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REGISTERED NUMBER: 04431262 (England and Wales)










EQUINOX DESIGN (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






EQUINOX DESIGN (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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 (HOLDINGS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: C Criscione
D Criscione





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





REGISTERED NUMBER: 04431262 (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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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 £14.1m.

2023 has seen a stabilisation of market conditions with events and exhibitions returning to normal. The groups 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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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 (HOLDINGS) LIMITED


Opinion
We have audited the financial statements of Equinox Design (Holdings) 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 (HOLDINGS) 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 (HOLDINGS) 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 valuation of property.

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 (HOLDINGS) 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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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 2,451,429 1,937,183
6,237,530 4,525,677

Other operating income 128,678 6,137
GROUP OPERATING PROFIT 5 6,366,208 4,531,814

Share of operating profit in
Joint ventures 85,723 -

Interest receivable and similar income 6 205,500 24,777
PROFIT BEFORE TAXATION 6,657,431 4,556,591

Tax on profit 7 1,470,953 861,539
PROFIT FOR THE FINANCIAL YEAR 5,186,478 3,695,052

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 5,186,478 3,695,052

Profit attributable to:
Owners of the parent 5,186,478 3,695,052

Total comprehensive income attributable to:
Owners of the parent 5,186,478 3,695,052

EQUINOX DESIGN (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

CONSOLIDATED BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
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
2,980,883 292,468

CURRENT ASSETS
Stocks 14 37,588 43,416
Debtors 15 5,995,287 4,757,342
Investments 16 - 1,000,000
Cash at bank and in hand 10,149,670 7,579,781
16,182,545 13,380,539
CREDITORS
Amounts falling due within one year 17 5,004,499 4,044,105
NET CURRENT ASSETS 11,178,046 9,336,434
TOTAL ASSETS LESS CURRENT LIABILITIES 14,158,929 9,628,902

PROVISIONS FOR LIABILITIES 20 29,140 26,224
NET ASSETS 14,129,789 9,602,678

CAPITAL AND RESERVES
Called up share capital 21 7,200 7,100
Capital redemption reserve 22 5,000 5,000
Retained earnings 22 14,117,589 9,590,578
SHAREHOLDERS' FUNDS 14,129,789 9,602,678

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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

COMPANY BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 10,200 10,000
Investment property 13 2,461,810 163,289
2,472,010 173,289

CURRENT ASSETS
Debtors 15 1,089,778 1,185,778
Investments 16 - 1,000,000
Cash at bank 7,662,830 4,328,762
8,752,608 6,514,540
CREDITORS
Amounts falling due within one year 17 1,041,534 9,222
NET CURRENT ASSETS 7,711,074 6,505,318
TOTAL ASSETS LESS CURRENT LIABILITIES 10,183,084 6,678,607

CAPITAL AND RESERVES
Called up share capital 21 7,200 7,100
Capital redemption reserve 22 5,000 5,000
Retained earnings 22 10,170,884 6,666,507
SHAREHOLDERS' FUNDS 10,183,084 6,678,607

Company's profit for the financial year 4,163,844 2,092,822

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

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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st January 2022 7,100 6,887,168 5,000 6,899,268

Changes in equity
Dividends - (991,642 ) - (991,642 )
Total comprehensive income - 3,695,052 - 3,695,052
Balance at 31st December 2022 7,100 9,590,578 5,000 9,602,678

Changes in equity
Issue of share capital 100 - - 100
Dividends - (659,467 ) - (659,467 )
Total comprehensive income - 5,186,478 - 5,186,478
Balance at 31st December 2023 7,200 14,117,589 5,000 14,129,789

EQUINOX DESIGN (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st January 2022 7,100 5,565,327 5,000 5,577,427

Changes in equity
Dividends - (991,642 ) - (991,642 )
Total comprehensive income - 2,092,822 - 2,092,822
Balance at 31st December 2022 7,100 6,666,507 5,000 6,678,607

Changes in equity
Issue of share capital 100 - - 100
Dividends - (659,467 ) - (659,467 )
Total comprehensive income - 4,163,844 - 4,163,844
Balance at 31st December 2023 7,200 10,170,884 5,000 10,183,084

EQUINOX DESIGN (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 6,201,828 3,680,261
Tax paid (1,421,309 ) (531,638 )
Net cash from operating activities 4,780,519 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
Amount introduced by directors 737,613 1,485,111
Amount withdrawn by directors (747,574 ) (1,464,096 )
Share issue 100 -
Grants - 6,137
Equity dividends paid (659,467 ) (991,642 )
Net cash from financing activities (669,328 ) (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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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 6,657,431 4,556,591
Depreciation charges 151,439 113,651
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 )
6,517,849 4,629,453
Decrease/(increase) in stocks 5,828 (8,607 )
Increase in trade and other debtors (1,227,984 ) (558,746 )
Increase/(decrease) in trade and other creditors 906,135 (381,839 )
Cash generated from operations 6,201,828 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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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


1. STATUTORY INFORMATION

Equinox Design (Holdings) 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 in 2016, is being amortised evenly over its estimated useful life of ten years.

