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REGISTERED NUMBER: 05221840 (England and Wales)















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2023

for

Easylife Limited

Easylife Limited (Registered number: 05221840)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


Easylife Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: G G Caplan





REGISTERED OFFICE: 26 Station Road
New Barnet
Hertfordshire
EN5 1QW





BUSINESS ADDRESS: Walbrook West
Queensborough Road
Sheeness
Kent
ME12 3XT





REGISTERED NUMBER: 05221840 (England and Wales)





AUDITORS: Christopher Michael Limited
Chartered Certified Accountants &
Statutory Auditors
26 Station Road
New Barnet
Herts
EN5 1QW

Easylife Limited (Registered number: 05221840)

Strategic Report
for the Year Ended 31 December 2023

The director presents his strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The UK economic outlook and consumer confidence has deteriorated as a result of various factors such as the rising costs of living, the war in Ukraine, and the impact of Brexit. These factors have contributed to the fall in turnover from last year which in turn has been reflected in a fall in profitability.

Increased investment in media activity and streamlining of our costs will generate growth into 2024.

PRINCIPAL RISKS AND UNCERTAINTIES
Risks are accepted as part of the company's business. The director and key employees review the company's risks regularly, and take actions to monitor and mitigate them.

The company's main financial risk is in the exposure to foreign currency fluctuations on the imports of goods from overseas suppliers.

The company also has market risks as it trades in a highly competitive online platform environment. To mitigate this risk the company regularly monitors market prices.

The company is fastidious about quality control and carries out regular reviews and tests on their products. Product safety is of a paramount importance to the company's business ethos.

The company has liquidity and interest rate risks on all its overdraft facilities.

Political & Economic Environment
Global economic volatility may remain high due to the ongoing inpact of Covid-19, with clear geopolitical uncertainties relating to the pandemic response and recovery. Brexit continues to drive uncertainty and has the potential to impact core business activities including logistics and workforce management.
Brexit could create potential risks, including foreign exchange movements, adverse impacts from changes in import taxes/tariffs and consumer confidence.
Consumer confidence continues to fall as a result of the rising cost of living driven by energy and fuel prices, as well as inflation which has risen to 30-year high. The war in Ukraine has led to significant deterioration in the global economic outlook and the Company will continue to monitor key macroeconomic indicators and geopolitical uncertainties including but not limited to those regarding the war, Brexit, COVID-19 and the cost of living crisis.

Supply chain disruption
A material interruption to the product supply chain could reduce the level of retail trading. Management mitigates this risk by reviewing supplier performance regularly.

KEY PERFORMANCE INDICATORS
Turnover in 2023 shows an decrease by 3% from £24.953m in 2022 to £23.956m.

Gross profit percentages shows an increase from 2.81% in 2022 to 8.82% for 2023
Pre tax results shows an increase in profit from a loss of 0.92M for 2022 to a profit of £0.04M for 2023.


Easylife Limited (Registered number: 05221840)

Strategic Report
for the Year Ended 31 December 2023

FUTURE DEVELOPMENTS
Trading in the current economic environment continues to be challenging with strong competition from both high street and online retailers, and in terms of disruption and increased costs as a result of the UK's departure from the EU and the war in Ukraine. We believe through our strong management team and systems in place we will grow the business by continuing to provide ethical products and services to our customers.

ON BEHALF OF THE BOARD:





G G Caplan - Director


16 December 2024

Easylife Limited (Registered number: 05221840)

Report of the Director
for the Year Ended 31 December 2023

The director presents his report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of an importer, distributor and wholesaler of general mail order merchandise, and publisher of mail order catalogues.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

FUTURE DEVELOPMENTS
The financial management objectives and future developments of the business are detailed in the strategic report.

DIRECTOR
G G Caplan held office during the whole of the period from 1 January 2023 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
A Nil, (2022: £5,000), charitable donation to Kabbalah Centre.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director 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 he 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;
-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 him to ensure that the financial statements comply with the Companies Act 2006. He 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Easylife Limited (Registered number: 05221840)

Report of the Director
for the Year Ended 31 December 2023


AUDITORS
The auditors, Christopher Michael Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G G Caplan - Director


16 December 2024

Report of the Independent Auditors to the Members of
Easylife Limited

Opinion
We have audited the financial statements of Easylife Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Easylife Limited


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 Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Easylife Limited


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that indicate an incentive or pressure to commit fraud or provide the opportunity to commit fraud.
Our risk assessment procedures included:

- Enquiring with directors and inspection of policy documentation as to Easylife Limited's policies and procedures to prevent fraud and detect fraud that apply to this company as well as enquiring whether the directors have knowledge of any actual , suspected or alleged fraud;

- Reading the board minutes; and

- Using analytical procedures to identify unusual or unexpected relationships

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, and taking into account possible pressures to meet profit targets, we perform procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition, including: the risk that revenue is recorded in the wrong period and the risk that management may be in a position to make inappropriate accounting entries.

We did not identify any additional fraud risks.

