Registration number:
Ezy Fit Ltd
for the
Year Ended 30 September 2024
Ezy Fit Ltd
Balance Sheet
as at 30 September 2024
Note |
2024 |
(As restated) |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Allotted, called up and fully paid share capital |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Registration number: 12905645
Ezy Fit Ltd
Balance Sheet
as at 30 September 2024 (continued)
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Ezy Fit Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 30 September 2024
General information |
The company is a private company limited by shares incorporated in England within the United Kingdom.
The company's registration number is 12905645.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.
Ezy Fit Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 30 September 2024
(continued)
2 |
Accounting policies (continued) |
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost (or deemed cost), less any accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33 1/3% per annum on a straight line basis |
Motor vehicles |
25% per annum on a reducing balance basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Defined contribution pension obligation
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.
Ezy Fit Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 30 September 2024
(continued)
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Tangible assets |
Office equipment |
Motor vehicles |
Total |
|
Cost |
|||
At 1 October 2023 |
|
|
|
Additions |
|
|
|
At 30 September 2024 |
|
|
|
Depreciation |
|||
At 1 October 2023 |
|
|
|
Charge for the year |
|
|
|
At 30 September 2024 |
|
|
|
Net book value |
|||
At 30 September 2024 |
|
|
|
At 30 September 2023 |
|
|
|
Debtors |
Current |
2024 |
(As restated) |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Ezy Fit Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 30 September 2024
(continued)
Creditors |
2024 |
2023 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Corporation tax liability |
262,196 |
61,587 |
Accruals and deferred income |
|
|
Other creditors |
|
|
Director's loan account |
1,266 |
1,266 |
|
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with the director |
2024 |
At 1 October 2023 |
Advances to directors |
Repayments by director |
At 30 September 2024 |
Interest free loan |
- |
|
( |
- |
Ezy Fit Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 30 September 2024
(continued)
Transition to FRS 102 |
Balance Sheet at 1 October 2022
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Current assets |
||||
Stocks |
40,631 |
- |
- |
40,631 |
Debtors |
58,550 |
- |
- |
58,550 |
Cash at bank and in hand |
68,582 |
- |
- |
68,582 |
167,763 |
- |
- |
167,763 |
|
Creditors: Amounts falling due within one year |
(140,439) |
- |
- |
(140,439) |
Net assets |
27,324 |
- |
- |
27,324 |
Capital and reserves |
||||
Called up share capital |
10 |
- |
- |
10 |
Profit and loss account |
27,314 |
- |
- |
27,314 |
Total equity |
27,324 |
- |
- |
27,324 |
Ezy Fit Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 30 September 2024
(continued)
9 |
Transition to FRS 102 (continued) |
Balance Sheet at 30 September 2023
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Tangible assets |
9,417 |
- |
- |
9,417 |
Current assets |
||||
Stocks |
118,781 |
- |
- |
118,781 |
Debtors |
1,308,608 |
- |
263 |
1,308,871 |
Cash at bank and in hand |
244,424 |
- |
- |
244,424 |
1,671,813 |
- |
263 |
1,672,076 |
|
Creditors: Amounts falling due within one year |
(1,444,053) |
- |
- |
(1,444,053) |
Net current assets |
227,760 |
- |
263 |
228,023 |
Net assets |
237,177 |
- |
263 |
237,440 |
Capital and reserves |
||||
Called up share capital |
10 |
- |
- |
10 |
Profit and loss account |
237,167 |
- |
263 |
237,430 |
Total equity |
237,177 |
- |
263 |
237,440 |
Ezy Fit Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 30 September 2024
(continued)
9 |
Transition to FRS 102 (continued) |
Profit and Loss Account for the year ended 30 September 2023
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
1,870,498 |
- |
- |
1,870,498 |
Cost of sales |
(1,481,998) |
- |
- |
(1,481,998) |
Gross profit |
388,500 |
- |
- |
388,500 |
Administrative expenses |
(162,038) |
- |
- |
(162,038) |
Other operating income |
51,008 |
- |
- |
51,008 |
Operating profit |
277,470 |
- |
- |
277,470 |
Profit before tax |
277,470 |
- |
- |
277,470 |
Taxation |
(61,617) |
- |
263 |
(61,354) |
Profit for the financial year |
215,853 |
- |
263 |
216,116 |