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Registration number: 14111148

The Auction House Petersfield Limited

Unaudited Filleted Financial Statements

for the Period from 17 May 2022 to 31 August 2023

 

The Auction House Petersfield Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

The Auction House Petersfield Limited

Company Information

Directors

D A Pope

Mrs C Hardy

M A Pope

Registered office

12 The Spinney
Forest Road
Denmead
Waterlooville
Hampshire
PO7 6AR

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

The Auction House Petersfield Limited

(Registration number: 14111148)
Balance Sheet as at 31 August 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

240,774

Current assets

 

Stocks

5

20,000

Debtors

6

17,840

Cash at bank and in hand

 

12,580

 

50,420

Creditors: Amounts falling due within one year

7

(56,220)

Net current liabilities

 

(5,800)

Total assets less current liabilities

 

234,974

Creditors: Amounts falling due after more than one year

7

(384,716)

Net liabilities

 

(149,742)

Capital and reserves

 

Called up share capital

8

1

Retained earnings

(149,743)

Shareholders' deficit

 

(149,742)

For the financial period ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 March 2024 and signed on its behalf by:
 

 

The Auction House Petersfield Limited

(Registration number: 14111148)
Balance Sheet as at 31 August 2023

.........................................
D A Pope
Director

.........................................
Mrs C Hardy
Director

 

The Auction House Petersfield Limited

Notes to the Unaudited Financial Statements for the Period from 17 May 2022 to 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
12 The Spinney
Forest Road
Denmead
Waterlooville
Hampshire
PO7 6AR
United Kingdom

These financial statements were authorised for issue by the Board on 5 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

The Auction House Petersfield Limited

Notes to the Unaudited Financial Statements for the Period from 17 May 2022 to 31 August 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

The Auction House Petersfield Limited

Notes to the Unaudited Financial Statements for the Period from 17 May 2022 to 31 August 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 12.

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

69,619

231,925

301,544

At 31 August 2023

69,619

231,925

301,544

Depreciation

Charge for the period

2,785

57,985

60,770

At 31 August 2023

2,785

57,985

60,770

Carrying amount

At 31 August 2023

66,834

173,940

240,774

Included within the net book value of land and buildings above is £66,834 in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

Other inventories

20,000

6

Debtors

 

The Auction House Petersfield Limited

Notes to the Unaudited Financial Statements for the Period from 17 May 2022 to 31 August 2023

Current

2023
£

Prepayments

8,333

Other debtors

9,507

7

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

27,310

Taxation and social security

13,899

Accruals and deferred income

14,250

Other creditors

761

56,220

Creditors: amounts falling due after more than one year

2023
£

Due after one year

Other non-current financial liabilities

384,716

8

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary Shares of £1 each

1

1

     

9

Related party transactions

Summary of transactions with parent

Cummins and Pope Limited
 Provision of working capital.
 

 

The Auction House Petersfield Limited

Notes to the Unaudited Financial Statements for the Period from 17 May 2022 to 31 August 2023

Summary of transactions with associates

4 London Road Limited
 Inter company loans
 

Loans from related parties

2023

Parent
£

Associates
£

Total
£

Advanced

371,681

13,035

384,716

At end of period

371,681

13,035

384,716

10

Parent and ultimate parent undertaking

The company's immediate parent is Cummins and Pope Limited, incorporated in England.