In determining the audit procedures, we have taken into account the results of our evaluation and testing of the operating effectiveness of some of the Company wide fraud risk management controls and we performed procedures including:
- Identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included posted to unusual accounts involving revenue and cash.
- For a sample of revenue transactions around the period end, vouching to supporting external documentation to corroborate whether those items were recorded in the correct accounting period.

-identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations.

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.


Report of the Independent Auditors to the Members of
Easylife Limited

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, anti-bribery, general data protection, employment law, and certain aspects of company legislation, recognising the nature of the company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Michalis Michael (Senior Statutory Auditor)
for and on behalf of Christopher Michael Limited
Chartered Certified Accountants &
Statutory Auditors
26 Station Road
New Barnet
Herts
EN5 1QW

17 December 2024

Easylife Limited (Registered number: 05221840)

Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 23,956,346 24,953,445

Cost of sales 21,842,359 24,251,625
GROSS PROFIT 2,113,987 701,820

Administrative expenses 2,070,698 1,658,660
OPERATING PROFIT/(LOSS) 5 43,289 (956,840 )

Interest receivable and similar income 2,909 479
46,198 (956,361 )

Interest payable and similar expenses 6 5,936 5,774
PROFIT/(LOSS) BEFORE TAXATION 40,262 (962,135 )

Tax on profit/(loss) 7 253,372 (173,906 )
LOSS FOR THE FINANCIAL YEAR (213,110 ) (788,229 )

Easylife Limited (Registered number: 05221840)

Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

LOSS FOR THE YEAR (213,110 ) (788,229 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(213,110

)

(788,229

)

Easylife Limited (Registered number: 05221840)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 350,232 84,005
Investments 12 28 -
350,260 84,005

CURRENT ASSETS
Stocks 13 2,933,940 2,596,738
Debtors 14 961,984 2,013,108
Cash at bank and in hand 420,024 415,507
4,315,948 5,025,353
CREDITORS
Amounts falling due within one year 15 2,972,980 3,234,024
NET CURRENT ASSETS 1,342,968 1,791,329
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,693,228

1,875,334

PROVISIONS FOR LIABILITIES 17 43,243 12,239
NET ASSETS 1,649,985 1,863,095

CAPITAL AND RESERVES
Called up share capital 18 1 1
Retained earnings 19 1,649,984 1,863,094
SHAREHOLDERS' FUNDS 1,649,985 1,863,095

The financial statements were approved by the director and authorised for issue on 16 December 2024 and were signed by:





G G Caplan - Director


Easylife Limited (Registered number: 05221840)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1 3,641,323 3,641,324

Changes in equity
Dividends - (990,000 ) (990,000 )
Total comprehensive income - (788,229 ) (788,229 )
Balance at 31 December 2022 1 1,863,094 1,863,095

Changes in equity
Total comprehensive income - (213,110 ) (213,110 )
Balance at 31 December 2023 1 1,649,984 1,649,985

Easylife Limited (Registered number: 05221840)

Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 334,771 (1,059,241 )
Interest paid (5,936 ) (5,774 )
Tax paid (3,454 ) (275,244 )
Net cash from operating activities 325,381 (1,340,259 )

Cash flows from investing activities
Purchase of tangible fixed assets (323,745 ) (1,773 )
Purchase of fixed asset investments (28 ) -
Sale of intangible fixed assets - 990,000
Interest received 2,909 479
Net cash from investing activities (320,864 ) 988,706

Cash flows from financing activities
Equity dividends paid - (990,000 )
Net cash from financing activities - (990,000 )

Increase/(decrease) in cash and cash equivalents 4,517 (1,341,553 )
Cash and cash equivalents at beginning of
year

2

415,507

1,757,060

Cash and cash equivalents at end of year 2 420,024 415,507

Easylife Limited (Registered number: 05221840)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit/(loss) before taxation 40,262 (962,135 )
Depreciation charges 57,517 56,170
Profit on disposal of fixed assets - (969,167 )
Intercompany 1 (163,457 )
Finance costs 5,936 5,774
Finance income (2,909 ) (479 )
100,807 (2,033,294 )
(Increase)/decrease in stocks (337,202 ) 1,119,976
Decrease/(increase) in trade and other debtors 1,051,124 (360,681 )
(Decrease)/increase in trade and other creditors (479,958 ) 214,758
Cash generated from operations 334,771 (1,059,241 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 420,024 415,507
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 415,507 1,757,060


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 415,507 4,517 420,024
415,507 4,517 420,024
Total 415,507 4,517 420,024

Easylife Limited (Registered number: 05221840)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Easylife Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue recognition
Sale of Goods
Turnover is recognised on goods dispatched, excluding discounts, rebates , returns, value added tax and other sales taxes.

Services rendered
Turnover is measured at a fair value of the consideration received or receivable and represents the amounts receivable for the services rendered, stated net of discounts and value added tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the services transaction at the end of the reporting period.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Domain Names has been fully amortised in the current year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the property
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Investments in associates
Investments in associate undertakings are recognised at cost.

Easylife Limited (Registered number: 05221840)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are measured at the lower of costs and estimated selling price less costs to complete and sell. Costs includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments
The company has elected to apply the provisions of section 11 "Basic Financial Instruments" of FRS 102.

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial assets and liabilities are initially measured at transactional costs and are subsequently carried at amortised cost.

