Company registration number 03739301 (England and Wales)
EASIBATHE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
EASIBATHE LIMITED
COMPANY INFORMATION
Director
M. Cook
Secretary
Mrs D M Cook
Company number
03739301
Registered office
c/o Azets
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
England
NE3 3LS
Auditor
Azets
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
Solicitors
Ward Hadaway LLP
Sandgate House
102 Quayside
Newcastle Upon Tyne
Tyne And Wear
United Kingdom
NE1 3DX
EASIBATHE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 24
EASIBATHE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The director presents the strategic report for the year ended 30 June 2024.

Review of the business

Easibathe Limited is a leading provider of accessible bathroom solutions within the North East of England, with a dedicated access division (known as Easiaccess) providing ramped access solutions (and associated products and services) nationwide both directly and through a network of partners. Customers range from local authorities and housing associations to business and end users.

Throughout the financial year, the company has continued to strengthen its market presence through innovation and an ongoing commitment to maintaining excellent customer service levels, driven by the appointment of two co-Managing Directors at the beginning of 2024, who between them have over 40 years’ experience with the company.

During the year, Easibathe Limited has seen steady revenue growth, driven by increased demand for the companies installations services, in both residential and commercial sectors.

Key highlights include:

Principal risks and uncertainties

Easibathe Limited operates in a competitive and partly regulatory-driven market. Key risks identified include:

Supply Chain Disruptions: The company is exposed to risks related to supplier reliability and material cost fluctuations. Mitigation strategies include diversifying supplier networks, maintaining strategic stock levels, and negotiating long-term supplier contracts.

Regulatory Compliance: Easibathe Limited monitors regulatory updates to ensures that all products meet industry standards. Being an installer, the company also appreciates changes in health and safety regulations may impact or instigate compliance measures and remains focussed on maintaining a highly trained and competent workforce.

Market Competition: The company faces competition from both established and emerging players. To maintain a competitive edge, Easibathe Limited focuses on product innovation, superior quality, and exceptional customer service.

Financial performance

The company has had a solid financial performance, with revenue rising to £12.35 million, an increase of 12.4% compared to the previous year. Gross profit margins have remained relatively stable, with operating profit margins improving, supported by cost management initiatives and improved operational efficiency.

At the end of the financial year our business is in a strong financial position and remains positive about growth within our current sector and others, expanding into new areas of work as well as building relationships with new and existing clients.

EASIBATHE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Strategy and future development

Easibathe Limited is well-positioned for continued growth, with strategic initiatives in place to drive expansion and enhance customer experience. The company plans to continue its investment in research and development activities to develop innovative, market leading access and bathing solutions that align with market trends and customer needs. Correspondingly, the company will also seek to implement more robust intellectual property (IP) measures to protect and defends its IP from copycat organisations who have sought to claim Easibathe Limited originated/designed products as their own.

The company will continue its sustainability efforts, incorporating eco-friendly materials, energy-efficient practices, and ultimately reducing its carbon footprint. Appointing a dedicated QHSE Manager will see the companies environmental efforts receive dedicated ongoing attention.

The company will also continue to strengthen corporate social responsibility initiatives, supporting accessibility charities, local community projects and other worthwhile causes through donations, collaborations, and volunteering, spearheaded by its informal charitable foundation.

Key to the ongoing performance is ensuring a skilled and committed workforce and Easibathe Limited will seek to retain and attract employees, through enhanced benefits, structured training programs, well-being initiatives, and open communication channels. A highly skilled and competent workforce will deliver the customer service excellence that the company prides itself on.

Conclusion

Easibathe Limited remains committed to its mission of enhancing accessibility and independence for individuals with accessibility/mobility related challenges. With a strong financial foundation, strategic growth plans, and a customer-centric approach, the company is poised for sustained success in the coming years.

On behalf of the board

M. Cook
Director
20 March 2025
EASIBATHE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The director presents his annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of supply and installation of disability aids.

Results and dividends

The results for the year are set out on page 8.

