Company Registration No. 05612765 (England and Wales)
EQUILIBRIUM ARCHITECTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023
31 October 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
EQUILIBRIUM ARCHITECTS LIMITED
COMPANY INFORMATION
Directors
Mr R A Shuttleworth
Mrs J A Shuttleworth
Secretary
Mr R A Shuttleworth
Company number
05612765
Registered office
Bank Chambers
Bank Street
Bury
BL9 0DL
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
EQUILIBRIUM ARCHITECTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
EQUILIBRIUM ARCHITECTS LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
31,015
36,528
Current assets
Stocks
6,000
5,500
Debtors
4
73,685
68,020
Cash at bank and in hand
83,884
43,755
163,569
117,275
Creditors: amounts falling due within one year
5
(97,493)
(76,677)
Net current assets
66,076
40,598
Total assets less current liabilities
97,091
77,126
Provisions for liabilities
(2,487)
(3,865)
Net assets
94,604
73,261
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
94,504
73,161
Total equity
94,604
73,261
EQUILIBRIUM ARCHITECTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
31 October 2023
- 2 -

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 31 October 2023 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 member has 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.

The financial statements were approved by the board of directors and authorised for issue on 3 April 2024 and are signed on its behalf by:
Mr R A Shuttleworth
Mrs J A Shuttleworth
Director
Director
Company Registration No. 05612765
EQUILIBRIUM ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Equilibrium Architects Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bank Chambers, Bank Street, Bury, BL9 0DL.

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.

1.2
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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
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.

1.4
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:

Leasehold improvements
20% straight line
Fixtures and fittings
25% reducing balance
Computers
20% straight line

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

EQUILIBRIUM ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Work in progress

Work in progress is valued at the lower of cost and net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

EQUILIBRIUM ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.12
Retirement benefits

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The assets of the scheme are held separately from those of the company in an independently administered fund.

1.13
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.

2
Employees

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

2023
2022
Number
Number
Total
9
10
EQUILIBRIUM ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 November 2022
35,170
37,016
7,165
79,351
Additions
-
0
466
2,927
3,393
At 31 October 2023
35,170
37,482
10,092
82,744
Depreciation and impairment
At 1 November 2022
5,276
30,382
7,165
42,823
Depreciation charged in the year
7,034
1,766
106
8,906
At 31 October 2023
12,310
32,148
7,271
51,729
Carrying amount
At 31 October 2023
22,860
5,334
2,821
31,015
At 31 October 2022
29,894
6,634
-
0
36,528
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
58,935
54,660
Other debtors
13,415
11,729
Prepayments
1,335
1,631
73,685
68,020
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,703
1,557
Corporation tax
23,551
11,202
Other taxation and social security
29,153
28,249
Other creditors
35,045
30,568
Accruals and deferred income
7,041
5,101
97,493
76,677

Obligations under finance leases are secured against the asset to which they relate.

EQUILIBRIUM ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
50
50
50
50
Ordinary B shares of £1 each
50
50
50
50
100
100
100
100
2023-10-312022-11-01false03 April 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMrs J A ShuttleworthMrs J A ShuttleworthMr R A Shuttleworthfalse056127652022-11-012023-10-31056127652023-10-3105612765bus:CompanySecretaryDirector12022-11-012023-10-3105612765bus:Director12022-11-012023-10-3105612765bus:CompanySecretary12022-11-012023-10-3105612765bus:Director22022-11-012023-10-3105612765bus:RegisteredOffice2022-11-012023-10-31056127652022-10-3105612765core:LeaseholdImprovements2023-10-3105612765core:FurnitureFittings2023-10-3105612765core:ComputerEquipment2023-10-3105612765core:LeaseholdImprovements2022-10-3105612765core:FurnitureFittings2022-10-3105612765core:ComputerEquipment2022-10-3105612765core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3105612765core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-3105612765core:CurrentFinancialInstruments2023-10-3105612765core:CurrentFinancialInstruments2022-10-3105612765core:ShareCapital2023-10-3105612765core:ShareCapital2022-10-3105612765core:RetainedEarningsAccumulatedLosses2023-10-3105612765core:RetainedEarningsAccumulatedLosses2022-10-3105612765core:ShareCapitalOrdinaryShares2023-10-3105612765core:ShareCapitalOrdinaryShares2022-10-3105612765core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2022-11-012023-10-3105612765core:FurnitureFittings2022-11-012023-10-3105612765core:ComputerEquipment2022-11-012023-10-31056127652021-11-012022-10-3105612765core:LeaseholdImprovements2022-10-3105612765core:FurnitureFittings2022-10-3105612765core:ComputerEquipment2022-10-31056127652022-10-3105612765core:LeaseholdImprovements2022-11-012023-10-3105612765bus:PrivateLimitedCompanyLtd2022-11-012023-10-3105612765bus:SmallCompaniesRegimeForAccounts2022-11-012023-10-3105612765bus:FRS1022022-11-012023-10-3105612765bus:AuditExemptWithAccountantsReport2022-11-012023-10-3105612765bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:sharesiso4217:GBP