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Registered number: 07223330 EQ INVESTORS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
EQ INVESTORS LIMITED COMPANY INFORMATION
Directors | J D Spiers
| S G P Callaghan
| S H Kennedy
| M I Kenner
| M Neumann
| J Boyle
| P R Trueman
| T J H Walker
Registered number | 07223330
Registered office | 6th Floor
| 60 Gracechurch Street
| London
| EC3V 0HR
Independent auditor | MHA
| Statutory Auditor
| 2 London Wall Place
| London
| EC2Y 5AU
EQ INVESTORS LIMITED CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditor's Report | 6 - 9
Statement of Comprehensive Income | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 - 27
EQ INVESTORS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 APRIL 2025
Introduction
The Directors present the Strategic Report for the year ended 30 April 2025.
Principal activity and business review
EQ Investors Limited ("EQIL") is the principal operating company of EQ Investors Group Limited ("EQIG"). EQIG is a registered B Corporation that is owned by staff and The EQ Foundation, a registered charity. Based in the City of London, EQIL is an award winning investment management and financial planning firm. It has a particularly strong proposition for investors seeking sustainable investment solutions. Other than the dip and subsequent recovery in April, equity markets remained fairly flat in 2025 but at a higher level on average than the previous year. Inflows from clients remained strong but inheritance tax changes on pensions accelerated the passing down of wealth through generations which led to increased levels of outflows. Assets under management at April 2025 were £1.9bn, the same as the previous year. Revenue for the full 12 months increased by 6.4% over the previous 12 months which resulted in a modest increase in profits over the previous year.
Prospects
Global equity markets have performed strongly in the last 3 months which has meant that the current financial year has started strongly and, if this trend continues, will see an improved result in the current year. Overall the company has a strong balance sheet and is in a good position to weather any downside in global markets should that occur.
Principal risks and uncertainties
The Board has identified a number of business, reputational and operational risks that are pertinent to the Company's future performance. There is also considerable focus on managing other business risks such as "know your client" and suitability of advice. Ultimately, the Board is responsible for determining the level of risk acceptable to the group and this is subject to regular review. The Board ensures effective implementation of policies and procedures which minimise the extent of risk facing the Company at any time. The Company has a Risk Committee which regularly reviews risks and policies to mitigate these. The Company maintains a Risk Register which is the main tool for monitoring risk, assessing its impact and considering any mitigating action. A risk is rated based on its probability as well as its potential impact. Page 1
EQ INVESTORS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
Market Risk
Most of the Company''s revenues are linked to the value of clients' investments so a significant fall in markets would impact the Company's revenue. Most client portfolios have a diverse asset allocation matched to the clients risk profile which limits the impact of a fall in any one asset class. The finance team regularly models various economic scenarios to ensure adequate capital is maintained to cover these scenarios. KYC & Suitability Suitability of investments for clients is considered an imperative throughout the Company's activities. The Company is also clear that sufficient "Know your client" information is held on all clients to mitigate risk on inappropriate advice to ensure that clients are provided with products and services that are suitable for them both when investing and on an ongoing basis. Regulatory The Company is regulated by the Financial Conduct Authority for the purposes of giving investment advice. The Company takes the obligations of this regulation very seriously and has a designated compliance officer who monitors the performance of the Company using stringent internal processes. Competition The Directors consider that the Company can compete effectively in the current environment in its target market. The Company has spent considerable time in positioning itself to give the most effective offering to clients within its chosen space and believe that this, together with a well managed cost base, will enable competitive pressures to be withstood. IT Security The Directors attach high priority to managing the risks posed by IT security breaches, including a review of cybersecurity and General Data Protection Regulation (GDPR) compliance. Other Business Risk The Company is also exposed to a significant loss of clients either through reputational risk or the loss of key staff. The former is managed by a rigorous investment process and the latter by an alignment of interest between key employees and shareholders.
