Company registration number 08699387 (England and Wales)
AEQUITAS ESTATES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
AEQUITAS ESTATES LIMITED
COMPANY INFORMATION
Directors
F Sheikh
M Ismailjee
Company number
08699387
Registered office
4th Floor
Parkview
82 Oxford Road
Uxbridge
UB8 1UX
Accountants
Moore Northern Home Counties Limited
East Wing
Goffs Oak House
Goffs Lane
Goffs Oak
Hertfordshire
EN7 5GE
AEQUITAS ESTATES LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Income statement
3
Statement of financial position
4
Statement of changes in equity
5
Statement of cash flows
6
Notes to the financial statements
7 - 14
AEQUITAS ESTATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company in the year under review was that of property investment.

Results and dividends

The results for the year are set out on page 3.

Ordinary dividends were paid amounting to £355,225. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

F Sheikh
M Ismailjee
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
F Sheikh
Director
26 February 2026
AEQUITAS ESTATES LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF AEQUITAS ESTATES LIMITED
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aequitas Estates Limited for the year ended 31 March 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the b oard of d irectors of Aequitas Estates Limited, as a body, in accordance with the terms of our engagement letter dated 21 June 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Aequitas Estates Limited and state those matters that we have agreed to state to the b oard of d irectors of Aequitas Estates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aequitas Estates Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that Aequitas Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aequitas Estates Limited. You consider that Aequitas Estates Limited 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 financial statements of Aequitas Estates Limited. 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 statutory f inancial statements.

Moore Northern Home Counties Limited
Chartered Accountants
East Wing
Goffs Oak House
Goffs Lane
Goffs Oak
Hertfordshire
EN7 5GE
26 February 2026
AEQUITAS ESTATES LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
2025
2024
Notes
£
£
Other operating income
60,000
-
Administrative expenses
(76,157)
(21,936)
Operating loss
3
(16,157)
(21,936)
Investment revenues
5
355,225
-
0
Profit/(loss) before taxation
339,068
(21,936)
Income tax expense
6
-
(12,608)
Profit/(loss) and total comprehensive income for the year
14
339,068
(34,544)

The income statement has been prepared on the basis that all operations are continuing operations.

AEQUITAS ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 4 -
2025
2024
Notes
£
£
Non-current assets
Investments
8
2,500
3,295,093
Current assets
Trade and other receivables
10
352,172
117
Cash and cash equivalents
56,720
3,009
408,892
3,126
Current liabilities
Trade and other payables
12
468,179
3,338,849
Current tax liabilities
12,708
12,708
480,887
3,351,557
Net current liabilities
(71,995)
(3,348,431)
Net liabilities
(69,495)
(53,338)
Equity
Called up share capital
13
100
100
Retained earnings
14
(69,595)
(53,438)
Total equity
(69,495)
(53,338)

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 26 February 2026 and are signed on its behalf by:
F Sheikh
Director
Company registration number 08699387 (England and Wales)
AEQUITAS ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 April 2023
100
(18,894)
(18,794)
Year ended 31 March 2024:
Loss and total comprehensive income
-
(34,544)
(34,544)
Balance at 31 March 2024
100
(53,438)
(53,338)
Year ended 31 March 2025:
Profit and total comprehensive income
-
339,068
339,068
Transactions with owners:
Dividends
7
-
(355,225)
(355,225)
Balance at 31 March 2025
100
(69,595)
(69,495)
AEQUITAS ESTATES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
16
(3,238,882)
88,752
Income taxes refunded
-
0
100
Net cash (outflow)/inflow from operating activities
(3,238,882)
88,852
Investing activities
Receipts from joint ventures
3,292,593
(104,149)
Dividends received
355,225
-
0
Net cash generated from/(used in) investing activities
3,647,818
(104,149)
Financing activities
Dividends paid
(355,225)
-
0
Net cash used in financing activities
(355,225)
-
Net increase/(decrease) in cash and cash equivalents
53,711
(15,297)
Cash and cash equivalents at beginning of year
3,009
18,306
Cash and cash equivalents at end of year
56,720
3,009
AEQUITAS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
1
Accounting policies
Company information

Aequitas Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, Parkview, 82 Oxford Road, Uxbridge, UB8 1UX. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements have been prepared on the historical cost basis except for financial instruments which have been measured at fair value. The principal accounting policies adopted are set out below.

