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REGISTERED NUMBER: 09432531 (England and Wales)










EQUINOX DESIGN GROUP LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 7

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15 to 25


EQUINOX DESIGN GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: D Criscione
C Criscione





REGISTERED OFFICE: 3365 Century Way
Thorpe Park
Leeds
West Yorkshire
LS15 8ZB





REGISTERED NUMBER: 09432531 (England and Wales)





AUDITORS: Thomas Coombs Limited
Statutory Auditor
Chartered Accountants
3365 The Pentagon
Century Way
Thorpe Park
Leeds
West Yorkshire
LS15 8ZB

EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023


The directors present their strategic report of the company and the group for the year ended 31st December 2023.

REVIEW OF BUSINESS
The results for the group show a pre tax profit of £6.6m (2022: £4.6m) for the year and sales of £22.8m (2022: £18.9m). Particulars of dividends paid are detailed in note 10 to the financial statements.

The directors are pleased with how the group has bounced back following the pandemic and has increased both sales and profits to record levels.

PRINCIPAL RISKS AND UNCERTAINTIES
Financial risk management objectives and policies

The company's principal financial instruments comprise cash, trade debtors and trade creditors which arise directly from its operations. The main risks arising from the company's financial instruments are credit risk and foreign exchange risk.

Credit risk

The company trades with recognised credit worthy third parties. Trade debtors balances are monitored on an ongoing basis with the result that the company's exposure to bad debts is not considered to be significant.

Foreign exchange risks

The company limits its exposure to fluctuations in foreign exchange rates. The company does not hedge this exposure, instead it invoices where possible its customers in sterling.

KEY PERFORMANCE INDICATORS
The directors consider the key performance indicators to be sales, gross profit and cash.

FUTURE OUTLOOK
The group starts the next financial year with a strong financial base, net assets of £13.8m.

2023 has seen a stabilisation of market conditions with events and exhibitions returning to normal. The company's revenue and profit continue to grow. The company regularly reviews resource requirements in accordance with expected demand.

ON BEHALF OF THE BOARD:





C Criscione - Director


13th August 2024

EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023


The directors present their report with the financial statements of the company and the group for the year ended 31st December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31st December 2023 will be £ 659,467 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

C Criscione
D Criscione

FINANCIAL INSTRUMENTS
The group's financial statements comprise of borrowings such as secured loans, advance receipts in respect of the ordinary activities of the group, cash and liquid resources, finance leases and various other items such as trade debtors and trade creditors that also arise directly from its operations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Thomas Coombs Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C Criscione - Director


13th August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EQUINOX DESIGN GROUP LIMITED


Opinion
We have audited the financial statements of Equinox Design Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EQUINOX DESIGN GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EQUINOX DESIGN GROUP LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the entity and industries in which it operates, we identified the principal risks of non-compliance with laws and regulations related to health and safety law and data protection. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, tax legislation and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls, and ensuring these controls operated as intended. We determined the principal risks were related to posting journal entries to manipulate profits, and management bias in accounting estimates.
To address the risk of fraud through management bias and override of controls, we:
- Identified and tested journal entries and identified any significant transactions that were unusual or outside the normal course of business.
- Investigated the rationale behind significant or unusual transactions.
- Challenged assumptions and judgements made by management in determining significant accounting estimates, in particular in relation to amortisation.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed audit procedures which included, but were not limited to:
- Agreeing financial statements disclosures to underlying supporting documentation.
- Discussions with management of known or suspected instances of non-compliance with laws and regulations.
- Reviewing correspondence with relevant regulators including HMRC.

