Company registration number 11472708 (England and Wales)
Easylay Systems Limited
Unaudited financial statements
For the year ended 31 December 2023
Easylay Systems Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Easylay Systems Limited
Statement of financial position
As at 31 December 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,510
756
Current assets
Stocks
12,239
49,812
Debtors
4
24,209
35,637
Cash at bank and in hand
4,530
620
40,978
86,069
Creditors: amounts falling due within one year
5
(33,407)
(45,113)
Net current assets
7,571
40,956
Total assets less current liabilities
9,081
41,712
Creditors: amounts falling due after more than one year
6
(20,159)
(30,299)
Net (liabilities)/assets
(11,078)
11,413
Capital and reserves
Called up share capital
100
100
Share premium account
29,205
29,205
Profit and loss reserves
(40,383)
(17,892)
Total equity
(11,078)
11,413

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Easylay Systems Limited
Statement of financial position (continued)
As at 31 December 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 February 2024 and are signed on its behalf by:
G C Hall
Director
Company Registration No. 11472708
Easylay Systems Limited
Notes to the financial statements
For the year ended 31 December 2023
- 3 -
1
Accounting policies
Company information

Easylay Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke-on-Trent, Staffordshire, ST1 5SQ.

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 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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Unfortunately in January 2023 the key director passed away suddenly and for the first few months of 2023 the company wasn't trading. New directors from the family were appointed and the company was able to start trading again, and in effect 2023 only contained 8 months of full trading. About £10,000 of the stock had been damaged meanwhile and had to be written off. Also transport costs increased substantially in 2023. This led to a reduction in the gross margin in 2023.

 

There have been a lot of one-off travel and entertaining costs incurred in 2023 as the new directors met with customers and suppliers, and also looked to source new products.

 

It is anticipated that the gross margin will return to normal levels in 2024, and there will be less one off costs. The directors have also taken the decision to reduce wage costs in 2024 with the aim to returning the company to a profitable position.

 

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Easylay Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
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:

Fixtures and fittings
33.33% on cost
Computer equipment
33.33% on reducing balance
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.

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
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Easylay Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments

Basic financial assets and liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

1.8
Taxation

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

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.

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.

1.10
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.

2
Employees

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

2023
2022
Number
Number
Total
3
3
Easylay Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 6 -
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 January 2023
608
1,728
2,336
Additions
-
0
1,166
1,166
At 31 December 2023
608
2,894
3,502
Depreciation and impairment
At 1 January 2023
419
1,161
1,580
Depreciation charged in the year
113
299
412
At 31 December 2023
532
1,460
1,992
Carrying amount
At 31 December 2023
76
1,434
1,510
At 31 December 2022
189
567
756
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
22,497
23,151
Other debtors
1,712
12,486
24,209
35,637
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,140
9,891
Trade creditors
17,420
29,523
Taxation and social security
801
137
Other creditors
5,046
5,562
33,407
45,113
Easylay Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,159
30,299
7
Loans and overdrafts
2023
2022
£
£
Bank loans
30,299
40,189
Bank overdrafts
-
0
1
30,299
40,190
Payable within one year
10,140
9,891
Payable after one year
20,159
30,299

The bank loans are secured by a fixed and floating charge over the assets of the company.

 

 

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