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Registration number: 07371591

Equisonics Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Equisonics Ltd.

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Equisonics Ltd.

(Registration number: 07371591)
Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

499

632

Current assets

 

Stocks

5

11,146

-

Debtors

6

3,529

4,081

Cash at bank and in hand

 

14,803

71,176

 

29,478

75,257

Creditors: Amounts falling due within one year

7

(5,390)

(48,380)

Net current assets

 

24,088

26,877

Total assets less current liabilities

 

24,587

27,509

Provisions for liabilities

(125)

(120)

Net assets

 

24,462

27,389

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

24,452

27,379

Shareholders' funds

 

24,462

27,389

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 8 April 2024
 

 

Equisonics Ltd.

(Registration number: 07371591)
Statement of Financial Position as at 30 September 2023 (continued)


Mr K Neekpay
Director

 

Equisonics Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is is the supply of manufacturing technology, hardware, machinery and equipment.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Equisonics Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Equisonics Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position 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

Computer equipment

25% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Equisonics Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 October 2022

6,619

6,619

Additions

665

665

At 30 September 2023

7,284

7,284

Depreciation

At 1 October 2022

5,987

5,987

Charge for the year

798

798

At 30 September 2023

6,785

6,785

Carrying amount

At 30 September 2023

499

499

At 30 September 2022

632

632

5

Stocks

2023
£

2022
£

Work in progress

11,146

-

6

Debtors

2023
£

2022
£

Other debtors

3,291

3,664

Prepayments

238

417

3,529

4,081

 

Equisonics Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

856

46,019

Taxation and social security

2,079

-

Accruals and deferred income

1,565

1,480

Other creditors

890

881

5,390

48,380

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Related party transactions

Transactions with the director

2023

At 1 October 2022
£

Advances to director
£

At 30 September 2023
£

(881)

(10)

(891)

       
     

 

2022

At 1 October 2021
£

Advances to director
£

At 30 September 2022
£

(1,169)

288

(881)