2022-11-012023-10-312023-10-31false11650778Squire Europe 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Squire Europe Limited

Registered Number
11650778
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

Squire Europe Limited
Company Information
for the year from 1 November 2022 to 31 October 2023

Director

S N Laron

Registered Address

Building 423 - Sky View (Ro) Argosy Road, Castle Donington
East Midlands Airport
Derby
DE74 2SA

Registered Number

11650778 (England and Wales)
Squire Europe Limited
Statement of Financial Position
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets4-303
-303
Current assets
Cash at bank and on hand881,213559,182
881,213559,182
Creditors amounts falling due within one year5(1,075,058)(729,065)
Net current assets (liabilities)(193,845)(169,883)
Total assets less current liabilities(193,845)(169,580)
Provisions for liabilities6-(76)
Net assets(193,845)(169,656)
Capital and reserves
Called up share capital11
Profit and loss account(193,846)(169,657)
Shareholders' funds(193,845)(169,656)
The financial statements were approved and authorised for issue by the Director on 24 October 2024, and are signed on its behalf by:
S N Laron
Director
Registered Company No. 11650778
Squire Europe Limited
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
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.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in pound sterling (£), which is the company’s functional currency, and figures are rounded to the nearest whole pound.
Going concern
The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however, the parent company will continue to support the company to enable it to meet its obligations, if and when, they fall due. The director is therefore of the opinion that he should continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
There have been no significant estimates or judgements applied to the figures or disclosures contained within these financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from rendering of services
The company's revenue derives from commission received for barbershop bookings organised through their bookkeeping software. Revenue is then recognised on a monthly basis.
Defined contribution pension plan
Contributions to defined contribution plans are expensed in the period to which they relate.
Share-based payments
The parent company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled and then subsequently reclassified to creditors because the equity awards are fulfilled in the shares of the parent company through the intercompany account.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Current taxation
Taxation for the year comprises current 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 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 statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line (years)
Office Equipment3
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties, and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.Staff Costs
Share Options The company operates an EMI qualifying share option scheme and during the period the company granted 9,763 EMI qualifying share options to employees of the company (2022: 1,500). At the statement of financial position date, the company had granted a total of 11,263 share options (2022: 1,500) at an average weighted exercise price of £1.56 per share (2022: £2.09). At the statement of financial position date, Nil options had lapsed (2022: Nil), Nil options were exercised (2022: Nil), 629 options had vested and remained exercisable (2022: 83) and 10,634 options had yet to vest (2022: 1,417). An amount of £4,435 has been charged to the income statement in respect of the EMI qualifying share options (2022: £Nil). The share options generally vest over a 4 year period with a 1 year cliff and are exercisable over the shares of the parent company.
3.Average number of employees

20232022
Average number of employees during the year77
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 November 222,3572,357
At 31 October 232,3572,357
Depreciation and impairment
At 01 November 222,0542,054
Charge for year303303
At 31 October 232,3572,357
Net book value
At 31 October 23--
At 31 October 22303303
5.Creditors: amounts due within one year

2023

2022

££
Amounts owed to related parties1,015,277667,809
Taxation and social security58,68061,256
Other creditors1,101-
Total1,075,058729,065
6.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)-76
Total-76
7.Parent-subsidiary relationships
The ultimate parent company of Squire Europe Limited is Squire Technologies, Inc., a company registered in the US with its registered offices situated at 12 E 49th Street, New York, 10017, United States. The results of the company are included in the consolidated financial statements prepared by the parent. The directors consider there to be no ultimate controlling party.