Easylife Group Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05221840 (England and Wales)

Audited Financial Statements for the Year Ended 31 December 2016

for

Easylife Group Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

G G Caplan

SECRETARY:

Hill Street Registrars Limited

REGISTERED OFFICE:

11-13 Kings Terrace

Camden

London

NW1 0JP

REGISTERED NUMBER:

05221840 (England and Wales)

AUDITORS:

Lam & Co

Chartered Accountants and

Statutory Auditor

94 Orchard Gate

Greenford

Middlesex

UB6 0QP

FIXED ASSETS

Intangible assets

4

346,667

-

Tangible assets

5

428,713

344,406

775,380

344,406

CURRENT ASSETS

Stocks

5,235,280

1,544,215

Debtors

6

1,469,778

1,335,345

Cash at bank and in hand

167,327

1,671,692

6,872,385

4,551,252

CREDITORS

Amounts falling due within one year

7

7,256,054

2,803,224

NET CURRENT (LIABILITIES)/ASSETS

(383,669

)

1,748,028

TOTAL ASSETS LESS CURRENT LIABILITIES

391,711

2,092,434

PROVISIONS FOR LIABILITIES

69,323

52,096

NET ASSETS

322,388

2,040,338

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

322,387

2,040,337

SHAREHOLDERS' FUNDS

322,388

2,040,338

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 director on 12 December 2017 and were signed by:

G G Caplan - Director

1.	STATUTORY INFORMATION

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

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

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of five years.

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

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

Land and buildings

-

Straight line over life of lease

Plant and machinery etc

-

25% on cost

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2015 - 41 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

400,000

At 31 December 2016

400,000

AMORTISATION

Charge for year

53,333

At 31 December 2016

53,333

NET BOOK VALUE

At 31 December 2016

346,667

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2016

262,823

371,709

634,532

Additions

-

188,309

188,309

At 31 December 2016

262,823

560,018

822,841

DEPRECIATION

At 1 January 2016

88,555

201,571

290,126

Charge for year

19,631

84,371

104,002

At 31 December 2016

108,186

285,942

394,128

NET BOOK VALUE

At 31 December 2016

154,637

274,076

428,713

At 31 December 2015

174,268

170,138

344,406

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

505,328

450,906

Amounts owed by group undertakings

499,059

63,800

Other debtors

53,594

67,900

Directors' loan accounts

37,000

37,000

Tax

58,213

-

Prepayments and accrued income

316,584

715,739

1,469,778

1,335,345

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts

666,228

-

Trade creditors

5,941,442

2,024,315

Amounts owed to group undertakings

429,959

429,959

Corporation tax

-

51,213

Social security and other taxes

131,377

278,675

Directors' current accounts

80

202

Accrued expenses

86,968

18,860

7,256,054

2,803,224

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

The Report of the Auditors was unqualified.

Linda Lam (Senior Statutory Auditor)

for and on behalf of Lam & Co

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2016 and

31 December 2015:

31.12.16

31.12.15

£

£

G G Caplan

Balance outstanding at start of year

37,000

28,000

Amounts advanced

-

9,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

37,000

37,000

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 (2015: £55,000).

10.	APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to assist with the preparation

of the financial statements, and to provide assistance with payroll services together with other adhoc services as

required.

11.	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.