2022-12-012023-11-302023-11-30false05475645ACTION 4 EQUALITY (SCOTLAND) 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ACTION 4 EQUALITY (SCOTLAND) LIMITED

Registered Number
05475645
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

ACTION 4 EQUALITY (SCOTLAND) LIMITED
Company Information
for the year from 1 December 2022 to 30 November 2023

Directors

S T Cross KC
Dr A M Steele
K Bromley

Company Secretary

STEELE, Alison Mary, Dr

Registered Address

26 Albert Hall Mansions
Kensington Gore
London
SW7 2AJ

Registered Number

05475645 (England and Wales)
ACTION 4 EQUALITY (SCOTLAND) LIMITED
Statement of Financial Position
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets349,28650,983
Investments415,019,53918,559,157
15,068,82518,610,140
Current assets
Debtors5,67,244,8655,282,389
Cash at bank and on hand3,625,89135,718
10,870,7565,318,107
Creditors amounts falling due within one year7(2,199,931)(6,153,356)
Net current assets (liabilities)8,670,825(835,249)
Total assets less current liabilities23,739,65017,774,891
Provisions for liabilities8(12,320)(321,785)
Net assets23,727,33017,453,106
Capital and reserves
Called up share capital11
Profit and loss account23,727,32917,453,105
Shareholders' funds23,727,33017,453,106
The financial statements were approved and authorised for issue by the Board of Directors on 21 August 2024, and are signed on its behalf by:
S T Cross KC
Director
Registered Company No. 05475645
ACTION 4 EQUALITY (SCOTLAND) LIMITED
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Vehicles25-
Office Equipment-4
Investments
Listed investments are measured at fair value where the difference between cost and fair value is material. Other investments, including artwork, are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2.Average number of employees

20232022
Average number of employees during the year44
3.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 December 22140,83042,527183,357
Additions55,9906,85362,843
Disposals(140,830)(42,527)(183,357)
At 30 November 2355,9906,85362,843
Depreciation and impairment
At 01 December 22107,41124,963132,374
Charge for year12,1951,36213,557
On disposals(107,411)(24,963)(132,374)
At 30 November 2312,1951,36213,557
Net book value
At 30 November 2343,7955,49149,286
At 30 November 2233,41917,56450,983
4.Fixed asset investments
All investments are carried at fair value. Artwork has been valued by a specialist in fine art. Listed investments are all traded in quoted public markets. The basis of fair value for quoted investments is equivalent to the market value using the bid prices. Other investments at 30 November 2023 consists of £15,269,539 relating to artwork (2022: £110,410), £nil cash held for investments (2022: £122,054) and £nil held in listed investments (2022: £18,326,693).

Other investments1

Total

££
Cost or valuation
At 01 December 2218,559,15718,559,157
Additions24,123,79924,123,799
Disposals(27,663,417)(27,663,417)
At 30 November 2315,019,53915,019,539
Net book value
At 30 November 2315,019,53915,019,539
At 30 November 2218,559,15718,559,157

Notes

1Other investments other than loans
5.Debtors: amounts due within one year

2023

2022

££
Other debtors6,967,2085,278,713
Prepayments and accrued income31,3393,676
Total6,998,5475,282,389
6.Debtors: amounts due after one year

2023

2022

££
Other debtors246,318-
Total246,318-
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables10,40011,660
Bank borrowings and overdrafts-6,000,000
Taxation and social security2,167,83271,365
Accrued liabilities and deferred income21,69970,331
Total2,199,9316,153,356
8.Provisions for liabilities
The provision for deferred tax is in respect of tangible assets.

2023

2022

££
Net deferred tax liability (asset)12,320321,785
Total12,320321,785
9.Directors advances, credits and guarantees
During the year the director had a loan account with the company. On 1 December 2022 the director owed the company £3,006,688. During the period this director was advanced a further £14,152,501 and repaid £14,146,604. As at 30 November 2023 the director owed the company £3,012,585. This loan is unsecured, interest free and repayable upon demand.
10.Related party transactions
The company is guarantor for a credit facility taken out by two of the directors. Interest is charged at a margin above the Bank of England Base Rate and the amount borrowed, to a maximum of £4,500,000, is repayable in full together with accrued interest on demand by the Lender. During the year two of the directors paid £16,667 for the rental of artwork owned by the company.