Company registration number 03516042 (England and Wales)
EASYVISTA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
EASYVISTA LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 19
EASYVISTA LIMITED
COMPANY INFORMATION
Directors
Mr J Labed
V P J Migayrou
Company number
03516042
Registered office
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
Auditor
Grunberg & Co Ltd
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
EASYVISTA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2021.

Principal activities

The principal activity of the company continued to be that of the provision of IT asset and facilities management services.

Results and dividends

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J Labed
V P J Migayrou

Principal risks and uncertainties

Foreign currency exposure

To mitigate any foreign currency exposure, the group issues invoices to EasyVista Limited in pound sterling which reduces the foreign currency exposure to a minimum. All other transactions are in pound sterling.

 

Liquidity risk

The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations, the company has obtained confirmation of ongoing financial support from its parent.

 

Customer credit exposure

The company may offer credit terms to its customers which allow payment of the debt after delivery of services. The company is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by the strong on-going relationships the company maintains with its customers.

 

Business review

At the date of this report, management is not aware of significant uncertainties that call into question the entity's ability to continue operating.

 

Other matters

The immediate parent company, EasyVista S.A.S. was listed on the Euronext Paris stock exchange until January 2021 at which point it was delisted as part of the restructuring process of the Group.

Auditor

In accordance with the company's articles, a resolution proposing that Grunberg & Co Ltd be reappointed as auditor of the company will be put at a General Meeting.

EASYVISTA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are 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 directors are required to:

 

 

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption from preparing the strategic report.

 

On behalf of the board
Mr J Labed
Director
1 August 2022
EASYVISTA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EASYVISTA LIMITED
- 3 -
Opinion

We have audited the financial statements of EasyVista Limited (the 'company') for the year ended 31 December 2021 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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).

In our opinion the financial statements:

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 Auditor's 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

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

EASYVISTA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EASYVISTA LIMITED
- 4 -
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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

EASYVISTA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EASYVISTA LIMITED
- 5 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and

non-compliance with laws and regulations, we considered the following:

 

- the nature of the industry and sector, including the impact of the COVID-19 global pandemic across the UK and whether the financial results of our client differed from the industry trends;

- the legal and regulatory framework that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements;

- the matters discussed among the audit engagement team during the planning process regarding how and where fraud might occur in the financial statement and any potential indicators of fraud.

 

Audit procedures performed included the reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; discussions with the directors' on their own assessment of the risks that irregularities may occur either as a result of fraud or error, their assessment of compliance with laws and regulations and whether they were aware of any instances of non-compliance, including any potential litigation or claims; performing analytical procedures

to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; inspection of relevant legal correspondence and board minutes; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

 

As a result of our assessment, it is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business. However, laws and regulations considered to have a direct effect on the financial statements included the UK Companies Act, Employment Laws, Data Protection Acts, Tax and Pensions legislation and Health & Safety legislation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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 an auditor's report 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.

Gedalia Waldman BA FCA (Senior Statutory Auditor)
For and on behalf of Grunberg & Co Ltd
2 August 2022
Chartered Accountants
Statutory Auditor
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
EASYVISTA LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
2021
2020
Notes
£
£
Turnover
3
408,959
151,305
Cost of sales
(196,544)
(74,365)
Gross profit
212,415
76,940
Administrative expenses
(24,398)
(20,524)
Other operating income
9,116
-
0
Operating profit
4
197,133
56,416
Interest receivable and similar income
6
18,060
13,434
Profit before taxation
215,193
69,850
Tax on profit
7
12,319
(2,552)
Profit for the financial year
227,512
67,298
EASYVISTA LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 7 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
8
1,453
1,937
Current assets
Debtors
9
1,000,007
707,133
Cash at bank and in hand
40
40
1,000,047
707,173
Creditors: amounts falling due within one year
10
(150,715)
(87,149)
Net current assets
849,332
620,024
Total assets less current liabilities
850,785
621,961
Provisions for liabilities
Provisions
12
14,900
13,588
(14,900)
(13,588)
Net assets
835,885
608,373
Capital and reserves
Called up share capital
15
920,000
920,000
Share premium account
65,983
65,983
Profit and loss reserves
(150,098)
(377,610)
Total equity
835,885
608,373

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

The financial statements were approved by the board of directors and authorised for issue on 1 August 2022 and are signed on its behalf by:
Mr J Labed
Director
Company Registration No. 03516042
EASYVISTA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2020
920,000
65,983
(444,908)
541,075
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
67,298
67,298
Balance at 31 December 2020
920,000
65,983
(377,610)
608,373
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
227,512
227,512
Balance at 31 December 2021
920,000
65,983
(150,098)
835,885
EASYVISTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
1
Accounting policies
Company information

EasyVista Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Technology Park, Colindeep Lane, Colindale, London, United Kingdom, NW9 6BX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors expect that the company will continue trueto receive support and resources from its parent for the foreseeable future. Therefore the directors believe that the going concern basis is appropriate for the preparation of these financial statements.

1.3
Turnover

Tumover represents net invoiced sales of services, excluding value added tax, and accrued work in progress at selling price. Tumover is recognised when the services are delivered to the customer or on the transfer of the risk

and rewards of the services.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on reducing balance
Fixtures and fittings
15% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

EASYVISTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 10 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

EASYVISTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 11 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

EASYVISTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 12 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.13

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

EASYVISTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 13 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Key accounting judgements

No material judgements were made by management in the preparation of these financial statements.

 

Key accounting estimates

Bad debt provision

This requires management's best estimate of the recoverable value of the debtors outstanding at year end.

