Squires Garage And Road Transport Limite - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00627406 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Squires Garage And Road Transport

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

B W Squire

Mrs J M Waller

SECRETARY:

B W Squire

REGISTERED OFFICE:

Rear Of 51 High Street

Bloxwich

Walsall

West Midlands

WS3 2DF

REGISTERED NUMBER:

00627406 (England and Wales)

ACCOUNTANTS:

Tomkinson Teal Limited

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

FIXED ASSETS

Tangible assets

5

429,224

431,953

CURRENT ASSETS

Stocks

34,100

43,720

Debtors

6

33,844

52,606

Cash at bank and in hand

36,730

38,593

104,674

134,919

CREDITORS

Amounts falling due within one year

7

(171,884

)

(194,818

)

NET CURRENT LIABILITIES

(67,210

)

(59,899

)

TOTAL ASSETS LESS CURRENT LIABILITIES

362,014

372,054

CREDITORS

Amounts falling due after more than one year

8

(28,620

)

(43,244

)

PROVISIONS FOR LIABILITIES

9

(81,553

)

(82,071

)

NET ASSETS

251,841

246,739

CAPITAL AND RESERVES

Called up share capital

10

5,000

5,000

Retained earnings

11

246,841

241,739

SHAREHOLDERS' FUNDS

251,841

246,739

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors on 12 August 2019 and were signed on its behalf by:

B W Squire - Director

1.	STATUTORY INFORMATION

Squires Garage And Road Transport Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

There are no material departures from the standard.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

15% on cost and 5% on cost

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 11 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2018

2,700

684,308

3,620

690,628

Additions

-

64,000

-

64,000

Disposals

-

(134,009

)

-

(134,009

)

At 31 March 2019

2,700

614,299

3,620

620,619

DEPRECIATION

At 1 April 2018

270

256,536

1,869

258,675

Charge for year

486

20,962

723

22,171

Eliminated on disposal

-

(89,451

)

-

(89,451

)

At 31 March 2019

756

188,047

2,592

191,395

NET BOOK VALUE

At 31 March 2019

1,944

426,252

1,028

429,224

At 31 March 2018

2,430

427,772

1,751

431,953

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

22,768

41,195

Other debtors

11,076

11,411

33,844

52,606

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

13,568

18,605

Hire purchase contracts

24,722

35,953

Trade creditors

27,657

24,792

Taxation and social security

28,117

27,868

Other creditors

77,820

87,600

171,884

194,818

Included in other creditors is a loan of £29,919 (2018 - £43,939) due to B W Squire, and a loan of £14,731 (2018 -

£14,731) due to J M Waller, both of whom are directors of the company. There are no fixed payment terms and the loans

are interest free.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

6,455

19,209

Hire purchase contracts

22,165

24,035

28,620

43,244

The aggregate total of the bank loans are £20,023 (2018 - £37,814). These loans are secured by a debenture over the

company's assets and joint and several guarantees given by the company's directors, B W Squire and J M Waller, limited to

£210,000.

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

81,553

82,071

Deferred

tax

£

Balance at 1 April 2018

82,071

Provided during year

(518

)

Balance at 31 March 2019

81,553

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2,050

Ordinary A

£1

2,050

2,050

2,200

Ordinary B

£1

2,200

2,200

750

Ordinary C

£1

750

750

5,000

5,000

These shares rank pari passu in all respects with the exception of dividends which are declared on a discretionary basis,

being a separate class right.

11.

RESERVES

Retained

earnings

£

At 1 April 2018

241,739

Profit for the year

17,502

Dividends

(12,400

)

At 31 March 2019

246,841

12.	RELATED PARTY DISCLOSURES

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited

financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet.

Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are

not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Squires Garage And Road Transport Limited for the year ended 31 March 2019 which comprise the Profit and loss

account, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Squires Garage And Road Transport Limited 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 Squires Garage And Road Transport Limited. You consider that Squires Garage And Road Transport Limited 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 Squires Garage And Road Transport Limited. 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.

Tomkinson Teal Limited

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

12 August 2019