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Registration number: 09859455

Squires Acquisitions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Squires Acquisitions Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Squires Acquisitions Ltd

(Registration number: 09859455)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

667

889

Investment property

5

1,265,000

1,044,462

 

1,265,667

1,045,351

Current assets

 

Debtors

6

10,786

105,317

Cash at bank and in hand

 

125,819

105,473

 

136,605

210,790

Creditors: Amounts falling due within one year

7

(176,527)

(258,357)

Net current liabilities

 

(39,922)

(47,567)

Total assets less current liabilities

 

1,225,745

997,784

Creditors: Amounts falling due after more than one year

7

(754,285)

(760,263)

Provisions for liabilities

(84,346)

(39,898)

Net assets

 

387,114

197,623

Capital and reserves

 

Called up share capital

100

100

Profit and loss non-distributable reserves

451,643

275,553

Retained earnings

(64,629)

(78,030)

Shareholders' funds

 

387,114

197,623

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Squires Acquisitions Ltd

(Registration number: 09859455)
Balance Sheet as at 30 November 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 August 2024 and signed on its behalf by:
 

.........................................
M J Squires
Director

 

Squires Acquisitions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7a King Street
Frome
Somerset
BA11 1BH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Squires Acquisitions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

There is no amortisation provision due to the nature of the assets in that they can increase as well as decrease.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Squires Acquisitions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

Squires Acquisitions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

5,000

5,000

At 30 November 2023

5,000

5,000

Depreciation

At 1 December 2022

4,111

4,111

Charge for the year

222

222

At 30 November 2023

4,333

4,333

Net book value

At 30 November 2023

667

667

At 30 November 2022

889

889

5

Investment properties

2023
£

At 1 December

1,044,462

Fair value adjustments

220,538

At 30 November

1,265,000


The valuation at the Balance Sheet date is as per the directors .

6

Debtors

2023
£

2022
£

Trade debtors

1,104

2,320

Other debtors

9,682

102,997

10,786

105,317

 

Squires Acquisitions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

7

Creditors

Amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

5,975

5,808

Taxation and social security

 

862

2,905

Accruals and deferred income

 

1,850

1,908

Other creditors

 

167,840

247,736

 

176,527

258,357

Amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

754,285

760,263

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

754,285

760,263

Current loans and borrowings

2023
£

2022
£

Bank borrowings

5,975

5,808

Bank borrowings

The Bank borrowings are denominated in Sterling. The carrying amount at year end was £760,260 (2022 - £766,071).

Loans totalling £718,519 are secured by way of charges over the investment properties.

 

Squires Acquisitions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

9

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

M J Squires

88,759

3,511

(88,759)

3,511

2022

At 1 December 2021
£

Advances to director
£

At 30 November 2022
£

M J Squires

-

88,759

88,759

Summary of transactions with entities with joint control or significant interest



 During the year the company traded with a company in which the directors and shareholders of Squires Acquisitions Ltd own all of the issued share capital. At the Balance Sheet date the company owed Squires Developments Ltd £160,090 (2022: £240,586).