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REGISTERED NUMBER: 05895815 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 March 2023

for

SPECIALIST AUCTIONS LTD

SPECIALIST AUCTIONS LTD (REGISTERED NUMBER: 05895815)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SPECIALIST AUCTIONS LTD

Company Information
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: N Shuttleworth
T W Forrester





SECRETARY: N Shuttleworth





REGISTERED OFFICE: Bath House
6-8 Bath Street
Redcliffe
Bristol
BS1 6HL





REGISTERED NUMBER: 05895815 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
6-8 Bath Street
Bristol
BS1 6HL

SPECIALIST AUCTIONS LTD (REGISTERED NUMBER: 05895815)

Balance Sheet
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 244,333 235,460

CURRENT ASSETS
Debtors 5 29,379 26,747
Cash at bank and in hand 485,386 278,650
514,765 305,397
CREDITORS
Amounts falling due within one year 6 (311,482 ) (319,700 )
NET CURRENT ASSETS/(LIABILITIES) 203,283 (14,303 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

447,616

221,157

CREDITORS
Amounts falling due after more than one
year

7

(34,934

)

(10,196

)

PROVISIONS FOR LIABILITIES (61,084 ) (58,865 )
NET ASSETS 351,598 152,096

CAPITAL AND RESERVES
Called up share capital 90 90
Capital redemption reserve 10 10
Retained earnings 351,498 151,996
SHAREHOLDERS' FUNDS 351,598 152,096

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

SPECIALIST AUCTIONS LTD (REGISTERED NUMBER: 05895815)

Balance Sheet - continued
31 MARCH 2023


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

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

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 19 September 2023 and were signed on its behalf by:




N Shuttleworth - Director



T W Forrester - Director


SPECIALIST AUCTIONS LTD (REGISTERED NUMBER: 05895815)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2023


1. COMPANY INFORMATION

Specialist Auctions Ltd 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 company's principal activities and nature of its operations was that of auctioneers.

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" ("FRS 102") and the requirements of the Companies Act 2006. The financial statements have been prepared on the historical cost convention.

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 £.

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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
The turnover shown in the Profit and Loss Account represents buyers and sellers commissions earned on auction sales during the period exclusive of Value Added Tax. Revenue is recognised at the point when the auction sales are made.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Equipment - 33% on cost
Fixture and fittings - 20% on cost
Motor Vehicles - 33% on cost
Long Leasehold - Straight line over 15 years

Cash and cash equivalents
Cash and cash equivalents 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.

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. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SPECIALIST AUCTIONS LTD (REGISTERED NUMBER: 05895815)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

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.

Hire purchase and operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

SPECIALIST AUCTIONS LTD (REGISTERED NUMBER: 05895815)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor
leasehold Equipment fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 254,085 58,915 89,979 58,754 461,733
Additions - 2,076 4,282 37,266 43,624
Disposals - - - (16,481 ) (16,481 )
At 31 March 2023 254,085 60,991 94,261 79,539 488,876
DEPRECIATION
At 1 April 2022 50,822 57,557 67,233 50,661 226,273
Charge for year 16,939 1,529 8,190 8,093 34,751
Eliminated on disposal - - - (16,481 ) (16,481 )
At 31 March 2023 67,761 59,086 75,423 42,273 244,543
NET BOOK VALUE
At 31 March 2023 186,324 1,905 18,838 37,266 244,333
At 31 March 2022 203,263 1,358 22,746 8,093 235,460

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 480 1,140
Prepayments 28,899 25,607
29,379 26,747

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 12,558 5,098
Trade creditors 22,953 22,884
Corporation tax 86,280 50,728
VAT 83,794 75,861
Other creditors 29,183 124,277
Directors' current accounts 4,571 35,809
Accrued expenses 72,143 5,043
311,482 319,700

SPECIALIST AUCTIONS LTD (REGISTERED NUMBER: 05895815)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 34,934 10,196

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 12,558 5,098
Between one and five years 34,934 10,196
47,492 15,294

Non-cancellable operating leases
2023 2022
£    £   
Within one year 113,100 147,516
Between one and five years 452,399 452,399
In more than five years 584,341 706,874
1,149,840 1,306,789

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 47,492 15,294

Hire purchase arrangements are secured against the assets to which they relate.

10. ULTIMATE CONTROLLING PARTY

The company is jointly controlled by Mr N Shuttleworth and Mr T Forrester by virtue of their shareholding.