REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 December 2023 |
for |
EasiYo Products (UK) Limited |
REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 December 2023 |
for |
EasiYo Products (UK) Limited |
EasiYo Products (UK) Limited (Registered number: 03590257) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
EasiYo Products (UK) Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
50 Osmaston Road |
Derby |
DE1 2HU |
EasiYo Products (UK) Limited (Registered number: 03590257) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
PROVISIONS FOR LIABILITIES |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
EasiYo Products (UK) Limited (Registered number: 03590257) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
EasiYo Products (UK) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
Going concern |
The director considers that the current outlook presents a significant challenge in terms of whether future profits will be achieved. Given a loss in the current year of £927,137 (2022: £1,570,474), an expected post covid recovery in the previous and current year was impacted by the cost of living increases that impacted consumer confidence significantly. An increase in inputs, specifically an increase in milk prices, impacted profitability. |
The director has concluded that the combination of these circumstances represents a material uncertainty that casts significant doubt upon the company's ability to continue as a going concern and that, therefore, the company may be unable to realise its assets and discharge its liabilities in the normal course of business. Nevertheless, after making enquiries and considering the uncertainties described above, the director has a reasonable expectation that opportunities remain to continue to grow the business and return the business to a profitable position. The group have confirmed that they intend to provide financial support to allow the company to continue its operational activity and meet its financial obligations as and when they fall due for a period of at least twelve months from the date of the signing of these financial statements. For these reasons, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements. |
EasiYo Products (UK) Limited (Registered number: 03590257) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
The preparation of financial statements requires management to make judgments, estimates and assumption that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an on-going basis. Revisions of accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. The areas of significant estimates and judgments are as follows: |
Stocks |
The determination of the cost of stock is a significant area of estimation. The key area of estimation is: |
-The determination of the net realisable value of stock. |
-The level of provision for slow and obsolete stock. |
Returns provision |
Revenue recognition is based on the concept of recognising revenue for performance obligations only when they are satisfied and the control of goods are transferred. A right of return is not a separate performance obligation and the company is required to recognise revenue net of estimated returns. Significant assumptions have been made in regard to the estimation in respect of anticipated returns and the level of lost margin on those returns. A decision regarding the level of returns and level of lost margin gives rise to estimation uncertainty, especially in the context of changing economic and market forces and needs to be reviewed by management annually. |
Depreciation of fixed assets |
The company has recognised depreciation of fixed assets in its financial statements which require management to make judgements concerning the useful life of assets and residual values. The judgements are based on a combination of Group policies, historical experience and other reasonable factors. |
Turnover |
Revenue from the sales of goods is measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts and volume rebates. Revenue is recognised when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated cost and possible return of goods can be estimated reliably, the amount of revenue can be measured reliably and there is no continuing management involvement with the goods. |
Transfers of risks and rewards vary depending on the individual terms of the contract of sale. |
Buying Group Rebates |
Consistent with standard industry practice, the company has agreements with customers whereby volume-related allowances, promotional and marketing allowances and various other fees and discounts are payable in connection with the sale of goods to those customers. |
EasiYo Products (UK) Limited (Registered number: 03590257) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Tools & Equipment | - |
Office Equipment | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. |
Intangible fixed assets |
Intangible fixed assets under the capitalisation threshold of £124,168 (equivalent 250,000 NZD at 31 December 2023) are expensed to the profit and loss account, as per the group capital assets policy. The threshold is applied at an individual asset level. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 balance sheet 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. |
EasiYo Products (UK) Limited (Registered number: 03590257) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
Pension costs and other post-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. |
Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Comprehensive Income in administrative expenses. |
Interest bearing loans and borrowings |
All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable to the bank (including interest). After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. The effective interest rate amortisation is included in finance revenue in the Statement of Comprehensive Income. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
As a result of the current years review by the director, fixed assets under the de-minimis threshold of £199 (equivalent 400 NZD at 31 December 2023) are impaired and recognised in the profit and loss account, as per the group capital assets policy. The threshold is applied at an individual asset level. The director considers the application of the group capital assets policy gives a fairer presentation of the results and of the financial position. The change results in an impairment for the current year of £104,189. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
EasiYo Products (UK) Limited (Registered number: 03590257) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and | Tools & | Office |
machinery | Equipment | Equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
Impairments |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Finished goods |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
EasiYo Products (UK) Limited (Registered number: 03590257) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Deficit for the year | ( |
) |
At 31 December 2023 | ( |
) |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | OTHER FINANCIAL COMMITMENTS |
The company has operating lease commitments at the year end amounting to £143,042 (2022: £236,568). |
13. | RELATED PARTY DISCLOSURES |
As the company is a wholly owned subsidiary of Easiyo Products Limited the company has taken advantage of the exemption contained within FRS102.33.1A and has therefore not disclosed transactions or balances with entities which form part of the group. |
14. | PARENT AND ULTIMATE PARENT COMPANY |
Immediate Parent Company |
The company's parent company is Easiyo Products Limited, a company incorporated in New Zealand. |
Ultimate Parent Company |
The company's ultimate holding company is the Inner Mongolia Yili Industrial Group Company Limited, a company incorporated in China. |
Copies of group accounts for the financial year can be obtained from Inner Mongolia Yili Industrial Group Company Limited's registered office at No. 1 Jinshan Avenue, Jinshan Development Zone, HUHEHAOTE 010110, China. |