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REGISTERED NUMBER: 00457299 (England and Wales)















Squire Furneaux Cobham Limited

Strategic Report, Directors' Report and

Audited Financial Statements

for the Year Ended 31 December 2023






Squire Furneaux Cobham Limited (Registered number: 00457299)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Strategic Report 2

Directors' Report 4

Independent Auditors' Report 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Squire Furneaux Cobham Limited

Company Information
for the year ended 31 December 2023







Directors: C A Slaughter
P Nott





Registered office: 178 Buckingham Avenue
Slough
Berkshire
SL1 4RD





Registered number: 00457299 (England and Wales)





Auditors: Cooper Parry Group Limited
Statutory Auditor
178 Buckingham Avenue
Slough
Berkshire
SL1 4RD

Squire Furneaux Cobham Limited (Registered number: 00457299)

Strategic Report
for the year ended 31 December 2023


The directors present their strategic report for the year ended 31 December 2023.

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Review of business
As a Volvo main dealer, the company continues to deal in new and used motor vehicles, provide vehicle servicing and repairs and sell spare parts for Volvo vehicles. The company's activities are organised into the following five divisions:

- Sales of new vehicles
- Sales of used vehicles
- Sales of fleet vehicles
- Servicing and repairs
- Sales of spare parts

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and gross margin.

The turnover of the company by division was as follows:

2023 2022
£'000000 £'000000
Sales of new vehicles 21,291 21,793
Sales of used vehicles 35,499 30,102
Sales of fleet vehicles 2,400 1,714
Servicing and repairs 2,569 2,248
Sales of spare parts 6,069 4,472
Other 1,491 1,691
69.319 62,510

We have experienced another challenging year with political and economic uncertainty leading to significant increases in inflation and to our own costs of interest, electricity, gas etc. In addition, new car supply has been inconsistent leading to a similar situation for used vehicle stock too.

Despite the challenges faced we were pleased to increase turnover during 2023 whilst at the same time achieving good levels of profitability which has continued into 2024. We concluded a large refurbishment project at our Leatherlead property during 2023 and will be undertaking a similar refurbishment of our Guildford property during 2024.

Whilst the business environment in which we operate continues to be challenging, with the car market in the UK remaining highly competitive, the Directors' remain confident that the Company will continue to trade profitably. The Company will continue therefore to actively invest in improvements and/or additions to sites, facilities and staff. We believe that despite the inevitable increases in operating costs this is necessary to enable us to continue to meet our sales targets, satisfy or exceed our customer expectations and meet the criteria required of the Volvo Retail Experience.


Squire Furneaux Cobham Limited (Registered number: 00457299)

Strategic Report
for the year ended 31 December 2023

Principal risks and uncertainties
The company's operations expose it to a variety of financial risks which include credit risk, liquidity risk and interest rate risk. The company has in place risk management policies which are implemented by the company's finance department. These policies, which are consistent with those from the previous year, seek to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and related finance costs.

Liquidity risk
The company makes efforts to manage the financial risk by the monitoring of cash flow to ensure that the company is able to meet its foreseeable debts as they fall due and to invest any cash assets profitably. A mixture of long-term and short-term debt finance is designed to ensure the company has sufficient funds available for operations and planned expansions.

Credit risk
The company's principal financial assets are stock and trade debtors. The credit risk associated with stock is limited and therefore the principal credit risk arises from its trade debtors.

In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. These credit limits are reviewed regularly by the directors together with the aged debtors and collection history.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.

Section 172(1) statement
The directors are accountable to shareholders for the management, performance and long-term success of the Company and we consider they are constantly focused on the key stakeholders who are vital and to a great degree depend on the success of the business. These include:-

Our workforce which remains our greatest asset and of which retention and motivation of is essential. The Company always aims therefore to be a reasonable employer in its approach to its employees in key areas including pay, benefits, safety, training, health and well-being.

We aim to create a culture of diversity and inclusion and to ensure that employment and progression within the Company is based on equality, aptitude and the ability and willingness to work and not on the basis, of race, individual characteristics, creed or political opinion.

The nature of our business means there is constant focus on working with our suppliers and business partners to ensure the balance is maintained of strong relationships and the need to obtain value for the business.

Being in the maid a retail business the retention and growth of customers is vital to our success and we take great pride in maintaining the excellent reputation for high standards of business conduct that has taken many years to achieve. Great attention is also given to measuring customer satisfaction and taking action as appropriate to ensure that our standards remains high and continue to improve whether measured against our competitors or internal objectives.

On behalf of the board:





C A Slaughter - Director


2 October 2024

Squire Furneaux Cobham Limited (Registered number: 00457299)

Directors' Report
for the year ended 31 December 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

Principal activity
The principal activity of the company in the year under review was that of a motor trader.

Dividends
No dividends will be distributed for the year ended 31 December 2023.

Directors
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

C A Slaughter
P Nott

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Squire Furneaux Cobham Limited (Registered number: 00457299)

Directors' Report
for the year ended 31 December 2023


Auditors
The audit business of Haines Watts was acquired by Cooper Parry Group Limited on 14 November 2023. Haines
Watts has resigned as auditor and Cooper Parry Group Limited has been appointed in its place. Cooper Parry Group
Limited will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.

The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





C A Slaughter - Director


2 October 2024

Independent Auditors' Report to the Members of
Squire Furneaux Cobham Limited


Opinion
We have audited the financial statements of Squire Furneaux Cobham Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Squire Furneaux Cobham Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


Independent Auditors' Report to the Members of
Squire Furneaux Cobham Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jane Wills (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
178 Buckingham Avenue
Slough
Berkshire
SL1 4RD

2 October 2024

Squire Furneaux Cobham Limited (Registered number: 00457299)

Statement of Comprehensive
Income
for the year ended 31 December 2023

2023 2022
Notes £ £

Turnover 3 69,318,900 62,509,904

Cost of sales (64,667,832 ) (57,919,404 )
Gross profit 4,651,068 4,590,500

Administrative expenses (2,614,810 ) (2,157,522 )
2,036,258 2,432,978

Other operating income 814,290 508,304
Operating profit 2,850,548 2,941,282

Interest receivable and similar income 27,025 4,349
2,877,573 2,945,631

Interest payable and similar expenses 6 (99,912 ) (43,787 )
Profit before taxation 7 2,777,661 2,901,844

Tax on profit 9 (443,405 ) (581,227 )
Profit for the financial year 2,334,256 2,320,617

Other comprehensive income - -
Total comprehensive income for the year 2,334,256 2,320,617

Squire Furneaux Cobham Limited (Registered number: 00457299)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 10 2,525,249 1,504,429

Current assets
Stocks 11 5,004,437 3,987,346
Debtors 12 9,155,061 9,101,950
Cash in hand 3,084,567 1,869,277
17,244,065 14,958,573
Creditors
Amounts falling due within one year 13 6,641,587 5,891,364
Net current assets 10,602,478 9,067,209
Total assets less current liabilities 13,127,727 10,571,638

Creditors
Amounts falling due after more than one
year

14

(221,833

)

-

Provisions for liabilities 18 (167,675 ) (167,675 )
Net assets 12,738,219 10,403,963

Capital and reserves
Called up share capital 19 37,200 37,200
Retained earnings 20 12,701,019 10,366,763
Shareholders' funds 12,738,219 10,403,963

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2024 and were signed on its behalf by:





C A Slaughter - Director


Squire Furneaux Cobham Limited (Registered number: 00457299)

Statement of Changes in Equity
for the year ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2022 37,200 8,046,146 8,083,346

Changes in equity
Total comprehensive income - 2,320,617 2,320,617
Balance at 31 December 2022 37,200 10,366,763 10,403,963

Changes in equity
Total comprehensive income - 2,334,256 2,334,256
Balance at 31 December 2023 37,200 12,701,019 12,738,219

Squire Furneaux Cobham Limited (Registered number: 00457299)

Notes to the Financial Statements
for the year ended 31 December 2023


1. Statutory information

Squire Furneaux Cobham 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.

2. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Going concern
The financial statements have been prepared on the going concern basis. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Significant judgements and estimates
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provision do not match the level of debts which ultimately prove to be uncollectable.

There is also estimation uncertainty in calculating stock provisions. Slow moving and obsolete stocks are monitored during the year. Whilst every attempt is made to ensure that the stock provisions are as accurate as possible, there remain a risk that the provisions do not match the ultimate unrealised value of stock held.

There is also estimation uncertainty in calculating deferred tax liability due to temporary timing differences. Unrelieved tax losses and other deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates and the physical condition of the assets.

Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Sales of motor vehicles and accessories are recognised on the earlier of full payment by, or delivery date to, the customer together with associated manufacturer vehicle bonus income. Any other manufacturer income in relation to achieving targets is recognised on an accrual basis. Servicing revenue is recognised on the completion of the agreed work.

Squire Furneaux Cobham Limited (Registered number: 00457299)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & machinery -15% Straight line
Fixtures & fittings -10% Straight line
Computer equipment -10% Straight line

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

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.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

All turnover arose within the UK.

