2022-01-252023-01-312023-01-31false13871433AUCTUS HOLDINGS 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AUCTUS HOLDINGS LTD

Registered Number
13871433
(England and Wales)

Unaudited Financial Statements for the Period ended
31 January 2023

AUCTUS HOLDINGS LTD
Company Information
for the period from 25 January 2022 to 31 January 2023

Director

Bikaramjit Dosanjh

Registered Address

272-276 Grove Green Rd,
London
E11 4EN

Registered Number

13871433 (England and Wales)
AUCTUS HOLDINGS LTD
Balance Sheet as at
31 January 2023

Notes

2023

£

£

Current assets
Debtors71,169,098
Cash at bank and on hand8
1,169,106
Creditors amounts falling due within one year8(516,603)
Net current assets (liabilities)652,503
Total assets less current liabilities652,503
Creditors amounts falling due after one year9(682,000)
Net assets(29,497)
Capital and reserves
Called up share capital99
Profit and loss account(29,596)
Shareholders' funds(29,497)
The financial statements were approved and authorised for issue by the Director on 24 October 2023, and are signed on its behalf by:
Bikaramjit Dosanjh
Director
Registered Company No. 13871433
AUCTUS HOLDINGS LTD
Notes to the Financial Statements
for the period ended 31 January 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Going concern
The company meets day to day working capital requirements from director related entities or the director. The director has undertaken an assessment of whether the company was a going concern when the accounts were prepared, considering all available information about the future, covering a period of 12 months from the date of approval of the accounts. Funds to meet the cashflow requirements are in place and the director does not anticipate any material overspend. The director is therefore satisfied that the going concern assumption remains appropriate.The company meets day to day working capital requirements from director related entities or the director. The director has undertaken an assessment of whether the company was a going concern when the accounts were prepared, considering all available information about the future, covering a period of 12 months from the date of approval of the accounts. Funds to meet the cashflow requirements are in place and the director does not anticipate any material overspend. The director is therefore satisfied that the going concern assumption remains appropriate.
4.Critical estimates and judgements
In the application of the company’s accounting policies, the director is 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.
5.Employee information

2023
Average number of employees during the year1
6.Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises direct materials, and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
7.Debtors

2023

£
Trade debtors / trade receivables1,161,681
Other debtors7,417
Total1,169,098
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
8.Creditors within one year

2023

£
Other creditors516,603
Total516,603
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
9.Creditors after one year

2023

£
Bank borrowings and overdrafts682,000
Total682,000
There is a fixed and floating charge over the property by the loan provider.
10.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of going the amount of the obligation. Provisions are charged as an expense to the profit and loss account in the year that the company becomes aware of the obligation and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.