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REGISTERED NUMBER: 01953264 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

SQUIRES GEAR & ENGINEERING LIMITED

SQUIRES GEAR & ENGINEERING LIMITED (REGISTERED NUMBER: 01953264)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SQUIRES GEAR & ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: T J Squires
D J Squires
A E Squires





SECRETARY: A E Squires





REGISTERED OFFICE: 98 Swan Lane
Coventry
CV2 4GB





REGISTERED NUMBER: 01953264 (England and Wales)





ACCOUNTANTS: Prime
Chartered Accountants
5 Argosy Court
Scimitar Way
Whitley Business Park
Coventry
CV3 4GA

SQUIRES GEAR & ENGINEERING LIMITED (REGISTERED NUMBER: 01953264)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 55,943 67,078

CURRENT ASSETS
Stocks 229,291 223,618
Debtors 4 183,591 152,494
Cash at bank and in hand 10,024 3,756
422,906 379,868
CREDITORS
Amounts falling due within one year 5 230,313 166,118
NET CURRENT ASSETS 192,593 213,750
TOTAL ASSETS LESS CURRENT
LIABILITIES

248,536

280,828

CREDITORS
Amounts falling due after more than one
year

6

(166,626

)

(163,013

)

PROVISIONS FOR LIABILITIES (13,428 ) (12,118 )
NET ASSETS 68,482 105,697

CAPITAL AND RESERVES
Called up share capital 120,000 120,000
Retained earnings (51,518 ) (14,303 )
68,482 105,697

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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.

SQUIRES GEAR & ENGINEERING LIMITED (REGISTERED NUMBER: 01953264)

BALANCE SHEET - continued
31 MAY 2023


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

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 and authorised for issue on 7 November 2023 and were signed on its behalf by:





T J Squires - Director


SQUIRES GEAR & ENGINEERING LIMITED (REGISTERED NUMBER: 01953264)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 15 ) .

SQUIRES GEAR & ENGINEERING LIMITED (REGISTERED NUMBER: 01953264)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


3. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 June 2022 486,937 37,237 524,174
Additions - 499 499
Disposals - (479 ) (479 )
At 31 May 2023 486,937 37,257 524,194
DEPRECIATION
At 1 June 2022 430,979 26,117 457,096
Charge for year 8,393 3,220 11,613
Eliminated on disposal - (458 ) (458 )
At 31 May 2023 439,372 28,879 468,251
NET BOOK VALUE
At 31 May 2023 47,565 8,378 55,943
At 31 May 2022 55,958 11,120 67,078

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 98,856 79,039
Other debtors 84,735 73,455
183,591 152,494

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,556 10,784
Purchase suspense 17,846 19,047
Trade creditors 75,956 60,110
Taxation and social security 24,540 13,815
Other creditors 106,415 62,362
230,313 166,118

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 34,722 35,049
Other creditors 131,904 127,964
166,626 163,013