At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance of laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement relating to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EQUINOX DESIGN GROUP LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stuart Adam (FCA) (Senior Statutory Auditor)
for and on behalf of Thomas Coombs Limited
Statutory Auditor
Chartered Accountants
3365 The Pentagon
Century Way
Thorpe Park
Leeds
West Yorkshire
LS15 8ZB

13th August 2024

EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 22,767,451 18,860,760

Cost of sales 14,078,492 12,397,900
GROSS PROFIT 8,688,959 6,462,860

Administrative expenses 2,394,090 1,879,539
6,294,869 4,583,321

Other operating income 128,678 6,137
GROUP OPERATING PROFIT 5 6,423,547 4,589,458

Share of operating profit in
Joint ventures 85,723 -

Interest receivable and similar income 6 205,500 24,777
PROFIT BEFORE TAXATION 6,714,770 4,614,235

Tax on profit 7 1,470,953 861,539
PROFIT FOR THE FINANCIAL YEAR 5,243,817 3,752,696

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 5,243,817 3,752,696

Profit attributable to:
Owners of the parent 5,243,817 3,752,696

Total comprehensive income attributable to:
Owners of the parent 5,243,817 3,752,696

EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

CONSOLIDATED BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 (234,947 ) (293,685 )
Tangible assets 11 425,619 129,179
Investments 12
Interest in joint venture 93,354 -
Interest in associate 100 -
Investment property 13 2,461,810 163,289
2,745,936 (1,217 )

CURRENT ASSETS
Stocks 14 37,588 43,416
Debtors 15 5,989,060 4,752,611
Investments 16 - 1,000,000
Cash at bank and in hand 10,149,670 7,579,781
16,176,318 13,375,808
CREDITORS
Amounts falling due within one year 17 5,004,499 4,044,102
NET CURRENT ASSETS 11,171,819 9,331,706
TOTAL ASSETS LESS CURRENT LIABILITIES 13,917,755 9,330,489

PROVISIONS FOR LIABILITIES 20 29,140 26,224
NET ASSETS 13,888,615 9,304,265

CAPITAL AND RESERVES
Called up share capital 21 940 940
Retained earnings 22 13,887,675 9,303,325
SHAREHOLDERS' FUNDS 13,888,615 9,304,265

The financial statements were approved by the Board of Directors and authorised for issue on 13th August 2024 and were signed on its behalf by:





C Criscione - Director


EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

COMPANY BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 4,150,840 4,150,840
Investment property 13 - -
4,150,840 4,150,840

CURRENT ASSETS
Debtors 15 3,975 3,975

CREDITORS
Amounts falling due within one year 17 9,801 8,403
NET CURRENT LIABILITIES (5,826 ) (4,428 )
TOTAL ASSETS LESS CURRENT LIABILITIES 4,145,014 4,146,412

CAPITAL AND RESERVES
Called up share capital 21 940 940
Retained earnings 22 4,144,074 4,145,472
SHAREHOLDERS' FUNDS 4,145,014 4,146,412

Company's loss for the financial year (1,398 ) (1,093 )

The financial statements were approved by the Board of Directors and authorised for issue on 13th August 2024 and were signed on its behalf by:





C Criscione - Director


EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 940 6,542,271 6,543,211

Changes in equity
Dividends - (991,642 ) (991,642 )
Total comprehensive income - 3,752,696 3,752,696
Balance at 31st December 2022 940 9,303,325 9,304,265

Changes in equity
Dividends - (659,467 ) (659,467 )
Total comprehensive income - 5,243,817 5,243,817
Balance at 31st December 2023 940 13,887,675 13,888,615

EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 940 4,146,565 4,147,505

Changes in equity
Total comprehensive income - (1,093 ) (1,093 )
Balance at 31st December 2022 940 4,145,472 4,146,412

Changes in equity
Total comprehensive income - (1,398 ) (1,398 )
Balance at 31st December 2023 940 4,144,074 4,145,014

EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 6,201,928 3,680,261
Tax paid (1,421,309 ) (531,638 )
Net cash from operating activities 4,780,619 3,148,623

