all the company's assets.

10. Director's advances, credits and guarantees

As at the balance sheet date, the director owed the company £244,433 (2018: £290,959) of which £6,244 was interest charged at 2.50%. During the year the director was advanced £103,474 (2018: £251,469) of which £150,000 (2018: £100,000) was repaid as dividends. The director has given personal guarantees totalling £115,000 to the company's bankers.

11. Related party transactions

At the year end the company was owed £ 4,626 (2018:£ 4,170 ) by a company associated by common control.