IRIS Accounts Production v23.2.0.158 11995321 Board of Directors 1.1.22 31.12.22 31.12.22 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh119953212021-12-31119953212022-12-31119953212022-01-012022-12-31119953212020-12-31119953212021-01-012021-12-31119953212021-12-3111995321ns10:Originalns15:EnglandWales2022-01-012022-12-3111995321ns14:PoundSterlingns10:Original2022-01-012022-12-3111995321ns10:Originalns10:Director12022-01-012022-12-3111995321ns10:Original2022-01-012022-12-3111995321ns10:Original2022-12-3111995321ns10:Originalns10:PrivateLimitedCompanyLtd2022-01-012022-12-3111995321ns10:Originalns10:SmallEntities2022-01-012022-12-3111995321ns10:Originalns10:AuditExempt-NoAccountantsReport2022-01-012022-12-3111995321ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-3111995321ns10:SmallCompaniesRegimeForAccountsns10:Original2022-01-012022-12-3111995321ns10:Originalns10:FullAccounts2022-01-012022-12-3111995321ns10:Originalns10:Director22022-01-012022-12-3111995321ns10:Originalns10:Director32022-01-012022-12-3111995321ns10:Originalns10:RegisteredOffice2022-01-012022-12-3111995321ns10:Original2021-12-3111995321ns10:Originalns5:CurrentFinancialInstruments2022-12-3111995321ns10:Originalns5:CurrentFinancialInstruments2021-12-3111995321ns10:Originalns5:Non-currentFinancialInstruments2022-12-3111995321ns10:Originalns5:Non-currentFinancialInstruments2021-12-3111995321ns5:ShareCapitalns10:Original2022-12-3111995321ns5:ShareCapitalns10:Original2021-12-3111995321ns10:Originalns5:SharePremium2022-12-3111995321ns10:Originalns5:SharePremium2021-12-3111995321ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-12-3111995321ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-12-3111995321ns10:Original12022-01-012022-12-3111995321ns10:Originalns5:LeaseholdImprovements2022-01-012022-12-3111995321ns10:Originalns5:PlantMachinery2022-01-012022-12-3111995321ns10:Originalns5:FurnitureFittings2022-01-012022-12-3111995321ns10:Originalns5:ComputerEquipment2022-01-012022-12-3111995321ns10:Original2021-01-012021-12-3111995321ns10:Originalns5:LeaseholdImprovements2021-12-3111995321ns10:Originalns5:PlantMachinery2021-12-3111995321ns10:Originalns5:FurnitureFittings2021-12-3111995321ns10:Originalns5:LeaseholdImprovements2022-12-3111995321ns10:Originalns5:PlantMachinery2022-12-3111995321ns10:Originalns5:FurnitureFittings2022-12-3111995321ns10:Originalns5:LeaseholdImprovements2021-12-3111995321ns10:Originalns5:PlantMachinery2021-12-3111995321ns10:Originalns5:FurnitureFittings2021-12-3111995321ns10:Originalns5:MotorVehicles2021-12-3111995321ns10:Originalns5:ComputerEquipment2021-12-3111995321ns10:Original2021-12-3111995321ns10:Originalns5:MotorVehicles2022-01-012022-12-3111995321ns10:Originalns5:MotorVehicles2022-12-3111995321ns10:Originalns5:ComputerEquipment2022-12-3111995321ns10:Originalns5:MotorVehicles2021-12-3111995321ns10:Originalns5:ComputerEquipment2021-12-3111995321ns10:Originalns5:CostValuation2021-12-3111995321ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3111995321ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2021-12-31
REGISTERED NUMBER: 11995321 (England and Wales)















THE AUCTION HUB (WESSEX) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022






THE AUCTION HUB (WESSEX) LTD (REGISTERED NUMBER: 11995321)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


THE AUCTION HUB (WESSEX) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







Directors: N P B Söderholm
T T B S Österman
A J Sagar





Registered office: 1a Woodlands Industrial Estate
Westbury
Wiltshire
BA13 3QS





Registered number: 11995321 (England and Wales)