Cash flows from investing activities
Purchase of tangible fixed assets (448,081 ) (105,101 )
Purchase of fixed asset investments (200 ) -
Purchase of investment property (2,298,521 ) -
Sale of tangible fixed assets - 12,250
Bond purchase - (1,000,000 )
Bond released 1,000,000 -
Interest received 205,500 24,777
Net cash from investing activities (1,541,302 ) (1,068,074 )

Cash flows from financing activities
Government grants - 6,137
Amount introduced by directors 737,613 1,485,111
Amount withdrawn by directors (747,574 ) (1,464,096 )
Equity dividends paid (659,467 ) (991,642 )
Net cash from financing activities (669,428 ) (964,490 )

Increase in cash and cash equivalents 2,569,889 1,116,059
Cash and cash equivalents at beginning of year 2 7,579,781 6,463,722

Cash and cash equivalents at end of year 2 10,149,670 7,579,781

EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 6,714,770 4,614,235
Depreciation charges 92,701 54,914
Loss/(profit) on disposal of fixed assets 202 (9,875 )
Share of profit of joint venture (85,723 ) -
Government grants - (6,137 )
Finance income (205,500 ) (24,777 )
6,516,450 4,628,360
Decrease/(increase) in stocks 5,828 (8,607 )
Increase in trade and other debtors (1,226,488 ) (557,650 )
Increase/(decrease) in trade and other creditors 906,138 (381,842 )
Cash generated from operations 6,201,928 3,680,261

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 10,149,670 7,579,781
Year ended 31st December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 7,579,781 6,463,722


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 7,579,781 2,569,889 10,149,670
7,579,781 2,569,889 10,149,670

Liquid resources
Current asset investments 1,000,000 (1,000,000 ) -
1,000,000 (1,000,000 ) -
Total 8,579,781 1,569,889 10,149,670

EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. STATUTORY INFORMATION

Equinox Design Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The directors have considered how the group will meet the challenge presented by the current economic climate and have carried out a detailed review of the company's resources including the adequacy of working capital for the next twelve months. The directors are satisfied that the group has sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of approval of the financial statements.

Basis of consolidation
The consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 31st December 2023. Under section 408 of the Companies Act 2006 the company is exempt from the requirement to present its own profit and loss account.

Significant judgements and estimates
In the application of the company's accounting policies, the director's are 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 it revised, if the revision affects only that period, or in the period of revision and future periods if the revision affects bother current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Trade and other receivables
The Company regularly assesses the recoverability of its trade and other receivables for evidence of impairment. This assessment involves judgements in respect of the credit quality of the counterparties.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life of ten years.

EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery- 20% to 25% on cost
Fixtures and fittings- 20% to 25% on cost
Motor vehicles- 25% on cost
Computer equipment- 25% on cost
Leasehold improvements- 2% to 6.67% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Investments in associates
Investments in associate undertakings are recognised at cost.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 11,866,525 12,268,244
Europe 5,802,104 4,199,632
Worldwide 5,098,822 2,392,884
22,767,451 18,860,760

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,377,862 1,900,625
Social security costs 235,088 198,143
Other pension costs 341,932 274,813
2,954,882 2,373,581

The average number of employees during the year was as follows:
2023 2022

Management 4 3
Production 30 24
Administration 29 25
63 52

The average number of employees by undertakings that were proportionately consolidated during the year was 63 (2022 - 52 ) .

2023 2022
£    £   
Directors' remuneration 12,500 12,500
Directors' pension contributions to money purchase schemes 120,000 80,000

EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 151,439 113,651
Loss/(profit) on disposal of fixed assets 202 (9,875 )
Goodwill amortisation (58,738 ) (58,738 )
Auditors' remuneration 24,290 12,335
Foreign exchange differences 30,905 (37,662 )
Operating leases 257,039 250,440
Government grants - (6,137 )

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Deposit account interest 45,063 647
Interest received 160,437 24,130
205,500 24,777

