Equilibrium Finance Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04804634 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

FOR

EQUILIBRIUM FINANCE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D C Billingham

Mr R D Jones

SECRETARY:

Mr R D Jones

REGISTERED OFFICE:

Drake House

Gadbrook Park

Northwich

Cheshire

CW9 7RA

REGISTERED NUMBER:

04804634 (England and Wales)

FIXED ASSETS

Tangible assets

4

109,418

41,858

CURRENT ASSETS

Debtors

5

1,233,593

1,016,871

Cash at bank and in hand

154,906

37,895

1,388,499

1,054,766

CREDITORS

Amounts falling due within one year

6

336,683

288,118

NET CURRENT ASSETS

1,051,816

766,648

TOTAL ASSETS LESS CURRENT LIABILITIES

1,161,234

808,506

CREDITORS

Amounts falling due after more than one year

7

(256,955

)

(65,533

)

PROVISIONS FOR LIABILITIES

10

(900

)

(1,273

)

NET ASSETS

903,379

741,700

CAPITAL AND RESERVES

Called up share capital

1,001

1,001

Retained earnings

902,378

740,699

903,379

741,700

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 21 November 2018 and were signed on its behalf by:

Mr D C Billingham - Director

Mr R D Jones - Director

1.	STATUTORY INFORMATION

Equilibrium Finance Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Financial instruments

FINANCIAL ASSETS

Trade, group and other debtors

Trade, group and other debtors (including accrued income) which are receivable within one year and

which do not constitute a financing transaction are initially measured at the transaction price and

subsequently measured at amortised cost, being the transaction price less any amounts settled and

any impairment losses.

A provision for impairment of trade debtors is established where there is objective evidence that the

amounts due will not be collected according to the original terms of the contract. Impairment losses

are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present

value of the future cash flows discounted using the original effective interest rate. Subsequent

reversals of an impairment loss that objectively relate to an event occurring after the impairment loss

was recognised, are recognised immediately in profit or loss.

FINANCIAL LIABILITIES

Trade, group and other creditors

Trade, group and other creditors (including accruals) payable within one year that do not constitute a

financing transaction are initially measured at the transaction price and subsequently measured at

amortised cost, being transaction price less any amounts settled.

Derecognition of financial assets and liabilities

A financial asset is only derecognised when the contractual rights to cash flows expire or are settled, or

substantially all the risks and rewards of ownership are transferred to another party, or if some

significant risks and rewards of ownership are retained but control of the asset has transferred to

another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability

(or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled

or expires.

Taxation

Taxation 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 in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimates useful lives. Those held

under finance leases are depreciated over there estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated a sa liability.

Rental income for assets leased under operating leases is recognised on a straight-line basis over the

terms of the lease.

An asset and corresponding liability are recognised for leasing agreements that transfer to the

Company substantially all of the risk and rewards incidental to ownership ("finance leases"). The

amount capitalised is the fair value of the leased asset or, if lower, the present value of the minimum

lease payments payable during the lease term, both determined at inception of the lease. Lease

payments are treated as consisting of capital and interest elements. The interest is charged to profit or

loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Contingent rents are expensed as incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

Employees are entitled to carry forward any unused holiday entitlement at the balance sheet date. The

cost of any unused entitlement is recognised in the period in which the employees' services are

received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

Computer

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 August 2017

12,313

14,413

42,456

28,165

97,347

Additions

-

167

111,187

1,653

113,007

Disposals

-

-

(21,500

)

-

(21,500

)

At 31 July 2018

12,313

14,580

132,143

29,818

188,854

DEPRECIATION

At 1 August 2017

3,828

7,132

24,230

20,299

55,489

Charge for year

1,272

1,117

29,592

2,380

34,361

Eliminated on disposal

-

-

(10,414

)

-

(10,414

)

At 31 July 2018

5,100

8,249

43,408

22,679

79,436

NET BOOK VALUE

At 31 July 2018

7,213

6,331

88,735

7,139

109,418

At 31 July 2017

8,485

7,281

18,226

7,866

41,858

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 August 2017

28,647

Additions

111,187

Disposals

(21,500

)

At 31 July 2018

118,334

DEPRECIATION

At 1 August 2017

12,161

Charge for year

29,147

Eliminated on disposal

(10,414

)

At 31 July 2018

30,894

NET BOOK VALUE

At 31 July 2018

87,440

At 31 July 2017

16,486

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/7/18

31/7/17

£

£

Trade debtors

12,583

40,630

Other debtors

1,218,743

958,291

VAT

-

1,142

Prepayments

2,267

16,808

1,233,593

1,016,871

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/7/18

31/7/17

£

£

Bank loans and overdrafts

184,600

203,999

Hire purchase contracts (see note 8)

35,960

7,030

Trade creditors

-

377

Taxation

92,452

70,988

VAT

19,291

-

Directors' current accounts

1,040

1,040

Accrued expenses

3,340

4,684

336,683

288,118

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/7/18

31/7/17

£

£

Bank loans - 1-5 years

190,471

60,968

Hire purchase contracts (see note 8)

66,484

4,565

256,955

65,533

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31/7/18

31/7/17

£

£

Net obligations repayable:

Within one year

35,960

7,030

Between one and five years

66,484

4,565

102,444

11,595

The hire purchase creditor of £102,444 is secured by the asset included within the fixed asset register.

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/7/18

31/7/17

£

£

Bank loans

375,071

264,967

Hire purchase contracts

102,444

11,595

477,515

276,562

10.	PROVISIONS FOR LIABILITIES

31/7/18

31/7/17

£

£

Deferred tax

900

1,273

Deferred

tax

£

Balance at 1 August 2017

1,273

Accelerated Capital Allowances

(373

)

Balance at 31 July 2018

900

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £190,000 were paid to the directors .

At 31 July 2018 the Company owed the directors' £1,040. No interest has been charged to the

Company in respect of this loan which is repayable on demand and classified in creditors due within

one year.