Registration number: 07074808

Squires Heating Services Limited

(Registration number: 07074808)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	5,103	6,301
Current assets
Stocks		396,072	29,200
Debtors	6	514,225	632,394
Cash at bank and in hand		597,849	769,132
		1,508,146	1,430,726
Creditors: Amounts falling due within one year	7	(46,069)	(46,290)
Net current assets		1,462,077	1,384,436
Total assets less current liabilities		1,467,180	1,390,737
Provisions for liabilities		(1,275)	(1,575)
Net assets		1,465,905	1,389,162
Capital and reserves
Called up share capital	8	100	100
Retained earnings		1,465,805	1,389,062
Shareholders' funds		1,465,905	1,389,162

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

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Squires Heating Services Limited

(Registration number: 07074808)
Balance Sheet as at 31 December 2024 (continued)

Approved and authorised by the director on 26 September 2025
 

Mr M Squires Director

Squires Heating Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
95 Sinclair Avenue
Banbury
Oxon
OX16 1BQ

The principal place of business is:
107 Main Road
Long Hanborough
Witney
Oxon
OX29 8JX

These financial statements were authorised for issue by the director on 26 September 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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Squires Heating Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

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 Value Added Tax and trade 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.

Any retention on contracts is invoiced at the time of completion of the contract and included in that year's turnover regardless of which year it falls due for receipt. Income is recognised as the right to consideration falls due.

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.

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.

Squires Heating Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	15% reducing balance
Motor vehicles	25% reducing balance

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of ten years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

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 goods 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 Heating Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 3).

Squires Heating Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	375,000	375,000
At 31 December 2024	375,000	375,000
Amortisation
At 1 January 2024	375,000	375,000
At 31 December 2024	375,000	375,000
Carrying amount
At 31 December 2024	-	-

5	Tangible assets

	Fixtures and fittings £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	16,673	29,195	45,868
At 31 December 2024	16,673	29,195	45,868
Depreciation
At 1 January 2024	12,901	26,666	39,567
Charge for the year	565	633	1,198
At 31 December 2024	13,466	27,299	40,765
Carrying amount
At 31 December 2024	3,207	1,896	5,103
At 31 December 2023	3,772	2,529	6,301

Squires Heating Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Debtors

Current	2024 £	2023 £
Trade debtors	71,048	76,721
Prepayments	5,719	3,629
Other debtors	437,458	552,044
	514,225	632,394

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	21,171	24,779
Taxation and social security	17,972	18,989
Accruals and deferred income	2,552	2,425
Other creditors	4,374	97
	46,069	46,290

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Squires Heating Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

9	Related party transactions

During the year the company continued to provide a loan to the director. The amount due from the director at the balance sheet date totalled £Nil (2023 - £92,714). Interest has been charged at the HMRC official beneficial loan interest rates on this loan.

Loans to related parties

	Other related parties
	2024 £	2023 £
At start of period	426,698	423,742
Advanced	-	2,956
At end of period	426,698	426,698

Terms of loans to related parties

The above is comprised of a to SHS Developments (Oxford) Limited, included within other debtors, a company under common control. The loan is interest free and repayable on demand.