Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
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| 165,000 | 165,000 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 280 | 2,900 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current liabilities | (148,008) | (150,634) | ||
| Total assets less current liabilities | 16,992 | 14,366 | ||
| Provision for liabilities | 6 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Revaluation reserve |
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| Profit and loss account |
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| Total shareholder's funds |
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Director's responsibilities:
The financial statements of Equilibrium Asset Holdings Limited (registered number:
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Mr P Chilvers
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Equilibrium Asset Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5 Low Common Close, Foulsham, NR20 5TW, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
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 financial statements. 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 carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Individual freehold and leashold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent acumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other debtors and creditors and loans from related parties.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Investment property | |
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| Valuation | |
| As at 01 September 2023 |
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| As at 31 August 2024 |
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The 2024 valuations were made by the director, on an open market value for existing use basis.
| 2024 | 2023 | ||
| £ | £ | ||
| Prepayments |
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| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed to director |
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| Accruals |
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| Taxation and social security |
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| 2024 | 2023 | ||
| £ | £ | ||
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| At the end of financial year | (
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The director has a loan account wih the company. Interest is chargeable on these loans at the discretion of the director. The director has agreed that there will be no interest charged on the loans during the year.
At the year end the company owed the director £147,298 (2023 : £151,486).