REGISTERED NUMBER: 01706926 (England and Wales)

EQUINOX DESIGN LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

to

4

Report of the Independent Auditors

5

to

8

Statement of Income and Retained Earnings

9

Balance Sheet

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

to

20

DIRECTORS:

N Hardy

R Hainsworth

D Criscione

C Criscione

D R Vento

S May

REGISTERED OFFICE:

3365 The Pentagon

Century Way

Thorpe Park

Leeds

West Yorkshire

LS15 8ZB

REGISTERED NUMBER:

01706926 (England and Wales)

AUDITORS:

Thomas Coombs Limited

Statutory Auditor

Chartered Accountants

3365 The Pentagon

Century Way

Thorpe Park

Leeds

West Yorkshire

LS15 8ZB

The directors present their strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS

The results for the company show a pre tax profit of £8.3m (2023: £6.4m) for the year and sales of £28.6m (2023: £22.8m).

The directors are pleased with how the company has bounced back following the pandemic and has increased both sales and profits to record levels.

PRINCIPAL RISKS AND UNCERTAINTIES

Financial risk management objectives and policies

The company's principal financial instruments comprise cash, trade debtors and trade creditors which arise directly from its operations. The main risks arising from the company's financial instruments are credit risk and foreign exchange risk.

Credit risk

The company trades with recognised credit worthy third parties. Trade debtors balances are monitored on an ongoing basis with the result that the company's exposure to bad debts is not considered to be significant.

Foreign exchange risks

The company limits its exposure to fluctuations in foreign exchange rates. The company does not hedge this exposure, instead it invoices where possible its customers in sterling.

KEY PERFORMANCE INDICATORS

The directors consider the key performance indicators to be sales, gross profit and cash.

FUTURE OUTLOOK

The company starts the next financial year with a strong financial base, net assets of £4.1m.

2024 has seen a stabilisation of market conditions with events and exhibitions returning to normal. The company's revenue and profit continue to grow. The company regularly reviews resource requirements in accordance with expected demand.

ON BEHALF OF THE BOARD:

C Criscione - Director

21st February 2025

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

DIVIDENDS

The total distribution of dividends for the year ended 31st December 2024 will be £6,200,000 (2023: £4,045,698)

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1st January 2024 to the date of this report unless otherwise stated.

Other changes in directors holding office are as follows:

S May - appointed 1/10/24

The directors shown below were in office at 31st December 2024 but did not hold any interest in the Ordinary shares of £1 each at 1st January 2024 (or date of appointment if later) or 31st December 2024.

N Hardy

R Hainsworth

D Criscione

C Criscione

D R Vento

S May

FINANCIAL INSTRUMENTS

The company's financial statements comprise of borrowings such as secured loans, advance receipts in respect of the ordinary activities of the company, cash and liquid resources, finance leases and various other items such as trade debtors and trade creditors that also arise directly from its operations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors, the Strategic Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Thomas Coombs Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C Criscione - Director

21st February 2025

Opinion

We have audited the financial statements of Equinox Design Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the entity and industries in which it operates, we identified the principal risks of non-compliance with laws and regulations related to health and safety law and data protection. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, tax legislation and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls, and ensuring these controls operated as intended. We determined the principal risks were related to posting journal entries to manipulate profits, and management bias in accounting estimates.

To address the risk of fraud through management bias and override of controls, we:

- Identified and tested journal entries and identified any significant transactions that were unusual or outside the normal course of business.

- Investigated the rationale behind significant or unusual transactions.

- Challenged assumptions and judgements made by management in determining significant accounting estimates.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed audit procedures which included, but were not limited to:

- Agreeing financial statements disclosures to underlying supporting documentation.

- Discussions with management of known or suspected instances of non-compliance with laws and regulations.

- Reviewing correspondence with relevant regulators including HMRC.

At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance of laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement relating to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Shaun Pullan ACCA (Senior Statutory Auditor)

for and on behalf of Thomas Coombs Limited

Statutory Auditor

Chartered Accountants

3365 The Pentagon

Century Way

Thorpe Park

Leeds

West Yorkshire

LS15 8ZB

21st February 2025

TURNOVER

3

28,589,842

22,767,451

Cost of sales

17,571,332

14,078,492

GROSS PROFIT

11,018,510

8,688,959

Administrative expenses

2,895,314

2,445,473

8,123,196

6,243,486

Other operating income

171,886

128,678

OPERATING PROFIT

5

8,295,082

6,372,164

Interest receivable and similar income

-

45,063

8,295,082

6,417,227

Interest payable and similar expenses

6

36,851

-

PROFIT BEFORE TAXATION

8,258,231

6,417,227

Tax on profit

7

1,855,796

1,442,150

PROFIT FOR THE FINANCIAL YEAR

6,402,435

4,975,077

Retained earnings at beginning of year

3,853,349

2,923,970

Dividends

8

(6,200,000

)

(4,045,698

)

