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REGISTERED NUMBER: 08568579 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 August 2023

for

Clarke and Simpson Auctions Ltd

Clarke and Simpson Auctions Ltd (Registered number: 08568579)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Clarke and Simpson Auctions Ltd

Company Information
for the Year Ended 31 August 2023







DIRECTORS: Mr C E Clarke
Mr H F Foster
Mr O L Holloway
Mr G Barfoot
Mr J W K Durrant





REGISTERED OFFICE: 5 Church Street
Framlingham
Woodbridge
Suffolk
IP13 9BQ





REGISTERED NUMBER: 08568579 (England and Wales)





ACCOUNTANTS: Turner & Ellerby
Chartered Certified Accountants
5 Church Street
Framlingham
Woodbridge
Suffolk
IP13 9BQ

Clarke and Simpson Auctions Ltd (Registered number: 08568579)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 475,180 398,039
Investment property 6 25,000 25,000
500,180 423,039

CURRENT ASSETS
Stocks 3,000 3,000
Debtors 7 131,856 142,350
Cash at bank and in hand 441,699 238,966
576,555 384,316
CREDITORS
Amounts falling due within one year 8 255,975 142,924
NET CURRENT ASSETS 320,580 241,392
TOTAL ASSETS LESS CURRENT
LIABILITIES

820,760

664,431

CREDITORS
Amounts falling due after more than one
year

9

24,191

-
NET ASSETS 796,569 664,431

CAPITAL AND RESERVES
Called up share capital 300,000 300,000
Retained earnings 496,569 364,431
SHAREHOLDERS' FUNDS 796,569 664,431

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

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

Clarke and Simpson Auctions Ltd (Registered number: 08568579)

Balance Sheet - continued
31 August 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2023 and were signed on its behalf by:




Mr C E Clarke - Director Mr H F Foster - Director




Mr O L Holloway - Director Mr J W K Durrant - Director




Mr G Barfoot - Director


Clarke and Simpson Auctions Ltd (Registered number: 08568579)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Clarke and Simpson 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Improvements to property - 2% on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - at variable rates on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

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.


Clarke and Simpson Auctions Ltd (Registered number: 08568579)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued
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.

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 25 (2022 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 185,366
AMORTISATION
At 1 September 2022
and 31 August 2023 185,366
NET BOOK VALUE
At 31 August 2023 -
At 31 August 2022 -

Clarke and Simpson Auctions Ltd (Registered number: 08568579)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 September 2022 101,000 281,618 -
Additions - - 56,910
Disposals - - -
At 31 August 2023 101,000 281,618 56,910
DEPRECIATION
At 1 September 2022 - 16,410 -
Charge for year - 5,470 9,485
Eliminated on disposal - - -
At 31 August 2023 - 21,880 9,485
NET BOOK VALUE
At 31 August 2023 101,000 259,738 47,425
At 31 August 2022 101,000 265,208 -

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 September 2022 30,720 44,152 457,490
Additions 18,715 38,500 114,125
Disposals - (17,299 ) (17,299 )
At 31 August 2023 49,435 65,353 554,316
DEPRECIATION
At 1 September 2022 23,818 19,223 59,451
Charge for year 2,579 14,660 32,194
Eliminated on disposal - (12,509 ) (12,509 )
At 31 August 2023 26,397 21,374 79,136
NET BOOK VALUE
At 31 August 2023 23,038 43,979 475,180
At 31 August 2022 6,902 24,929 398,039

Clarke and Simpson Auctions Ltd (Registered number: 08568579)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022
and 31 August 2023 25,000
NET BOOK VALUE
At 31 August 2023 25,000
At 31 August 2022 25,000

For the year ended 31st August 2023 the directors' reviewed the valuation of the investment property on an open market basis and were of the opinion that no further adjustment was needed to the cost value.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 113,396 116,246
Prepayments 18,460 26,104
131,856 142,350

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 7,805 -
Trade creditors 79,742 15,642
Tax 26,887 29,799
VAT 68,247 54,513
Other creditors 1,670 2,150
Accrued expenses 71,624 40,820
255,975 142,924

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 24,191 -