IRIS Accounts Production v24.3.2.46 03020248 Board of Directors 1.7.23 30.6.24 30.6.24 false true false false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh030202482023-06-30030202482024-06-30030202482023-07-012024-06-30030202482022-06-30030202482022-07-012023-06-30030202482023-06-3003020248ns15:EnglandWales2023-07-012024-06-3003020248ns14:PoundSterling2023-07-012024-06-3003020248ns10:Director12023-07-012024-06-3003020248ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3003020248ns10:SmallEntities2023-07-012024-06-3003020248ns10:AuditExempt-NoAccountantsReport2023-07-012024-06-3003020248ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3003020248ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3003020248ns10:FullAccounts2023-07-012024-06-300302024812023-07-012024-06-3003020248ns10:Director32023-07-012024-06-3003020248ns10:CompanySecretary12023-07-012024-06-3003020248ns10:RegisteredOffice2023-07-012024-06-3003020248ns5:CurrentFinancialInstruments2024-06-3003020248ns5:CurrentFinancialInstruments2023-06-3003020248ns5:Non-currentFinancialInstruments2024-06-3003020248ns5:Non-currentFinancialInstruments2023-06-3003020248ns5:ShareCapital2024-06-3003020248ns5:ShareCapital2023-06-3003020248ns5:SharePremium2024-06-3003020248ns5:SharePremium2023-06-3003020248ns5:RevaluationReserve2024-06-3003020248ns5:RevaluationReserve2023-06-3003020248ns5:CapitalRedemptionReserve2024-06-3003020248ns5:CapitalRedemptionReserve2023-06-3003020248ns5:RetainedEarningsAccumulatedLosses2024-06-3003020248ns5:RetainedEarningsAccumulatedLosses2023-06-3003020248ns5:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-3003020248ns5:LandBuildingsns5:ShortLeaseholdAssets2023-07-012024-06-3003020248ns5:PlantMachinery2023-07-012024-06-3003020248ns5:FurnitureFittings2023-07-012024-06-3003020248ns5:MotorVehicles2023-07-012024-06-3003020248ns5:ComputerEquipment2023-07-012024-06-3003020248ns5:NetGoodwill2023-06-3003020248ns5:NetGoodwill2024-06-3003020248ns5:NetGoodwill2023-06-3003020248ns5:LandBuildingsns5:ShortLeaseholdAssets2023-06-3003020248ns5:LongLeaseholdAssetsns5:LandBuildings2023-06-3003020248ns5:PlantMachinery2023-06-3003020248ns5:LongLeaseholdAssetsns5:LandBuildings2023-07-012024-06-3003020248ns5:LandBuildingsns5:ShortLeaseholdAssets2024-06-3003020248ns5:LongLeaseholdAssetsns5:LandBuildings2024-06-3003020248ns5:PlantMachinery2024-06-3003020248ns5:LandBuildingsns5:ShortLeaseholdAssets2023-06-3003020248ns5:LongLeaseholdAssetsns5:LandBuildings2023-06-3003020248ns5:PlantMachinery2023-06-3003020248ns5:FurnitureFittings2023-06-3003020248ns5:MotorVehicles2023-06-3003020248ns5:ComputerEquipment2023-06-3003020248ns5:FurnitureFittings2024-06-3003020248ns5:MotorVehicles2024-06-3003020248ns5:ComputerEquipment2024-06-3003020248ns5:FurnitureFittings2023-06-3003020248ns5:MotorVehicles2023-06-3003020248ns5:ComputerEquipment2023-06-3003020248ns5:CostValuation2023-06-3003020248ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3003020248ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3003020248ns5:RevaluationReserve2023-06-30
REGISTERED NUMBER: 03020248 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

SUREQUOTE LIMITED

SUREQUOTE LIMITED (REGISTERED NUMBER: 03020248)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SUREQUOTE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: L K Virdee
H S Sira





SECRETARY: S S Sira





REGISTERED OFFICE: 7 St John's Road
Harrow
Middlesex
HA1 2EY





REGISTERED NUMBER: 03020248 (England and Wales)





ACCOUNTANTS: Macalvins Limited
Chartered Accountants
7 St John's Road
Harrow
Middlesex
HA1 2EY

SUREQUOTE LIMITED (REGISTERED NUMBER: 03020248)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,200,000 1,200,000
Tangible assets 5 729,705 690,499
Investments 6 3,750 3,750
Investment property 7 2,043,861 2,043,861
3,977,316 3,938,110

