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Company registration number: 9996898
Equita Investments Limited
Unaudited filleted financial statements
28 February 2023
Equita Investments Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Equita Investments Limited
Directors and other information
Directors Mr Syed Naveed Hussain
Mr Syed Junaed Hussain
Company number 9996898
Registered office 20 Barclay Road
Croydon
Surrey
CR0 1JN
Business address 20 Barclay Road
Croydon
Surrey
CR0 1JN
Accountants P R Shah & Co
10 Bouverie Gardens
Harrow
Middlesex
HA3 0RQ
Bankers HSBC Bank Plc
139A North End Road
Croydon
Surrey
CR0 1TN
Equita Investments Limited
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Current assets
Debtors 5 15,072 587,814
Cash at bank and in hand 37,333 305
_______ _______
52,405 588,119
Creditors: amounts falling due
within one year 6 ( 37,011) ( 555,421)
_______ _______
Net current assets 15,394 32,698
_______ _______
Total assets less current liabilities 15,394 32,698
Creditors: amounts falling due
after more than one year 7 ( 23,213) ( 32,900)
_______ _______
Net liabilities ( 7,819) ( 202)
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account ( 7,829) ( 212)
_______ _______
Shareholders deficit ( 7,819) ( 202)
_______ _______
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2023 , and are signed on behalf of the board by:
Mr Syed Naveed Hussain
Director
Company registration number: 9996898
Equita Investments Limited
Statement of changes in equity
Year ended 28 February 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 March 2021 10 ( 6,779) ( 6,769)
(Loss)/profit for the year 6,567 6,567
_______ _______ _______
Total comprehensive income for the year - 6,567 6,567
_______ _______ _______
At 28 February 2022 and 1 March 2022 10 ( 212) ( 202)
(Loss)/profit for the year ( 7,617) ( 7,617)
_______ _______ _______
Total comprehensive income for the year - ( 7,617) ( 7,617)
_______ _______ _______
At 28 February 2023 10 ( 7,829) ( 7,819)
_______ _______ _______
Equita Investments Limited
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Barclay Road, Croydon, Surrey, CR0 1JN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 1 ).
5. Debtors
2023 2022
£ £
Trade debtors 701 1,606
Other debtors 14,371 586,208
_______ _______
15,072 587,814
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 14,200 542,770
Other creditors 12,811 2,651
_______ _______
37,011 555,421
_______ _______
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 23,213 32,900
_______ _______
Bank loan is the Bounce Back Loan acquired on 10 May 2020 and is for a term of six years repayable after 12 months from commencement in equal instalments every month. The interest rate charged will be 2.5% per annum commencing from the first anniversary of the loan. The interest for the first year will be paid by the UK Government to the lending bank. In addition the loan is guaranteed by the UK Government under Bounce Back Loan Scheme.