Company registration number 11218322 (England and Wales)
SPV EQ LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
SPV EQ LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SPV EQ LIMITED
BALANCE SHEET
AS AT 30 DECEMBER 2022
30 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
415,845
321,448
Tangible assets
4
394
1,259
Investments
5
1,489,097
1,489,097
1,905,336
1,811,804
Current assets
Debtors
6
514,400
508,556
Cash at bank and in hand
32,596
28,982
546,996
537,538
Creditors: amounts falling due within one year
7
(2,109,457)
(1,823,094)
Net current liabilities
(1,562,461)
(1,285,556)
Total assets less current liabilities
342,875
526,248
Creditors: amounts falling due after more than one year
8
(1,539,090)
(1,544,233)
Net liabilities
(1,196,215)
(1,017,985)
Capital and reserves
Called up share capital
452
438
Share premium account
1,962,789
1,827,794
Profit and loss reserves
(3,159,456)
(2,846,217)
Total equity
(1,196,215)
(1,017,985)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

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

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

SPV EQ LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 DECEMBER 2022
30 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
Mr C B Thomas
Director
Company registration number 11218322 (England and Wales)
SPV EQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

SPV EQ Limited is a private company limited by shares incorporated in England and Wales. The registered office is .

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

As at the balance sheet date, the financial statements show that the company has liabilities in excess of assets of £(true1,196,215) (2021: £(1,017,985)) as a result of losses made to date. The financial statements have been prepared on a going concern basis as the directors have confirmed that they will continue to support the company for the foreseeable future and meet the excess liabilities if the company fails to do so.

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.

 

Turnover from rendering of services is recognised when the service is performed.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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.

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:

Website costs
33.33% on cost
Development costs
10% on cost
SPV EQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
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:

Computers
25% on cost

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
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
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 profit and loss account 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 profit and loss account, 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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

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.

SPV EQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2022
2021
Number
Number
Total
3
5
3
Intangible fixed assets
Website costs
Development costs
Total
£
£
£
Cost
At 31 December 2021
30,215
387,772
417,987
Additions
-
0
139,221
139,221
At 30 December 2022
30,215
526,993
557,208
Amortisation and impairment
At 31 December 2021
23,920
72,619
96,539
Amortisation charged for the year
6,295
38,529
44,824
At 30 December 2022
30,215
111,148
141,363
Carrying amount
At 30 December 2022
-
0
415,845
415,845
At 30 December 2021
6,295
315,153
321,448
SPV EQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 December 2021 and 30 December 2022
4,792
Depreciation and impairment
At 31 December 2021
3,533
Depreciation charged in the year
865
At 30 December 2022
4,398
Carrying amount
At 30 December 2022
394
At 30 December 2021
1,259
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1,489,097
1,489,097
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
57,833
24,173
Amounts owed by group undertakings
193,184
-
0
Other debtors
263,383
484,383
514,400
508,556
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
5,557
4,940
Trade creditors
25,174
31,419
Taxation and social security
402,762
519,602
Other creditors
1,675,964
1,267,133
2,109,457
1,823,094
SPV EQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
7
Creditors: amounts falling due within one year
(Continued)
- 7 -

Included within other creditors is an amount of £14,537 (2021 - £29,961) which is secured by a fixed and floating charge over all property and undertakings of the company.

8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
39,090
44,233
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,500,000
1,500,000
1,539,090
1,544,233

Included within creditors after one year is a loan totalling £1,500,000 (2021 - £1,500,000) which is secured by a fixed and floating charge over all property and undertakings of the company.

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