Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-0155truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11864686 2023-04-01 2024-03-31 11864686 2022-04-01 2023-03-31 11864686 2024-03-31 11864686 2023-03-31 11864686 1 2023-04-01 2024-03-31 11864686 d:Director4 2023-04-01 2024-03-31 11864686 c:OfficeEquipment 2023-04-01 2024-03-31 11864686 c:OfficeEquipment 2024-03-31 11864686 c:OfficeEquipment 2023-03-31 11864686 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11864686 c:ComputerEquipment 2023-04-01 2024-03-31 11864686 c:ComputerEquipment 2024-03-31 11864686 c:ComputerEquipment 2023-03-31 11864686 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11864686 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11864686 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 11864686 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 11864686 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 11864686 c:CurrentFinancialInstruments 2024-03-31 11864686 c:CurrentFinancialInstruments 2023-03-31 11864686 c:Non-currentFinancialInstruments 2024-03-31 11864686 c:Non-currentFinancialInstruments 2023-03-31 11864686 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 11864686 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 11864686 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 11864686 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 11864686 c:ShareCapital 2024-03-31 11864686 c:ShareCapital 2023-03-31 11864686 c:SharePremium 2024-03-31 11864686 c:SharePremium 2023-03-31 11864686 c:RetainedEarningsAccumulatedLosses 2024-03-31 11864686 c:RetainedEarningsAccumulatedLosses 2023-03-31 11864686 d:OrdinaryShareClass1 2023-04-01 2024-03-31 11864686 d:OrdinaryShareClass1 2024-03-31 11864686 d:OrdinaryShareClass1 2023-03-31 11864686 d:FRS102 2023-04-01 2024-03-31 11864686 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 11864686 d:FullAccounts 2023-04-01 2024-03-31 11864686 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11864686 2 2023-04-01 2024-03-31 11864686 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 11864686














EQUIANO LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
EQUIANO LIMITED
REGISTERED NUMBER:11864686

BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,923
2,244

  
2,923
2,244

Current assets
  

Stocks
 6 
554,925
493,789

Debtors: amounts falling due within one year
 7 
249,165
288,118

Cash at bank
 8 
60,562
589,596

  
864,652
1,371,503

Creditors: amounts falling due within one year
 9 
(348,761)
(413,337)

Net current assets
  
 
 
515,891
 
 
958,166

Total assets less current liabilities
  
518,814
960,410

Creditors: amounts falling due after more than one year
 10 
(3,459,917)
(2,555,582)

  

Net liabilities
  
(2,941,103)
(1,595,172)


Capital and reserves
  

Called up share capital 
 11 
8,659
8,659

Share premium account
  
1,071,630
1,071,630

Profit and loss account
  
(4,021,392)
(2,675,461)

  
(2,941,103)
(1,595,172)

Page 1

 
EQUIANO LIMITED
REGISTERED NUMBER:11864686
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A J Kakembo
Director

Date: 16 January 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
EQUIANO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Equiano Limited is a private company, limited by shares, registered in England and Wales, registration number 11864686. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal place of business is 310 The Shepherds Building, Charecroft Way, Hammersmith, London, W14 0EE.

The principal activity of the company continued to be that of production, marketing and distribution of spirits.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

 
2.2

Going concern

On the basis of information and enquiries that are pertinent to the company’s circumstances and which the directors believe to be adequate, it is appropriate to continue to treat the company as a going concern. In particular the directors believe that adequate cash resources will be available to cover the company’s requirements for working capital for at least twelve months from the date of signing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'administration expenses'. All other foreign exchange gains and losses are presented in profit or loss.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Turnover is recognised when title passes to the consumer on delivery.

Page 3

 
EQUIANO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 4

 
EQUIANO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Website
-
33%
straight line

 
2.10

  Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
straight-line
Computer equipment
-
25%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

Page 5

 
EQUIANO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including loan, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).


4.


Intangible assets




Website

£



Cost


At 1 April 2023
4,000



At 31 March 2024

4,000



Amortisation


At 1 April 2023
4,000



At 31 March 2024

4,000



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 6

 
EQUIANO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
923
1,551
2,474


Additions
841
666
1,507



At 31 March 2024

1,764
2,217
3,981



Depreciation


At 1 April 2023
170
60
230


Charge for the year 
384
444
828



At 31 March 2024

554
504
1,058



Net book value



At 31 March 2024
1,210
1,713
2,923



At 31 March 2023
753
1,491
2,244


6.


Stocks

2024
2023
£
£

Stock
554,925
493,789



7.


Debtors

2024
2023
£
£


Trade debtors
158,652
143,776

Other debtors
84,209
136,885

Prepayments
6,304
7,457

249,165
288,118


Page 7

 
EQUIANO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Cash

2024
2023
£
£

Cash at bank
60,562
589,596



9.


Creditors: amounts falling due within one year

As restated
2024
2023
£
£

Trade creditors
299,898
301,273

Other creditors
39,900
33,251

Accruals
8,963
78,813

348,761
413,337



10.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Other loans
3,459,917
2,555,582


During the year, the company recieved funding from an investor for £3,459,917 (2023 - £2,555,582), the loan is unsecured and interest free.

Page 8

 
EQUIANO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



865,920 (2023 - 865,920) Ordinary shares of £0.01 each
8,659
8,659


The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any of redemption.


12.


Prior year adjustment

During the year, expenses were discovered that were related to the prior period. The comparatives have been restated accordingly. The effect of this restatement is to increase administrative expenses and accruals by £60,000. The profit and loss reserves losses increased by £60,000. 


13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amount £1,328 (2023 - £1,623). Contributions totalling £256 (2023 - £359) were payable to the fund at the balance sheet date and are included in creditors.

14.


Post balance sheet events

On 17 June 2024, 7,362 Ordinary shares were issued at a share price of £0.01 with an aggregate nominal value of £73.62.
On 23 December 2024, 160,934 Ordinary shares were issued at a share price of £0.01 with an aggregate nominal value of £1,609.34.
 
Page 9