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Company registration number: 05718785
Auction Plus Ltd
Unaudited filleted financial statements
31 May 2023
Auction Plus Ltd
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Auction Plus Ltd
Directors and other information
Directors Mr J C Hodgkinson
Mr N J Bush
Secretary J C Hodgkinson
Company number 05718785
Registered office 1 Dene Farm Manns Hill
Bossingham
Canterbury
CT4 6ED
Business address 1 Dene Farm Manns Hill
Bossingham
Canterbury
CT4 6ED
Accountant Simon Emmerson
Deeks & King
Unit 2 The Rutherford Centre, Dunlop Road
Hadleigh Road Ind Est
Ipswich, Suffolk
IP2 0UG
Bankers HSBC
Ipswich Branch
12 Tavern Street
Ipswich
IP1 3AZ
Auction Plus Ltd
Accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Auction Plus Ltd
Year ended 31 May 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 May 2023 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Simon Emmerson
Deeks & King
Unit 2 The Rutherford Centre, Dunlop Road
Hadleigh Road Ind Est
Ipswich, Suffolk
IP2 0UG
8 September 2023
Auction Plus Ltd
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 427 569
_______ _______
427 569
Current assets
Debtors 6 3,202 1,950
Cash at bank and in hand 1,196 6,466
_______ _______
4,398 8,416
Creditors: amounts falling due
within one year 7 ( 1,675) ( 4,884)
_______ _______
Net current assets 2,723 3,532
_______ _______
Total assets less current liabilities 3,150 4,101
_______ _______
Net assets 3,150 4,101
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account 2,950 3,901
_______ _______
Shareholders funds 3,150 4,101
_______ _______
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 September 2023 , and are signed on behalf of the board by:
Mr J C Hodgkinson
Director
Company registration number: 05718785
Auction Plus Ltd
Statement of changes in equity
Year ended 31 May 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2021 200 453 653
Profit for the year 7,448 7,448
_______ _______ _______
Total comprehensive income for the year - 7,448 7,448
Dividends paid and payable ( 4,000) ( 4,000)
_______ _______ _______
Total investments by and distributions to owners - ( 4,000) ( 4,000)
_______ _______ _______
At 31 May 2022 and 1 June 2022 200 3,901 4,101
Profit for the year 2,549 2,549
_______ _______ _______
Total comprehensive income for the year - 2,549 2,549
Dividends paid and payable ( 3,500) ( 3,500)
_______ _______ _______
Total investments by and distributions to owners - ( 3,500) ( 3,500)
_______ _______ _______
At 31 May 2023 200 2,950 3,150
_______ _______ _______
Auction Plus Ltd
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Dene Farm Manns Hill, Bossingham, Canterbury, CT4 6ED.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 June 2022 and 31 May 2023 2,359 2,359
_______ _______
Depreciation
At 1 June 2022 1,790 1,790
Charge for the year 142 142
_______ _______
At 31 May 2023 1,932 1,932
_______ _______
Carrying amount
At 31 May 2023 427 427
_______ _______
At 31 May 2022 569 569
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 3,202 1,950
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 624 1,784
Social security and other taxes 397 308
Other creditors 654 2,792
_______ _______
1,675 4,884
_______ _______