Company registration number SC525357 (Scotland)
EQUINOX MANAGEMENT SOLUTIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
EQUINOX MANAGEMENT SOLUTIONS LTD
Contents
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 6
EQUINOX MANAGEMENT SOLUTIONS LTD
Report To The Director On The Preparation Of The Unaudited Statutory Accounts Of Equinox Management Solutions Ltd
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Equinox Management Solutions Ltd for the year ended 31 March 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts

This report is made solely to the Board of Directors of Equinox Management Solutions Ltd, as a body, in accordance with the terms of our engagement letter dated 31 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Equinox Management Solutions Ltd and state those matters that we have agreed to state to the Board of Directors of Equinox Management Solutions Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Equinox Management Solutions Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Equinox Management Solutions Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Equinox Management Solutions Ltd. You consider that Equinox Management Solutions Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Equinox Management Solutions Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Condie & Co Limited
19 August 2024
Chartered Accountants
10 Abbey Park Place
Dunfermline
Fife
KY12 7NZ
EQUINOX MANAGEMENT SOLUTIONS LTD
Statement Of Financial Position
As At 31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
527,833
527,833
Net current assets
527,833
527,833
Provisions for liabilities
5
(523,000)
(523,000)
Net assets
4,833
4,833
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
4,832
4,832
Total equity
4,833
4,833

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The director acknowledges his 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 and signed by the director and authorised for issue on 19 August 2024
Mr J T H Ross
Director
Company Registration No. SC525357
EQUINOX MANAGEMENT SOLUTIONS LTD
Notes To The Financial Statements
For The Year Ended 31 March 2024
- 3 -
1
Accounting policies
Company information

Equinox Management Solutions Ltd is a private company limited by shares incorporated in Scotland. The registered office is Unit 14e, 34 Dickson Street, Dunfermline, Fife, KY12 7SN.

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.

1.2
Profit and loss account

The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.

1.3
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 statement of financial position 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.

EQUINOX MANAGEMENT SOLUTIONS LTD
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
1.4
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.

1.5
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.6
Retirement benefits

For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. the defined obligation is calculated on an annual basis by independent actuaries.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The defined benefit pension scheme uses actuarial valuations of plan assets and the present value of the defined obligation which were carried out at 31 March 2020 by Qubic Tax Ltd.

EQUINOX MANAGEMENT SOLUTIONS LTD
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
- 5 -
3
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1
1
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
527,832
527,832
Total debtors
527,833
527,833
5
Provisions for liabilities
2024
2023
£
£
Retirement benefit obligations
6
523,000
523,000
6
Retirement benefit schemes
Defined benefit schemes

The company operates a defined benefit scheme for qualifying employees.

 

The most recent actuarial valuation of the present value of the defined benefit obligation was carried out by Qubic Tax Ltd as at 31 March 2020.

 

The present value of the defined benefit obligation, the related current service cost and past service cost were calculated by independent actuaries.

 

2024
2023
Key assumptions
%
%
Discount rate
2.2
2.2
Inflation RPI
2.6
2.6
Inflation CPI
1.5
1.5
EQUINOX MANAGEMENT SOLUTIONS LTD
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
6
Retirement benefit schemes
(Continued)
- 6 -

Mortality assumptions

 

Pre and Post Retirement mortality – S3PA tables with improvements in the CMI 2018 model and a long term rate of improvement of 1.25%

 

The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:

2024
2023
£
£
Present value of defined benefit obligations
523,000
523,000
Deficit in scheme
523,000
523,000
2024

Movements in the present value of defined benefit obligations

£
Liabilities at 1 April 2023 and 31 March 2024
523,000

The defined benefit obligations arise from plans which are wholly or partly funded.

7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and not fully paid
1 Ordinary shares of £1 each
1
1
8
Related party transactions

The company has taken advantage of Section 1AC35 of FRS 102 whereby only material transactions which are not under the normal market conditions need to be disclosed.

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