Impairment (excluding deferred tax assets)

The carrying amounts of the Company's assets, are reviewed at each statement of financial position date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated.

An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement.

Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units and then to reduce the carrying amount of the other assets in the unit on a pro rata basis. A cash-generating unit is the smallest identifiable Company of assets that generates cash inflows that are largely independent of the cash inflows from other assets or Company of assets.

i) Calculation of recoverable amount

The recoverable amount of the Company's receivables carried at amortised cost is calculated as the present value of estimated future cash flows, discounted at the original effective interest rate. Receivables with a short duration are not discounted.

The recoverable amount of other assets is the greater of their fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.

ii) Reversals of impairment

An impairment loss in respect of a receivable carried at amortised cost is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after the impairment loss was recognised.

AEQUITAS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 8 -

Going Concern

The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Provisions

A provision, other than provisions for deferred taxation, is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected, risk adjusted, future cash flows at a pre-tax risk-free rate.

Revenue Recognition

Management fees receivable are recognised in the period when the management services have been performed.

Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. The carrying amounts of deferred tax assets are reviewed at each balance sheet date.

1.2
Fair value measurement

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The resulting calculations under IFRS 13 affected the principles that the c ompany uses to assess the fair value, but the assessment of fair value under IFRS 13 has not materially changed the fair values recognised or disclosed. IFRS 13 mainly impacts the disclosures of the c ompany. It requires specific disclosures about fair value measurements and disclosures of fair values, some of which replace existing disclosure requirements in other standards.

AEQUITAS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2
Adoption of new and revised standards and changes in accounting policies

At the date of authorisation of these financial statements, certain new standards, amendments and interpretations to existing standards have been published by the IASB but are not yet effective and these have not been applied early by the company. Management anticipates that the following pronouncements relevant to the companies operation will be adopted in the companies accounting policies for the first period beginning after the effective date of the pronouncement, once adopted by the UK:

Title |  |  | Subject |  | Effective date per standard
Amendments to IAS 12 deferred tax related to assets and liabilities arising from a single transaction |  |  | Recognition of deferred tax on transactions that, on initial recognition give rise to equal amounts of taxable and deductible temporary differences |  | 1 January 2023
Amendments to IAS 12 international tax reform |  |  | Amendments provide a temporary exception to the requirements regarding deferred tax assets and liabilities related to pillar two income taxes |  | 1 January 2023
Narrow scope amendments to IAS 1, practice statement 2 and IAS 8 |  |  | Improved accounting policy disclosures |  | 1 January 2023
Amendments to IFRS 16, lease liability in a sale and leaseback |  |  | Amendments clarify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. |  | 1 January 2024
Amendments to IAS 1, Non-current liabilities with covenants |  |  | Amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability |  | 1 January 2024
Disclosures: Supplier Finance Arrangements - |  |  | Amendments to IAS 7 and IFRS 7 |  | 1 January 2024

Issued IFRS not yet effective

At the date of authorisation of these financial statements, certain new standards, amendments and interpretations to existing standards have been published by the IASB but are not yet effective and these have not been applied early by the company. Management anticipates that the following pronouncements relevant to the companies operation will be adopted in the companies accounting policies for the first period beginning after the effective date of the pronouncement:

Title |  |  | Subject |  | Effective date per standard
Annual Improvements to IFRS Standards 2018–2020 Volume 11 |  |  | Amendments to IFRS 1, IFRS 7, IFRS9, and IFRS10 |  | 1 January 2026
Subsidiaries without Public Accountability: Disclosures |  |  | IFRS 18 and 19 specifies reduced disclosure requirements in financial statements |  | 1 January 2027
Classification and Measurement of financial instruments |  |  | Amendments to IFRS 9 and IFRS 7 for the Classification and Measurement of Financial Instruments. |  | 1 January 2026
Lack of exchangeability |  |  | Amendments to IAS 21 |  | 1 January 2025

