ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

Registered number: 03168371

EQUITA LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

EQUITA LIMITED

COMPANY INFORMATION

Directors	Paula Mary Jacobs (appointed 13 May 2024)
	Simon Andrew Jacobs (appointed 13 May 2024)


Registered number	03168371


Registered office	6 Europa Boulevard
	Birkenhead
	United Kingdom
	CH41 4PE


Independent auditors	Langtons Professional Services Limited
	Chartered Accountants & Statutory Auditors
	The Plaza
	100 Old Hall Street
	Liverpool
	United Kingdom
	L3 9QJ

EQUITA LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Statement of comprehensive income	9
Balance sheet	10
Statement of changes in equity	11
Notes to the financial statements	12 - 26

EQUITA LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Directors present their Strategic report and financial statements for the year ended 31 December 2024.

Business review

Equita Limited ("the Company") is a wholly owned subsidiary, at the balance sheet date, of ColX Limited.
The principal activity of the Company continued to be that of the provision of specialised financial and business services to selected professional markets including local authorities, the legal profession and commercial property owners and managers. Such services include debt recovery, certificated enforcement agents services and process services. There have not been any significant changes in the Company's principal activities in the year under review. The Directors are not aware, at the date of this report, of any likely major changes in the Company's activities in the next year.
As shown in the Company's statement of profit and loss on page 9, revenue has decreased slightly from £18,102,950 in 2023 to £16,944,271 and the performance has decreased from an operating profit of £887,764 to £156,195 over the same period. The decrease relates to a decrease in revenue of 6.4%, and severance costs of £957,697 following restructuring activity within the group.
The balance sheet on page 10 of the financial statements shows the Company's financial position at the year end. Net assets have remained consistent, increasing from £4,461,722 in 2023 to £4,635,968.

Principal risks and uncertainties

The Company is subject to various risks and uncertainties during the ordinary course of its business many of which result from factors outside of its control. The Company's risk management framework provides reasonable (but cannot provide· absolute assurance) that significant risks are identified and addressed. An active risk management process identifies, assesses, mitigates and reports on strategic, financial, operational and compliance risk.
The principal themes of risk for the Company are:
• Strategic: changes in economic and market conditions such as contract pricing and competition.
• Financial: significant failures in internal systems of control and lack of corporate stability.
• Operational: including recruitment and retention of staff, maintenance of reputation and strong supplier and customer relationships, operational IT risk, and failures in information security controls.
• Compliance: non-compliance with laws and regulations. The ·Company must comply with an extensive range of requirements that govern its business.
To mitigate the effect of these risks and uncertainties, the Company adopts a number of systems and procedures, including:
• Regularly reviewing trading conditions to be able to respond quickly to changes in market conditions.
• Applying procedures and controls to manage compliance, financial and operational risks, including adhering to an internal control framework.

Financial key performance indicators

Key financial performance indicators used by the company are profit after tax and operating margins.

KPI	2024	2023
Profit after tax (£)	174,246	791,254
Operating Margin (%)	0.9	4.9

Page 1

EQUITA LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board on 30 September 2025 and signed on its behalf.

Simon Andrew Jacobs

Director

Page 2

EQUITA LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙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 to 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.

Results and dividends

The profit for the year, after taxation, amounted to £174,246 (2023 - £791,253).

Dividends totalling £Nil (2023 - £500,000) were proposed and fully paid within the year. No final dividend is proposed.

Directors

The directors who served during the year were:

Paula Mary Jacobs (appointed 13 May 2024)

Simon Andrew Jacobs (appointed 13 May 2024)

Jason Paul Carter (resigned 28 June 2024)

Emma Jestin (resigned 13 May 2024)

Political contributions

The Company made no political donations and incurred no political expenditure during the period.

Future developments

The company has invested in research and development activities to the size and nature of its operations with the aim of supporting future development of the group.

Page 3

EQUITA LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Qualifying third-party indemnity provisions

The Company has granted an indemnity to the Directors of the Company against liability of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. These qualifying third party indemnity provisions remains in force as the date of approving the Directors' report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Langtons Professional Services Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 September 2025 and signed on its behalf.

Simon Andrew Jacobs

Director

Page 4

EQUITA LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EQUITA LIMITED

Opinion

We have audited the financial statements of Equita Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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 101 ‘Reduced Disclosure Framework’ (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 31 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 United Kingdom, including the Financial Reporting Council'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.

