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Registered number: 10687189 EQUITABLE PROPERTIES LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
EQUITABLE PROPERTIES LIMITED REGISTERED NUMBER: 10687189 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 5 |  | 7,450,000 |  | 7,450,000
|  |  | 7,450,000 |  | 7,450,000
Current assets |  |  |  |  |
Debtors | 6 | 221,685 |  | 271,340 |
Cash at bank and in hand | 7 | 8,870 |  | 33,903 |
|  | 230,555 |  | 305,243 |
Creditors: amounts falling due within one year | 8 | (468,702) |  | (366,737) |
Net current liabilities |  |  | (238,147) |  | (61,494)
Total assets less current liabilities |  |  | 7,211,853 |  | 7,388,506
Creditors: amounts falling due after more than one year | 9 |  | (4,878,728) |  | (4,893,458)
Provisions for liabilities |  |  |  |  |
Deferred tax | 12 | (806,521) |  | (806,521) |
|  |  | (806,521) |  | (806,521)
Net assets |  |  | 1,526,604 |  | 1,688,527
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Other reserves | 13 |  | 2,487,109 |  | 2,487,109
Profit and loss account | 13 |  | (960,605) |  | (798,682)
|  |  | 1,526,604 |  | 1,688,527
Page 1
EQUITABLE PROPERTIES LIMITED REGISTERED NUMBER: 10687189 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Daniel Sebastian Katz
Director
Date: 25 March 2026
The notes on pages 3 to 10 form part of these financial statements. Page 2
EQUITABLE PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Equitable Properties Limited (the "Company") is a private company limited by share capital, incorporated under the Companies Act 2006 and domiciled in England. The address of the Company's registered office is 2a Fortis Green, London, England, N2 9EL. 2.Accounting policies
| 2.1 | Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
| 2.2 | Basis of preparation of financial statements
The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and Companies Act 2006. The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies. Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
| 2.3 | Functional and presentational currency
Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency"). The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
| 2.4 | Going concern
In assessing whether the going concern basis remains appropriate for the preparation of the financial statements, the directors have reviewed the Company’s principal and emerging risks, recent levels of rent collection, existing loan facilities, access to funding and liquidity position and the Company's performance up to the date these financial statements were approved and expected performance over the 18 months following the balance sheet date. Based on their assessment, the directors at the time of approving the financial statements have a reasonable expectation that the Company has, available at its disposal, adequate resources to continue in operational existence for the foreseeable future. Page 3
EQUITABLE PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue comprises rental income recognised in the period to which it relates on an accruals basis and measured at the fair value of consideration receivable.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred unless where considered, in the opinion of the directors, to be material with respect to the value of the associated capital instrument upon which the respective borrowing costs on issue are amortised over the term of the capital instrument.
| 2.7 | 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.
| 2.8 | Taxation
Taxation comprises of corporate taxation ("current taxation") and deferred taxation recognised solely in profit or loss. Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date where taxable income is generated by the Company through its business operations. The Company is subject to taxation at the rate enacted by HM Revenue & Customs in respect of property investment activities undertaken in the United Kingdom. All such liabilities in respect of UK current taxation payable are provided for as soon as there is a reasonable certainty that a liability will crystallise. The Company did not undertake any other activities in any other country. Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date and expected to apply when the related deferred tax asset/liability is realised/settled. Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.
| 2.9 | Investment property
Investment property comprises of property held by the Company to earn income or for capital appreciation, or both. Investment property is initially recognised at purchase cost plus directly attributable acquisition expenses and subsequently measured at fair value. Investment properties are not depreciated Gains and losses arising from changes in fair value are recognised in profit or loss during the period in which they arise. Purchases and sales of investment property are recognised when contracts have been unconditionally exchanged and the significant risks and rewards of ownership have been transferred. Page 4
EQUITABLE PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | Investment property (continued)
An investment property is derecognised for accounting purposes upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value) is recognised in profit or loss in the period the asset is derecognised.
| 2.10 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form. Financial assets and liabilities are recognised upon the Company becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired. The measurement of specific financial assets, financial liabilities and equity held by the Company is as outlined in notes 2.11 to 2.14 of the financial statements.
