Company registration number 11218322 (England and Wales)
SPV EQ LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
SPV EQ LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SPV EQ LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2023
30 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
363,145
415,845
Tangible assets
4
-
0
394
Investments
5
1,489,097
1,489,097
1,852,242
1,905,336
Current assets
Debtors
6
394,195
514,400
Cash at bank and in hand
10,427
32,596
404,622
546,996
Creditors: amounts falling due within one year
7
(2,185,340)
(2,109,457)
Net current liabilities
(1,780,718)
(1,562,461)
Total assets less current liabilities
71,524
342,875
Creditors: amounts falling due after more than one year
8
(1,533,874)
(1,539,090)
Net liabilities
(1,462,350)
(1,196,215)
Capital and reserves
Called up share capital
455
452
Share premium account
1,987,786
1,962,789
Profit and loss reserves
(3,450,591)
(3,159,456)
Total equity
(1,462,350)
(1,196,215)

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 30 December 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 members have 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.

SPV EQ LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 DECEMBER 2023
30 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 August 2024 and are signed on its behalf by:
M A Hanington
Director
Company registration number 11218322 (England and Wales)
SPV EQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

SPV EQ Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, Buckinghamshire, SL9 7QE.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

As at the balance sheet date, the financial statements show that the company has liabilities in excess of assets of £(true1,462,350) (2022: £(1,196,215)) as a result of losses made to date. The financial statements have been prepared on a going concern basis as the directors have confirmed that they will continue to support the company for the foreseeable future and meet the excess liabilities if the company fails to do so.

1.3
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.

 

Turnover from rendering of services is recognised when the service is performed.

1.4
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.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

SPV EQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Amortisation 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:

Website costs
33.33% on cost
Development costs
10% on cost
1.6
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:

Computers
25% on cost

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.

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
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.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2023
2022
Number
Number
Total
3
3
SPV EQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Website costs
Development costs
Total
£
£
£
Cost
At 31 December 2022 and 30 December 2023
30,215
526,993
557,208
Amortisation and impairment
At 31 December 2022
30,215
111,148
141,363
Amortisation charged for the year
-
0
52,700
52,700
At 30 December 2023
30,215
163,848
194,063
Carrying amount
At 30 December 2023
-
0
363,145
363,145
At 30 December 2022
-
0
415,845
415,845
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 December 2022 and 30 December 2023
4,792
Depreciation and impairment
At 31 December 2022
4,398
Depreciation charged in the year
394
At 30 December 2023
4,792
Carrying amount
At 30 December 2023
-
0
At 30 December 2022
394
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,489,097
1,489,097
SPV EQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
25,560
57,833
Amounts owed by group undertakings
123,713
193,184
Other debtors
244,922
263,383
394,195
514,400
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,716
5,557
Trade creditors
40,920
25,174
Taxation and social security
273,977
402,762
Other creditors
1,864,727
1,675,964
2,185,340
2,109,457

Included within other creditors is an amount of £nil (2022 - £14,537) which is secured by a fixed and floating charge over all property and undertakings of the company.

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
33,874
39,090
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,500,000
1,500,000
1,533,874
1,539,090

Included within creditors after one year is a loan totalling £1,500,000 (2022 - £1,500,000) which is secured by a fixed and floating charge over all property and undertakings of the company.

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