Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-292023-12-29true2022-12-30falseNo description of principal activity2623true 07543978 2022-12-30 2023-12-29 07543978 2021-12-30 2022-12-29 07543978 2023-12-29 07543978 2022-12-29 07543978 2021-12-30 07543978 c:CompanySecretary1 2022-12-30 2023-12-29 07543978 c:Director1 2022-12-30 2023-12-29 07543978 c:RegisteredOffice 2022-12-30 2023-12-29 07543978 d:Buildings d:ShortLeaseholdAssets 2022-12-30 2023-12-29 07543978 d:Buildings d:ShortLeaseholdAssets 2023-12-29 07543978 d:Buildings d:ShortLeaseholdAssets 2022-12-29 07543978 d:FurnitureFittings 2022-12-30 2023-12-29 07543978 d:FurnitureFittings 2023-12-29 07543978 d:FurnitureFittings 2022-12-29 07543978 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-30 2023-12-29 07543978 d:OwnedOrFreeholdAssets 2022-12-30 2023-12-29 07543978 d:CurrentFinancialInstruments 2023-12-29 07543978 d:CurrentFinancialInstruments 2022-12-29 07543978 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-29 07543978 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-29 07543978 d:ShareCapital 2023-12-29 07543978 d:ShareCapital 2022-12-29 07543978 d:ShareCapital 2021-12-30 07543978 d:RetainedEarningsAccumulatedLosses 2022-12-30 2023-12-29 07543978 d:RetainedEarningsAccumulatedLosses 2023-12-29 07543978 d:RetainedEarningsAccumulatedLosses 2021-12-30 2022-12-29 07543978 d:RetainedEarningsAccumulatedLosses 2022-12-29 07543978 d:RetainedEarningsAccumulatedLosses 2021-12-30 07543978 c:FRS102 2022-12-30 2023-12-29 07543978 c:Audited 2022-12-30 2023-12-29 07543978 c:FullAccounts 2022-12-30 2023-12-29 07543978 c:PrivateLimitedCompanyLtd 2022-12-30 2023-12-29 07543978 d:WithinOneYear 2023-12-29 07543978 d:WithinOneYear 2022-12-29 07543978 d:BetweenOneFiveYears 2023-12-29 07543978 d:BetweenOneFiveYears 2022-12-29 07543978 c:SmallCompaniesRegimeForAccounts 2022-12-30 2023-12-29 iso4217:GBP xbrli:pure
Company registration number: 07543978







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 DECEMBER 2023


EQUIPNET LTD






































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EQUIPNET LTD
 


 
COMPANY INFORMATION


Director
R Gallo 




Company secretary
A Gauvin



Registered number
07543978



Registered office
Brocastle Avenue
Waterton Industrial Estate

Bridgend

Wales

CF31 3XA




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


EQUIPNET LTD
 



CONTENTS



Page
Statement of Financial Position
1
Statement of Changes in Equity
2
Notes to the Financial Statements
3 - 7


 


EQUIPNET LTD
REGISTERED NUMBER:07543978



STATEMENT OF FINANCIAL POSITION
AS AT 29 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,600
3,733

  
8,600
3,733

Current assets
  

Debtors: amounts falling due within one year
 5 
1,301,688
1,671,635

Cash at bank and in hand
  
3,711,239
4,480,537

  
5,012,927
6,152,172

Creditors: amounts falling due within one year
 6 
(3,696,105)
(4,907,792)

Net current assets
  
 
 
1,316,822
 
 
1,244,380

Total assets less current liabilities
  
1,325,422
1,248,113

  

Net assets
  
1,325,422
1,248,113


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
1,324,422
1,247,113

  
1,325,422
1,248,113


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R Gallo
Director

Date: 29 April 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 


EQUIPNET LTD
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 30 December 2021
1,000
1,763,803
1,764,803


Comprehensive income for the year

Loss for the year
-
(516,690)
(516,690)



At 30 December 2022
1,000
1,247,113
1,248,113


Comprehensive income for the year

Profit for the year
-
77,309
77,309


At 29 December 2023
1,000
1,324,422
1,325,422


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 


EQUIPNET LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023

1.


General information

EquipNet Limited (formerly known as EquipNet Auctions Inc Limited) is a company limited by shares domiciled and incorporated in England and Wales within the United Kingdom. The address of the registered office is given in the company information page at the front of these financial statements.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 


EQUIPNET LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
25%
Fixtures and fittings
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 


EQUIPNET LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 26 (2022 - 23).


4.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 30 December 2022
33,362
20,029
53,391


Additions
-
9,115
9,115



At 29 December 2023

33,362
29,144
62,506



Depreciation


At 30 December 2022
31,439
18,219
49,658


Charge for the year on owned assets
1,738
2,510
4,248



At 29 December 2023

33,177
20,729
53,906



Net book value



At 29 December 2023
185
8,415
8,600



At 29 December 2022
1,923
1,810
3,733

Page 5

 


EQUIPNET LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
791,964
516,803

Amounts owed by group undertakings
399,117
1,068,140

Other debtors
77,761
82,999

Prepayments and accrued income
32,846
3,693

1,301,688
1,671,635



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
6,017
736,428

Amounts owed to group undertakings
731,511
559,426

Other taxation and social security
78,893
44,139

Other creditors
2,654,204
3,341,208

Accruals and deferred income
225,480
226,591

3,696,105
4,907,792



7.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £33,082 (2022 - £41,556). Contributions totalling £31,528 (2022 - £8,663) were payable to the fund at the reporting date and are included in creditors.


8.


Commitments under operating leases

At 29 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
105,204
99,105

Later than 1 year and not later than 5 years
320,184
425,388

425,388
524,493

Page 6

 


EQUIPNET LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023

9.


Controlling party

The Company's immediate parent is EquipNet Auctions Inc., a company incorporated in the United States of
America. The registered office address of Equipnet Auctions Inc. is 5 Dan Road, Canton, MA 02021.
The Director does not consider that there is one ultimate controlling party of the Company.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 29 December 2023 was unqualified.

The audit report was signed on 29 April 2024 by Andrew Galliers FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

Page 7