Company registration number 11108233 (England and Wales)
SQUAREDEAL BUILDING SUPPLIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SQUAREDEAL BUILDING SUPPLIES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SQUAREDEAL BUILDING SUPPLIES LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SQUAREDEAL BUILDING SUPPLIES LTD FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Squaredeal Building Supplies Ltd for the year ended 31 December 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Squaredeal Building Supplies Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Squaredeal Building Supplies Ltd and state those matters that we have agreed to state to the board of directors of Squaredeal Building Supplies Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Squaredeal Building Supplies Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Squaredeal Building Supplies Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Squaredeal Building Supplies Ltd. You consider that Squaredeal Building Supplies Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Squaredeal Building Supplies Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
15 August 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
SQUAREDEAL BUILDING SUPPLIES LTD
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
187,563
221,143
Current assets
Stocks
2,214,079
2,287,578
Debtors
5
1,371,016
1,174,330
Cash at bank and in hand
1,125,519
711,629
4,710,614
4,173,537
Creditors: amounts falling due within one year
6
(1,231,253)
(1,218,284)
Net current assets
3,479,361
2,955,253
Total assets less current liabilities
3,666,924
3,176,396
Creditors: amounts falling due after more than one year
7
-
0
(26,774)
Provisions for liabilities
(46,900)
(60,900)
Net assets
3,620,024
3,088,722
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
3,620,022
3,088,720
Total equity
3,620,024
3,088,722

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SQUAREDEAL BUILDING SUPPLIES LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 15 August 2025 and are signed on its behalf by:
Mr S C Eke
Mr A J Livermore
Director
Director
Company Registration No. 11108233
SQUAREDEAL BUILDING SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information

Squaredeal Building Supplies Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 11, Brookside Business Park, Brookside Avenue, Rustington, Littlehampton, West Sussex, BN16 2LP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment.  Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Intangible fixed assets - goodwill

Goodwill represents the amount of consideration transferred following the acquisition of trade of an associated company.

 

For the purposes of an impairment review, the directors are satisfied that this goodwill exists, and the acquisition sum represents a fair value.

Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is estimated to be 4 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% per annum on a diminishing balance basis
Fixtures and fittings
25% per annum on a diminishing balance basis
Computers
25% per annum on a diminishing balance basis
Motor vehicles
25% per annum on a diminishing balance basis
SQUAREDEAL BUILDING SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SQUAREDEAL BUILDING SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 21 (2023 - 19).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
440,000
Amortisation and impairment
At 1 January 2024 and 31 December 2024
440,000
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
SQUAREDEAL BUILDING SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
54,231
1,357
8,368
389,079
453,035
Additions
9,000
-
0
-
0
23,995
32,995
Disposals
-
0
-
0
-
0
(15,500)
(15,500)
At 31 December 2024
63,231
1,357
8,368
397,574
470,530
Depreciation and impairment
At 1 January 2024
27,743
1,055
6,132
196,962
231,892
Depreciation charged in the year
7,372
76
558
51,848
59,854
Eliminated in respect of disposals
-
0
-
0
-
0
(8,779)
(8,779)
At 31 December 2024
35,115
1,131
6,690
240,031
282,967
Carrying amount
At 31 December 2024
28,116
226
1,678
157,543
187,563
At 31 December 2023
26,488
302
2,236
192,117
221,143
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
705,043
655,520
Other debtors
665,973
518,810
1,371,016
1,174,330
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
881,913
698,013
Taxation and social security
303,501
479,083
Other creditors
45,839
41,188
1,231,253
1,218,284

Other creditors includes hire purchase balances of £26,774 (2023: £36,074) which are secured on the assets.

SQUAREDEAL BUILDING SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
26,774

Other creditors represents hire purchase balances which are secured on the assets.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
471,000
336,600
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