Company Registration No. 10001779 (England and Wales)
EQ Property Services Ltd
Unaudited financial statements
for the year ended 30 September 2024
EQ Property Services Ltd
Unaudited financial statements
Contents
EQ Property Services Ltd
Company Information
for the year ended 30 September 2024
Directors
Andy Bell
Fergus Lyons
Michael Summersgill
Charles Galbraith
Roger Stott
Company Number
10001779 (England and Wales)
Registered Office
4 Exchange Quay
Salford Quays
Manchester
M5 3EE
EQ Property Services Ltd
Statement of financial position
as at 30 September 2024
Investment property
21,000,000
21,000,000
Debtors
2,048,140
1,988,511
Cash at bank and in hand
712,049
799,207
Creditors: amounts falling due within one year
(2,396,831)
(2,120,712)
Net current assets
363,358
667,006
Total assets less current liabilities
21,363,358
21,667,006
Creditors: amounts falling due after more than one year
(9,701,950)
(10,181,906)
Provisions for liabilities
Deferred tax
(1,723,069)
(1,711,215)
Net assets
9,938,339
9,773,885
Called up share capital
4,000
4,000
Revaluation reserve
4,829,233
4,829,233
Profit and loss account
5,105,106
4,940,652
Shareholders' funds
9,938,339
9,773,885
For the year ending 30 September 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by
Fergus Lyons
Director
Company Registration No. 10001779
EQ Property Services Ltd
Notes to the Accounts
for the year ended 30 September 2024
EQ Property Services Ltd is a private company, limited by shares, registered in England and Wales, registration number 10001779. The registered office is 4 Exchange Quay, Salford Quays, Manchester, M5 3EE.
2
Compliance with accounting standards
The financial statements have been prepared in accordance with the provisions of 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 has been applied other than where additional disclosure is required to show a true and fair view.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The financial statements are presented in £ sterling.
The financial statements have been prepared on a going concern basis. The directors believe that they have a reasonable expectation that the company has adequate resources to continue in operational existence for the 12 months from the date on which the financial statements are approved.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates to write off the assets over their estimated useful lives:
Fixtures & fittings
Straight line over 4 years
Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost which includes 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 the income statement accumulated in the fair value reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the income statement for the period.
Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
EQ Property Services Ltd
Notes to the Accounts
for the year ended 30 September 2024
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the reporting end date.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
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 its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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, which include debtors, 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.
Basic financial liabilities, including creditors and bank loans 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.
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 its liabilities.
Turnover represents property rental and service charges provided in the normal course of business; net of VAT. Turnover is accounted for on an accrual's basis. Amounts invoiced in advance relating to the next accounting period are included in deferred income within the statement of financial position.
The benefits of lease incentives are recognised in the income statement over the lease period.
Interest payable and similar charges
Interest payable on financial liabilities is recognised in the income statement over the term of such instruments at a constant rate on the carrying amount.
EQ Property Services Ltd
Notes to the Accounts
for the year ended 30 September 2024
4
Tangible fixed assets
Fixtures & fittings
At 30 September 2024
6,059
At 30 September 2024
6,059
Fair value at 1 October 2023
21,000,000
At 30 September 2024
21,000,000
The investment property represents a single class of property, being business accommodation at 4 Exchange Quay, Salford Quays, Manchester, M5 3EE.
The fair value of the investment property has been determined by independent valuation specialists, Jones Lang LaSalle, on 28 February 2024. The basis of valuation was primarily derived using open market transactions on arm's length terms. The Directors confirm that the valuation is still reasonable at the reporting end date.
Amounts falling due within one year
Trade debtors
17,904
14,396
Accrued income and prepayments
84,853
73,164
Other debtors
891,852
696,910
Amounts falling due after more than one year
Other debtors
1,053,531
1,204,041
EQ Property Services Ltd
Notes to the Accounts
for the year ended 30 September 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
500,000
500,000
Trade creditors
176,898
39,678
Taxes and social security
377,164
324,932
Deferred income
742,957
730,266
The bank loan amounting to £500,000 (2023: £500,000) is secured by (i) legal charge on the building at 4 Exchange Quay, Salford Quays, Manchester, M5 3EE and (ii) the bank's standard debenture.
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Creditors: amounts falling due after more than one year
2024
2023
Bank loans
9,701,950
10,181,906
The bank loan amounting to £9,701,950 (2023: £10,181,906) is secured by (i) legal charge on the building at 4 Exchange Quay, Salford Quays, Manchester, M5 3EE and (ii) the bank's standard debenture.
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Deferred taxation
2024
2023
Accelerated capital allowances
368,410
356,556
Revaluation of investment property
1,354,659
1,354,659
Provision at start of year
1,711,215
2,947,522
Charged/(credited) to the profit and loss account
11,854
(1,236,307)
Provision at end of year
1,723,069
1,711,215
Deferred tax has been recognised at 25%, the rate expected to be in force at the time of the reversal of the temporary difference (2023: 25%)
Allotted, called up and fully paid:
4,000 Ordinary shares of £1 each
4,000
4,000
EQ Property Services Ltd
Notes to the Accounts
for the year ended 30 September 2024
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Transactions with related parties
EQ Property Services Ltd is party to three leases with AJ Bell Business Solutions Limited for the rental of their Head Office premises, 4 Exchange Quay, Salford Quays, Manchester, M5 3EE. AJ Bell Business Solutions Limited is a wholly owned subsidiary of AJ Bell plc. Mr M T Summersgill and Mr R Stott are directors and shareholders of both AJ Bell plc and EQ Property Services Ltd.
The leases for the rental of the building were entered into on 17 August 2016 for terms that expire on 30 September 2031, at an aggregate market rent of £2,008,932 (2023: £2,008,932) per annum.
At the reporting date, there was a receivable of £17,904 outstanding (2023: £14,396) with AJ Bell Business Solutions Limited.
During the year, dividends of £1,000,000 (2023 : £1,100,000) were paid to shareholders.
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Average number of employees
During the year the average number of employees was 0 (2023: 0).