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Company registration number: NI035966
MID-ULSTER AUCTIONS LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 October 2023
MID-ULSTER AUCTIONS LTD
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
_________________________________________________________________________________________
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
MID-ULSTER AUCTIONS LTD
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
_________________________________________________________________________________________
Directors
Mrs Marie Lennon
Mr Conor Lennon
Mrs Olivia McAleese
Miss Kehly Lennon
Secretary Marie Lennon
Company number NI035966
Registered office 1 Loves Hill
Castledawson Roundabout
Magherafelt
Derry
BT45 8DP
Accountants Kelly & O'Neill Ltd
15E Molesworth Street
Cookstown
Co Tyrone
BT80 8NX
Bankers Ulster Bank Ltd
20 Broad Street
Magherafelt
Solicitors McCartney & Casey Solicitors
3-4 Castle Gate
Derry
BT48 6HG
MID-ULSTER AUCTIONS LTD
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MID-ULSTER AUCTIONS LTD (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
________________________________________________________________________________________
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mid-Ulster Auctions Ltd for the year ended 31 October 2023 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Mid-Ulster Auctions Ltd, as a body, in accordance with the terms of our engagement letter dated 5 December 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Mid-Ulster Auctions Ltd and state those matters that we have agreed to state to the board of directors of Mid-Ulster Auctions Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mid-Ulster Auctions Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Mid-Ulster Auctions Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mid-Ulster Auctions Ltd. You consider that Mid-Ulster Auctions Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Mid-Ulster Auctions Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kelly & O'Neill Ltd
Chartered Accountants
15E Molesworth Street
Cookstown
Co Tyrone
BT80 8NX
6 February 2024
MID-ULSTER AUCTIONS LTD
BALANCE SHEET (CONTINUED)
31 OCTOBER 2023
_________________________________________________________________________________________
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 10,614 13,267
Tangible assets 6 278,280 261,986
_______ _______
288,894 275,253
Current assets
Debtors 7 146,165 188,895
Cash at bank and in hand 276,664 349,446
_______ _______
422,829 538,341
Creditors: amounts falling due
within one year 8 ( 323,408) ( 436,464)
_______ _______
Net current assets 99,421 101,877
_______ _______
Total assets less current liabilities 388,315 377,130
Creditors: amounts falling due
after more than one year 9 ( 37,620) ( 37,640)
_______ _______
Net assets 350,695 339,490
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 350,595 339,390
_______ _______
Shareholders funds 350,695 339,490
_______ _______
For the year ending 31 October 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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 February 2024 , and are signed on behalf of the board by:
Mrs Marie Lennon
Director
Company registration number: NI035966
MID-ULSTER AUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
_________________________________________________________________________________________
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Mid-Ulster Auctions Ltd, 1 Loves Hill, Castledawson Roundabout, Magherafelt, Derry, BT45 8DP.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value 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:
Leasehold properties - Straight line over the life of the lease
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 20 % 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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 November 2022 and 31 October 2023 20,000 16,583 36,583
_______ _______ _______
Amortisation
At 1 November 2022 20,000 3,316 23,316
Charge for the year - 2,653 2,653
_______ _______ _______
At 31 October 2023 20,000 5,969 25,969
_______ _______ _______
Carrying amount
At 31 October 2023 - 10,614 10,614
_______ _______ _______
At 31 October 2022 - 13,267 13,267
_______ _______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 November 2022 236,594 165,185 295,916 128,428 826,123
Additions - 19,913 14,782 40,000 74,695
Disposals - ( 4,000) - - ( 4,000)
_______ _______ _______ _______ _______
At 31 October 2023 236,594 181,098 310,698 168,428 896,818
_______ _______ _______ _______ _______
Depreciation
At 1 November 2022 137,431 94,928 217,759 114,019 564,137
Charge for the year 9,464 17,167 18,588 11,390 56,609
Disposals - ( 2,208) - - ( 2,208)
_______ _______ _______ _______ _______
At 31 October 2023 146,895 109,887 236,347 125,409 618,538
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2023 89,699 71,211 74,351 43,019 278,280
_______ _______ _______ _______ _______
At 31 October 2022 99,163 70,257 78,157 14,409 261,986
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 29,572 84,925
Amounts owed by group undertakings and undertakings in which the company has a participating interest 67,327 67,327
Other debtors 49,266 36,643
_______ _______
146,165 188,895
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 22,086 30,382
Trade creditors 137,230 316,922
Corporation tax 42,053 22,439
Social security and other taxes 32,704 44,459
Other creditors 89,335 22,262
_______ _______
323,408 436,464
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 15,832 25,185
Other creditors 21,788 12,455
_______ _______
37,620 37,640
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Directors (1,993) (51,707) (53,700)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Directors (30,464) 28,471 (1,993)
_______ _______ _______