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Company No: 04675506 (England and Wales)

SQUARE MILE BUSINESS SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

SQUARE MILE BUSINESS SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

SQUARE MILE BUSINESS SERVICES LIMITED

COMPANY INFORMATION

For the financial year ended 29 February 2024
SQUARE MILE BUSINESS SERVICES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 29 February 2024
DIRECTOR Stephen Mark Herman
SECRETARY Stephen Mark Herman
REGISTERED OFFICE Treviot House
186-192 High Road
Ilford
IG1 1LR
United Kingdom
COMPANY NUMBER 04675506 (England and Wales)
ACCOUNTANT Gravita Essex Limited
Treviot House
186-192 High Road
Ilford
Essex
IG1 1LR
United Kingdom
SQUARE MILE BUSINESS SERVICES LIMITED

BALANCE SHEET

As at 29 February 2024
SQUARE MILE BUSINESS SERVICES LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 450,000 400,000
450,000 400,000
Current assets
Debtors 4 60 60
Cash at bank and in hand 4,515 7,284
4,575 7,344
Creditors: amounts falling due within one year 5 ( 40,979) ( 40,951)
Net current liabilities (36,404) (33,607)
Total assets less current liabilities 413,596 366,393
Creditors: amounts falling due after more than one year 6 ( 132,995) ( 132,995)
Provision for liabilities ( 52,319) ( 39,820)
Net assets 228,282 193,578
Capital and reserves
Called-up share capital 7 2 2
Fair value reserve 239,207 201,707
Profit and loss account ( 10,927 ) ( 8,131 )
Total shareholders' funds 228,282 193,578

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Square Mile Business Services Limited (registered number: 04675506) were approved and authorised for issue by the Director on 27 November 2024. They were signed on its behalf by:

Stephen Mark Herman
Director
SQUARE MILE BUSINESS SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
SQUARE MILE BUSINESS SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Square Mile Business Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Treviot House, 186-192 High Road, Ilford, IG1 1LR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 March 2023 400,000
Fair value movement 50,000
As at 29 February 2024 450,000

Fair value at 28 February 2024 of £450,000 is represented by:

Original cost £158,473; increase in valuation in 2015 £191,527; increase in valuation in 2016 £25,000; increase in valuation in 2017 £25,000; increase in 2024 £50,000

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 158,473 158,473

The investment property was valued on a fair value basis on 28th February 2024 by the director.

4. Debtors

2024 2023
£ £
Other debtors 60 60

5. Creditors: amounts falling due within one year

2024 2023
£ £
Other taxation and social security 851 372
Other creditors 40,128 40,579
40,979 40,951

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 132,995 132,995

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Other creditors (secured) 132,995 132,995

The loan is secured by a fixed first legal charge over the Company's investment property.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary A share of £ 1.00 1 1
1 Ordinary B share of £ 1.00 1 1
2 2