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 1,560,014 860,755
Prior year tax over provision (84,446 ) -
Total current tax 1,475,568 860,755

Deferred tax:
Deferred tax 2,916 784
Associates deferred tax (7,531 ) -
Total deferred tax (4,615 ) 784

Tax on profit 1,470,953 861,539

EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 6,714,770 4,614,235
Profit multiplied by the standard rate of corporation tax in the UK of 23.520 %
(2022 - 19 %)

1,579,314

876,705

Effects of:
Expenses not deductible for tax purposes 16,680 702
Capital allowances in excess of depreciation (13,815 ) (11,160 )
Change in tax rates (273 ) 188
Disposal proceeds in excess of cost - (522 )

Enhanced deductions (26,835 ) (4,582 )
Non utilisable tax losses 328 208
Prior year overprovision (84,446 ) -
Total tax charge 1,470,953 861,539

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
shares of each
Interim div ordinary A-V
shares 659,467 991,642
659,467 991,642

EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st January 2023
and 31st December 2023 (587,371 )
AMORTISATION
At 1st January 2023 (293,686 )
Amortisation for year (58,738 )
At 31st December 2023 (352,424 )
NET BOOK VALUE
At 31st December 2023 (234,947 )
At 31st December 2022 (293,685 )

11. TANGIBLE FIXED ASSETS

Group
Long Fixtures
leasehold Plant and and Motor
improvements machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st January 2023 103,061 306,996 317,939 537,713 1,265,709
Additions - - 111,026 337,055 448,081
Disposals - (269 ) - - (269 )
At 31st December 2023 103,061 306,727 428,965 874,768 1,713,521
DEPRECIATION
At 1st January 2023 65,590 297,087 254,699 519,154 1,136,530
Charge for year 9,476 5,297 46,222 90,444 151,439
Eliminated on disposal - (67 ) - - (67 )
At 31st December 2023 75,066 302,317 300,921 609,598 1,287,902
NET BOOK VALUE
At 31st December 2023 27,995 4,410 128,044 265,170 425,619
At 31st December 2022 37,471 9,909 63,240 18,559 129,179

EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


12. FIXED ASSET INVESTMENTS

Group
Interest Interest
in joint in
venture associate Totals
£    £    £   
COST
Additions 100 100 200
Share of profit/(loss) 93,254 - 93,254
At 31st December 2023 93,354 100 93,454
NET BOOK VALUE
At 31st December 2023 93,354 100 93,454
Company
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 4,150,840
NET BOOK VALUE
At 31st December 2023 4,150,840
At 31st December 2022 4,150,840

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Equinox Design (Holdings) Limited
Registered office: 3365 The Pentagon, Century Way, Thorpe Park, Leeds, LS15 8ZB
Nature of business: Holding company
%
Class of shares: holding
Ordinary £1 shares 100.00

Equinox Design Limited
Registered office: 3365 The Pentagon, Century Way, Thorpe Park, Leeds, LS15 8ZB
Nature of business: Exhibition, contractors, designers and promoters
%
Class of shares: holding
Ordinary £1 shares 100.00

A 100% subsidiary of Equinox Design (Holdings) Limited.

Joint venture

Cure Management Limited
Registered office: C/O Cwr Chartered Accountants, 20 Mannin Way, Lancaster Business park, Caton Rd, Lancaster, Lancashire, England, LA1 3SW
Nature of business: Management consultancy activities
%
Class of shares: holding
Ordinary 50.00

EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


12. FIXED ASSET INVESTMENTS - continued

Associated company

Cure Investments Ltd
Registered office: C/O Cwr Chartered Accountants, 20 Mannin Way, Lancaster Business park, Caton Rd, Lancaster, Lancashire, England, LA1 3SW
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 33.33


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1st January 2023 163,289
Additions 2,298,521
At 31st December 2023 2,461,810
NET BOOK VALUE
At 31st December 2023 2,461,810
At 31st December 2022 163,289

Investment property is included in the financial statements at a cost of £2,461,810 (2022: £163,289) which, in the opinion of the directors, fairly represents the open market value at the balance sheet date.

