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REGISTERED NUMBER: 01113804 (England and Wales)















LEOMINSTER CAR AUCTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






LEOMINSTER CAR AUCTIONS LIMITED (REGISTERED NUMBER: 01113804)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LEOMINSTER CAR AUCTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: A T Bengry
Mrs D C Bengry
M B Bengry
R O Bengry





SECRETARY: Mrs D C Bengry





REGISTERED OFFICE: West Lodge
Rainbow Street
Leominster
Herefordshire
HR6 8DQ





REGISTERED NUMBER: 01113804 (England and Wales)





ACCOUNTANTS: Davies Edwards & Co
Chartered Certified Accountants
West Lodge
Rainbow Street
Leominster
Herefordshire
HR6 8DQ

LEOMINSTER CAR AUCTIONS LIMITED (REGISTERED NUMBER: 01113804)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 737,625 427,408
Investments 5 1,000 1,000
Investment property 6 1,000,000 1,000,000
1,738,625 1,428,408

CURRENT ASSETS
Stocks 175,229 73,400
Debtors 7 2,444,905 2,465,377
Cash at bank and in hand 1,059,945 1,157,577
3,680,079 3,696,354
CREDITORS
Amounts falling due within one year 8 411,181 336,519
NET CURRENT ASSETS 3,268,898 3,359,835
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,007,523

4,788,243

PROVISIONS FOR LIABILITIES 86,755 80,626
NET ASSETS 4,920,768 4,707,617

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Non distributable reserve 10 294,804 302,306
Retained earnings 10 4,624,964 4,404,311
SHAREHOLDERS' FUNDS 4,920,768 4,707,617

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

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

LEOMINSTER CAR AUCTIONS LIMITED (REGISTERED NUMBER: 01113804)

BALANCE SHEET - continued
31 JULY 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 16 April 2024 and were signed on its behalf by:





A T Bengry - Director


LEOMINSTER CAR AUCTIONS LIMITED (REGISTERED NUMBER: 01113804)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Leominster Car Auctions Limited 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Leominster Car Auctions Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

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 - 2% on cost
Fixtures, fittings & equipment - 20% on reducing balance
Trailers - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.


LEOMINSTER CAR AUCTIONS LIMITED (REGISTERED NUMBER: 01113804)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 37 (2022 - 34 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
Freehold fittings
property & equipment Trailers
£    £    £   
COST
At 1 August 2022 345,444 132,449 71,034
Additions 338,389 2,863 -
Disposals - - -
At 31 July 2023 683,833 135,312 71,034
DEPRECIATION
At 1 August 2022 142,689 80,338 29,854
Charge for year 11,710 10,995 8,236
Eliminated on disposal - - -
At 31 July 2023 154,399 91,333 38,090
NET BOOK VALUE
At 31 July 2023 529,434 43,979 32,944
At 31 July 2022 202,755 52,111 41,180

LEOMINSTER CAR AUCTIONS LIMITED (REGISTERED NUMBER: 01113804)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2022 386,768 32,365 968,060
Additions 45,631 4,932 391,815
Disposals (17,672 ) - (17,672 )
At 31 July 2023 414,727 37,297 1,342,203
DEPRECIATION
At 1 August 2022 256,169 31,602 540,652
Charge for year 42,660 2,406 76,007
Eliminated on disposal (12,081 ) - (12,081 )
At 31 July 2023 286,748 34,008 604,578
NET BOOK VALUE
At 31 July 2023 127,979 3,289 737,625
At 31 July 2022 130,599 763 427,408

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2022
and 31 July 2023 1,000
NET BOOK VALUE
At 31 July 2023 1,000
At 31 July 2022 1,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

L.C.A. Properties Ltd
Registered office: West Lodge, Rainbow Street, Leominster, Herefordshire, England, HR6 8DQ
Nature of business: Rental property
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,204,012 1,154,556
Profit for the year 59,611 114,208

LEOMINSTER CAR AUCTIONS LIMITED (REGISTERED NUMBER: 01113804)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

6. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 August 2022
and 31 July 2023 1,000,000
NET BOOK VALUE
At 31 July 2023 1,000,000
At 31 July 2022 1,000,000

Cost or valuation at 31 July 2023 is represented by:
£   
Valuation in 2018 373,217
Cost 626,783
1,000,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 626,783 626,783
Aggregate depreciation (248,694 ) (236,158 )

The investment properties were valued on an open market basis on 12 January 2018 by Jonathan Wright FNAEA .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 43,627 95,741
Debtors - KAS 2,041 -
Debtors StockGo 2,427 -
Amounts owed by L.C.A. Properties Ltd 2,349,506 2,350,026
Directors' current accounts 24,188 -
Prepayments and accrued income 23,116 19,610
2,444,905 2,465,377

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 266,785 239,323
Tax 68,874 42,302
Social security and other taxes 8,920 9,899
Pension control 536 894
VAT 52,128 30,557
Directors' current accounts 1,575 2,439
Accruals and deferred income 12,363 11,105
411,181 336,519

LEOMINSTER CAR AUCTIONS LIMITED (REGISTERED NUMBER: 01113804)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

10. RESERVES
Non
Retained distributable
earnings reserve Totals
£    £    £   

At 1 August 2022 4,404,311 302,306 4,706,617
Profit for the year 247,286 247,286
Dividends (26,633 ) (26,633 )
Transfer - (1 ) (1 )
Deferred tax - (7,501 ) (7,501 )
At 31 July 2023 4,624,964 294,804 4,919,768

11. RELATED PARTY DISCLOSURES

A T Bengry and Mrs D C Bengry are directors of L.C.A. Properties Ltd, a wholly owned subsidiary of Leominster Car Auctions Ltd. The two companies did not trade with each other during this financial year but there is an outstanding balance between the two companies of £2,349,506.00 at the year end date.