REGISTERED NUMBER: 10318487 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

BARNSBURY ROAD FINANCE LTD.

T/A

EQUIPAL

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr E McMahon

Mr A Depaepe

Mr J S Oakley

SECRETARY:

Mr E McMahon

REGISTERED OFFICE:

Spaces

140 Camden Street

London

NW1 9PF

REGISTERED NUMBER:

10318487 (England and Wales)

ACCOUNTANTS:

Kings Chartered Accountants

4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

FIXED ASSETS

Intangible assets

4

107,161

130,252

Tangible assets

5

1,563

2,514

108,724

132,766

CURRENT ASSETS

Debtors

6

24,958

27,785

Cash at bank

39,584

71,869

64,542

99,654

CREDITORS

Amounts falling due within one year

7

197,928

35,094

NET CURRENT (LIABILITIES)/ASSETS

(133,386

)

64,560

TOTAL ASSETS LESS CURRENT LIABILITIES

(24,662

)

197,326

CREDITORS

Amounts falling due after more than one year

8

7,412

8,744

NET (LIABILITIES)/ASSETS

(32,074

)

188,582

CAPITAL AND RESERVES

Called up share capital

10

2,496

2,480

Share premium

11

1,048,609

1,048,609

Retained earnings

11

(1,083,179

)

(862,507

)

SHAREHOLDERS' FUNDS

(32,074

)

188,582

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

Mr E McMahon - Director

1.	STATUTORY INFORMATION

Barnsbury Road Finance Ltd. 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent on sufficient and continuing financial support being made available by the company's director, the shareholders and the creditors. If the company were unable to continue to trade adjustments would have to be made to reduce the value of assets to their realisable amount, to reclassify fixed assets as current assets, long-term liabilities as current liabilities, and to provide for any further liabilities that may arise.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of value added taxes. Turnover includes revenue earned from the provision of services.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Computer equipment

-

20% on cost

Financial instruments

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 of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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

Basic financial assets, which include 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.

Classification of financial liabilities

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 of its liabilities.

Basic financial liabilities

Basic financial liabilities, 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2024

164,978

Additions

9,905

At 31 December 2024

174,883

AMORTISATION

At 1 January 2024

34,726

Amortisation for year

32,996

At 31 December 2024

67,722

NET BOOK VALUE

At 31 December 2024

107,161

At 31 December 2023

130,252

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2024

and 31 December 2024

11,130

DEPRECIATION

At 1 January 2024

8,616

Charge for year

951

At 31 December 2024

9,567

NET BOOK VALUE

At 31 December 2024

1,563

At 31 December 2023

2,514

6.

DEBTORS

31.12.24

31.12.23

£

£

Amounts falling due within one year:

Trade debtors

91

-

Other debtors

2,000

-

Directors' current accounts

4,917

-

Tax

13,385

-

Value added tax

1,598

15,113

Prepayments and accrued income

2,967

553

24,958

15,666

Amounts falling due after more than one year:

Trade debtors

-

12,119

Aggregate amounts

24,958

27,785

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts (see note 9)

1,333

1,300

Trade creditors

2,272

18,950

Social security and other taxes

5,684

8,043

Other creditors

142,701

-

Directors' current accounts

43,090

199

Accruals

2,848

6,602

197,928

35,094

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans (see note 9)

7,412

8,744

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

1,733

3,206

1,733

3,206

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year or on demand:

Bank loans

1,333

1,300

Amounts falling due between one and two years:

Bank loans - 1-2 years

1,367

1,333

Amounts falling due between two and five years:

Bank loans - 2-5 years

4,312

4,205

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

1,733

3,206

1,733

3,206

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

245,118

Ordinary

£0.01

2,467

2,451

2,852

Ordinary Non-Voting

£0.01

29

29

2,496

2,480

1,552 Ordinary shares of £0.01 each were allotted and fully paid for cash at par during the year.

11.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2024

(862,507

)

1,048,609

186,102

Deficit for the year

(220,672

)

(220,672

)

At 31 December 2024

(1,083,179

)

1,048,609

(34,570

)

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

£

Mr E McMahon

Balance outstanding at start of year

-

-

Amounts advanced

4,917

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,917

-

13.	SHARE-BASED PAYMENT TRANSACTIONS

Barnsbury Road Finance Limited has share option schemes for key employees and suppliers of the company. The employees of the company were granted options in 2018. All options lapse on resignation unless the holder is deemed to be a Good Leaver in which case they need to be exercised within HMRC's time limit. The supplier option expires after 10 years from date of grant.

Options not yet vested:

Expiry date Exercise price 2020

30 April 2028 £0.01 14,100

3 December 2028 £0.01 176