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COMPANY REGISTRATION NUMBER: 00577438
P. Squire Limited
Filleted Unaudited Financial Statements
For the year ending
30 June 2024
P. Squire Limited
Financial Statements
Year ended 30 June 2024
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 9
P. Squire Limited
Officers and Professional Advisers
THE BOARD OF DIRECTORS
P Squire
R E B Squire
COMPANY SECRETARY
P Squire
REGISTERED OFFICE
Bassmead Manor
Staploe
St Neots
Cambs
PE19 5JB
ACCOUNTANTS
Streets
Chartered Accountants
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
BANKERS
Barclays
7 New Street
St Neots
Cambs
PE19 IAS
P. Squire Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,500,470
2,208,682
Investments
6
100
100
------------
------------
2,500,570
2,208,782
Current assets
Stocks
735,405
738,838
Debtors
7
307,600
362,398
Cash at bank and in hand
88,356
22,603
------------
------------
1,131,361
1,123,839
Creditors: amounts falling due within one year
8
998,802
799,222
------------
------------
Net current assets
132,559
324,617
------------
------------
Total assets less current liabilities
2,633,129
2,533,399
Creditors: amounts falling due after more than one year
9
1,184,642
1,208,060
Provisions
Taxation including deferred tax
200,411
146,040
------------
------------
Net assets
1,248,076
1,179,299
------------
------------
P. Squire Limited
Statement of Financial Position (continued)
30 June 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
18,500
18,500
Profit and loss account
1,229,576
1,160,799
------------
------------
Shareholders funds
1,248,076
1,179,299
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 February 2025 , and are signed on behalf of the board by:
R E B Squire
Director
Company registration number: 00577438
P. Squire Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bassmead Manor, Staploe, St Neots, Cambs, PE19 5JB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis, which assumes the continued support of the company's creditors. The directors are confident that they will be able to meet the ongoing liabilities of the company as they fall due for payment and they consider that the financial statements should continue to be prepared on a going concern basis.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Turnover in respect of services rendered is recognised with reference to the work done in the year or the stage of completion at the year end. Rent is recognised on an accruals basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property improvements
-
4% straight line
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 5 ).
5. Tangible assets
Leasehold property improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
3,041,465
1,374,989
82,181
4,498,635
Additions
189,406
343,009
532,415
Disposals
( 92,000)
( 92,000)
------------
------------
--------
------------
At 30 June 2024
3,230,871
1,625,998
82,181
4,939,050
------------
------------
--------
------------
Depreciation
At 1 July 2023
1,293,320
968,881
27,752
2,289,953
Charge for the year
109,970
105,689
13,608
229,267
Disposals
( 80,640)
( 80,640)
------------
------------
--------
------------
At 30 June 2024
1,403,290
993,930
41,360
2,438,580
------------
------------
--------
------------
Carrying amount
At 30 June 2024
1,827,581
632,068
40,821
2,500,470
------------
------------
--------
------------
At 30 June 2023
1,748,145
406,108
54,429
2,208,682
------------
------------
--------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 30 June 2024
111,042
---------
At 30 June 2023
205,439
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 July 2023 and 30 June 2024
100
----
Impairment
At 1 July 2023 and 30 June 2024
----
Carrying amount
At 30 June 2024
100
----
At 30 June 2023
100
----
7. Debtors
2024
2023
£
£
Trade debtors
19,393
35,843
Other debtors
288,207
326,555
---------
---------
307,600
362,398
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
106,665
101,647
Trade creditors
72,433
185,652
Amounts owed to group undertakings and undertakings in which the company has a participating interest
727,591
271,884
Social security and other taxes
44,944
130,473
Other creditors
47,169
109,566
---------
---------
998,802
799,222
---------
---------
Creditors falling due for payment within one year include the following secured liabilities:
a) Bank loans and overdrafts totalling £106,665 (2023 £101,647)
b) Hire purchase liabilities totalling £21,047 (2023 £37,838)
Bank loans and overdrafts are secured on the company's freehold property and hire purchase liabilities are secured on the assets concerned.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,102,763
1,208,060
Other creditors
81,879
------------
------------
1,184,642
1,208,060
------------
------------
Creditors falling due for payment after one year include the following secured liabilities:
a) Bank loans and overdrafts totalling £1,102,763 (2023 £1,208,060)
b) Hire purchase liabilities totalling £81,879 (2023 £nil)
Bank loans and overdrafts are secured on the company's freehold property and hire purchase liabilities are secured on the assets concerned.
Included within creditors: amounts falling due after more than one year is an amount of £620,208 (2023: £748,120) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
All loans are repayable in monthly or quarterly instalments, with interest being charged at rates between 2.5% and 5.02% per annum.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
14,520
33,728
--------
--------
11. Directors' advances, credits and guarantees
The director, P Squire , maintains a loan account with the company. At the beginning of the year the company owed the director £13,529. During the year there were advances to the director totalling £50,636, repayments of £47,301 and interest charges totalling £552. At the reporting date the company owed the director £9,642. The director , R E B Squire , maintains a loan account with the company. At the beginning of the year the director owed the company £41,999. During the year there were advances to the director totalling £318,322, repayments of £315,212 and interest charges totalling £2,944. At the reporting date the director owed company £48,053.
12. Related party transactions
During the year, the company had the following transactions with Bassmead Manor Barns Limited, the company's subsidiary undertaking: The company continued to receive an interest free loan from Bassmead Manor Barns Limited. At the reporting date, the company owed Bassmead Manor Barns Limited £727,591 (2023 £271,884).