Squires Garage And Road Transport Limite - Accounts to registrar - small 17.2

REGISTERED NUMBER: 00627406 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

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

4

427,070

355,755

CURRENT ASSETS

Stocks

62,100

61,175

Debtors

5

57,002

27,561

Cash at bank and in hand

33,494

40,332

152,596

129,068

CREDITORS

Amounts falling due within one year

6

(216,758

)

(176,133

)

NET CURRENT LIABILITIES

(64,162

)

(47,065

)

TOTAL ASSETS LESS CURRENT LIABILITIES

362,908

308,690

CREDITORS

Amounts falling due after more than one year

7

(83,938

)

(85,105

)

PROVISIONS FOR LIABILITIES

(71,000

)

(56,100

)

NET ASSETS

207,970

167,485

CAPITAL AND RESERVES

Called up share capital

8

5,000

5,000

Retained earnings

9

202,970

162,485

SHAREHOLDERS' FUNDS

207,970

167,485

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 11 July 2017 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2016

590,610

3,620

594,230

Additions

99,540

-

99,540

Disposals

(11,903

)

-

(11,903

)

At 31 March 2017

678,247

3,620

681,867

DEPRECIATION

At 1 April 2016

238,054

421

238,475

Charge for year

20,224

724

20,948

Eliminated on disposal

(4,626

)

-

(4,626

)

At 31 March 2017

253,652

1,145

254,797

NET BOOK VALUE

At 31 March 2017

424,595

2,475

427,070

At 31 March 2016

352,556

3,199

355,755

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

49,817

21,728

Other debtors

7,185

5,833

57,002

27,561

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

17,289

16,744

Hire purchase contracts

39,917

31,223

Trade creditors

45,241

44,738

Taxation and social security

37,120

17,690

Other creditors

77,191

65,738

216,758

176,133

Included in other creditors is a loan of £45,861 (2016 - £34,439) due to B W Squire, and a loan of £14,731

(2016 - £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.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

38,035

55,871

Hire purchase contracts

45,903

29,234

83,938

85,105

The aggregate total of the bank loans are £55,324 (2016 - £72,615). 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.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

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.

9.

RESERVES

Retained

earnings

£

At 1 April 2016

162,485

Profit for the year

60,685

Dividends

(20,200

)

At 31 March 2017

202,970

10.	RELATED PARTY DISCLOSURES

11.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

12.	FIRST YEAR ADOPTION

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with

FRS 102 Section 1A "Small Entities". The date of transition is 1 April 2016.

The transition to FRS102 section 1A has resulted in a small number of changes in accounting policies to those

used previously. However, none of the changes have impacted on the opening equity or the profit for the

comparative period.

The following reproduces the text of the report prepared for the directors and members 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 2017 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 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

11 July 2017