The company will provide for balances that are overdue by over 6 months as they are considered high risk and have a very low probability of being recovered. These assumptions reflect historical experience and current trends.

 

Accrued income

This requires no subjectivity and is made up of license fees which are non-refundable even if the contract is cancelled. Management consider that the risk and rewards of the license element of the contract have been transferred to the customer at the point when the contract is signed and consequently, the revenue is recognised immediately upon delivery of the license. These are released on an annual basis in line with the invoice being issued.

 

Deferred income

This requires no subjectivity and is made up of hosting, maintenance and consultancy revenue which are spread evenly over the duration of the contract.

 

3
Turnover and other revenue
2021
2020
£
£
Turnover analysed by class of business
Income from sales of services
408,959
151,305
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
408,959
151,305
2021
2020
£
£
Other revenue
Interest income
18,060
13,434
EASYVISTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
4
Operating profit
2021
2020
Operating profit for the year is stated after charging:
£
£
Auditor's remuneration
15,193
9,293
Depreciation of owned tangible fixed assets
484
577
Auditors remuneration for non audit work
1,908
3,778
Operating lease charges
7,897
7,893
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Directors
2
2
6
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
18,060
13,434

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
18,060
13,434
7
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
3,431
2,552
Deferred tax
Origination and reversal of timing differences
(15,750)
-
0
Total tax (credit)/charge
(12,319)
2,552
EASYVISTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
7
Taxation
(Continued)
- 15 -

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2021
2020
£
£
Profit before taxation
215,193
69,850
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
40,887
13,272
Tax effect of expenses that are not deductible in determining taxable profit
-
0
81
Tax effect of income not taxable in determining taxable profit
(3,431)
(2,552)
Tax effect of utilisation of tax losses not previously recognised
(37,482)
-
0
Unutilised tax losses carried forward
(15,750)
(10,539)
Permanent capital allowances in excess of depreciation
26
(262)
Tax on financial income
3,431
2,552
Taxation (credit)/charge for the year
(12,319)
2,552

The UK corporation tax rate has remained at 19% effective 31 December 2021. Any deferred tax has been calculated using the tax rates expected to apply in the period in which timing difference will reverse.

 

At the balance sheet date, the company had a deferred tax asset of £15,750 in respect of these unutilised trading losses. As it can be foreseen, with underlying certainty, that this asset will be realised in the near future, it has been recognised in the accounts.

The Finance Bill 2021 enacted provisions to increase the main rate of corporation tax to 25% from the current rate of 19% from 1 April 2023. As it is likely that any deferred tax asset will be realised prior to the new corporation tax rate being applied, the current corporation tax rate of 19% has been utilised to calculate deferred tax.

EASYVISTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 16 -
8
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2021 and 31 December 2021
18,191
575
18,766
Depreciation and impairment
At 1 January 2021
16,268
561
16,829
Depreciation charged in the year
481
3
484
At 31 December 2021
16,749
564
17,313
Carrying amount
At 31 December 2021
1,442
11
1,453
At 31 December 2020
1,923
14
1,937

During the year, no impairment provisions have been made against any class of tangible fixed assets.

9
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
137,074
77,960
Amounts owed by group undertakings
571,580
508,130
Other debtors
3,432
3,000
Prepayments and accrued income
272,171
118,043
984,257
707,133
Deferred tax asset (note 13)
15,750
-
0
1,000,007
707,133

During the year, no impairment provisions have been made against any class of debtor.

EASYVISTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 17 -
10
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Bank loans and overdrafts
11
88
88
Trade creditors
5,544
3,460
Amounts owed to group undertakings
4,313
-
0
Corporation tax
3,431
2,552
Other taxation and social security
22,438
14,041
Deferred income
14
73,714
37,260
Other creditors
664
509
Accruals and deferred income
40,523
29,239
150,715
87,149
11
Loans and overdrafts
2021
2020
£
£
Bank overdrafts
88
88
Payable within one year
88
88

Amounts falling due within one year are repayable on demand.

12
Provisions for liabilities
2021
2020
£
£
Tax losses
14,900
13,588
Movements on provisions:
Tax losses
£
At 1 January 2021 and 31 December 2021
14,900
EASYVISTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 18 -
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2021
2020
Balances:
£
£
Tax losses
15,750
-
2021
Movements in the year:
£
Liability at 1 January 2021
-
Credit to other comprehensive income
(15,750)
Asset at 31 December 2021
(15,750)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

14
Deferred income
2021
2020
£
£
Other deferred income
73,714
37,260
15
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
920,000
920,000
920,000
920,000

Each ordinary share carries one voting right.

16
Reserves

Share premium includes any premiums received on issue of share capital. Any Transaction costs associated with the issuing of share are deducted from share premium.

 

Retained earnings includes all current and prior period retained profits and losses, all of which are distributable reserves.

EASYVISTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 19 -
17
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2021
2020
£
£
Within one year
1,716
4,988
18
Ultimate controlling party

EasyVista S.A.S. (incorporated in France) is the immediate parent company of EasyVista Limited. Eurazeo PME (incorporated in France) is regarded by the directors as being the ultimate parent company of EasyVista Limited. Eurazeo PME obtained the controlling stake of the share capital of EasyVista S.A.S., in September 2020.

 

EasyVista S.A.S. is registered under the following address: 10, Allee Bienvenue Immeuble Horizon Noisy-Le-Grand, 93885 France.

 

Eurazeo PME is registered under the following address: 1 rue Georges Berger, 75017 Paris, France.

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