REGISTERED NUMBER: 04431262 (England and Wales)

EQUINOX DESIGN (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

to

7

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

to

15

Notes to the Consolidated Financial Statements

16

to

27

DIRECTORS:

C Criscione

D Criscione

REGISTERED OFFICE:

3365 The Pentagon

Century Way

Thorpe Park

Leeds

West Yorkshire

LS15 8ZB

REGISTERED NUMBER:

04431262 (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 of the company and the group for the year ended 31st December 2024.

REVIEW OF BUSINESS

The results for the group show a pre tax profit of £8.9m (2023: £6.7m) for the year and sales of £28.6m (2023: £22.8m). Particulars of dividends paid are detailed in note 10 to the financial statements.

The directors are pleased with how the group 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 group starts the next financial year with a strong financial base, net assets of £20.5m.

2024 has seen a stabilisation of market conditions with events and exhibitions returning to normal. The groups 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

29th September 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31st December 2024 will be £ 1,511,242 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

C Criscione

D Criscione

FINANCIAL INSTRUMENTS

The group's financial statements comprise of borrowings such as secured loans, advance receipts in respect of the ordinary activities of the group, 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 Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 (as defined by Section 418 of the Companies Act 2006) of which the group'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 group'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

29th September 2025

Opinion

We have audited the financial statements of Equinox Design (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31st December 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 group's and the parent 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 group or the parent 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

29th September 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

2,898,952

2,451,429

8,119,558

6,237,530

Other operating income

171,886

128,678

GROUP OPERATING PROFIT

5

8,291,444

6,366,208

Share of operating (loss)/profit in

Joint ventures

(35,298

)

85,723

Interest receivable and similar income

388,312

205,500

8,644,458

6,657,431

Gain/loss on revaluation of investment property

293,190

-

8,937,648

6,657,431

Interest payable and similar expenses

6

36,851

-

PROFIT BEFORE TAXATION

8,900,797

6,657,431

Tax on profit

7

1,974,162

1,470,953

PROFIT FOR THE FINANCIAL YEAR

6,926,635

5,186,478

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

6,926,635

5,186,478

Profit attributable to:

Owners of the parent

6,926,635

5,186,478

Total comprehensive income attributable to:

Owners of the parent

6,926,635

5,186,478

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

435,135

425,619

Investments

12

Interest in joint venture

67,042

93,354

Interest in associate

100

100

Investment property

13

2,755,000

2,461,810

3,257,277

2,980,883

CURRENT ASSETS

Stocks

14

38,846

37,588

Debtors

15

7,500,918

5,995,287

Investments

16

2,000,000

-

Cash at bank and in hand

13,900,772

10,149,670

23,440,536

16,182,545

CREDITORS

Amounts falling due within one year

17

5,960,295

5,004,499

NET CURRENT ASSETS

17,480,241

11,178,046

TOTAL ASSETS LESS CURRENT LIABILITIES

20,737,518

14,158,929

CREDITORS

Amounts falling due after more than one year

18

(113,642

)

-

PROVISIONS FOR LIABILITIES

21

(85,894

)

(29,140

)

NET ASSETS

20,537,982

14,129,789

CAPITAL AND RESERVES

Called up share capital

22

1,000,000

7,200

Revaluation reserve

23

219,893

-

Capital redemption reserve

23

5,000

5,000

Retained earnings

23

19,313,089

14,117,589

SHAREHOLDERS' FUNDS

20,537,982

14,129,789

The financial statements were approved by the Board of Directors and authorised for issue on 29th September 2025 and were signed on its behalf by:

C Criscione - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

10,200

10,200

Investment property

13

2,755,000

2,461,810

2,765,200

2,472,010

CURRENT ASSETS

Debtors

15

1,233,645

1,089,778

Investments

16

2,000,000

-

Cash at bank

10,585,195

7,662,830

13,818,840

8,752,608

CREDITORS

Amounts falling due within one year

17

95,589

1,041,534

NET CURRENT ASSETS

13,723,251

7,711,074

TOTAL ASSETS LESS CURRENT LIABILITIES

16,488,451

10,183,084

PROVISIONS FOR LIABILITIES

21

73,297

-

NET ASSETS

16,415,154

10,183,084

CAPITAL AND RESERVES

Called up share capital

22

1,000,000

7,200

Revaluation reserve

23

219,893

-

Capital redemption reserve

23

5,000

5,000

Retained earnings

23

15,190,261

10,170,884

SHAREHOLDERS' FUNDS

16,415,154

10,183,084

Company's profit for the financial year

6,750,512

4,163,844

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

The financial statements were approved by the Board of Directors and authorised for issue on 29th September 2025 and were signed on its behalf by:

