Company registration number 10748138 (England and Wales)
EQUITY WEALTH BUILDERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
EQUITY WEALTH BUILDERS LIMITED
COMPANY INFORMATION
Director
Mrs I B Hussain
Company number
10748138
Registered office
Maer Hills House
Wood Lane
Blackbrook
Newcastle Under Lyme
Staffordshire
ST5 5EJ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Santander UK Plc
Bridle Road
Bootle
Merseyside
L30 4GB
EQUITY WEALTH BUILDERS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
EQUITY WEALTH BUILDERS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EQUITY WEALTH BUILDERS LIMITED FOR THE YEAR ENDED 31 MAY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Equity Wealth Builders Limited for the year ended 31 May 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Equity Wealth Builders Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Equity Wealth Builders Limited and state those matters that we have agreed to state to the board of directors of Equity Wealth Builders Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Equity Wealth Builders Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Equity Wealth Builders Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Equity Wealth Builders Limited. You consider that Equity Wealth Builders Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Equity Wealth Builders Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
16 January 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
EQUITY WEALTH BUILDERS LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,012,656
945,000
Current assets
Debtors
4
125,148
125,699
Cash at bank and in hand
23,724
25,708
148,872
151,407
Creditors: amounts falling due within one year
5
(88,470)
(91,045)
Net current assets
60,402
60,362
Total assets less current liabilities
1,073,058
1,005,362
Creditors: amounts falling due after more than one year
6
(715,843)
(674,987)
Provisions for liabilities
(75,300)
(75,300)
Net assets
281,915
255,075
Capital and reserves
Called up share capital
8
100
100
Non-distributable profits reserve
9
225,898
225,898
Distributable profit and loss reserves
55,917
29,077
Total equity
281,915
255,075
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
EQUITY WEALTH BUILDERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 16 January 2025
Mrs I B Hussain
Director
Company registration number 10748138 (England and Wales)
EQUITY WEALTH BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information
Equity Wealth Builders Limited is a private company limited by shares incorporated in England and Wales. The registered office is Maer Hills House, Wood Lane, Blackbrook, Newcastle Under Lyme, Staffordshire, ST5 5EJ.
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 have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in other reserves.
1.4
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.
EQUITY WEALTH BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.5
Leases
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 June 2023
945,000
Additions
67,656
At 31 May 2024
1,012,656
The director has assessed the market value of the properties and consider that there has been no significant change in the market value at the year end.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
125,148
125,699
EQUITY WEALTH BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,644
5,505
Trade creditors
1,220
Taxation and social security
7,696
9,513
Other creditors
75,130
74,807
88,470
91,045
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
715,843
674,987
7
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
721,487
680,492
Bank loans are secured by way of a fixed charge over the properties to which it relates to and by way of a government-backed and personal guarantee.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
225,898
-
Fair value adjustment on investment property
-
301,198
Deferred tax on fair value adjustments
-
(75,300)
At the end of the year
225,898
225,898
EQUITY WEALTH BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Ultimate controlling party
The ultimate controlling party is Mrs I B Hussain.