4. Employees and directors
2023 2022
£ £
Wages and salaries 2,580,334 2,452,300
Social security costs 176,348 165,496
Other pension costs 35,949 30,550
2,792,631 2,648,346

Squire Furneaux Cobham Limited (Registered number: 00457299)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. Employees and directors - continued

The average number of employees during the year was as follows:
2023 2022

Sales 26 24
Servicing and parts 39 45
Administration 8 8
73 77

5. Directors' emoluments
2023 2022
£ £
Directors' remuneration - -

6. Interest payable and similar expenses
2023 2022
£ £
Financing interest 99,912 43,787

7. Profit before taxation

The profit is stated after charging:

2023 2022
£ £
Other operating leases 585,354 485,183
Depreciation - owned assets 204,280 23,192

8. Auditors' remuneration

2023 2022
£    £   
Fees payable to the company's auditor for the audit of the company's
annual accounts

18,375

17,500
Fees payable to the company's auditor in respect of taxation compliance
and other services

1,250

1,250
Total 19,625 18,750

9. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 449,997 437,853
Prior year tax adjustment (6,592 ) -
Total current tax 443,405 437,853

Deferred tax - 143,374
Tax on profit 443,405 581,227

Squire Furneaux Cobham Limited (Registered number: 00457299)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


9. Taxation - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit before tax 2,777,661 2,901,844
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

694,415

551,350

Effects of:
Expenses not deductible for tax purposes - (10,365 )
Capital allowances in excess of depreciation (10,426 ) -

Group relief (205,688 ) -
Impact of change in Corporation Tax rates (28,305 ) 40,242
Prior year adjustment (6,591 ) -
Total tax charge 443,405 581,227

10. Tangible fixed assets
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£ £ £ £
Cost
At 1 January 2023 574,964 1,754,179 36,121 2,365,264
Additions - 1,225,100 - 1,225,100
At 31 December 2023 574,964 2,979,279 36,121 3,590,364
Depreciation
At 1 January 2023 512,473 329,397 18,965 860,835
Charge for year 51,651 151,515 1,114 204,280
At 31 December 2023 564,124 480,912 20,079 1,065,115
Net book value
At 31 December 2023 10,840 2,498,367 16,042 2,525,249
At 31 December 2022 62,491 1,424,782 17,156 1,504,429

11. Stocks
2023 2022
£ £
Stocks 5,004,437 3,987,346

12. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 1,203,134 636,871
Amounts owed by group undertakings 7,827,147 7,975,016
Prepayments and accrued income 124,780 490,063
9,155,061 9,101,950

Squire Furneaux Cobham Limited (Registered number: 00457299)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


13. Creditors: amounts falling due within one year
2023 2022
£ £
Other loans (see note 15) 70,000 -
Trade creditors 2,500,399 1,550,634
Amounts owed to group undertakings 2,593,413 2,593,413
Tax 249,997 201,214
Social security and other taxes 71,643 55,132
VAT 477,836 340,138
Other creditors 307,109 789,133
Accruals and deferred income 371,190 361,700
6,641,587 5,891,364

14. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other loans (see note 15) 221,833 -

15. Loans

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Other loans 70,000 -

Amounts falling due between one and two years:
Other loans - 1-2 years 70,000 -

Amounts falling due between two and five years:
Other loans - 2-5 years 151,833 -

Other loans is secured by a cross guarantee with other group companies.

16. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 347,500 193,332

17. Secured debts

Within other creditors is a vehicle funding balance of £294,684 (2022: £776,846) which is secured over the stock items to which it relates.

18. Provisions for liabilities
2023 2022
£ £
Deferred tax
Accelerated capital allowances 167,675 167,675

Squire Furneaux Cobham Limited (Registered number: 00457299)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


18. Provisions for liabilities - continued

Deferred tax
£
Balance at 1 January 2023 167,675
Balance at 31 December 2023 167,675

19. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
18,600 Ordinary 1 18,600 18,600
18,600 Preference 1 18,600 18,600
37,200 37,200

20. Reserves
Retained
earnings
£

At 1 January 2023 10,366,763
Profit for the year 2,334,256
At 31 December 2023 12,701,019

21. Ultimate parent company

The immediate parent company is Grafise Holdings Limited, a company incorporated in the UK.

The ultimate parent undertaking is CS Astra Limited, a company incorporated in the UK.

The ultimate controlling party of CS Astra Limited is the Slaughter family.

Copies of the group financial statements of CS Astra Limited, can be obtained from:

Vale Rise
Tonbridge
TN9 1TB

22. Capital commitments

At the year end the company had capital commitments of £nil (2022: £1,500,000).

23. Guarantees

Squire Furneaux Cobham Limited and fellow group companies, have provided a cross guarantee to National Westminster Bank PLC in respect of C S Astra Limited bank loans up to £3,900,000.

Squire Furneaux Cobham Limited (Registered number: 00457299)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


24. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included in debtors at the year end is £5,364,336 (2022: £5,065,336) owed by the ultimate parent company.

The company rents a property from Squire Furneaux LLP, a subsidiary of the parent company. During the course of the year, the company was charged £150,000 (2022: £150,000) by the LLP. Included in creditors at the year end is £130,000 (2022: £130,000) owed to this entity.