CURRENT ASSETS
Stocks 8 543,350 863,205
Debtors 9 911,473 990,059
Cash at bank and in hand 66,741 103,662
1,521,564 1,956,926
CREDITORS
Amounts falling due within one year 10 1,243,228 1,498,668
NET CURRENT ASSETS 278,336 458,258
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,255,652

4,396,368

CREDITORS
Amounts falling due after more than one year 11 (502,353 ) (609,019 )

PROVISIONS FOR LIABILITIES (354,989 ) (338,628 )
NET ASSETS 3,398,310 3,448,721

CAPITAL AND RESERVES
Called up share capital 32,750 32,750
Share premium Account 102,250 102,250
Revaluation reserve 12 1,275,932 1,275,932
Non-distributable reserve 1,200,000 1,200,000
Retained earnings 787,378 837,789
SHAREHOLDERS' FUNDS 3,398,310 3,448,721

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

SUREQUOTE LIMITED (REGISTERED NUMBER: 03020248)

BALANCE SHEET - continued
30 JUNE 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





L K Virdee - Director


SUREQUOTE LIMITED (REGISTERED NUMBER: 03020248)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Surequote 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents goods sold and measured at the time of sale on the basis of fair value of the consideration received and receivable, excluding discounts, rebates and value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 33% on cost
Plant and machinery - 25% reducing balance
Fixtures and fittings - 15% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 25% reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 Profit & Loss Account, 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.

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.

Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.

SUREQUOTE LIMITED (REGISTERED NUMBER: 03020248)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Leasing
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease terms and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produced constant periodic rates of charge on the net obligations outstanding in each period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 1,290,500
AMORTISATION
At 1 July 2023
and 30 June 2024 90,500
NET BOOK VALUE
At 30 June 2024 1,200,000
At 30 June 2023 1,200,000

5. TANGIBLE FIXED ASSETS
Short Property Plant and
leasehold Improvement machinery
£    £    £   
COST
At 1 July 2023 12,939 515,213 121,549
Additions 19,415 - -
Disposals - - -
At 30 June 2024 32,354 515,213 121,549
DEPRECIATION
At 1 July 2023 12,939 - 108,330
Charge for year 6,471 - 3,305
At 30 June 2024 19,410 - 111,635
NET BOOK VALUE
At 30 June 2024 12,944 515,213 9,914
At 30 June 2023 - 515,213 13,219

SUREQUOTE LIMITED (REGISTERED NUMBER: 03020248)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 1,336,139 110,583 6,555 2,102,978
Additions 63,500 21,250 2,385 106,550
Disposals - (21,250 ) - (21,250 )
At 30 June 2024 1,399,639 110,583 8,940 2,188,278
DEPRECIATION
At 1 July 2023 1,224,783 64,173 2,254 1,412,479
Charge for year 23,424 11,602 1,292 46,094
At 30 June 2024 1,248,207 75,775 3,546 1,458,573
NET BOOK VALUE
At 30 June 2024 151,432 34,808 5,394 729,705
At 30 June 2023 111,356 46,410 4,301 690,499

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 July 2023
and 30 June 2024 3,750
NET BOOK VALUE
At 30 June 2024 3,750
At 30 June 2023 3,750

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 2,075,342
DEPRECIATION
At 1 July 2023
and 30 June 2024 31,481
NET BOOK VALUE
At 30 June 2024 2,043,861
At 30 June 2023 2,043,861

In the opinion of the directors and considering the current situation where the market has been impacted due to inflation, the open market value of the investment properties as at 30 June 2024 is as stated above.

8. STOCKS
30.6.24 30.6.23
£    £   
Finished goods 543,350 863,205

SUREQUOTE LIMITED (REGISTERED NUMBER: 03020248)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 309,580 275,890
Amounts owed by related companies 400,573 422,553
Other debtors 201,320 291,616
911,473 990,059

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 133,003 83,213
Trade creditors 1,023,501 1,316,605
Taxation and social security 46,311 47,558
Other creditors 40,413 51,292
1,243,228 1,498,668

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans 502,353 592,408
Other creditors - 16,611
502,353 609,019

12. RESERVES
Revaluation
reserve
£   
At 1 July 2023
and 30 June 2024 1,275,932

13. RELATED PARTY DISCLOSURES

Included within other debtors as at year end is £400,573 (2023 - £422,553), an amount owed from Luckshore Ltd, a company where L K Virdee is also the director. The amount owed is unsecured and there are no specific terms to the repayment of this amount.

Included within creditors as at year end is £3,008 (2023: £186), an amount owed to the directors of the company. The loan is interest free with no specific terms of repayment.