| 2.11 | Debtors
Debtors are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment.
| 2.12 | Cash and cash equivalents
Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.
| 2.13 | Creditors
Creditors are initially measured and subsequently held at transaction price. Bank loans are initially measured at fair value and subsequently held at amortised cost using the effective interest method.
| 2.14 | Equity
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account. Page 5
EQUITABLE PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Although the expected outcome of said estimates and assumptions will, by definition, seldom equal the related actual results; estimates and judgments made are continually re-evaluated and are based on historical experience as well as other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical judgments in applying the entity’s accounting policies The valuation of investment properties involves the application, and therefore significant judgment, of unobservable inputs. Critical accounting estimates and assumptions The estimates and assumptions that are considered as having a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below: Investment properties ∙The fair value of investment properties is determined annually by the directors on an open market value basis by reference to specific advice from third party experts and available market evidence. In determining the fair value, a number of estimates and assumptions are required based on the property market as a whole and rental yields, nature, location and condition of the specific investment property.
4. | Employees
| The average monthly number of employees, including directors, during the year was 0 (2024 - 0).
5. | Investment property
|  | Residential investment property
|  | £
| Valuation |
| At 1 April 2024 | 7,450,000
| At 31 March 2025 | 7,450,000
The 2025 valuations were made by the directors, on an open market value for existing use basis.
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
Page 6
EQUITABLE PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 6.Debtors (continued)
| Trade debtors | 21,882 | 25,279
| Amounts owed by group undertakings | 6,338 | 6,338
| Amounts owed by joint ventures and associated undertakings | 155,457 | 204,917
| Prepayments and accrued income | 38,008 | 34,806
|  | 221,685 | 271,340
| Trade and other debtors falling due within one year are non-interest bearing and, in the opinion of the directors, of a fair value not materially different to their carrying value. At the balance sheet date, the provision for impairment against debtors falling due within one year was £53,400 (2024: £53,400).
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 8,870 | 33,903
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 10,126
| Trade creditors | 284,241 | 158,543
| Amounts owed to joint ventures and associated undertakings | 50,866 | 57,951
| Other creditors | 125,913 | 128,913
| Accruals and deferred income | 7,682 | 11,204
|  | 468,702 | 366,737
Page 7
EQUITABLE PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 4,878,728 | 4,893,458
| The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Repayable other than by instalments | 4,878,728 | 4,878,739
Loans falling due after more than 5 years and repayable other than by instalments of £4,878,728 (2024: £4,878,739) are due for repayment as a single lump sum on 31 October 2033; 10 years following initial drawdown.
10. | Secured creditors
Bank loans totalling £4,878,728 (2024: £4,878,739) are secured by virtue of fixed and floating charges with negative pledge over all present and future assets of the Company, including a first legal charge over the investment property held by the Company.
11. | Financial instruments
The Company held no financial instruments that would require specific disclosure under sections 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.
12. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (806,521)
| At end of year | (806,521)
Page 8
EQUITABLE PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12.Deferred taxation (continued)
| The net deferred taxation asset/(liability) carried forward is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Unrealised fair value gains and losses | (806,521) | (806,521)
|  | (806,521) | (806,521)
| In the opinion of the directors, net deferred taxation assets carried forward as at the balance sheet date of £nil is expected to reverse in the following financial reporting period.
13. | Reserves
Other reserves Other reserves comprise of all current and prior period non-distributable gains and losses net of deferred taxation in respect of fair value movements on revaluation of investment properties held by the Company originally recognised through profit or loss. Profit and loss account The profit and loss account includes all current and prior period retained profits and (losses) net of amounts distributed to the Company's equity shareholders. Page 9
EQUITABLE PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | Related party transactions
| At the balance sheet date, the directors were owed £200 (2024: £200) by the Company. Amounts owed to the directors are interest-free, unsecured and repayable on demand with no fixed date of repayment. During the reporting period, the Company incurred costs amounting to £20,548 (2024: £7,075) payable to companies under common control in respect of administration and bookkeeping services provided to the Company. At the balance sheet date, interest-free and unsecured amounts totalling £110,929 (2024: £153,304) were owed to the Company by companies connected by virtue of common control.
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