Company registration number 00679228 (England and Wales)
SELBY LIVESTOCK AUCTION MART LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
SELBY LIVESTOCK AUCTION MART LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
SELBY LIVESTOCK AUCTION MART LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
2022-12-31
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
43,009
62,494
Investments
5
204
185
43,213
62,679
Current assets
Stocks
1,614
974
Debtors
6
580,416
489,277
Cash at bank and in hand
922,297
1,073,492
1,504,327
1,563,743
Creditors: amounts falling due within one year
7
(234,807)
(296,859)
Net current assets
1,269,520
1,266,884
Total assets less current liabilities
1,312,733
1,329,563
Provisions for liabilities
(10,048)
(12,653)
Net assets
1,302,685
1,316,910
Capital and reserves
Called up share capital
8
21,600
21,600
Profit and loss reserves
1,281,085
1,295,310
Total equity
1,302,685
1,316,910

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 24 April 2023 and are signed on its behalf by:
Mr R Haigh
Mr R Coward
Director
Director
Company Registration No. 00679228
SELBY LIVESTOCK AUCTION MART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Selby Livestock Auction Mart Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bawtry Road, Selby, YO8 8NB. The company registration number is 00679228.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.

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

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

 

The financial statements of the company are consolidated in the financial statements of Marshalvane Limited. These consolidated financial statements are available from the registered office, Selby Livestock Auction Mart, Bawtry Road, Selby, North Yorkshire, YO8 8NB.

1.2
Turnover

The company's turnover represents the value, excluding Value Added Tax, of commissions charged at variable rates depending on the units of livestock sold, due on the market day.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
3 years straight line
Motor vehicles
25% reducing balance
Tenant's improvements
25 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

SELBY LIVESTOCK AUCTION MART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 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. At each reporting date, an assessment is made for impairment.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.8
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 in the company's statement of financial position 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, loans from fellow group companies that are classified as debt, are recognised at transaction price unless the arrangement constitutes a financing transaction.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SELBY LIVESTOCK AUCTION MART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
15
16
SELBY LIVESTOCK AUCTION MART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Tenant's improvements
Total
£
£
£
£
£
£
Cost
At 1 January 2022
157,153
29,702
30,753
24,300
55,180
297,088
Additions
-
0
-
0
-
0
34,740
-
0
34,740
Disposals
-
0
-
0
-
0
(22,500)
-
0
(22,500)
Transfers
-
0
-
0
-
0
-
0
(55,180)
(55,180)
At 31 December 2022
157,153
29,702
30,753
36,540
-
0
254,148
Depreciation
At 1 January 2022
142,762
24,193
30,641
17,134
19,864
234,594
Depreciation charged in the year
2,161
820
112
8,697
-
0
11,790
Eliminated in respect of disposals
-
0
-
0
-
0
(15,381)
-
0
(15,381)
Transfers
-
0
-
0
-
0
-
0
(19,864)
(19,864)
At 31 December 2022
144,923
25,013
30,753
10,450
-
0
211,139
Carrying amount
At 31 December 2022
12,230
4,689
-
0
26,090
-
0
43,009
At 31 December 2021
14,391
5,509
112
7,166
35,316
62,494
5
Fixed asset investments
2022
2021
£
£
Other investments other than loans
204
185
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2022
185
Additions
19
At 31 December 2022
204
Carrying amount
At 31 December 2022
204
At 31 December 2021
185
SELBY LIVESTOCK AUCTION MART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
560,952
473,780
Other debtors
19,464
15,497
580,416
489,277
7
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
134,373
161,825
Corporation tax
19,174
33,239
Other taxation and social security
27,126
18,038
Other creditors
54,134
83,757
234,807
296,859

The bank overdraft is secured by a legal first charge over 6 acres of land & buildings known as Selby Livestock Auction Mart, Bawtry Road, Selby which is owned by Marshalvane Limited, the holding company, and an open letter of set off between all the bank accounts and a debenture over the assets of the company.

8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
24,000
24,000
24,000
24,000
Issued and fully paid
Ordinary shares of £1 each
21,600
21,600
21,600
21,600
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Nigel Clemit ACA FCCA
Statutory Auditor:
JWPCreers LLP
10
Capital commitments

Amounts contracted for but not provided in the financial statements:

2022
2021
£
£
Acquisition of tangible fixed assets
-
35,740
SELBY LIVESTOCK AUCTION MART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
11
Parent company

The company is controlled by Marshalvane Limited which owns 100% of the share capital of Selby Livestock Auction Mart Limited.

 

The company is a wholly owned subsidiary undertaking and is therefore exempt from disclosing related party transactions with other group companies.

 

The largest group in which the results of the company are consolidated is that headed by Marshalvane Limited, a company registered in England and Wales. The registered office is Bawtry Road, Selby, YO8 8NB.

2022-12-312022-01-01false16 May 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedMr P.J BartleMr R HaighMr R CowardMr C.W ClubleyMr B.N.R BartleMr A HaytonMr D ThompsonMrs E.A WilsonMr P.H LilleyMr I RockliffMr P.S ParkinMrs V ElleringtonMr M CrapperMr J SpetchMr M WebsterMr P. J Bartle006792282022-01-012022-12-31006792282022-12-31006792282021-12-3100679228core:PlantMachinery2022-12-3100679228core:FurnitureFittings2022-12-3100679228core:ComputerEquipment2022-12-3100679228core:MotorVehicles2022-12-3100679228core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3100679228core:PlantMachinery2021-12-3100679228core:FurnitureFittings2021-12-3100679228core:ComputerEquipment2021-12-3100679228core:MotorVehicles2021-12-3100679228core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-12-3100679228core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3100679228core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3100679228core:CurrentFinancialInstruments2022-12-3100679228core:CurrentFinancialInstruments2021-12-3100679228core:ShareCapital2022-12-3100679228core:ShareCapital2021-12-3100679228core:RetainedEarningsAccumulatedLosses2022-12-3100679228core:RetainedEarningsAccumulatedLosses2021-12-3100679228bus:Director12022-01-012022-12-3100679228bus:Director22022-01-012022-12-3100679228core:PlantMachinery2022-01-012022-12-3100679228core:FurnitureFittings2022-01-012022-12-3100679228core:ComputerEquipment2022-01-012022-12-3100679228core:MotorVehicles2022-01-012022-12-3100679228core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-01-012022-12-31006792282021-01-012021-12-3100679228core:PlantMachinery2021-12-3100679228core:FurnitureFittings2021-12-3100679228core:ComputerEquipment2021-12-3100679228core:MotorVehicles2021-12-3100679228core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-12-31006792282021-12-3100679228core:WithinOneYear2022-12-3100679228core:WithinOneYear2021-12-3100679228bus:PrivateLimitedCompanyLtd2022-01-012022-12-3100679228bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3100679228bus:FRS1022022-01-012022-12-3100679228bus:Audited2022-01-012022-12-3100679228bus:Director32022-01-012022-12-3100679228bus:Director42022-01-012022-12-3100679228bus:Director52022-01-012022-12-3100679228bus:Director62022-01-012022-12-3100679228bus:Director72022-01-012022-12-3100679228bus:Director82022-01-012022-12-3100679228bus:Director92022-01-012022-12-3100679228bus:Director102022-01-012022-12-3100679228bus:Director112022-01-012022-12-3100679228bus:Director122022-01-012022-12-3100679228bus:Director132022-01-012022-12-3100679228bus:Director142022-01-012022-12-3100679228bus:Director152022-01-012022-12-3100679228bus:CompanySecretary12022-01-012022-12-3100679228bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP