Easy Living Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC411442 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 November 2019

for

Easy Living Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K G Davidson

T C Davidson

S H Mckechnie

SECRETARY:

T C Davidson

REGISTERED OFFICE:

6 Logie Mill

Beaverbank Business Park

Edinburgh

East Lothian

EH7 4HG

REGISTERED NUMBER:

SC411442 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Intangible assets

4

12

408

Tangible assets

5

61,433

51,393

Investments

6

50

50

61,495

51,851

CURRENT ASSETS

Stocks

228,719

267,751

Debtors

7

996,454

1,374,730

Cash at bank

474,734

180,680

1,699,907

1,823,161

CREDITORS

Amounts falling due within one year

8

1,290,098

1,501,231

NET CURRENT ASSETS

409,809

321,930

TOTAL ASSETS LESS CURRENT LIABILITIES

471,304

373,781

CREDITORS

Amounts falling due after more than one year

9

(4,985

)

(21,227

)

PROVISIONS FOR LIABILITIES

11

(11,672

)

(8,737

)

NET ASSETS

454,647

343,817

CAPITAL AND RESERVES

Called up share capital

12

300

300

Retained earnings

13

454,347

343,517

SHAREHOLDERS' FUNDS

454,647

343,817

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 20 July 2020 and were signed on its behalf by:

K G Davidson - Director

1.	STATUTORY INFORMATION

Easy Living Developments Limited is a private company, limited by shares , registered in Scotland. The 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover is measured at the fair value of consideration received or receivable and represents the amounts receivable

for the property, net of discounts and VAT. Where a contract has only been partially completed at the balance sheet

date turnover represents the fair value to date, based on the stage of completion of the contract activity at the balance

sheet date. Where payments are received from customers in advance, the amounts are recorded as deferred income

and included as part of the creditor due within one year.

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 is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. 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 straight line basis over its expected useful life, as follows:

Plant and machinery

-

33% and 50% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Short leasehold

-

20% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after

deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of

its useful life.

Investments in joint ventures

Investments in joint ventures are recognised at cost net of any provision for impairment.

Impairment

Assets not measured at fair value 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, or the asset's cash generating unit, is estimated

and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment

loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a

revaluation decrease

Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net

realisable value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained

Earnings, 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.

Hire purchase and leasing commitments

Assets held under finance leases, hire purchases and other similar arrangements, which confer rights and obligations

similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset

and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease

obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the

period of the lease to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past

event, it is probable that the company will be required to settle that obligation and a reliable estimates can be made

of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present

obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement

value.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small

company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2018 - 35 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 December 2018

and 30 November 2019

1,200

AMORTISATION

At 1 December 2018

792

Amortisation for year

396

At 30 November 2019

1,188

NET BOOK VALUE

At 30 November 2019

12

At 30 November 2018

408

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 December 2018

8,032

29,905

398

105,673

144,008

Additions

-

45,887

2,818

-

48,705

At 30 November 2019

8,032

75,792

3,216

105,673

192,713

DEPRECIATION

At 1 December 2018

3,213

19,283

398

69,721

92,615

Charge for year

1,606

21,417

705

14,937

38,665

At 30 November 2019

4,819

40,700

1,103

84,658

131,280

NET BOOK VALUE

At 30 November 2019

3,213

35,092

2,113

21,015

61,433

At 30 November 2018

4,819

10,622

-

35,952

51,393

6.	FIXED ASSET INVESTMENTS

Interest

in joint

venture

£

COST

At 1 December 2018

and 30 November 2019

50

NET BOOK VALUE

At 30 November 2019

50

At 30 November 2018

50

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

Joint venture

AEL Developments Limited

Registered office: Suite 4.3, 4th Floor Exchange Court, 1 Dale Street, Liverpool, United Kingdom, L2 2ET

Nature of business: Development of building projects

%

Class of shares:

holding

Ordinary

50.00

31.3.19

31.3.18

£

£

Aggregate capital and reserves

123,337

(7,137

)

Profit/(loss) for the year

130,474

(7,237

)

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.19

30.11.18

as restated

£

£

Trade debtors

1,074

794,155

Other debtors

995,380

580,575

996,454

1,374,730

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.19

30.11.18

as restated

£

£

Hire purchase contracts (see note 10)

16,593

16,593

Trade creditors

613,992

910,101

Taxation and social security

53,123

95,092

Other creditors

606,390

479,445

1,290,098

1,501,231

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.19

30.11.18

as restated

£

£

Hire purchase contracts (see note 10)

4,985

21,227

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.11.19

30.11.18

as restated

£

£

Net obligations repayable:

Within one year

16,593

16,593

Between one and five years

4,985

21,227

21,578

37,820

Non-cancellable operating

leases

30.11.19

30.11.18

as restated

£

£

Within one year

12,000

12,000

Between one and five years

22,000

34,000

34,000

46,000

11.	PROVISIONS FOR LIABILITIES

30.11.19

30.11.18

as restated

£

£

Deferred tax

11,672

8,737

Deferred

tax

£

Balance at 1 December 2018

8,737

Provided during year

2,935

Balance at 30 November 2019

11,672

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.19

30.11.18

value:

as restated

£

£

200

Ordinary shares

£1

200

200

Allotted and issued:

Number:

Class:

Nominal

30.11.19

30.11.18

value:

as restated

£

£

100

Ordinary shares non-voting

£1

100

100

13.

RESERVES

Retained

earnings

£

At 1 December 2018

343,517

Profit for the year

269,926

Dividends

(159,096

)

At 30 November 2019

454,347

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2019 and

30 November 2018:

30.11.19

30.11.18

as restated

£

£

K G Davidson

Balance outstanding at start of year

(215,960

)

(214,933

)

Amounts advanced

65,927

(1,027

)

Amounts repaid

(100,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(250,033

)

(215,960

)

T C Davidson

Balance outstanding at start of year

(215,944

)

(214,967

)

Amounts advanced

65,927

(977

)

Amounts repaid

(100,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(250,017

)

(215,944

)

S H Mckechnie

Balance outstanding at start of year

-

-

Amounts repaid

(25,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(25,000

)

-

15.	RELATED PARTY DISCLOSURES

During the year, total dividends of £159,096 (2018 - £146,580) were paid to the directors .

Related Party

Transaction

Amount in the year ended 30.11.19

Amount in the year ended 30.11.18

Balance receivable /(payable) as at 30.11.19

Balance receivable /(payable) as at 30.11.18

£

£

£

£

AEL Developments Limited

Loan

375,010

-

843,824

319,041

Interest

149,774

-

-

-

Easy Living Developments Limited is a shareholder of AEL Developments Limited.

16.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.