Company registration number 10794221 (England and Wales)
EQONIC GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
EQONIC GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 12
EQONIC GROUP LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,831
5,499
Tangible assets
4
1,959
1,274
Investments
5
200
200
5,990
6,973
Current assets
Stocks
60,241
18,811
Debtors
7
86,341
247,254
Cash at bank and in hand
135,399
147,633
281,981
413,698
Creditors: amounts falling due within one year
8
(313,296)
(303,542)
Net current (liabilities)/assets
(31,315)
110,156
Total assets less current liabilities
(25,325)
117,129
Creditors: amounts falling due after more than one year
9
(33,971)
(39,662)
Net (liabilities)/assets
(59,296)
77,467
Capital and reserves
Called up share capital
10
10,335
10,255
Share premium account
1,321,164
1,001,244
Profit and loss reserves
(1,390,795)
(934,032)
Total equity
(59,296)
77,467
EQONIC GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
Mr J S Kandola
Director
Company registration number 10794221 (England and Wales)
EQONIC GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2022
10,169
652,330
(634,548)
27,951
Year ended 31 January 2023:
Loss and total comprehensive income
-
-
(299,484)
(299,484)
Issue of share capital
10
86
348,914
-
349,000
Balance at 31 January 2023
10,255
1,001,244
(934,032)
77,467
Year ended 31 January 2024:
Loss and total comprehensive income
-
-
(456,763)
(456,763)
Issue of share capital
10
80
319,920
-
320,000
Balance at 31 January 2024
10,335
1,321,164
(1,390,795)
(59,296)
EQONIC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
Eqonic Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Westferry Circus, Canary Wharf, Tower Hamlets, London, E14 4HD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
4 years straight line
Trade mark
10 years straight line
EQONIC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
EQONIC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
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 balance sheet 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
EQONIC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 7 -
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
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.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
EQONIC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 8 -
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
2
3
Intangible fixed assets
Website
Trade mark
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
5,550
2,795
8,345
Amortisation and impairment
At 1 February 2023
2,660
186
2,846
Amortisation charged for the year
1,388
280
1,668
At 31 January 2024
4,048
466
4,514
Carrying amount
At 31 January 2024
1,502
2,329
3,831
At 31 January 2023
2,890
2,609
5,499
EQONIC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
1,996
Additions
1,298
At 31 January 2024
3,294
Depreciation and impairment
At 1 February 2023
722
Depreciation charged in the year
613
At 31 January 2024
1,335
Carrying amount
At 31 January 2024
1,959
At 31 January 2023
1,274
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
200
200
EQONIC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
6
Subsidiaries
Details of the company's subsidiaries at 31 January 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Eqonic Limited
England and Wales
Ordinary
100.00
Fresh Marque Limited
England and Wales
Ordinary
100.00
The Graphene Corporation Limited
England and Wales
Ordinary
100.00
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,979
21,300
Corporation tax recoverable
21,886
Other debtors
78,362
53,044
86,341
96,230
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
151,024
Total debtors
86,341
247,254
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,691
5,550
Trade creditors
33,323
12,362
Taxation and social security
500
3,025
Other creditors
273,782
282,605
313,296
303,542
EQONIC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
33,971
39,662
Bank loans and overdrafts in creditors due within one year and after more than one year relate to a Bounce Back Loan. The loan is to be repaid by July 2030.
Creditors which fall due after five years relate to the Bounce Back Loan.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
9,732
16,020
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of 0.1p each
10,335,000
10,255,000
10,335
10,255
During the year, the company issued 80,000 A Ordinary shares at an amount of £4 per share.
11
Post balance sheet event
After the year end 50,000 A Ordinary shares have been issued for an amount of £4 per share.
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
10,558
10,558
Between two and five years
6,159
16,717
16,717
27,275
EQONIC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
13
Related party transactions
At the balance sheet date, the company owed £187,734 (2023: £184,137) to a director of the company. The loan is interest free and has no set repayment date.
14
Parent company
NXT Capital Holdings Limited, a UK registered company, is the ultimate parent company of Eqonic Group Limited.
2024-01-312023-02-01false30 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr J S KandolaMr S Dyblefalsefalse107942212023-02-012024-01-31107942212024-01-31107942212023-01-3110794221core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-01-3110794221core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2024-01-3110794221core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-3110794221core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-01-3110794221core:OtherPropertyPlantEquipment2024-01-3110794221core:OtherPropertyPlantEquipment2023-01-3110794221core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3110794221core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3110794221core:Non-currentFinancialInstrumentscore:AfterOneYear2024-01-3110794221core:Non-currentFinancialInstrumentscore:AfterOneYear2023-01-3110794221core:CurrentFinancialInstruments2024-01-3110794221core:CurrentFinancialInstruments2023-01-3110794221core:ShareCapital2024-01-3110794221core:ShareCapital2023-01-3110794221core:SharePremium2024-01-3110794221core:SharePremium2023-01-3110794221core:RetainedEarningsAccumulatedLosses2024-01-3110794221core:RetainedEarningsAccumulatedLosses2023-01-3110794221core:ShareCapital2022-01-3110794221core:SharePremium2022-01-3110794221core:RetainedEarningsAccumulatedLosses2022-01-3110794221bus:Director12023-02-012024-01-3110794221core:RetainedEarningsAccumulatedLosses2022-02-012023-01-31107942212022-02-012023-01-3110794221core:RetainedEarningsAccumulatedLosses2023-02-012024-01-3110794221core:ShareCapital2022-02-012023-01-3110794221core:SharePremium2022-02-012023-01-3110794221core:ShareCapital2023-02-012024-01-3110794221core:SharePremium2023-02-012024-01-3110794221core:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3110794221core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-02-012024-01-3110794221core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-02-012024-01-3110794221core:ComputerEquipment2023-02-012024-01-3110794221core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-3110794221core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-01-31107942212023-01-3110794221core:OtherPropertyPlantEquipment2023-01-3110794221core:OtherPropertyPlantEquipment2023-02-012024-01-3110794221core:WithinOneYear2024-01-3110794221core:WithinOneYear2023-01-3110794221core:AfterOneYear2024-01-3110794221core:AfterOneYear2023-01-3110794221core:Non-currentFinancialInstruments2024-01-3110794221core:Non-currentFinancialInstruments2023-01-3110794221core:BetweenTwoFiveYears2024-01-3110794221core:BetweenTwoFiveYears2023-01-3110794221bus:PrivateLimitedCompanyLtd2023-02-012024-01-3110794221bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3110794221bus:FRS1022023-02-012024-01-3110794221bus:AuditExemptWithAccountantsReport2023-02-012024-01-3110794221bus:Director22023-02-012024-01-3110794221bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP