Company registration number 13976673 (England and Wales)
IMPROVEASY (SERVICES) LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
IMPROVEASY (SERVICES) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 6
IMPROVEASY (SERVICES) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A Barcley
(Appointed 15 March 2022)
Mr C Antrobus
(Appointed 15 August 2023)
Secretary
Mr A Barcley
Company number
13976673
Registered office
Station House
Stamford New Road
Altrincham
Cheshire
England
WA14 1EP
Auditor
Xeinadin Audit Limited
Riverside House, Kings Reach Business Park
Yew Street
Stockport
Cheshire
United Kingdom
SK4 2HD
IMPROVEASY (SERVICES) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
Notes
£
£
Current assets
Debtors
4
43,570
Cash at bank and in hand
56,276
99,846
Creditors: amounts falling due within one year
5
(349,158)
Net current liabilities
(249,312)
Capital and reserves
Called up share capital
100
Profit and loss reserves
(249,412)
Total equity
(249,312)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 15 March 2024 and are signed on its behalf by:
Mr A Barcley
Director
Company registration number 13976673 (England and Wales)
IMPROVEASY (SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Improveasy (Services) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Station House, Stamford New Road, Altrincham, Cheshire, England, WA14 1EP.
1.1
Reporting period
The reporting period is longer than one year due to the year-end being extended by 16 days to 31st March.
1.2
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.3
Going concern
At the balance sheet date, the company had an excess of current liabilities over current assets of £true249,312 and a net deficit position of £249,312. The financial statements have been prepared on a going concern basis which assumes the company will continue in operational existence for the foreseeable future. The validity of the use of this basis depends upon the following:-
The company manages its day to day working capital requirements through a flexible agreement with its parent company, TLC Future Group Limited. The parent company have confirmed that they will continue to support the company through this flexible agreement for a period of at least twelve months following the date of the audit report.
The directors have prepared forecasts for the group as a whole and have considered the ability of TLC Future Group Limited to provide such financial support as might be required by the Company. The forecasts and availability of access to finance as required have led them to conclude the business is a going concern.
1.4
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
1.5
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.
IMPROVEASY (SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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 balance sheet 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.
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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction 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 profit and loss account 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.
IMPROVEASY (SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
11
4
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
2,380
Other debtors
41,190
43,570
IMPROVEASY (SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
£
Trade creditors
3,540
Taxation and social security
13,321
Other creditors
332,297
349,158
6
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.
Senior Statutory Auditor:
Nichola Coles (FCCA)
Statutory Auditor:
Xeinadin Audit Limited
Date of audit report:
15 March 2024
7
Events after the reporting date
On 15 May 2023 the company passed a resolution to subdivide the existing 100 Ordinary Shares of £1 each into 10,000 Ordinary Shares of £0.01 each. On the same day the company issued 1764 B Shares of £0.01 each for total consideration of £17.64.
8
Related party transactions
Amounts due to related companies at the year-end was £303,649
Amounts due from related companies at the year-end was £38,538
9
Parent company
The company’s parent undertaking is TLC Future Group Limited, a company registered and incorporated in the United Kingdom.
The registered office of the parent company is Station House, Stamford New Road, Altrincham, Cheshire, England, WA14 1EP
The ultimate controlling party is Mr A Barcley.