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Registered number: 13113578
Square & Compass Building Supplies Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Freya Accounts Ltd
Holbrook House, 32 Oakley Lane
Oakley
Basingstoke
Hampshire
RG23 7JY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13113578
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 7,247 10,246
7,247 10,246
CURRENT ASSETS
Stocks 5 20,358 -
Debtors 6 39,499 38,636
Cash at bank and in hand 26,368 38,629
86,225 77,265
Creditors: Amounts Falling Due Within One Year 7 (53,804 ) (42,324 )
NET CURRENT ASSETS (LIABILITIES) 32,421 34,941
TOTAL ASSETS LESS CURRENT LIABILITIES 39,668 45,187
NET ASSETS 39,668 45,187
CAPITAL AND RESERVES
Called up share capital 8 101 101
Profit and Loss Account 39,567 45,086
SHAREHOLDERS' FUNDS 39,668 45,187
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For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James Savage
Director
17th October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Square & Compass Building Supplies Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13113578 . The registered office is 8 Laurel Close, Oakley, Basingstoke, Hampshire, RG23 7LN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Straight Line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 1)
2 1
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4. Tangible Assets
Motor Vehicles
£
Cost
As at 1 February 2023 11,995
As at 31 January 2024 11,995
Depreciation
As at 1 February 2023 1,749
Provided during the period 2,999
As at 31 January 2024 4,748
Net Book Value
As at 31 January 2024 7,247
As at 1 February 2023 10,246
5. Stocks
2024 2023
£ £
Stock 20,358 -
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 31,296 38,024
Prepayments and accrued income 969 612
VAT 7,143 -
Other taxes and social security 91 -
39,499 38,636
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 37,062 21,807
Corporation tax - 4,389
Other taxes and social security - 108
VAT - 2,545
Net wages 1,026 -
Credit Card 11,602 -
Pension Liability 74 -
Directors' loan accounts 4,040 13,475
53,804 42,324
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 101 101
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9. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 1,010 2,020
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