Equipshift Ltd

	Page
Accountants' Report	1
Balance Sheet	2—3
Notes to the Financial Statements	4—8

Report to the director on the preparation of the unaudited statutory accounts of Equipshift Ltd for the year ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Equipshift Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made to the director of Equipshift Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Equipshift Ltd and state those matters that we have agreed to state to the director of Equipshift Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Equipshift Ltd and its director as a body for our work or for this report.

It is your duty to ensure that Equipshift Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Equipshift Ltd . You consider that Equipshift Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Equipshift Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

11 December 2025

Nuvo Scotland Limited

Bankhead Drive

City South Office Park

Portlethen

Aberdeen

AB12 4XX

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Equipshift Ltd

Balance Sheet

As At 31 March 2025

Balance Sheet

Registered number: SC591596

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		3,975		4,425
Tangible Assets	5		1,214,755		1,161,951

			1,218,730		1,166,376
CURRENT ASSETS
Debtors	6	281,745		175,428
Cash at bank and in hand		183,069		280,815

		464,814		456,243
Creditors: Amounts Falling Due Within One Year	7	(491,813 )		(360,738 )

NET CURRENT ASSETS (LIABILITIES)			(26,999 )		95,505

TOTAL ASSETS LESS CURRENT LIABILITIES			1,191,731		1,261,881

Creditors: Amounts Falling Due After More Than One Year	8		(140,898 )		(100,758 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(277,345 )		(290,488 )

NET ASSETS			773,488		870,635

CAPITAL AND RESERVES
Called up share capital			100		100
Revaluation reserve			520,875		568,191
Profit and Loss Account			252,513		302,344

SHAREHOLDERS' FUNDS			773,488		870,635

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Equipshift Ltd

Balance Sheet (continued)

As At 31 March 2025

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr G Grant

Director

4 December 2025

The notes on pages 4 to 8 form part of these financial statements.

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Equipshift Ltd

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

Equipshift Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC591596 . The registered office is c/o Acumen Accountants and Advisors, , Burghmuir Circle,Blackhall Industrial Estate, Inverurie, AB51 4FS.

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

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

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 ten years.

2.4. Tangible Fixed Assets and Depreciation

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Assets held under finance leases are depreciated in the same way as owned assets.

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% & 10% on cost
Motor Vehicles	25% reducing balance
Fixtures & Fittings	33% on cost
Computer Equipment	33% on cost

A change in accounting estimate has been processed in the year to change the depreciation policy on plant & machinery from 25% straight line to 10% straight line. This change has been processed to align the writing down of carrying value with the expected economic life of the underlying assets. The change of accounting estimate has been enacted from the start of the current accounting period and has not been applied retrospectively.

Tangible fixed assets are reviewed for upwards revaluation or necessary impairment at every year end to ensure carrying amount aligns with Fair Value. Asset revaluations are carried out annually by the director on an open market basis and applied to all assets within an entire class of asset. Upward revaluation adjustments are credited to the non-distributable Revaluation Reserve and Deferred Tax is provided on the balance.

Revalued assets are depreciated over their remaining estimated useful economic lives and excess depreciation as a result of the upwards revaluation is released from Revaluation Reserve credited to Profit and Loss.

The gain or loss arising on the disposal of an asset is determined as the difference between the proceeds and the carrying value of the asset and is included in the Profit and Loss account.

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Equipshift Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.6. Financial Instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.

Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2024: 1)

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Equipshift Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Intangible Assets

	Computer software
	£
Cost
As at 1 April 2024	4,500

As at 31 March 2025	4,500

Amortisation
As at 1 April 2024	75
Provided during the period	450

As at 31 March 2025	525

Net Book Value
As at 31 March 2025	3,975

As at 1 April 2024	4,425

5. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost or Valuation
As at 1 April 2024	1,253,943	41,098	2,371	2,681	1,300,093
Additions	114,034	79,220	221	3,495	196,970
Disposals	(7,232 )	-	(369 )	-	(7,601 )

As at 31 March 2025	1,360,745	120,318	2,223	6,176	1,489,462

Depreciation
As at 1 April 2024	128,135	5,137	2,371	2,499	138,142
Provided during the period	128,040	10,641	22	403	139,106
Disposals	(2,172 )	-	(369 )	-	(2,541 )

As at 31 March 2025	254,003	15,778	2,024	2,902	274,707

Net Book Value
As at 31 March 2025	1,106,742	104,540	199	3,274	1,214,755

As at 1 April 2024	1,125,808	35,961	-	182	1,161,951

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Motor Vehicles	103,605	34,714

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Equipshift Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Cost or valuation as at 31 March 2025 represented by:

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
At cost	1,360,745	120,318	2,223	6,176	1,489,462

	1,360,745	120,318	2,223	6,176	1,489,462

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	252,358	135,398
Prepayments and accrued income	7,855	11,836
VAT	21,532	28,194

	281,745	175,428

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	13,306	2,176
Trade creditors	313,252	232,760
Bank loans and overdrafts	27,772	26,236
Other taxes and social security	233	459
Other creditors	68,281	45,981
Accruals and deferred income	1,838	1,931
Director's loan account	67,131	51,195

	491,813	360,738

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	88,145	20,494
Bank loans	52,753	80,264

	140,898	100,758

9. Secured Creditors

Of the creditors the following amounts are secured.

	2025		2024
	£		£
Bank loans and overdrafts	63,584		79,433

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Equipshift Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

10. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	13,306	2,176
Later than one year and not later than five years	88,145	20,494

	101,451	22,670

	101,451	22,670

11. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2025
	£	£	£	£	£
Mr Graham Grant	(51,195 )	12,419	(32,873 )	-	(71,649 )

The above loan is interest free and has no fixed repayment terms.

12. Ultimate Controlling Party

The ultimate controlling party is Mr G Grant.

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