Page 5

EQUITA LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EQUITA LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report 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 Directors' report.

We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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 is 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.

Page 6

EQUITA LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EQUITA LIMITED (CONTINUED)

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 an Auditors' report 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
The objectives of our audit, in respect to fraud, are:
• to identify and assess the risks of material misstatement of the financial statements due to fraud;
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due
o fraud, through designing and implementing appropriate responses; and
• o respond appropriately to fraud or suspected fraud identified during the audit.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 101 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR).
We understood how the Company is complying with those frameworks by making enquiries of management.
Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved:
• enquiries of management; and
• journal entry testing, with a focus on journals indicating large or unusual transactions based on our
understanding of the business.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.

Page 7

EQUITA LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EQUITA LIMITED (CONTINUED)

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 Auditors' report.

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 an Auditors' report 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.

Stephen Talbot (Senior statutory auditor)

for and on behalf of

Langtons Professional Services Limited

Chartered Accountants

Statutory Auditors

The Plaza

100 Old Hall Street

Liverpool

United Kingdom

L3 9QJ

30 September 2025

Page 8

EQUITA LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	16,944,271	18,102,950
Cost of sales		(11,726,817)	(12,292,267)
Gross profit		5,217,454	5,810,683
Administrative expenses		(5,061,259)	(4,922,919)
Operating profit	5	156,195	887,764
Interest receivable and similar income	9	120,551	160,952
Interest payable and similar expenses	10	(300)	(667)
Profit before tax		276,446	1,048,049
Tax on profit	11	(102,200)	(256,796)
Profit for the financial year		174,246	791,253

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 26 form part of these financial statements.

Page 9

EQUITA LIMITED

REGISTERED NUMBER: 03168371

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Goodwill	13		2,659,832		2,659,832
			2,659,832		2,659,832
Fixed assets
Tangible assets	14		626,894		356,075
Investments	15		2		2
			3,286,728		3,015,909
Current assets
Debtors	16	5,529,567		3,685,531
Cash at bank and in hand	17	1,859,974		1,151,521
		7,389,541		4,837,052
Creditors: amounts falling due within one year	18	(6,040,301)		(3,391,239)
Net current assets			1,349,240		1,445,813
Total assets less current liabilities			4,635,968		4,461,722


Net assets			4,635,968		4,461,722

Capital and reserves
Called up share capital	20	1	1
Capital redemption reserve	21	300,190	300,190
Profit and loss account	21	4,335,777	4,161,531
		4,635,968	4,461,722

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.

Simon Andrew Jacobs

Director

The notes on pages 12 to 26 form part of these financial statements.

Page 10

EQUITA LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	1	300,190	3,870,278	4,170,469
Comprehensive income for the year
Profit for the year	-	-	791,253	791,253
Total comprehensive income for the year	-	-	791,253	791,253
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(500,000)	(500,000)
Total transactions with owners	-	-	(500,000)	(500,000)

At 1 January 2024	1	300,190	4,161,531	4,461,722
Comprehensive income for the year
Profit for the year	-	-	174,246	174,246
Total comprehensive income for the year	-	-	174,246	174,246
At 31 December 2024	1	300,190	4,335,777	4,635,968

The notes on pages 12 to 26 form part of these financial statements.

Page 11

EQUITA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Equita Limited is a private Company incorporated by shares in the United Kingdom under Companies Act 2006. The address of the registered office is 6 Europa Boulevard, Birkenhead, CH41 4PE.
These financial statements present information about the company as an individual undertaking. It is a subsidiary of ColX Limited. The principal activity of the company is that of the provision of specialised financial and business services.

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 Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The Company's functional and presentational currency is GBP. The financial statements are rounded
to the nearest pound.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:

∙the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations

∙the requirements of IFRS 7 Financial Instruments: Disclosures

∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement

∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers

∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:

- paragraph 73(e) of IAS 16 Property, Plant and Equipment;

- paragraph 118(e) of IAS 38 Intangible Assets;

∙the requirements of IAS 7 Statement of Cash Flows

∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures

∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of Colx Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.

