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Company registration number: 07543978







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 DECEMBER 2024


EQUIPNET LTD






































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EQUIPNET LTD
 


 
COMPANY INFORMATION


Director
R Gallo 




Company secretary
A Gauvin



Registered number
07543978



Registered office
Brocastle Avenue
Waterton Industrial Estate

Bridgend

Wales

CF31 3XA




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


EQUIPNET LTD
 



CONTENTS



Page
Statement of Financial Position
1
Statement of Changes in Equity
2
Notes to the Financial Statements
3 - 8


 


EQUIPNET LTD
REGISTERED NUMBER:07543978



STATEMENT OF FINANCIAL POSITION
AS AT 29 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
9,960
8,600

  
9,960
8,600

Current assets
  

Debtors: amounts falling due within one year
 5 
2,608,348
1,301,688

Cash at bank and in hand
  
4,771,845
3,711,239

  
7,380,193
5,012,927

Creditors: amounts falling due within one year
 6 
(5,999,219)
(3,696,105)

Net current assets
  
 
 
1,380,974
 
 
1,316,822

Total assets less current liabilities
  
1,390,934
1,325,422

  

Net assets
  
1,390,934
1,325,422


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
1,389,934
1,324,422

  
1,390,934
1,325,422


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 statement of comprehensive income 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: 




................................................
R Gallo
Director

Date: 29 May 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 


EQUIPNET LTD
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 30 December 2022
1,000
1,247,113
1,248,113


Comprehensive income for the year

Profit for the year
-
77,309
77,309



At 30 December 2023
1,000
1,324,422
1,325,422


Comprehensive income for the year

Profit for the year
-
65,512
65,512


At 29 December 2024
1,000
1,389,934
1,390,934


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


EQUIPNET LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024

1.


General information

EquipNet Limited (formerly known as EquipNet Auctions Inc Limited) is a company limited by shares domiciled and incorporated in England and Wales within the United Kingdom. The address of the registered office is given in the company information page at the front of these financial statements.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 


EQUIPNET LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

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

 
2.5

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.7

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.

Page 4

 


EQUIPNET LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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:

Short-term leasehold property
-
25%
Fixtures and fittings
-
25%

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.

 
2.8

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.

Page 5

 


EQUIPNET LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

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


3.


Employees

The average monthly number of employees, including directors, during the year was 26 (2023 - 26).


4.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 30 December 2023
33,362
29,144
62,506


Additions
-
5,829
5,829



At 29 December 2024

33,362
34,973
68,335



Depreciation


At 30 December 2023
33,177
20,729
53,906


Charge for the year on owned assets
352
4,539
4,891


Adjustment to prior year charge
(422)
-
(422)



At 29 December 2024

33,107
25,268
58,375



Net book value



At 29 December 2024
255
9,705
9,960



At 29 December 2023
185
8,415
8,600

Page 6

 


EQUIPNET LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
1,883,739
791,964

Amounts owed by group undertakings
483,236
399,117

Other debtors
202,634
77,761

Prepayments and accrued income
38,739
32,846

2,608,348
1,301,688



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
17,906
6,017

Amounts owed to group undertakings
2,729,488
731,511

Other taxation and social security
79,874
78,893

Other creditors
2,835,762
2,654,204

Accruals and deferred income
336,189
225,480

5,999,219
3,696,105



7.


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 amounted to £55,048 (2023 - £33,082). Contributions totalling £29,846 (2023 - £31,528) were payable to the fund at the reporting date and are included in creditors.


8.


Commitments under operating leases

At 29 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
111,302
105,204

Later than 1 year and not later than 5 years
208,882
320,184

320,184
425,388

Page 7

 


EQUIPNET LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024

9.


Controlling party

The Company's immediate parent is EquipNet Auctions Inc., a company incorporated in the United States of
America. The registered office address of Equipnet Auctions Inc. is 5 Dan Road, Canton, MA 02021.
The Director does not consider that there is one ultimate controlling party of the Company.


10.


Auditor's information

The auditor's report on the financial statements for the year ended 29 December 2024 was unqualified.

The audit report was signed on 29 May 2025 by Andrew Galliers FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

Page 8