AEQUITAS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Adoption of new and revised standards and changes in accounting policies
(Continued)
- 10 -

Title |  |  | Subject |  | Effective date per standard
Contracts Referencing Nature-dependent Electricity – |  |  | Amendments to IFRS 9 and IFRS 7 |  | 1 January 2026
IFRS 18 – Presentation and Disclosure in Financial Statements |  |  |  |  | 1 January 2027
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture |  |  | Amendments to IFRS 10 and IAS 28 |  | Note (a)

Note (a): In December 2015, the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting.

The Directors expect that the adoption of the standards listed above will not have a material impact on the financial information of the company in future reporting periods.

3
Operating loss
2025
2024
Operating loss for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
-
7,344
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Management
2
2
5
Investment income
2025
2024
£
£
Dividends from shares in group undertakings
355,225
-
0
Income above relates to assets held at amortised cost, unless stated otherwise.
6
Income tax expense
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
-
0
12,608
AEQUITAS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Income tax expense
(Continued)
- 11 -

The charge for the year can be reconciled to the profit/(loss) per the income statement as follows:

2025
2024
£
£
Profit/(loss) before taxation
339,068
(21,936)
Expected tax charge/(credit) based on a corporation tax rate of 25.00% (2024: 25.00%)
84,767
(5,484)
Effect of expenses not deductible in determining taxable profit
228
-
0
Income not taxable
(88,806)
-
0
Adjustment in respect of prior years
-
12,633
Group relief
3,811
5,459
Taxation charge for the year
-
12,608
7
Dividends
2025
2024
2025
2024
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary
Final dividend paid
3,552.25
-
355,225
-
0
8
Investments
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Investments in joint ventures
-
0
-
0
2,500
3,295,093

Fair value of financial assets carried at amortised cost

The directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

AEQUITAS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Investments
(Continued)
- 12 -
Movements in non-current investments
Shares in joint ventures
£
Cost or valuation
At 1 April 2024
3,295,093
Disposals
(3,292,593)
At 31 March 2025
2,500
Carrying amount
At 31 March 2025
2,500
At 31 March 2024
3,295,093
9
Joint ventures

Details of the company's joint ventures at 31 March 2025 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
Aequitas Estates (Raunds) Limited
United Kingdom
Ordinary
75.00
10
Trade and other receivables
2025
2024
£
£
VAT recoverable
12,232
-
0
Amounts owed by fellow group undertakings
43,823
-
0
Other receivables
236,117
117
Accrued income
60,000
-
0
352,172
117

11
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

AEQUITAS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
12
Trade and other payables
2025
2024
£
£
Trade payables
72,000
-
0
Amounts owed to fellow group undertakings
-
2,856,628
Amounts owed to related parties
390,542
468,896
Accruals
4,784
11,634
Social security and other taxation
-
0
838
Other payables
853
853
468,179
3,338,849
13
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
14
Retained earnings
2025
2024
£
£
At 1 April 2024
(53,438)
(18,894)
Profit/(Loss) for the year
339,068
(34,544)
Dividends
(355,225)
-
0
At 31 March 2025
(69,595)
(53,438)
AEQUITAS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
15
Related party transactions

At the balance sheet date, £390,542 (2024: £468,896) was owed to related parties and £43,823 (2024: £2,856,628, owed to) was owed by joint venture partners.

16
Cash (absorbed by)/generated from operations
2025
2024
£
£
Profit/(loss) for the year before taxation
339,068
(21,936)
Adjustments for:
Investment income
(355,225)
-
0
Movements in working capital:
(Increase)/decrease in trade and other receivables
(339,823)
39,062
(Decrease)/increase in trade and other payables
(2,882,902)
71,626
Cash (absorbed by)/generated from operations
(3,238,882)
88,752
17
Analysis of changes in net funds
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
3,009
53,711
56,720
1 April 2023
Cash flows
31 March 2024
Prior year:
£
£
£
Cash at bank and in hand
18,306
(15,297)
3,009
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