Financial key performance indicators
The financial key performance indicators are considered to be turnover and profit before amortisation of goodwill. Turnover increased by 6.4% from £10.30m to £10.96m. Pre-tax profit before amortisation of goodwill increased from £0.74m to £1.05m.
Other key performance indicators
Other key performance indicators are considered to be assets under management, staff turnover and client losses. These are discussed in the business review section of this report. Page 2
EQ INVESTORS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
Directors' statement of compliance with duty to promote the success of the Company
Section 172(1) of the Companies Act 2006 requires the Directors of an entity to act in the way they consider, in good faith, would be most likely to promote the success of the entity for the benefit of its Members as a whole. As part of their deliberations and decision making proccess the Directors have taken into account the following: ∙likely consequences of any decision in the long term; ∙the interests of the Company's employees; ∙the need to foster the Company's business relationships with suppliers, customers and others; ∙the impact of the Company's operations on the community and the environment; and ∙the desirability of the entity maintaining a reputation for high standards of business conduct and the need to comply with the rules of the Company's regulator, the UK Financial COnduct Authority. The Directors recognise that building strong relationships with stakeholders will help deliver the Company strategy in line with its long-term values and is committed to effective engagement with the Company's stakeholders. Accordingly, the Directors require management to ensure that all stakeholder interests are considered in the Company's day to day management and operations, and seeks to understand the relative interests and priorities of the various stakeholders and to have regard to these in their decision making. The Directors acknowledge, however, that not every decision will necessarily result in a positive outcome for all stakeholders. As a result of these activities, the Directors believe that they have demonstrated compliance with their legal duty under s172(1) of the Companies Act 2006. This report was approved by the board and signed on its behalf.
J D Spiers Director
Date: 19 August 2025
Page 3
EQ INVESTORS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 APRIL 2025 The Directors present their report and the financial statements for the year ended 30 April 2025.
Principal activity
The principal activity of the Company continued to be that of wealth management consultancy.
Results and dividends
The profit for the year, after taxation, amounted to £550,646 (2024 - £401,077). Dividends of £750,000 (2024: £320,000) were paid in the year.
Directors
The Directors who served during the year were:
J D Spiers
S G P Callaghan
S H Kennedy
M I Kenner
M Neumann
J Boyle
P R Trueman
T J H Walker
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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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. Page 4
EQ INVESTORS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
Future developments
Matters relating to the future development of the Company are contained in the Strategic Report.
Matters covered in the Strategic Report
In accordance with Section 414c (ii) of the Companies Act 2006, the Directors have chosen to include the following items in the Group Strategic Report: ∙Principal activity and business review ∙Principal risks and uncertainties ∙Future developments
Disclosure of information to auditor
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 auditor is 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 auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end. This report was approved by the board and signed on its behalf.
J D Spiers Director
Date: 19 August 2025
Page 5
EQ INVESTORS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EQ INVESTORS LIMITED
Opinion
We have audited the financial statements of EQ Investors Limited (the 'Company') for the year ended 30 April 2025, 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 April 2025 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 Auditor's 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 6
EQ INVESTORS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EQ INVESTORS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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 4, 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 7
EQ INVESTORS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EQ INVESTORS LIMITED (CONTINUED)
Auditor's 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 Auditor's 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: ∙Enquiry of management and those charged with governance around actual and potential litigation and claims; ∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and revieing accounting estimates for bias. ∙Reviewing minutes of meetings of those charged with governance; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditor's Report. Page 8
EQ INVESTORS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EQ INVESTORS LIMITED (CONTINUED)
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 Auditor's 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. Rakesh Shaunak (Senior Statutory Auditor) for and on behalf of MHA Statutory Auditor London, United Kingdom 22 August 2025 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). Page 9
EQ INVESTORS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 10,959,079 | 10,295,833
Cost of sales |  | (910,742) | (1,322,387)
Gross profit |  | 10,048,337 | 8,973,446
Administrative expenses |  | (9,032,391) | (8,237,375)
Exceptional administrative expenses |  | (165,000) | (180,000)
Operating profit | 5 | 850,946 | 556,071
Interest receivable and similar income |  | - | 51,006
Profit before tax |  | 850,946 | 607,077
Tax on profit | 10 | (300,300) | (206,000)
Profit for the financial year |  | 550,646 | 401,077
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 13 to 27 form part of these financial statements.
