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REGISTERED NUMBER: 01953264 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

SQUIRES GEAR & ENGINEERING LIMITED

SQUIRES GEAR & ENGINEERING LIMITED (REGISTERED NUMBER: 01953264)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SQUIRES GEAR & ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: T J Squires
D J Squires
A E Squires





SECRETARY: A E Squires





REGISTERED OFFICE: 98 Swan Lane
Coventry
CV2 4GB





REGISTERED NUMBER: 01953264 (England and Wales)





ACCOUNTANTS: Prime
Chartered Accountants
5 Argosy Court
Scimitar Way
Whitley Business Park
Coventry
CV3 4GA

SQUIRES GEAR & ENGINEERING LIMITED (REGISTERED NUMBER: 01953264)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 62,653 55,943

CURRENT ASSETS
Stocks 275,985 229,291
Debtors 5 140,150 183,591
Cash at bank and in hand 14 10,024
416,149 422,906
CREDITORS
Amounts falling due within one year 6 281,643 230,313
NET CURRENT ASSETS 134,506 192,593
TOTAL ASSETS LESS CURRENT
LIABILITIES

197,159

248,536

CREDITORS
Amounts falling due after more than one
year

7

(87,952

)

(166,626

)

PROVISIONS FOR LIABILITIES (15,207 ) (13,428 )
NET ASSETS 94,000 68,482

CAPITAL AND RESERVES
Called up share capital 120,000 120,000
Retained earnings (26,000 ) (51,518 )
94,000 68,482

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SQUIRES GEAR & ENGINEERING LIMITED (REGISTERED NUMBER: 01953264)

BALANCE SHEET - continued
31 MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by:





T J Squires - Director


SQUIRES GEAR & ENGINEERING LIMITED (REGISTERED NUMBER: 01953264)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Squires Gear & Engineering 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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

Taxation
Taxation for the year comprises current and deferred 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 or deferred 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

SQUIRES GEAR & ENGINEERING LIMITED (REGISTERED NUMBER: 01953264)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 June 2023 486,937 37,257 524,194
Additions 17,749 - 17,749
Disposals (39,933 ) (215 ) (40,148 )
Reclassification/transfer (3,634 ) 3,634 -
At 31 May 2024 461,119 40,676 501,795
DEPRECIATION
At 1 June 2023 439,372 28,879 468,251
Charge for year 7,915 1,634 9,549
Eliminated on disposal (38,479 ) (179 ) (38,658 )
Reclassification/transfer (3,606 ) 3,606 -
At 31 May 2024 405,202 33,940 439,142
NET BOOK VALUE
At 31 May 2024 55,917 6,736 62,653
At 31 May 2023 47,565 8,378 55,943

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 79,110 98,856
Other debtors 61,040 84,735
140,150 183,591

SQUIRES GEAR & ENGINEERING LIMITED (REGISTERED NUMBER: 01953264)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 20,846 5,556
Purchase suspense 3,310 17,846
Trade creditors 100,285 75,956
Taxation and social security 15,994 24,540
Other creditors 141,208 106,415
281,643 230,313

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 29,167 34,722
Other creditors 58,785 131,904
87,952 166,626