Details of ordinary dividends paid in the year are within note 9. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

M. Cook
Financial instruments
Liquidity risk

The company manages its cash and any borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Credit risk

Investments of cash surpluses are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

See disclosures within the strategic report regarding future developments of the company.

Auditor

Azets were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
M. Cook
Director
20 March 2025
EASIBATHE LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

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 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:

 

 

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. 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.

EASIBATHE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EASIBATHE LIMITED
- 5 -
Opinion

We have audited the financial statements of Easibathe Limited (the 'company') for the year ended 30 June 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

EASIBATHE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EASIBATHE LIMITED
- 6 -
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 director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

EASIBATHE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EASIBATHE LIMITED
- 7 -

We identified the following applicable laws and regulations as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); and compliance with UK Companies Act.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Other matters which we are required to address

We note that prior year financial statements were not audited. Consequently ISAs (UK) require the auditor to state that the corresponding figures contained within the financial statements are unaudited. Our opinion is not modified in respect of this matter.

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 an auditor's report 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.

Claire Hinshaw ACCA
Senior Statutory Auditor
For and on behalf of Azets
20 March 2025
Chartered Accountants
Bulman House
Statutory Auditor
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
EASIBATHE LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023 (Unaudited)
Notes
£
£
Turnover
2
12,351,408
10,978,664
Cost of sales
(8,457,164)
(7,708,379)
Gross profit
3,894,244
3,270,285
Distribution costs
(181,108)
(185,387)
Administrative expenses
(2,054,541)
(1,803,587)
Other operating income
5,442
19,041
Operating profit
3
1,664,037
1,300,352
Interest receivable and similar income
6
13,240
1,143
Interest payable and similar expenses
7
(5,418)
(8,323)
Profit before taxation
1,671,859
1,293,172
Tax on profit
8
(359,446)
(276,069)
Profit for the financial year
1,312,413
1,017,103

The income statement has been prepared on the basis that all operations are continuing operations.

EASIBATHE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023 (Unaudited)
£
£
Profit for the year
1,312,413
1,017,103
Other comprehensive income
-
-
Total comprehensive income for the year
1,312,413
1,017,103
EASIBATHE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 10 -
2024
2023 (Unaudited)
Notes
£
£
£
£
Fixed assets
Tangible assets
11
851,826
809,303
Current assets
Stocks
12
1,170,019
928,670
Debtors
13
1,285,798
1,320,472
Cash at bank and in hand
1,884,932
920,386
4,340,749
3,169,528
Creditors: amounts falling due within one year
14
(1,556,685)
(1,039,146)
Net current assets
2,784,064
2,130,382
Total assets less current liabilities
3,635,890
2,939,685
Creditors: amounts falling due after more than one year
15
-
0
(98,182)
Provisions for liabilities
Deferred tax liability
17
46,145
105,889
(46,145)
(105,889)
Net assets
3,589,745
2,735,614
Capital and reserves
Called up share capital
19
157,272
157,272
Profit and loss reserves
3,432,473
2,578,342
Total equity
3,589,745
2,735,614
The financial statements were approved and signed by the director and authorised for issue on 20 March 2025
M. Cook
Director
Company Registration No. 03739301
EASIBATHE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
157,272
1,983,239
2,140,511
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
1,017,103
1,017,103
Dividends
9
-
(422,000)
(422,000)
Balance at 30 June 2023
157,272
2,578,342
2,735,614
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
1,312,413
1,312,413
Dividends
9
-
(458,282)
(458,282)
Balance at 30 June 2024
157,272
3,432,473
3,589,745
EASIBATHE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
2024
2023 (Unaudited)
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,898,221
1,032,964
Income taxes paid
(248,853)
(167,282)
Net cash inflow from operating activities
1,649,368
865,682
Investing activities
Purchase of tangible fixed assets
(123,213)
(172,373)
Interest received
13,240
1,143
Net cash used in investing activities
(109,973)
(171,230)
Financing activities
Repayment of bank loans
(111,149)
(45,617)
Interest paid
(5,418)
(8,323)
Dividends paid
(458,282)
(422,000)
Net cash used in financing activities
(574,849)
(475,940)
Net increase in cash and cash equivalents
964,546
218,512
Cash and cash equivalents at beginning of year
917,808
699,296
Cash and cash equivalents at end of year
1,882,354
917,808
Relating to:
Cash at bank and in hand
1,884,932
920,386
Bank overdrafts included in creditors payable within one year
(2,578)
(2,578)
EASIBATHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information

Easibathe Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Azets, Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne, England, NE3 3LS.