Page 10
EQ INVESTORS LIMITED REGISTERED NUMBER: 07223330 BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | - |  | 165,000
Tangible assets | 13 |  | - |  | 31,020
|  |  | - |  | 196,020
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 3,107,772 |  | 1,191,424 |
Cash at bank and in hand | 15 | 1,514,234 |  | 2,966,015 |
|  | 4,622,006 |  | 4,157,439 |
Creditors: amounts falling due within one year | 16 | (1,659,303) |  | (1,191,402) |
Net current assets |  |  | 2,962,703 |  | 2,966,037
Net assets |  |  | 2,962,703 |  | 3,162,057
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 1,350,000 |  | 1,350,000
Profit and loss account | 19 |  | 1,612,703 |  | 1,812,057
|  |  | 2,962,703 |  | 3,162,057
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J D Spiers
Director
Date: 19 August 2025
The notes on pages 13 to 27 form part of these financial statements. Page 11
EQ INVESTORS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 May 2023 | 1,350,000 | 1,730,980 | 3,080,980
Comprehensive income for the year |  |  |
Profit for the year | - | 401,077 | 401,077
Dividends: Equity capital | - | (320,000) | (320,000)
At 1 May 2024 | 1,350,000 | 1,812,057 | 3,162,057
Comprehensive income for the year |  |  |
Profit for the year | - | 550,646 | 550,646
Dividends: Equity capital | - | (750,000) | (750,000)
At 30 April 2025 | 1,350,000 | 1,612,703 | 2,962,703
| The notes on pages 13 to 27 form part of these financial statements.
Page 12
EQ INVESTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
The Company is a private company limited by shares and is incorporated in England and Wales company egistration number 07223330. The registered office is 6th Floor, 60 Gracechurch Street, London, EC3V HR and the Company's principal place of business is Centennium House, 100 Lower Thames Street, ondon, EC3R 6DL. The financial statements are presented in pound sterling which is the functional currency of the Company nd are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out elow. These policies have been consistently applied to all years presented unless otherwise stated. 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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of EQ Investors Group Limited as at 30 April 2025 and these financial statements may be obtained from Companies House. Page 13
EQ INVESTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 14
EQ INVESTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.7 | 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.
| 2.8 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 15
EQ INVESTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.9 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Goodwill | - | 10 | years
| 2.10 | 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. 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:
|  |  |  | Fixtures and fittings | - | 10% |
|  |  |  | Computer equipment | - | 33% |
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.
| 2.11 | 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. Page 16
EQ INVESTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.12 | 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.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Page 17
EQ INVESTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.15 | 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 18
EQ INVESTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The Company makes estimates and assumptions concerning future performance. The resulting ccounting estimates will, by definition, seldom equal the actual results. the estimates and assumptions hat have a significant risk of causing a material adjustment to the carrying amounts of assets and iabilities are set out below: 3.1 Going concern The Directors judgement is that the financial statements should be prepared on a going concern basis. he accounting policies and Strategic Report give further details with respect to this judgement.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wealth Management | 10,959,079 | 10,295,833
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 10,959,079 | 10,295,833
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 31,020 | 55,200
| Amortisation of goowill | 165,000 | 180,000
| Other operating lease rentals | 310,770 | 319,637
Page 19
EQ INVESTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 14,100 | 13,400
| 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.
7. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 5,554,442 | 5,276,129
| Social security costs | 618,926 | 599,971
| Cost of defined contribution scheme | 593,977 | 281,065
|  | 6,767,345 | 6,157,165
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Staff | 74 | 71
Page 20
EQ INVESTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 921,311 | 1,005,329
| Company contributions to defined contribution pension schemes | 93,789 | 74,869
|  | 1,015,100 | 1,080,198
| During the year retirement benefits were accruing to 6 Directors (2024 - 5 5) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £273,665 (2024 - £218,069).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £23,584 (2024 - £17,893).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | - | 51,006
|  | - | 51,006
Page 21
EQ INVESTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 275,000 | 167,000
| Adjustments in respect of previous periods | (700) | -
|  | 274,300 | 167,000
| Total current tax | 274,300 | 167,000
| Deferred tax |  |
| Origination and reversal of timing differences | 26,000 | 39,000
| Total deferred tax | 26,000 | 39,000
|  | 300,300 | 206,000
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 850,946 | 607,077
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 212,737 | 151,769
| Effects of: |  |
| Non-tax deductible amortisation of goodwill and impairment | 49,005 | 45,000
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 38,558 | 9,231
| Total tax charge for the year | 300,300 | 206,000
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 22
EQ INVESTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Ordinary dividends paid | 750,000 | 320,000
12. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 1 May 2024 | 1,800,000
| At 30 April 2025 | 1,800,000
| Amortisation |
| At 1 May 2024 | 1,635,000
| Charge for the year on owned assets | 165,000
| At 30 April 2025 | 1,800,000
| Net book value |
| At 30 April 2025 | -
| At 30 April 2024 | 165,000
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EQ INVESTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
13. | Tangible fixed assets
|  | Fixtures and fittings
|  | £
| Cost or valuation |
| At 1 May 2024 | 417,420
| At 30 April 2025 | 417,420
| Depreciation |
| At 1 May 2024 | 386,400
| Charge for the year on owned assets | 31,020
| At 30 April 2025 | 417,420
| Net book value |
| At 30 April 2025 | -
| At 30 April 2024 | 31,020
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 14,126 | 16,266
| Amounts owed by group undertakings | 2,001,876 | 1,876
| Other debtors | 64,875 | 73,640
| Prepayments and accrued income | 1,026,895 | 1,073,642
| Deferred taxation | - | 26,000
|  | 3,107,772 | 1,191,424
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,514,234 | 2,966,015
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EQ INVESTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 109,933 | 43,629
| Corporation tax | 275,000 | 167,000
| Other taxation and social security | 340,337 | 306,069
| Other creditors | 177,334 | 51,074
| Accruals and deferred income | 756,699 | 623,630
|  | 1,659,303 | 1,191,402
17. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 26,000
| Charged to profit or loss | (26,000)
| At end of year | -
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | - | 20,000
| Pension cost timing differences | - | 6,000
|  | - | 26,000
Page 25
EQ INVESTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 5,400,001 (2024 - 5,400,000) Ordinary shares of £0.25 each | 1,350,000 | 1,350,000
19. | Reserves
Profit and loss account The profit and loss account represents accumulated profits and losses of the Company.
20. | 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 £593,977 (2023 - £281,065). Contributions totalling £99,323 (2023 - £44,683) were payable to the fund at the balance sheet date and are included in creditors.
21. | Commitments under operating leases
| At 30 April 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 196,700 | 206,660
| Later than 1 year and not later than 5 years | 721,900 | -
|  | 918,600 | 206,660
22. | Related party transactions
| Transactions with other group companies have not been disclosed in accordance with the exemption contained in FRS 102. Amounts owed by group undertakings are shown in note 14. The remuneration of key management personnel for the Company was £1,140,198 (2024 - £1,210,145).
Page 26
EQ INVESTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
23. | Controlling party
The ultimate parent undertaking is EQ Investors Group Limited. EQ Investors Group Limited is registered in England and Wales and consolidated financial statements can be obtained from Companies House. There are no other consolidated financial statements drawn up within this group. The ultimate controlling party is J D Spiers.
Page 27