Thirsk Farmers Auction Mart Company Limited 30/06/2023 iXBRL

Company registration number: 00091818

Thirsk Farmers Auction Mart Company Limited

Filleted financial statements

30 June 2023

THE BARKER PARTNERSHIP

Chartered Accountants and Statutory Auditors

Thirsk

Thirsk Farmers Auction Mart Company Limited

Contents

Directors and other information

Directors responsibilities statement

Balance sheet

Notes to the financial statements

Thirsk Farmers Auction Mart Company Limited

Directors and other information


Directors	Mr J I Woodhead
	Mr R L Cordingley
	Mr J T Garside	(Retired 21 June 2023)
	Mr B Phillips	(Appointed 2 May 2023)


Secretary	A Roberts


Company number	00091818


Registered office	Thirsk Rural Business Centre
	Blakey Lane
	Thirsk
	North Yorkshire
	YO7 3AB


Auditor	The Barker Partnership
	17 Central Buildings
	Market Place
	Thirsk
	North Yorkshire
	YO7 1HD




	Bankers	Lloyds Bank plc
		39 Market Place
		Thirsk
		North Yorkshire
		YO7 1HB

		Barclays Bank plc
		7 Market Place East
		Ripon
		North Yorkshire
		HG4 1PB


	Solicitors	Harrowells Solicitors
		17 Finkle Street
		Thirsk
		North Yorkshire
		YO7 1DA

Thirsk Farmers Auction Mart Company Limited

Directors responsibilities statement

Year ended 30 June 2023

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Thirsk Farmers Auction Mart Company Limited

Balance sheet

30 June 2023

		2023		2022
	Note	£	£	£	£

Fixed assets
Intangible assets	5	1,250		1,500
Tangible assets	6	6,675,599		6,658,295
		_______		_______
			6,676,849		6,659,795

Current assets
Stocks		2,600		2,600
Debtors	7	2,182,302		1,972,329
Cash at bank and in hand		58,168		142,795
		_______		_______
		2,243,070		2,117,724
Creditors: amounts falling due
within one year	8	( 2,414,670)		( 2,319,084)
		_______		_______
Net current liabilities			( 171,600)		( 201,360)
			_______		_______
Total assets less current liabilities			6,505,249		6,458,435

Creditors: amounts falling due
after more than one year	9		( 2,370,612)		( 2,465,896)

Provisions for liabilities			( 65,673)		( 64,060)

Accruals and deferred income			( 86,700)		( 87,720)

			_______		_______
Net assets			3,982,264		3,840,759
			_______		_______

Capital and reserves
Called up share capital			24,000		24,000
Share premium account			62		62
Capital redemption reserve			25,000		-
Profit and loss account			3,933,202		3,816,697
			_______		_______
Shareholders funds			3,982,264		3,840,759
			_______		_______

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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

These financial statements were approved by the board of directors and authorised for issue on 13 October 2023 , and are signed on behalf of the board by:

Mr J I Woodhead

Director

Company registration number: 00091818

Thirsk Farmers Auction Mart Company Limited

Notes to the financial statements

Year ended 30 June 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Thirsk Rural Business Centre, Blakey Lane, Thirsk, North Yorkshire, YO7 3AB. The activities of the company continue to be that of a livestock auction mart deriving income from commission charged on the vendors of livestock, furniture and machinery etc . Commissions earned on property sales and lettings, fees for valuation and surveying of property are dealt with by the trading arm known as Joplings.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Commission and fees earned derive from the amount of commission charged on the vendors of livestock and other goods at the auction mart. Commissions and fees earned from the Joplings Estate Agencies derive from property sales, fees for the valuation of property, and lettings management. All are stated net of value added tax. Commission and fees earned are included in the accounting period during which the associated sale took place.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved taxlosses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated as cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Toll rights	-	5 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	1 %	straight line
Plant and machinery	-	6.67 %	straight line
Office equipment	-	20 %	straight line
Motor vehicles	-	20 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investment property

Investment properties are included in the balance sheet at their open market value at the balance sheet date, on the basis of an annual valuation. In accordance with FRS102 section 16, no depreciation is provided in respect of freehold investment properties. This treatment is a departure from the requirements of the Companies Act 2006 concerning depreciation of fixed assets. The directors consider that, as these properties are held for long term investment and not their consumption, systematic annual depreciation would be inappropriate. The accounting policy adopted is, therefore, necessary for the accounts to give a true and fair view. If this departure from the Act had not been made, the loss for the financial year would have been increased by further depreciation. However, depreciation is only one of many factors reflected in the annual valuation, and the amount which might otherwise have been shown cannot be separately identified or quantified.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Grants are recognised at fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 29 (2022: 29 ).

