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Registration number: 13706010

Square Acre Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Square Acre Holdings Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Square Acre Holdings Limited

(Registration number: 13706010)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,076,589

1,040,462

Current assets

 

Debtors

5

6,691

6,815

Cash at bank and in hand

 

96,143

13,803

 

102,834

20,618

Creditors: Amounts falling due within one year

6

(1,180,001)

(1,064,861)

Net current liabilities

 

(1,077,167)

(1,044,243)

Net liabilities

 

(578)

(3,781)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(678)

(3,881)

Shareholders' deficit

 

(578)

(3,781)

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.

Director's 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 director acknowledges her 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 June 2024
 

Mrs A James
Director

   
     
 

Square Acre Holdings Limited

Notes to the Unaudited 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:
Mountway House
2 Kings Close
Taunton
Somerset
TA1 3XP

These financial statements were authorised for issue by the director on 20 June 2024.

2

Accounting policies

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

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.

Going concern

The director is satisfied that the loan from a related party will not be recalled to the detriment of the company and accordingly has prepared the accounts on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from the rental of properties and provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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 current and 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.

 

Square Acre Holdings Limited

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

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.

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

Freehold properties

2% straight line

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.

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

Square Acre Holdings Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

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

4

Tangible assets

Freehold land and buildings
£

Total
£

Cost or valuation

At 1 December 2022

1,048,259

1,048,259

Additions

57,982

57,982

At 30 November 2023

1,106,241

1,106,241

Depreciation

At 1 December 2022

7,797

7,797

Charge for the year

21,855

21,855

At 30 November 2023

29,652

29,652

Carrying amount

At 30 November 2023

1,076,589

1,076,589

At 30 November 2022

1,040,462

1,040,462

Included within the net book value of land and buildings above is £1,076,589 (2022 - £1,040,462) in respect of freehold land and buildings.
 

5

Debtors

2023
£

2022
£

Trade debtors

1,610

191

Other debtors

4,495

6,157

Prepayments

586

467

6,691

6,815

 

Square Acre Holdings Limited

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

6

Creditors

Due within one year

Note

2023
£

2022
£

 

Trade creditors

 

157

108

Amounts due to related parties

7

1,167,406

1,053,922

Social security and other taxes

 

6,406

1,072

Other creditors

 

3,062

4,272

Accruals

 

2,970

5,487

 

1,180,001

1,064,861

7

Related party transactions

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

1,053,480

1,053,480

Advanced

123,266

123,266

Repaid

(11,000)

(11,000)

At end of period

1,165,746

1,165,746

2022

Other related parties
£

Total
£

Advanced

1,053,480

1,053,480

At end of period

1,053,480

1,053,480

Terms of loans from related parties

During the year the director continued to make available a loan to the company which is interest free and repayable on demand. At the balance sheet date the amount due from the company was £1,660 (2022: £442)

 The company has received loans from companies under common control. These loans are interest free and repayable on demand.