Page 12

EQUITA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

2.4

Going concern

In determining the appropriate basis of preparation for the annual report and financial statements for the period ended 31 December 2024, the Group's Directors ("the Directors") are required to consider whether the Group can continue in operational existence for the foreseeable future, being a period of at least 12 months following the approval of these financial statements.
Board assessment
Accounting standards require that 'the foreseeable future' for going concern assessment covers a period of at least twelve months from the date of approval of these financial statements, although those standards do not specify how far beyond twelve months the Directors should consider. In its going concern assessment, the Directors have considered the period from the date of approval of these financial statements to 30 September 2026 ('the going concern period').
The financial forecasts used for the going concern assessment are derived from financial projections for 2025 which run to September 2026 for the Group which been subject to review and challenge by management and Directors. The Directors have approved the projections. The Directors have taken into account any uncertainties in revenue, known increases in cost bases and applied these to the forecasts prepared. The forecasts prepared by the Directors show that the Group has the ability to continue to operate with the funding facilities available to it for a period of at least 12 months from signing of these financial statements. The Directors therefore consider it appropriate for the financial statements to be prepared on a going concern basis.

Page 13

EQUITA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.6

Revenue recognition

Revenue is earned within the United Kingdom and is recognised when the performance obligation in the contract has been performed.
Transactional (Point in time) contracts
The Company delivers specialist debt recovery and enforcement services that are transactional services for which revenue is recognised at the point in time when either a debt is recovered and remitted to the customer or the enforcement services are delivered.

2.7

Leases

The Company has elected not to recognise right of use assets and lease liabilities for leases of low value assets and short term leases. The Company recognises the lease payments associated with these leases as an expense at the balance sheet date.

2.8

Interest income

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

2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14

EQUITA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Pensions

The Company participates in a number of defined contribution schemes and contributions are charged to the income statement account in the year in which they are due. These schemes are funded and the payment of contributions is made to separately administered trust funds. The assets of these schemes are held separately from the Company.

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.12

Goodwill

Following initial recognition, goodwill is stated at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired.

2.13

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 15

EQUITA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

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:

Freehold property	-	2 - 4%
Long-term leasehold property	-	Over the lease term
Office equipment	-	2 - 5 years
Computer equipment	-	2 - 5 years

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.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.15

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.

2.16

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.

2.17

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

2.18

Dividends

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 at an annual general meeting.

Page 16

EQUITA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.19

Client Accounts

In accordance with the rules established by the Financial Conduct Authority the company holds all client funds in segregated statutory trust client bank accounts. These client bank accounts comprise of cash collected on behalf of clients and the Company does not have any rights over these balances.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in accordance with generally accepted accounting principles requires the directors to make judgements and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported income and expense during the presented periods. Although these judgements and assumptions are based on the directors' best knowledge of the amount, events or actions, actual results may differ.
There are no critical judgements or key sources of estimation uncertainty.

Turnover

The whole of the turnover is attributable to the provision of specialised financial and business services.

All turnover arose within the United Kingdom.

Depreciation of tangible fixed assets	79,032	42,407
Expenses relating to short-term leases	23,820	175,743
Exchange differences	279	8

Fees payable to the Company's auditors for the audit of the Company's financial statements

16,667

31,750

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 17

EQUITA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Wages and salaries	5,693,109	6,547,022
Social security costs	572,926	703,964
Cost of defined contribution scheme	157,166	156,919
	6,423,201	7,407,905

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Sales	5	8
Administration	35	38
Operations	125	121

	165	167

8.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	263,246	575,705
Company contributions to defined contribution pension schemes	6,643	16,937
Compensation for loss of office	101,250	453,534
	371,139	1,046,176

	During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £171,989 (2023 - £333,116).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,813 (2023 - £5,193).

The highest paid director received compensation for loss of office of £68,750 (2023 - £335,596).

Page 18

EQUITA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Interest receivable
		2024	2023
		£	£

	Other interest receivable	120,551	160,952
		120,551	160,952

10.	Interest payable and similar expenses
		2024	2023
		£	£

	Bank interest payable	300	667
		300	667

Corporation tax
Current tax on profits for the year	-	111,941
Group taxation relief	34,495	111,941

Total current tax	34,495	223,882

Deferred tax
Origination and reversal of timing differences	67,705	32,914
Total deferred tax	67,705	32,914


	Tax on profit	102,200	256,796

Page 19

EQUITA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Taxation (continued)

Profit on ordinary activities before tax

276,446

1,048,049

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	69,112	246,507
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	20,704	8,051
Capital allowances for year in excess of depreciation	12,383	538
Adjustments in respect of deferred income tax of prior periods	-	(263)
Remeasurement of deferred tax for changes in tax rates	-	1,963
Group relief surrendered/(claimed)	(34,494)	(111,940)
Payment/(receipt) for group relief	34,495	111,940
Total tax charge for the year	102,200	256,796

