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Company Registration No. 05423484 (England and Wales)
FIRST SQUARE EQUIPMENT LTD Unaudited accounts for the year ended 31 May 2025
FIRST SQUARE EQUIPMENT LTD Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
- 2 -
FIRST SQUARE EQUIPMENT LTD Company Information for the year ended 31 May 2025
Directors
Simon Farley Galiya Farley
Secretary
Simon Farley
Company Number
05423484 (England and Wales)
Registered Office
THE THROSTLE STUDDON ALLENDALE HEXHAM NORTHUMBERLAND NE47 9DQ
Accountants
Christian Dodd Westbourne House Main Street Haltwhistle Northumberland NE49 0AZ
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FIRST SQUARE EQUIPMENT LTD Statement of financial position as at 31 May 2025
2025
2024
Notes
£
£
Fixed assets
Tangible assets
4
141,352
225,692
Current assets
Inventories
1,915,754
1,441,812
Debtors
5
311,642
708,024
Cash at bank and in hand
807,305
1,421,169
3,034,701
3,571,005
Creditors: amounts falling due within one year
6
(2,439,593)
(3,375,106)
Net current assets
595,108
195,899
Total assets less current liabilities
736,460
421,591
Creditors: amounts falling due after more than one year
7
(568,557)
(149,137)
Provisions for liabilities
Deferred tax
8
(31,825)
(54,000)
Net assets
136,078
218,454
Capital and reserves
Called up share capital
100
100
Profit and loss account
135,978
218,354
Shareholders' funds
136,078
218,454
For the year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 February 2026 and were signed on its behalf by
Simon Farley Director Company Registration No. 05423484
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FIRST SQUARE EQUIPMENT LTD Notes to the Accounts for the year ended 31 May 2025
1
Statutory information
FIRST SQUARE EQUIPMENT LTD is a private company, limited by shares, registered in England and Wales, registration number 05423484. The registered office is THE THROSTLE STUDDON, ALLENDALE, HEXHAM, NORTHUMBERLAND, NE47 9DQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in sterling
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Straight line
Motor vehicles
20% Straight line
Computer equipment
20% Straight line
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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FIRST SQUARE EQUIPMENT LTD Notes to the Accounts for the year ended 31 May 2025
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost or valuation
At cost
At cost
At cost
At cost
At 1 June 2024
25,277
474,758
-
11,753
511,788
Additions
-
4,250
50,690
458
55,398
Disposals
-
(40,445)
-
-
(40,445)
At 31 May 2025
25,277
438,563
50,690
12,211
526,741
Depreciation
At 1 June 2024
-
276,723
-
9,373
286,096
Charge for the year
-
87,713
27,428
1,442
116,583
On disposals
-
(17,290)
-
-
(17,290)
At 31 May 2025
-
347,146
27,428
10,815
385,389
Net book value
At 31 May 2025
25,277
91,417
23,262
1,396
141,352
At 31 May 2024
25,277
198,035
-
2,380
225,692
5
Debtors
2025
2024
£
£
Amounts falling due within one year
VAT
129,386
55,990
Trade debtors
182,256
652,034
311,642
708,024
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
9,979
-
Trade creditors
1,504,280
2,106,747
Taxes and social security
2,045
1,420
Other creditors
469
448
Loans from directors
196,137
609
Accruals
4,500
-
Deferred income
722,183
1,265,882
2,439,593
3,375,106
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
-
19,954
Obligations under finance leases and hire purchase contracts
568,557
129,183
568,557
149,137
- 6 -
FIRST SQUARE EQUIPMENT LTD Notes to the Accounts for the year ended 31 May 2025
8
Deferred taxation
2025
2024
£
£
Accelerated capital allowances
(53,078)
54,000
Tax losses carried forward
84,903
-
31,825
54,000
2025
2024
£
£
Provision at start of year
54,000
94,000
Credited to the profit and loss account
(22,175)
(40,000)
Provision at end of year
31,825
54,000
9
Average number of employees
During the year the average number of employees was 4 (2024: 4).
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