If any such assets or liabilities are receivable within one year they are not amortised.

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
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate at the reporting date, with any gains or losses being taken to the profit and loss account.

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.

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.

Cash and cash equivalents
Cash and cash equivalents comprise of cash balances and call deposits.

Easylife Limited (Registered number: 05221840)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exists. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. One such judgment relates to the valuation and recoverable amount with respect to stock valuation. Assumptions about future market trends and demand have been made.

3. TURNOVER

The turnover and profit (2022 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.23 31.12.22
£    £   
Sale of goods 22,920,965 23,862,064
Rendering of Services 1,035,381 1,091,381
23,956,346 24,953,445

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 23,956,346 24,953,445
23,956,346 24,953,445

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 1,667,794 1,694,602
Social security costs 133,921 76,879
Other pension costs 65,755 65,265
1,867,470 1,836,746

Easylife Limited (Registered number: 05221840)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.23 31.12.22

Management and administration 4 4
Sales, Marketing and operations 51 59
Customer services 2 3
57 66

31.12.23 31.12.22
£    £   
Director's remuneration 30,000 30,320

5. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Other operating leases 270,056 257,344
Depreciation - owned assets 57,518 45,752
Profit on disposal of fixed assets - (969,167 )
Domain Names amortisation - 10,417
Foreign exchange differences 5,315 18,695

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank interest 3,323 5,774
Other interest payable 2,613 -
5,936 5,774

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
Overprovision tax Prior years 222,368 (165,777 )

Deferred tax 31,004 (8,129 )
Tax on profit/(loss) 253,372 (173,906 )

Easylife Limited (Registered number: 05221840)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit/(loss) before tax 40,262 (962,135 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
0% (2022 - 0%)

-

-

Effects of:
deferred tax 31,004 (8,129 )
overprovision/(underprovision) 222,368 (165,777 )
Total tax charge/(credit) 253,372 (173,906 )

8. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary share of 1
Interim - 990,000

9. TRANSACTIONS DURING THE YEAR

A 50% share holding in Easylife Australia PTY Limited, a company incorporated in Australia, was acquired on 4th August 2023.

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 400,000
AMORTISATION
At 1 January 2023
and 31 December 2023 400,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Easylife Limited (Registered number: 05221840)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 262,823 234,921 357,906 855,650
Additions 104,088 219,657 - 323,745
At 31 December 2023 366,911 454,578 357,906 1,179,395
DEPRECIATION
At 1 January 2023 225,970 214,443 331,232 771,645
Charge for year 22,233 22,628 12,657 57,518
At 31 December 2023 248,203 237,071 343,889 829,163
NET BOOK VALUE
At 31 December 2023 118,708 217,507 14,017 350,232
At 31 December 2022 36,853 20,478 26,674 84,005

12. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
Additions 28
At 31 December 2023 28
NET BOOK VALUE
At 31 December 2023 28

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Associated company

Easylife Australia PTY LTD
Registered office: Suite 126, 117 Old Pittwater Road, Brookvale, NSW 2100, Australia
Nature of business: mail order merchandise
%
Class of shares: holding
Ordinary 50.00
30.6.23
£   
Aggregate capital and reserves 99,317
Profit for the year 6,312

Easylife Limited (Registered number: 05221840)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. STOCKS
31.12.23 31.12.22
£    £   
Stocks 2,933,940 2,596,738

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 384,186 1,517,237
Amounts owed by group undertakings 163,456 163,456
Other debtors 15,000 -
Prepayments and accrued income 399,342 332,415
961,984 2,013,108

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 2,642,338 2,831,334
Tax (3,146 ) (222,060 )
Social security and other taxes 209,183 505,725
Other creditors 10,848 3,932
Credit Card 12,974 5,706
Accrued expenses 100,783 109,387
2,972,980 3,234,024

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 408,004 131,121
Between one and five years 1,619,514 -
In more than five years 1,512,000 -
3,539,518 131,121

17. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 43,243 12,239

Easylife Limited (Registered number: 05221840)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 12,239
Deferred tax 31,004
Balance at 31 December 2023 43,243

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1 Ordinary 1 1 1

19. RESERVES
Retained
earnings
£   

At 1 January 2023 1,863,094
Deficit for the year (213,110 )
At 31 December 2023 1,649,984

20. ULTIMATE PARENT COMPANY

Easylife Group Limited Employee Benefit Trust is regarded by the director as being the company's ultimate parent company.

The consolidated accounts of Easylife Holdings Limited can be obtained from 26 Station Road, New Barnet, Herts, EN5 1QW.

21. RELATED PARTY DISCLOSURES

The company occupies premises owned by the director, G Caplan, and rent was paid in the sum of £72,000, (2022: £72,000). The rent is considered to be at market rent.

As at the 31 December 2023 a balance of £227,658, (2022: £209,243), was owed by Easylife Australia PTY Limited a company incorporated in Australia. Easylife Limited (as of 4th August 2023), owns 50% of the share capital of the company.

As at 31 December 2023 an amount of £15,000, (2022: £nil), was owed to the company by KTerrace Limited, a company controlled by the director.