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Registration number: 09859455

Squires Acquisitions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

Squires Acquisitions Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Squires Acquisitions Ltd

(Registration number: 09859455)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

500

667

Investment property

5

1,265,000

1,265,000

 

1,265,500

1,265,667

Current assets

 

Debtors

6

130,117

10,786

Cash at bank and in hand

 

15,397

125,819

 

145,514

136,605

Creditors: Amounts falling due within one year

7

(183,725)

(176,527)

Net current liabilities

 

(38,211)

(39,922)

Total assets less current liabilities

 

1,227,289

1,225,745

Creditors: Amounts falling due after more than one year

7

(748,304)

(754,285)

Provisions for liabilities

(85,776)

(84,346)

Net assets

 

393,209

387,114

Capital and reserves

 

Called up share capital

100

100

Profit and loss non-distributable reserves

451,643

451,643

Retained earnings

(58,534)

(64,629)

Shareholders' funds

 

393,209

387,114

For the financial year ending 30 November 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 15 August 2025 and signed on its behalf by:
 

 

Squires Acquisitions Ltd

(Registration number: 09859455)
Balance Sheet as at 30 November 2024

.........................................
M J Squires
Director

 

Squires Acquisitions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2024

1

General information

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

The address of its registered office is:
7a King Street
Frome
Somerset
BA11 1BH

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.

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 current and 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 income 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.

 

Squires Acquisitions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures and fittings

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

There is no amortisation provision due to the nature of the assets in that they can increase as well as decrease.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Squires Acquisitions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 1).

 

Squires Acquisitions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2023

5,000

5,000

At 30 November 2024

5,000

5,000

Depreciation

At 1 December 2023

4,333

4,333

Charge for the year

167

167

At 30 November 2024

4,500

4,500

Net book value

At 30 November 2024

500

500

At 30 November 2023

667

667

5

Investment properties

2024
£

At 1 December

1,265,000

At 30 November

1,265,000


The valuation at the Balance Sheet date is as per the directors .

6

Debtors

2024
£

2023
£

Trade debtors

6,320

1,104

Other debtors

123,797

9,682

130,117

10,786

 

Squires Acquisitions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2024

7

Creditors

Amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,994

5,975

Taxation and social security

 

-

862

Accruals and deferred income

 

2,449

1,850

Other creditors

 

175,282

167,840

 

183,725

176,527

Amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

748,304

754,285

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

748,304

754,285

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,994

5,975

Bank borrowings

The Bank borrowings are denominated in Sterling. The carrying amount at year end was £754,298 (2023 - £760,260).

Loans totalling £718,519 are secured by way of charges over the investment properties.

 

Squires Acquisitions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2024

9

Related party transactions

Transactions with directors

2024

At 1 December 2023
£

Advances to director
£

Repayments by director
£

At 30 November 2024
£

M J Squires

1,756

58,313

(1,756)

58,313

R Squires

1,755

58,313

(1,755)

58,313

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

M J Squires

44,389

1,756

(44,389)

1,756

R Squires

44,379

1,755

(44,379)

1,755

Other transactions with directors

During the year the company charged interest on the overdrawn Director's Loan Accounts at a commercial rate.

Summary of transactions with all entities with joint control or significant interest


During the year the company traded with a company in which the directors and shareholders of Squires Acquisitions Ltd own all of the issued share capital. At the Balance Sheet date the company owed Squires Developments Ltd £168,132 (2023: £160,090).