EQUINOX DESIGN (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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

Investments in associates
Investments in associate undertakings are recognised at 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.

EQUINOX DESIGN (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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


2. ACCOUNTING POLICIES - continued

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.

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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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 )
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
Adjustment in respect of previous periods (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 (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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 6,657,431 4,556,591
Profit multiplied by the standard rate of corporation tax in the UK of 23.520 %
(2022 - 19 %)

1,565,828

865,752

Effects of:
Expenses not deductible for tax purposes 16,679 703
Change in tax rates (273 ) 188
Disposal proceeds in excess of cost - (522 )

Enhanced deductions (26,835 ) (4,582 )
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
£    £   
Ordinary A-V shares of £1 each
Interim 659,467 991,642

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st January 2023
and 31st December 2023 (466,331 )
AMORTISATION
At 1st January 2023
and 31st December 2023 (466,331 )
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 -

EQUINOX DESIGN (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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


11. TANGIBLE FIXED ASSETS

Group
Fixtures
Long Plant and and Motor
leasehold 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

12. FIXED ASSET INVESTMENTS

Group
Interest Interest
in joint in
venture associate Totals
£    £    £   
COST
Additions 100 100 200
Provision for 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 Interest Interest
group in joint in
undertakings venture associate Totals
£    £    £    £   
COST
At 1st January 2023 10,000 - - 10,000
Additions - 100 100 200
At 31st December 2023 10,000 100 100 10,200
NET BOOK VALUE
At 31st December 2023 10,000 100 100 10,200
At 31st December 2022 10,000 - - 10,000

EQUINOX DESIGN (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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


12. FIXED ASSET INVESTMENTS - continued

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

Subsidiary

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

Joint venture

Cure Management Ltd
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

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

EQUINOX DESIGN (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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


13. INVESTMENT PROPERTY - continued

Company
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 - -
Amounts owed by group undertakings 9,804 8,407 3,975 3,975
Other debtors 60,885 62,225 60,500 60,400
Amounts due by related undertaking 666,194 766,616 665,333 665,333
Directors' current accounts 9,961 - 2,000 -
Prepayments and accrued income 924,402 723,351 - -
5,637,317 4,301,272 731,808 729,708

Amounts falling due after more than one year:
Other debtors 357,970 456,070 357,970 456,070

Aggregate amounts 5,995,287 4,757,342 1,089,778 1,185,778

16. CURRENT ASSET INVESTMENTS

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

EQUINOX DESIGN (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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


17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 736,651 519,196 - -
Amounts owed to group undertakings - - 1,000,000 -
Corporation Tax 660,014 605,755 36,334 4,122
Social security and other taxes 56,504 47,561 - -
VAT 289,485 155,545 - -
Other creditors 11,698 7,654 100 -
Amounts owed to related undertaking 237,528 494,329 5,100 5,100
Accruals and deferred income 3,012,619 2,214,065 - -
5,004,499 4,044,105 1,041,534 9,222

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.

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

EQUINOX DESIGN (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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


21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 5,000 5,000

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
2,200 Ordinary A-V £1 2,200 2,100
(2022 - 2,100 )

The following shares were issued during the year for cash at par :

100 Ordinary A-V shares of £1

22. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st January 2023 9,590,578 5,000 9,595,578
Profit for the year 5,186,478 5,186,478
Dividends (659,467 ) (659,467 )
At 31st December 2023 14,117,589 5,000 14,122,589

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st January 2023 6,666,507 5,000 6,671,507
Profit for the year 4,163,844 4,163,844
Dividends (659,467 ) (659,467 )
At 31st December 2023 10,170,884 5,000 10,175,884


23. PENSION COMMITMENTS

The group operates 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).

EQUINOX DESIGN (HOLDINGS) LIMITED (REGISTERED NUMBER: 04431262)

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


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 (Holdings) 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 (Holdings) 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 (Holdings) 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 (Holdings) 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.