5. Intangible assets

	Other intangible assets	Total
	£	£
Cost
At 1 July 2022 and 30 June 2023	5,000	5,000
	_______	_______
Amortisation
At 1 July 2022	3,500	3,500
Charge for the year	250	250
	_______	_______
At 30 June 2023	3,750	3,750
	_______	_______
Carrying amount
At 30 June 2023	1,250	1,250
	_______	_______
At 30 June 2022	1,500	1,500
	_______	_______

6. Tangible assets

	Freehold property	Investment property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£	£
Cost or valuation
At 1 July 2022	2,854,621	4,080,500	2,193,657	233,292	1,750	9,363,820
Additions	23,883	-	2,364	-	-	26,247
Revaluation	-	35,000	-	-	-	35,000
	_______	_______	_______	_______	_______	_______
At 30 June 2023	2,878,504	4,115,500	2,196,021	233,292	1,750	9,425,067
	_______	_______	_______	_______	_______	_______
Depreciation
At 1 July 2022	370,503	-	2,106,307	226,965	1,750	2,705,525
Charge for the year	28,796	-	11,922	3,225	-	43,943
	_______	_______	_______	_______	_______	_______
At 30 June 2023	399,299	-	2,118,229	230,190	1,750	2,749,468
	_______	_______	_______	_______	_______	_______
Carrying amount
At 30 June 2023	2,479,205	4,115,500	77,792	3,102	-	6,675,599
	_______	_______	_______	_______	_______	_______
At 30 June 2022	2,484,118	4,080,500	87,350	6,327	-	6,658,295
	_______	_______	_______	_______	_______	_______

Investment property

The investment properties were revalued at the year end date by M Stephenson, Chartered Surveyor, on an open market existing use basis.

7. Debtors

	2023	2022
	£	£
Trade debtors	2,123,991	1,895,264
Other debtors	58,311	77,065
	_______	_______
	2,182,302	1,972,329
	_______	_______

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	2,043,885	2,008,814
Trade creditors	54,862	78,393
Social security and other taxes	62,647	59,434
Other creditors	253,276	172,443
	_______	_______
	2,414,670	2,319,084
	_______	_______

The bank loan and the bank overdrafts are secured on the assets of the company.

9. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	1,195,612	1,265,896
Other creditors	1,175,000	1,200,000
	_______	_______
	2,370,612	2,465,896
	_______	_______

The bank loans comprise two loans, one totalling £262,023 (2022 - £336,156), which bears interest at 1% over the Bank of England base rate and which is to be repaid by September 2026. The other, totalling £1,007,500 (2022 - £1,007,500), is due for repayment by October 2024. Both bank loans are secured on the assets of the company. Included within other creditors are redeemable £1 preference shares totalling £275,000 (2022: £300, 000) which are classified as liabilities under FRS102.

10. Government grants

The amounts recognised in the for government grants are as follows:

	2023	2022
	£	£
Recognised in creditors:
Deferred government grants due after more than one year	86,700	87,720
	_______	_______
Recognised in other operating income:
Government grants recognised directly in income	1,020	1,020
	_______	_______

11. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Later than 1 year and not later than 5 years	23,927	13,708
	_______	_______

The operating leases detailed above relate to office space and motor vehicles leased by the company .

12. Summary audit opinion

The auditor's report dated 13 October 2023 was unqualified.

The senior statutory auditor was Barrie Cross ACA for and on behalf of The Barker Partnership

13. Related party transactions

A director and shareholder of the company has provided the company with interest free loans. The amount included in creditors due within one year is £122,670 (2022 - £122,670) and due in more than one year is £900,000 (2022 - £900,000).The company's bank loan is partially secured on freehold property owned by a director.