Easyprod Limited
Annual Report and Financial Statements
For the year ended 30 June 2022
Company Registration No. 11058088 (England and Wales)
Easyprod Limited
Contents
Page
Statement of financial position
2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
Easyprod Limited
Director's Responsibilities Statement
For the year ended 30 June 2022
Page 1
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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. She is 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.
Easyprod Limited
Statement of Financial Position
As at 30 June 2022
Page 2
2022
2021
Notes
£
£
£
£
Current assets
Trade and other receivables
7
14,443
10,621
Cash and cash equivalents
293
299
14,736
10,920
Current liabilities
8
(243,935)
(234,096)
Net current liabilities
(229,199)
(223,176)
Equity
Called up share capital
9
10,000
10,000
Retained earnings
(239,199)
(233,176)
Total equity
(229,199)
(223,176)
The director of the company has elected not to include a copy of the income statement within the financial statements.
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 and signed by the director and authorised for issue on 10 August 2023
L Vanjak
Director
Company Registration No. 11058088
Easyprod Limited
Statement of Changes in Equity
For the year ended 30 June 2022
Page 3
Share capital
Retained earnings
Total
£
£
£
Balance at 1 July 2020
10,000
(230,590)
(220,590)
Year ended 30 June 2021:
Loss and total comprehensive income for the year
-
(2,586)
(2,586)
Balance at 30 June 2021
10,000
(233,176)
(223,176)
Year ended 30 June 2022:
Loss and total comprehensive income for the year
-
(6,023)
(6,023)
Balance at 30 June 2022
10,000
(239,199)
(229,199)
Easyprod Limited
Notes to the Financial Statements
For the year ended 30 June 2022
Page 4
1
Accounting policies
Company information
Easyprod Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Cavendish Square, London, United Kingdom, W1G 0LB.
1.1
Accounting convention
These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (“FRS 101”). The amendments to FRS 101 (2014/15 Cycle) issued in July 2015 have been applied.
In preparing these financial statements, the company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the EU (“Adopted IFRSs”), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken.
The company’s ultimate parent undertaking, Aser Group Holding Pte Limited includes the company in its consolidated financial statements. The consolidated financial statements of Aser Group Holding Pte Limited are prepared in accordance with Singapore Financial Reporting Standards and will be available to the public and may be obtained from 63 Club Street, Singapore (069437).
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.
In these financial statements, the company has applied the exemptions available under FRS 101 in respect of the following disclosures:
a Cash Flow Statement and related notes;
Comparative period reconciliations for share capital, tangible fixed assets and intangible assets;
The effects of new but not yet effective IFRSs;
Disclosures in respect of the compensation of Key Management Personnel; and
Disclosures of transactions with a management entity that provides key management personnel services to the company.
As the consolidated financial statements of Aser Group Holding Pte Limited include the equivalent disclosures, the company has also taken the exemptions under FRS 101 available in respect of the following disclosures:
The financial statements have been prepared on the historical cost basis.
The principal accounting policies adopted are set out below.
1.2
Going concern
The director has prepared the financial statements on a basis other than going concern due to the decision to cease trading within the company.true
1.3
Fair value measurement
IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The company is exempt under FRS 101 from the disclosure requirements of IFRS 13. There was no impact on the company from the adoption of IFRS 13.
Easyprod Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
1
Accounting policies
(Continued)
Page 5
1.4
Cash and cash equivalents
Cash and cash equivalents 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.
1.5
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Loans and receivables
Trade Receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Impairment of financial assets
Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.6
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Easyprod Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
1
Accounting policies
(Continued)
Page 6
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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.
2
Employees
The average monthly number of persons employed by the company during the year was:
2022
2021
Number
Number
Total
3
Director's remuneration
Easyprod Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
3
Director's remuneration
(Continued)
Page 7
No directors received any remuneration through the company during the period.
The directors are remunerated for their services to the group as a whole, which is disclosed in the consolidated financial statements of the parent company, Aser Group Holding Pte Limited. The directors do not consider it practical to apportion remuneration based on the services performed for this entity due to its size.
4
Taxation
2022
2021
£
£
Current tax
The charge for the year can be reconciled to the loss per the income statement as follows:
2022
2021
£
£
Loss before taxation
(6,023)
(2,586)
Expected tax credit based on a corporation tax rate of 19.00% (2021: 19.00%)
(1,144)
(491)
Current year losses for which no deferred tax asset was recognised
1,144
491
Taxation charge for the year
-
-
Easyprod Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
Page 8
5
Investments
Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2021 & 30 June 2022
8,754
Impairment
At 1 July 2021 & 30 June 2022
(8,754)
Carrying amount
At 30 June 2022
-
At 30 June 2021
-
6
Subsidiaries
Details of the company's subsidiaries at 30 June 2022 are as follows:
Name of undertaking
Registered office
Ownership interest (%)
Voting power held (%)
Nature of business
EasyProd Pte. Ltd
63 Club Street, Singapore, 069437
100
100
Dormant
7
Trade and other receivables
2022
2021
£
£
Trade receivables
-
2,400
Provision for bad and doubtful debts
-
(2,400)
VAT recoverable
4,443
621
Amounts owed by fellow group undertakings
9,250
9,250
Other receivables
750
750
14,443
10,621
Amounts owed by group undertakings are interest free, unsecured, and repayable on demand.
Easyprod Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
Page 9
8
Trade and other payables
2022
2021
£
£
Trade payables
1,402
1,235
Amounts owed to fellow group undertakings
226,711
221,861
Accruals and deferred income
12,000
11,000
VAT payable
3,822
-
243,935
234,096
Amounts owed to group undertakings are interest free, unsecured and payable on demand.
9
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Authorised
10,000 Ordinary shares of £1 each
10,000
10,000
10,000
10,000
Issued and fully paid
10,000 Ordinary shares of £1 each
10,000
10,000
10,000
10,000
The holders of ordinary shares are entitled to receive dividends from time to time and are entitled to one vote per share at meetings of the company.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
We draw attention to Note 1.2 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in this respect of this matter.
The senior statutory auditor was Jamie Sherman and the auditor was Moore Kingston Smith LLP.
11
Related party transactions
No guarantees have been given or received.
Easyprod Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
11
Related party transactions
(Continued)
Page 10
As at the year end, the company owed Aser Investments Limited, a company under common control, £3,000 (2021: £3,000).
As at the year end, the company owed Eleven Sports Network Limited, a company under common control as at 30 June 2022, £9,241 (2021: £9,241).
As at the year end, the company owed Aser Media Limited, a company under common control, £185,110 (2021: £180,267).
As at the year end, the company owed Aser Group Holding Pte Limited, the ultimate controlling entity, £17,188 (2021: £17,180). The movement in the year was due to foreign exchange movement.
As at the year end, Aser Media Pte Limited, the immediate parent company, owed the company £2,704 (2021: £2,704 ).
As at the year end, the company owed Easyprod Pte Ltd, a subsidiary of the company, £5,626 (2021: £5,626).
12
Controlling party
The company is a subsidiary undertaking of Aser Media Pte Limited, which is the parent company and which is incorporated in Singapore.
The largest and smallest group in which the results of the company are consolidated is that headed by Aser Group Holding Pte Limited. No other group financial statements include the results of the company. The consolidated financial statements of this group will be available from Aser Group Holdings Pte Limited at 63 Club Street, Singapore (069437).
The ultimate controlling party is A Radrizzani.