THE AUCTION HUB (WESSEX) LTD (REGISTERED NUMBER: 11995321)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £ £ £ £
Fixed assets
Tangible assets 4 48,831 24,059
Investments 5 50,000 50,000
98,831 74,059

Current assets
Stocks 1,712 1,030
Debtors 6 67,293 28,642
Cash at bank 82,065 140,826
151,070 170,498
Creditors
Amounts falling due within one year 7 301,037 192,261
Net current liabilities (149,967 ) (21,763 )
Total assets less current liabilities (51,136 ) 52,296

Creditors
Amounts falling due after more than one
year

8

100,000

-
Net (liabilities)/assets (151,136 ) 52,296

Capital and reserves
Called up share capital 1,000 1,000
Share premium 599,100 599,100
Retained earnings (751,236 ) (547,804 )
(151,136 ) 52,296

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 AUCTION HUB (WESSEX) LTD (REGISTERED NUMBER: 11995321)

BALANCE SHEET - continued
31 DECEMBER 2022


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 Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 October 2023 and were signed on its behalf by:





N P B Söderholm - Director


THE AUCTION HUB (WESSEX) LTD (REGISTERED NUMBER: 11995321)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022


1. Statutory information

The Auction Hub (Wessex) 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.

2. Accounting policies

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

The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the Directorsi are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is the total amount, excluding value added tax, receivable by the company in respect of commissions and fees charged in relation to auctions. Turnover is recognised at point of sale.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on reducing balance
Plant & machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties (if any).

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

THE AUCTION HUB (WESSEX) LTD (REGISTERED NUMBER: 11995321)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. Accounting policies - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 4 (2021 - 3 ) .

4. Tangible fixed assets
Fixtures
Improvements Plant & and
to property machinery fittings
£ £ £
Cost
At 1 January 2022 19,088 10,864 6,203
Additions - 1,438 -
At 31 December 2022 19,088 12,302 6,203
Depreciation
At 1 January 2022 7,070 4,735 2,232
Charge for year 2,194 1,566 691
At 31 December 2022 9,264 6,301 2,923
Net book value
At 31 December 2022 9,824 6,001 3,280
At 31 December 2021 12,018 6,129 3,971

THE AUCTION HUB (WESSEX) LTD (REGISTERED NUMBER: 11995321)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


4. Tangible fixed assets - continued

Motor Computer
vehicles equipment Totals
£ £ £
Cost
At 1 January 2022 - 3,221 39,376
Additions 32,375 791 34,604
At 31 December 2022 32,375 4,012 73,980
Depreciation
At 1 January 2022 - 1,280 15,317
Charge for year 4,869 512 9,832
At 31 December 2022 4,869 1,792 25,149
Net book value
At 31 December 2022 27,506 2,220 48,831
At 31 December 2021 - 1,941 24,059

5. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 1 January 2022
and 31 December 2022 50,000
Net book value
At 31 December 2022 50,000
At 31 December 2021 50,000

6. Debtors: amounts falling due within one year
2022 2021
£ £
Trade debtors 26,793 3,370
Auction debtors 20,000 10,909
Other debtors - 1,800
Prepayments 20,500 12,563
67,293 28,642

THE AUCTION HUB (WESSEX) LTD (REGISTERED NUMBER: 11995321)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


7. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 13,284 14,625
Social security and other taxes 6,907 2,068
VAT 8,303 213
Auction creditors 68,465 82,636
Amounts owed to parent company 190,951 88,762
Other creditors 3,627 1,457
Accrued expenses 9,500 2,500
301,037 192,261

8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Loan from parent company 100,000 -

9. Ultimate controlling party

The ultimate parent company is Auction Network Sweden AB, incorporated in Sweden.