Easyshelf Direct Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07951727 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2023

for

EASYSHELF DIRECT LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr Inanc Elitok

REGISTERED OFFICE:

205-207 Lea Bridge Road

Leyton

London

E10 7PN

REGISTERED NUMBER:

07951727 (England and Wales)

ACCOUNTANTS:

ADPL LLP

293 Green Lanes

London

N13 4XS

FIXED ASSETS

Tangible assets

4

311,473

301,122

CURRENT ASSETS

Stocks

250,000

465,751

Debtors

5

2,735,115

728,589

Cash at bank and in hand

500,131

1,606,847

3,485,246

2,801,187

CREDITORS

Amounts falling due within one year

6

1,473,467

1,166,979

NET CURRENT ASSETS

2,011,779

1,634,208

TOTAL ASSETS LESS CURRENT LIABILITIES

2,323,252

1,935,330

PROVISIONS FOR LIABILITIES

7

47,606

51,439

NET ASSETS

2,275,646

1,883,891

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,275,546

1,883,791

SHAREHOLDERS' FUNDS

2,275,646

1,883,891

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 October 2023 and were signed by:

Mr Inanc Elitok - Director

1.	STATUTORY INFORMATION

Easyshelf Direct Ltd is a private company, limited by shares , registered in England and Wales. 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.

In carrying out this assessment, the directors have considered the impact of the Covid-19 pandemic on the trade and finances of the company and wider group and they have taken steps to protect liquidity.

The directors are therefore satisfied that there is no significant risk to the ability of the company to continue as a going concern for at least 12 months from the date of approval of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

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 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.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 February 2022

167,039

136,624

172,390

476,053

Additions

11,558

23,858

35,925

71,341

At 31 January 2023

178,597

160,482

208,315

547,394

DEPRECIATION

At 1 February 2022

46,541

22,459

105,931

174,931

Charge for year

19,809

20,704

20,477

60,990

At 31 January 2023

66,350

43,163

126,408

235,921

NET BOOK VALUE

At 31 January 2023

112,247

117,319

81,907

311,473

At 31 January 2022

120,498

114,165

66,459

301,122

5.

DEBTORS

31.1.23

31.1.22

£

£

Amounts falling due within one year:

Trade debtors

-

17,825

Other debtors

58,157

33,806

58,157

51,631

Amounts falling due after more than one year:

Other debtors

2,676,958

676,958

Aggregate amounts

2,735,115

728,589

The £452,000 relates to loan to Elitok Properties Limited.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Bank loans and overdrafts

53,151

616

Hire purchase contracts

4,863

4,863

Trade creditors

568,591

739,976

Taxation and social security

351,915

244,261

Other creditors

494,947

177,263

1,473,467

1,166,979

7.	PROVISIONS FOR LIABILITIES

31.1.23

31.1.22

£

£

Deferred tax

47,606

51,439

Deferred

tax

£

Balance at 1 February 2022

51,439

Provided during year

(3,833

)

Balance at 31 January 2023

47,606

8.	RELATED PARTY DISCLOSURES

Mr Inanc Elitok is also the director of Elitok Properties Ltd.

At the reporting date, Elitok Properties Ltd owed £2,676,958.20 (2022: £676,958.20) to Easyshelf Direct Ltd.

9.	ULTIMATE CONTROLLING PARTY