Equinicity Ltd 11374646 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is the trade of the provision of management and technical services relating to the production and sale of electricity. Digita Accounts Production Advanced 6.30.9574.0 true true 11374646 2022-08-01 2023-07-31 11374646 2023-07-31 11374646 bus:OrdinaryShareClass1 2023-07-31 11374646 2 2023-07-31 11374646 core:CurrentFinancialInstruments 2023-07-31 11374646 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 11374646 core:FurnitureFittings 2023-07-31 11374646 bus:SmallEntities 2022-08-01 2023-07-31 11374646 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 11374646 bus:FilletedAccounts 2022-08-01 2023-07-31 11374646 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 11374646 bus:RegisteredOffice 2022-08-01 2023-07-31 11374646 bus:Director1 2022-08-01 2023-07-31 11374646 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 11374646 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 11374646 core:FurnitureFittings 2022-08-01 2023-07-31 11374646 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 11374646 countries:England 2022-08-01 2023-07-31 11374646 2022-07-31 11374646 core:FurnitureFittings 2022-07-31 11374646 2021-08-01 2022-07-31 11374646 2022-07-31 11374646 bus:OrdinaryShareClass1 2022-07-31 11374646 2 2022-07-31 11374646 core:CurrentFinancialInstruments 2022-07-31 11374646 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 11374646 core:FurnitureFittings 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11374646

Equinicity Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Equinicity Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Equinicity Ltd

(Registration number: 11374646)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,286

1,488

Current assets

 

Debtors

5

1,062,862

51,396

Cash at bank and in hand

 

1,266,826

1,154,184

 

2,329,688

1,205,580

Creditors: Amounts falling due within one year

6

(4,030,959)

(2,488,983)

Net current liabilities

 

(1,701,271)

(1,283,403)

Net liabilities

 

(1,699,985)

(1,281,915)

Capital and reserves

 

Called up share capital

7

1

1

Profit and loss account

(1,699,986)

(1,281,916)

Shareholders' deficit

 

(1,699,985)

(1,281,915)

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 8 April 2024 and signed on its behalf by:
 


Dr Marc Jason Thomas
Director

 

Equinicity Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
4th Floor
The Quadrangle
Imperial Square
Cheltenham
Gloucestershire
GL50 1PZ

Principal activity

The principal activity of the company is the trade of the provision of management and technical services relating to the production and sale of electricity.

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.

 

Equinicity Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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.

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 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

Furniture, fittings & equipment

33.33% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

Equinicity Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

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

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.

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 directors) during the year, was 2 (2022 - 2).

 

Equinicity Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

4

Tangible assets

Furniture, fittings & equipment
£

Total
£

Cost or valuation

At 1 August 2022

5,068

5,068

Additions

1,929

1,929

At 31 July 2023

6,997

6,997

Depreciation

At 1 August 2022

3,580

3,580

Charge for the year

2,131

2,131

At 31 July 2023

5,711

5,711

Carrying amount

At 31 July 2023

1,286

1,286

At 31 July 2022

1,488

1,488

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

908,457

-

Other debtors

 

3,350

47,033

Prepayments

 

4,902

4,363

Accrued income

 

117,829

-

Income tax asset

28,324

-

 

1,062,862

51,396

 

Equinicity Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

979,783

10,007

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

9

2,788,519

2,476,726

Taxation and social security

 

11,084

-

Accruals and deferred income

 

44,062

2,250

Other creditors

 

207,511

-

 

4,030,959

2,488,983

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Equinicity Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

9

Related party transactions

Transactions with group companies

The company has taken advantage of the exemption provided by FRS 102 s33.1A whereby disclosures need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

Transactions with ultimate parent undertaking

At the balance sheet date the company owed its ultimate parent undertaking, Rainiko Limited, £615,123 (2022: £715,492). There is no fixed date for repayment but interest is charged on the outstanding balance.