14. STOCKS

Group
2023 2022
£    £   
Finished goods 37,588 43,416

15. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 3,966,071 2,740,673 - -
Other debtors 64,462 65,901 3,975 3,975
Amounts due by related parties 666,194 766,616 - -
Directors' current accounts 9,961 - - -
Prepayments and accrued income 924,402 723,351 - -
5,631,090 4,296,541 3,975 3,975

EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


15. DEBTORS - continued

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due after more than one year:
Other debtors 357,970 456,070 - -

Aggregate amounts 5,989,060 4,752,611 3,975 3,975

16. CURRENT ASSET INVESTMENTS

Group
2023 2022
£    £   
Bond - 1,000,000

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 736,648 519,193 - -
Amounts owed to group undertakings - - 9,801 8,403
Corporation Tax 660,014 605,755 - -
Social security and other taxes 56,504 47,561 - -
VAT 289,485 155,545 - -
Other creditors 11,699 7,654 - -
Amounts due to related parties 237,530 494,329 - -
Accruals and deferred income 3,012,619 2,214,065 - -
5,004,499 4,044,102 9,801 8,403

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 259,295 257,360
Between one and five years 514,824 654,119
In more than five years 240,000 360,000
1,014,119 1,271,479

19. SECURED DEBTS

The bank facilities are secured by a debenture dated 8th February 2010 including a fixed charge over all present freehold and leasehold property; a first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and a first floating charge over all assets and undertaking both present and future.

EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


20. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 29,140 26,224

Group
Deferred
tax
£   
Balance at 1st January 2023 26,224
Movement in year 2,916
Balance at 31st December 2023 29,140

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
940 Ordinary £1 940 940

22. RESERVES

Group
Retained
earnings
£   

At 1st January 2023 9,303,325
Profit for the year 5,243,817
Dividends (659,467 )
At 31st December 2023 13,887,675

Company
Retained
earnings
£   

At 1st January 2023 4,145,472
Deficit for the year (1,398 )
At 31st December 2023 4,144,074


EQUINOX DESIGN GROUP LIMITED (REGISTERED NUMBER: 09432531)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


23. PENSION COMMITMENTS

The company operated a defined contribution pension scheme for the benefit of the directors. The assets of the scheme are administered by the trustees in a fund independent from those of the company.

Contributions were made during this year totalling £120,000 (2022: £80,000).

The total contributions to other schemes on behalf of the directors and other employees amounted to £341,932 (2022: £274,813).

24. RELATED PARTY DISCLOSURES

During the year ended 31st December 2023 companies within the group paid expenses of £93 (2022: £184) on behalf of companies under the control of a director of Equinox Design Group Limited.

During the year ended 31st December 2023 companies within the group paid rent of £120,000 (2022: £120,000) to a partnership in which individuals who were directors of Equinox Design Group Limited during the year are also partners.

During the year ended 31st December 2023 companies within the group sold goods and services worth £576,410 (2022: £798,407) to companies under common control. £2,044,532 (2022: £2,087,151) of goods and services were also purchased. In addition a management charge of £70,000 (2022: £30,000) was charged by a company within the group.

At 31st December 2023 £666,194 (2022: £766,616) was owed to the group by companies under the control of a director of Equinox Design Group Limited.

At 31st December 2023 £237,528 (2022: £494,329) was owed by the group to companies under the control of a director of Equinox Design Group Limited.

At 31st December 2023 £9,961 (2022: £nil) was owed to the group by a director. The amount advanced in the year was £747,574. The amount repaid in the year was £737,613.

Included in other debtors at 31st December 2023 is an amount of £417,970 (2022: £516,070) which was owed to the group by Cure Management Limited, a joint venture company.

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C Criscione and D Criscione.