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2024	2023
		£	£

	Dividends	-	500,000
		-	500,000

Page 20

EQUITA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Goodwill

		2024
		£
	Cost
	At 1 January 2024	8,866,115
	At 31 December 2024	8,866,115
	Amortisation
	At 1 January 2024	6,206,283
	At 31 December 2024	6,206,283
	Net book value
	At 31 December 2024	2,659,832
	At 31 December 2023	2,659,832

Page 21

EQUITA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Tangible fixed assets

	Freehold property	Long-term leasehold property	Office equipment	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	121,990	559,221	34,357	63,850	779,418
Additions	-	-	-	349,851	349,851
Disposals	-	-	(5,448)	-	(5,448)
At 31 December 2024	121,990	559,221	28,909	413,701	1,123,821
Depreciation
At 1 January 2024	-	392,383	21,858	9,102	423,343
Charge for the year on owned assets	-	24,963	10,091	43,978	79,032
Disposals	-	-	(5,448)	-	(5,448)
At 31 December 2024	-	417,346	26,501	53,080	496,927
Net book value
At 31 December 2024	121,990	141,875	2,408	360,621	626,894
At 31 December 2023	121,990	166,838	12,499	54,748	356,075

The net book value of land and buildings may be further analysed as follows:
	2024	2023
	£	£

Freehold	121,990	121,990
Long leasehold	141,875	166,838
	263,865	288,828

Page 22

EQUITA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	2
	At 31 December 2024	2

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Equitable Holdings Limited

6 Europa Boulevard, Birkenhead, England, CH41 4PE

Ordinary

100%

16.

Debtors

					2024	2023
					£	£

Due after more than one year
Deferred tax asset	209,115	276,820
	209,115	276,820
Due within one year
Trade debtors	493,546	631,641
Amounts owed by group undertakings	4,096,210	862,116
Other debtors	110,106	736,560
Prepayments and accrued income	620,590	1,178,394
	5,529,567	3,685,531

Amounts due from parent and fellow subsidiary entities are repayable on demand and are not chargeable to interest.

Page 23

EQUITA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	1,859,974	1,151,521
	1,859,974	1,151,521

18.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	335,338	1,317,844
Amounts owed to group undertakings	3,930,818	127,113
Corporation tax	189,441	204,362
Other taxation and social security	298,520	161,895
Other creditors	483,324	254,307
Accruals and deferred income	802,860	1,325,718
	6,040,301	3,391,239

Amounts due to parent and fellow subsidiary entities are repayable on demand and are not chargeable to interest.

19.	Deferred taxation

		2024
		£

	At beginning of year	276,820
	Charged to other comprehensive income	(67,705)
	At end of year	209,115

The deferred tax asset is made up as follows:
	2024	2023
	£	£

	Accelerated capital allowances	209,115	276,820
		209,115	276,820

Page 24

EQUITA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1 (2023 - 1) Ordinary share of £1.00	1	1

21.

Reserves

Capital redemption reserve

The Company can redeem shares by repaying the market value to the shareholder, whereupon the shares are cancelled. Redemption must be from distributable profits. The capital redemption reserve represents the nominal value of the shares redeemed.

Profit and loss account

Retained earnings includes all current and prior period retained profits and losses less dividends paid.

22.	Contingent liabilities

At 31 December 2024, indemnities provided through the normal course of its external performance bonds amounted to £Nil (2023: £50,000).

23.	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 £157,166 (2023 £156,919).
Contributions totalling £Nil (2023 £Nil) were payable to the fund at the balance sheet date and are included in creditors

Page 25

EQUITA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

24.	Related party transactions
	During the 2024 period there were management fees paid to related companies of the shareholders as follows:
		2024	2023
		£	£


Lynn Consulting PTY Ltd	5,833	18,750
Crown Global Consulting (PYT)	5,833	18,750
Capricorn Capital Partners	28,833	37,500
	40,499	75,000

The above related party transactions were all made at an arm's length basis.

25.	Controlling party

ColX Limited is regarded by the directors as being the company's ultimate parent company.
Copies of accounts of ColX Limited may be obtained from Companies House, Cardiff, CF14 3UZ.
The Directors consider there to be no single ultimate controlling party.

Page 26