ACCOUNTS - Final Accounts

Commitments under operating leases

At 29 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Registered number: 07543978

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 29 DECEMBER 2025

	EQUIPNET LTD


EQUIPNET LTD

COMPANY INFORMATION

Directors	S Maggs (appointed 5 March 2026)
	R Gallo (resigned 5 March 2026)
	S Delahaye (appointed 12 March 2026)


Registered number	07543978


Registered office	Brocastle Avenue
	Waterton Industrial Estate
	Bridgend
	Wales
	CF31 3XA


Independent auditor	Menzies LLP
	Chartered Accountants & Statutory Auditor
	3000a Parkway
	Whiteley
	Hampshire
	PO15 7FX


EQUIPNET LTD

CONTENTS

	Page
Statement of Financial Position	1
Statement of Changes in Equity	2
Notes to the Financial Statements	3 - 8


EQUIPNET LTD REGISTERED NUMBER:07543978

STATEMENT OF FINANCIAL POSITION

AS AT 29 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		13,459		9,960
			13,459		9,960
Current assets
Debtors: amounts falling due within one year	5	1,712,684		2,608,348
Cash at bank and in hand		4,579,854		4,771,845
		6,292,538		7,380,193
Creditors: amounts falling due within one year	6	(4,565,022)		(5,999,219)
Net current assets			1,727,516		1,380,974
Total assets less current liabilities			1,740,975		1,390,934

Net assets			1,740,975		1,390,934

Capital and reserves
Called up share capital	1,000	1,000
Profit and loss account	1,739,975	1,389,934
	1,740,975	1,390,934

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:

................................................

S Delahaye

Director

Date: 5 May 2026

The notes on pages 3 to 8 form part of these financial statements.

Page 1


EQUIPNET LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 29 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 30 December 2023	1,000	1,324,422	1,325,422
Comprehensive income for the year
Profit for the year	-	65,512	65,512

At 30 December 2024	1,000	1,389,934	1,390,934
Comprehensive income for the year
Profit for the year	-	350,041	350,041
At 29 December 2025	1,000	1,739,975	1,740,975

The notes on pages 3 to 8 form part of these financial statements.

Page 2


EQUIPNET LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2025

1.	General information

EquipNet Limited (formerly known as EquipNet Auctions Inc Limited) is a company limited by shares domiciled and incorporated in England and Wales within the United Kingdom. The address of the registered office is given in the company information page at the front of these financial statements.

The significant accounting policies applied in the preparation of these financial statements are set out below. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3


EQUIPNET LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 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

Interest income

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

2.5

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.6

Taxation

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 reporting date in the countries where the Company operates and generates income.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4


EQUIPNET LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2025

2.Accounting policies (continued)

2.7

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Short-term leasehold property	-	25%	straight line
				Fixtures and fittings	-	25%	straight line

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.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

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.

2.10

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.

Employees

The average monthly number of employees, including directors, during the year was 29 (2024 - 26).

Page 5


EQUIPNET LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2025

4.	Tangible fixed assets

	Short-term leasehold property	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 30 December 2024	33,362	34,973	68,335
Additions	720	6,837	7,557
At 29 December 2025	34,082	41,810	75,892
Depreciation
At 30 December 2024	33,107	25,268	58,375
Charge for the year on owned assets	174	3,884	4,058
At 29 December 2025	33,281	29,152	62,433
Net book value
At 29 December 2025	801	12,658	13,459
At 29 December 2024	255	9,705	9,960

Page 6


EQUIPNET LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2025

Debtors

					2025	2024
					£	£


Trade debtors	1,314,370	1,883,739
Amounts owed by group undertakings	161,121	483,236
Other debtors	179,606	202,634
Prepayments and accrued income	57,587	38,739
	1,712,684	2,608,348

6.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	29,968	17,906
Amounts owed to group undertakings	1,180,389	2,729,488
Other taxation and social security	45,320	79,874
Other creditors	3,027,966	2,835,762
Accruals and deferred income	281,379	336,189
	4,565,022	5,999,219

7.	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 £101,800 (2024 - £55,048). Contributions totalling credit balance of £193 (2024 debit balance - £29,846) were payable to the fund at the reporting date and are included in creditors.

Not later than 1 year	117,399	111,302
Later than 1 year and not later than 5 years	91,485	208,882
	208,884	320,184

Page 7


EQUIPNET LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2025

9.	Controlling party

The Company's immediate parent is EquipNet Auctions Inc., a company incorporated in the United States of
America. The registered office address of Equipnet Auctions Inc. is 5 Dan Road, Canton, MA 02021.

The Director does not consider that there is one ultimate controlling party of the Company.

10.	Auditor's information

The auditor's report on the financial statements for the year ended 29 December 2025 was unqualified.

The audit report was signed on 5 May 2026 by Andrew Galliers FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

Page 8