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.

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 director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

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.

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 dispatch 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.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10% straight line.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

EASIBATHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -

Amortisation 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:

Patents & licences
- 10% straight line
1.6
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:

Freehold land and buildings
- 2.5% straight line
Plant and equipment
- 25% straight line
Fixtures and fittings
- 25% Straight line
Tooling
- 50% straight line
Motor vehicles
- 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
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.

1.8
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.

1.9
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 statement of financial position 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.

EASIBATHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and 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 have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

EASIBATHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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.

1.11
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.

1.12
Leases
EASIBATHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Turnover and other revenue
2024
2023 (Unaudited)
£
£
Turnover analysed by class of business
Turnover from sale of goods
10,791,182
9,618,150
Turnover from sale of services
1,560,226
1,360,514
12,351,408
10,978,664
2024
2023 (Unaudited)
£
£
Other revenue
Interest income
13,240
1,143
3
Operating profit
2024
2023 (Unaudited)
Operating profit for the year is stated after charging:
£
£
Exchange losses
4,913
3,386
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
-
0
Depreciation of owned tangible fixed assets
80,690
56,920
Operating lease charges
274,920
240,630
4
Employees

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

2024
2023 (Unaudited)
Number
Number
Administration and support
31
22
Installation Operative
27
30
Wareshouse and Distribution
9
9
Total
67
61
EASIBATHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2024
2023 (Unaudited)
£
£
Wages and salaries
2,119,700
1,814,445
Social security costs
196,943
167,531
Pension costs
169,496
183,153
2,486,139
2,165,129
5
Director's remuneration
2024
2023 (Unaudited)
£
£
Remuneration for qualifying services
47,880
5,600
Company pension contributions to defined contribution schemes
80,000
86,540
127,880
92,140
6
Interest receivable and similar income
2024
2023 (Unaudited)
£
£
Interest income
Interest on bank deposits
13,102
1,109
Other interest income
138
34
Total income
13,240
1,143
2024
2023 (Unaudited)
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
13,102
1,109
7
Interest payable and similar expenses
2024
2023 (Unaudited)
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
5,418
8,323
EASIBATHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
8
Taxation
2024
2023 (Unaudited)
£
£
Current tax
UK corporation tax on profits for the current period
422,000
251,697
Adjustments in respect of prior periods
(2,810)
(12,775)
Total current tax
419,190
238,922
Deferred tax
Origination and reversal of timing differences
(59,744)
37,147
Total tax charge
359,446
276,069

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023 (Unaudited)
£
£
Profit before taxation
1,671,859
1,293,172
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023 (Unaudited): 20.50%)
417,965
265,047
Tax effect of expenses that are not deductible in determining taxable profit
4,301
4,436
Tax effect of income not taxable in determining taxable profit
-
0
(4,092)
Adjustments in respect of prior years
(2,810)
(12,775)
Deferred tax adjustments in respect of prior years
(9,310)
6,693
Fixed Asset Difference
(50,700)
6,317
Other
-
0
2,810
Deferred tax not provided
-
0
7,633
Taxation charge for the year
359,446
276,069
9
Dividends
2024
2023 (Unaudited)
£
£
Interim paid
458,282
422,000
EASIBATHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
10
Intangible fixed assets
Goodwill
Patents & licences
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
52,000
20,246
72,246
Amortisation and impairment
At 1 July 2023 and 30 June 2024
52,000
20,246
72,246
Carrying amount
At 30 June 2024
-
0
-
0
-
0
At 30 June 2023
-
0
-
0
-
0
11
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Tooling
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
1,294,581
253,143
270,543
289,193
24,014
2,131,474
Additions
32,066
22,143
22,146
19,504
27,354
123,213
Disposals
-
0
(24,628)
(16,258)
(144,602)
(23,814)
(209,302)
At 30 June 2024
1,326,647
250,658
276,431
164,095
27,554
2,045,385
Depreciation and impairment
At 1 July 2023
590,559
179,204
240,093
288,801
23,514
1,322,171
Depreciation charged in the year
32,611
27,731
13,996
5,282
1,070
80,690
Eliminated in respect of disposals
-
0
(24,628)
(16,258)
(144,602)
(23,814)
(209,302)
At 30 June 2024
623,170
182,307
237,831
149,481
770
1,193,559
Carrying amount
At 30 June 2024
703,477
68,351
38,600
14,614
26,784
851,826
At 30 June 2023
704,022
73,939
30,450
392
500
809,303
12
Stocks
2024
2023 (Unaudited)
£
£
Finshed goods and goods for resale
1,170,019
928,670
EASIBATHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
13
Debtors
2024
2023 (Unaudited)
Amounts falling due within one year:
£
£
Trade debtors
1,229,788
1,242,597
Gross amounts owed by contract customers
-
0
34,138
Prepayments and accrued income
56,010
43,737
1,285,798
1,320,472
14
Creditors: amounts falling due within one year
2024
2023 (Unaudited)
Notes
£
£
Bank loans and overdrafts
16
2,578
15,545
Trade creditors
396,801
328,180
Corporation tax
422,000
251,663
Other taxation and social security
238,131
219,061
Other creditors
4,653
86,121
Accruals and deferred income
492,522
138,576
1,556,685
1,039,146

Included within creditors due within one year is directors loan account balance of £10,718 (2023: £137).

15
Creditors: amounts falling due after more than one year
2024
2023 (Unaudited)
Notes
£
£
Bank loans and overdrafts
16
-
0
98,182
16
Loans and overdrafts
2024
2023 (Unaudited)
£
£
Bank loans
-
0
111,149
Bank overdrafts
2,578
2,578
2,578
113,727
Payable within one year
2,578
15,545
Payable after one year
-
0
98,182
EASIBATHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
16
Loans and overdrafts
(Continued)
- 22 -

 

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023 (Unaudited)
Balances:
£
£
Fixed Asset timing difference
46,271
107,642
Short term timing differences
(126)
(1,753)
46,145
105,889
2024
Movements in the year:
£
Liability at 1 July 2023
105,889
Credit to profit or loss
(59,744)
Liability at 30 June 2024
46,145

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2024
2023 (Unaudited)
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
169,496
183,153

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

Contributions totalling £Nil (2023: £8,964) were outstanding at the year end and included within creditors.

19
Share capital
2024
2023 (Unaudited)
2024
2023 (Unaudited)
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
157,272
157,272
157,272
157,272
EASIBATHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023 (Unaudited)
£
£
Within one year
116,176
116,752
Between two and five years
91,976
185,775
In over five years
55
15,880
208,207
318,407
21
Ultimate controlling party

The ultimate controlling party by virtue of ownership of the majority of all the share capital of Easibathe Limited is Mr and Mrs Cook.

22
Cash generated from operations
2024
2023 (Unaudited)
£
£
Profit for the year after tax
1,312,413
1,017,103
Adjustments for:
Taxation charged
359,446
276,069
Finance costs
5,418
8,323
Investment income
(13,240)
(1,143)
Depreciation and impairment of tangible fixed assets
80,690
56,920
Movements in working capital:
Increase in stocks
(241,349)
(240,821)
Decrease/(increase) in debtors
34,674
(152,072)
Increase in creditors
360,169
68,585
Cash generated from operations
1,898,221
1,032,964
EASIBATHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
23
Analysis of changes in net funds
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
920,386
964,546
1,884,932
Bank overdrafts
(2,578)
-
(2,578)
917,808
964,546
1,882,354
Borrowings excluding overdrafts
(111,149)
111,149
-
806,659
1,075,695
1,882,354
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