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Registration number: 04977383

Equitrade Capital Ltd

Filleted Financial Statements

for the Year Ended 31 March 2023

 

Equitrade Capital Ltd

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 8

 

Equitrade Capital Ltd

Company Information

Directors

Mr Amarjet Snehi

Mrs. Shella Snehi

Registered office

271 Hagley Road
Birmingham
West Midlands
B16 9NB

Auditors

Nicklin Audit Limited
Chartered Accountants & Statutory Auditors
Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT

 

Equitrade Capital Ltd

(Registration number: 04977383)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,557

9,227

Current assets

 

Debtors

5

598,222

709,424

Investments

6

7,464

-

Cash at bank and in hand

 

9,991

49,318

 

615,677

758,742

Creditors: Amounts falling due within one year

7

(61,832)

(50,363)

Net current assets

 

553,845

708,379

Total assets less current liabilities

 

561,402

717,606

Creditors: Amounts falling due after more than one year

7

(4,063)

-

Net assets

 

557,339

717,606

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

557,239

717,506

Shareholders' funds

 

557,339

717,606

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
Mr Amarjet Snehi
Director

 

Equitrade Capital Ltd

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

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

717,506

717,606

Loss for the year

-

(160,267)

(160,267)

At 31 March 2023

100

557,239

557,339

Share capital
£

Retained earnings
£

Total
£

At 1 April 2021

100

873,709

873,809

Loss for the year

-

(3,203)

(3,203)

Dividends

-

(153,000)

(153,000)

At 31 March 2022

100

717,506

717,606

 

Equitrade Capital Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
271 Hagley Road
Birmingham
West Midlands
B16 9NB

These financial statements were authorised for issue by the Board on 15 November 2023.

2

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.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 28 November 2023 was Mark Howell FCA, who signed for and on behalf of Nicklin Audit Limited.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Equitrade Capital Ltd

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

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

25% Reducing Balance

Computer Equipment

25% Reducing Balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Equitrade Capital Ltd

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Equitrade Capital Ltd

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

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

32,297

16,931

49,228

Additions

-

850

850

At 31 March 2023

32,297

17,781

50,078

Depreciation

At 1 April 2022

26,115

13,886

40,001

Charge for the year

1,546

974

2,520

At 31 March 2023

27,661

14,860

42,521

Carrying amount

At 31 March 2023

4,636

2,921

7,557

At 31 March 2022

6,182

3,045

9,227

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

17,499

28,378

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

574,549

670,550

Prepayments

 

504

469

Other debtors

 

5,670

10,027

 

598,222

709,424

Details of non-current trade and other debtors

£574,549 (2022 -£670,550) of Amounts owed by group undertakings is classified as non current.

6

Current asset investments

2023
£

2022
£

Other investments

7,464

-

 

Equitrade Capital Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

14,559

-

Trade creditors

 

-

2,768

Taxation and social security

 

327

2,844

Accruals and deferred income

 

18,449

17,640

Other creditors

 

28,497

27,111

 

61,832

50,363

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

4,063

-

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

9

Related party transactions

At the balance sheet date, the company owed a company with a common director £23,020 (2022 - £23,020).

At the balance sheet date, the parent company owed the company £574,549 (2022 - £670,550).

 

Equitrade Capital Ltd




10 Ultimate Controlling Party:

The controlling party is Askvn Holdings Ltd.

Company address: 271 Hagley Road Edgbaston, Birmingham, West Midlands, England, B16 9NB