C Criscione - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1st January 2023

7,100

9,590,578

-

5,000

9,602,678

Changes in equity

Issue of share capital

100

-

-

-

100

Dividends

-

(659,467

)

-

-

(659,467

)

Total comprehensive income

-

5,186,478

-

-

5,186,478

Balance at 31st December 2023

7,200

14,117,589

-

5,000

14,129,789

Changes in equity

Issue of share capital

992,800

-

-

-

992,800

Dividends

-

(1,511,242

)

-

-

(1,511,242

)

Total comprehensive income

-

6,706,742

219,893

-

6,926,635

Balance at 31st December 2024

1,000,000

19,313,089

219,893

5,000

20,537,982

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1st January 2023

7,100

6,666,507

-

5,000

6,678,607

Changes in equity

Issue of share capital

100

-

-

-

100

Dividends

-

(659,467

)

-

-

(659,467

)

Total comprehensive income

-

4,163,844

-

-

4,163,844

Balance at 31st December 2023

7,200

10,170,884

-

5,000

10,183,084

Changes in equity

Issue of share capital

992,800

-

-

-

992,800

Dividends

-

(1,511,242

)

-

-

(1,511,242

)

Total comprehensive income

-

6,530,619

219,893

-

6,750,512

Balance at 31st December 2024

1,000,000

15,190,261

219,893

5,000

16,415,154

Cash flows from operating activities

Cash generated from operations

1

5,814,624

6,201,828

Interest paid

(31,633

)

-

Interest element of hire purchase payments paid

(5,218

)

-

Tax paid

(1,678,015

)

(1,421,309

)

Net cash from operating activities

4,099,758

4,780,519

Cash flows from investing activities

Purchase of tangible fixed assets

(210,565

)

(448,081

)

Purchase of fixed asset investments

-

(200

)

Purchase of investment property

-

(2,298,521

)

Bond released

-

1,000,000

Interest received

388,312

205,500

Net cash from investing activities

177,747

(1,541,302

)

Cash flows from financing activities

Amount introduced by directors

257,039

737,613

Amount withdrawn by directors

(265,000

)

(747,574

)

Share issue

992,800

100

Equity dividends paid

(1,511,242

)

(659,467

)

Net cash from financing activities

(526,403

)

(669,328

)

Increase in cash and cash equivalents

3,751,102

2,569,889

Cash and cash equivalents at beginning of year

2

10,149,670

7,579,781

Cash and cash equivalents at end of year

2

13,900,772

10,149,670

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

2024

2023

£

£

Profit before taxation

8,900,797

6,657,431

Depreciation charges

201,049

151,439

Loss on disposal of fixed assets

-

202

Gain on revaluation of fixed assets

(293,190

)

-

Share of profit of joint venture

35,298

(85,723

)

Finance costs

36,851

-

Finance income

(388,312

)

(205,500

)

8,492,493

6,517,849

(Increase)/decrease in stocks

(1,258

)

5,828

Increase in trade and other debtors

(3,461,335

)

(1,227,984

)

Increase in trade and other creditors

784,724

906,135

Cash generated from operations

5,814,624

6,201,828

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

13,900,772

10,149,670

Year ended 31st December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

10,149,670

7,579,781

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

10,149,670

3,751,102

13,900,772

10,149,670

3,751,102

13,900,772

Liquid resources

Current asset investments

-

2,000,000

2,000,000

-

2,000,000

2,000,000

Debt

Finance leases

-

(160,458

)

(160,458

)

-

(160,458

)

(160,458

)

Total

10,149,670

5,590,644

15,740,314