RETAINED EARNINGS AT END OF YEAR

4,055,784

3,853,349

FIXED ASSETS

Tangible assets

9

435,135

425,619

CURRENT ASSETS

Stocks

10

38,846

37,588

Debtors

11

6,335,302

5,905,506

Cash at bank and in hand

3,315,577

2,486,841

9,689,725

8,429,935

CREDITORS

Amounts falling due within one year

12

5,932,837

4,963,065

NET CURRENT ASSETS

3,756,888

3,466,870

TOTAL ASSETS LESS CURRENT LIABILITIES

4,192,023

3,892,489

CREDITORS

Amounts falling due after more than one year

13

(113,642

)

-

PROVISIONS FOR LIABILITIES

16

(12,597

)

(29,140

)

NET ASSETS

4,065,784

3,863,349

CAPITAL AND RESERVES

Called up share capital

17

10,000

10,000

Retained earnings

18

4,055,784

3,853,349

SHAREHOLDERS' FUNDS

4,065,784

3,863,349

The financial statements were approved by the Board of Directors and authorised for issue on 21st February 2025 and were signed on its behalf by:

C Criscione - Director

Cash flows from operating activities

Cash generated from operations

1

8,749,413

5,109,685

Interest paid

(31,633

)

-

Interest element of hire purchase payments paid

(5,218

)

-

Tax paid

(1,641,680

)

(1,417,187

)

Net cash from operating activities

7,070,882

3,692,498

Cash flows from investing activities

Purchase of tangible fixed assets

(210,565

)

(448,081

)

Interest received

-

45,063

Net cash from investing activities

(210,565

)

(403,018

)

Cash flows from financing activities

Capital repayments in year

160,458

-

Amount introduced by directors

7,961

187,613

Amount withdrawn by directors

-

(195,574

)

Equity dividends paid

(6,200,000

)

(4,045,698

)

Net cash from financing activities

(6,031,581

)

(4,053,659

)

Increase/(decrease) in cash and cash equivalents

828,736

(764,179

)

Cash and cash equivalents at beginning of year

2

2,486,841

3,251,020

Cash and cash equivalents at end of year

2

3,315,577

2,486,841

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

8,258,231

6,417,227

Depreciation charges

201,049

151,439

Loss on disposal of fixed assets

-

202

Finance costs

36,851

-

Finance income

-

(45,063

)

8,496,131

6,523,805

(Increase)/decrease in stocks

(1,258

)

5,828

Increase in trade and other debtors

(437,757

)

(2,325,985

)

Increase in trade and other creditors

692,297

906,037

Cash generated from operations

8,749,413

5,109,685

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

3,315,577

2,486,841

Year ended 31st December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

2,486,841

3,251,020

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

2,486,841

828,736

3,315,577

2,486,841

828,736

3,315,577

Debt

Finance leases

-

(160,458

)

(160,458

)

-

(160,458

)

(160,458

)

Total

2,486,841

668,278

3,155,119

1.	STATUTORY INFORMATION

Equinox Design Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The directors have considered how the company will meet the challenge presented by the current economic climate and have carried out a detailed review of the company's resources including the adequacy of working capital for the next twelve months. The directors are satisfied that the company has sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of approval of the financial statements.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

Significant judgements and estimates

In the application of the company's accounting policies, the director's are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate it revised, if the revision affects only that period, or in the period of revision and future periods if the revision affects bother current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Trade and other receivables

The Company regularly assesses the recoverability of its trade and other receivables for evidence of impairment. This assessment involves judgements in respect of the credit quality of the counterparties.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

- 25% on cost

Fixtures and fittings

- 25% on cost

Motor vehicles

- 25% on cost

Computer equipment

- 25% on cost

Leasehold improvements

- 2% to 6.67% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

The company only enters into transactions in 'basic' financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company's balance sheet when it becomes party to the contractual provisions of the instrument.

Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses.

Basic financial assets classed as receivable within one year are not amortised. Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised.

Financial assets and liabilities are offset, with the net amount reported 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

13,939,298

11,866,525

Europe

7,174,011

5,802,104

Worldwide

7,476,533

5,098,822

28,589,842

22,767,451

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,798,293

2,377,862

Social security costs

280,466

235,088

Other pension costs

309,449

341,932

3,388,208

2,954,882

The average number of employees during the year was as follows:

2024

2023

Management

4

4

Production

36

30

Administration

32

29

72

63

2024

2023

£

£

Directors' remuneration

81,045

44,175

Directors' pension contributions to money purchase schemes

147,095

171,089

5.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Depreciation - owned assets

201,049

151,439

Loss on disposal of fixed assets

-

202

Auditors' remuneration

25,575

23,290

Foreign exchange differences

39,863

30,905

Operating leases

154,824

257,039

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Interest payable

31,633

-

Hire purchase

5,218

-

36,851

-

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

2,109,640

1,523,680

Prior year tax over provision

(237,301

)

(84,446

)

Total current tax

1,872,339

1,439,234

Deferred tax

(16,543

)

2,916

Tax on profit

1,855,796

1,442,150

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

8,258,231

6,417,227

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%)

2,064,558

1,509,396

Effects of:

Expenses not deductible for tax purposes

28,539

17,072

Adjustments to tax charge in respect of previous periods

-

(84,446

)

Enhanced deductions

-

(45

)

Change in tax rates

-

173

2022 R&D claim

(237,301

)

-

Total tax charge

1,855,796

1,442,150

8.

DIVIDENDS

2024

2023

£

£

Interim

6,200,000

4,045,698