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Registration number: 09602395

Squire Furnishings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Squire Furnishings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Squire Furnishings Limited

Company Information

Directors

A J Squires

P H Squires

Registered office

The Avenue South End
Hogsthorpe
Skegness
Lincolnshire
PE24 5NE

 

Squire Furnishings Limited

(Registration number: 09602395)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

304,908

308,211

Current assets

 

Stocks

5

133,187

154,163

Debtors

6

28,758

57,195

Cash at bank and in hand

 

23,844

23,954

 

185,789

235,312

Creditors: Amounts falling due within one year

7

(108,875)

(151,998)

Net current assets

 

76,914

83,314

Total assets less current liabilities

 

381,822

391,525

Creditors: Amounts falling due after more than one year

7

(148,410)

(130,954)

Provisions for liabilities

(5,736)

(7,225)

Net assets

 

227,676

253,346

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

97,050

97,050

Retained earnings

130,526

156,196

Shareholders' funds

 

227,676

253,346

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 May 2025 and signed on its behalf by:
 

 

Squire Furnishings Limited

(Registration number: 09602395)
Balance Sheet as at 31 August 2024

.........................................
A J Squires
Director

 

Squire Furnishings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company, limited by share capital, incorporated in England and Wales and the company registration number is 09602395.

The address of its registered office is:
The Avenue South End
Hogsthorpe
Skegness
Lincolnshire
PE24 5NE

These financial statements were authorised for issue by the Board on 23 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Squire Furnishings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

No depreciation is being charged

Fixtures & Fittings

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 7 (2023 - 9).

 

Squire Furnishings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

295,000

13,525

27,073

335,598

At 31 August 2024

295,000

13,525

27,073

335,598

Depreciation

At 1 September 2023

-

9,127

18,260

27,387

Charge for the year

-

1,099

2,204

3,303

At 31 August 2024

-

10,226

20,464

30,690

Carrying amount

At 31 August 2024

295,000

3,299

6,609

304,908

At 31 August 2023

295,000

4,398

8,813

308,211

Included within the net book value of land and buildings above is £295,000 (2023 - £295,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the Company's Buildings was revalued on 10 January 2020 by an independant valuer Turner Evans Stevens Ltd.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £175,185 (2023 - £175,185).

5

Stocks

2024
£

2023
£

Other inventories

133,187

154,163

6

Debtors

Current

2024
£

2023
£

Trade debtors

24,669

49,929

Prepayments

4,089

4,866

Other debtors

-

2,400

 

28,758

57,195

 

Squire Furnishings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

40,774

53,046

Trade creditors

 

38,427

73,261

Taxation and social security

 

8,806

14,022

Accruals and deferred income

 

2,150

8,882

Other creditors

 

18,718

2,787

 

108,875

151,998


Creditors include net obligations under finance lease and hire purchase contracts which are secured of £NIL (2023 - £3,950).
Creditors also include bank loans of which are secured of £124,583 (2023- £97,319).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

148,410

130,954

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

140,500

114,247

Other borrowings

7,910

16,707

148,410

130,954

2024
£

2023
£

Current loans and borrowings

Bank borrowings

15,175

24,089

Bank overdrafts

25,599

25,007

Hire purchase contracts

-

3,950

40,774

53,046

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £86,250 (2023 - £135,333).