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Registration number: 07965365

Batemans Auctioneers & Valuers Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Batemans Auctioneers & Valuers Ltd

(Registration number: 07965365)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

6,513

7,032

Current assets

 

Debtors

6

5,324

3,439

Cash at bank and in hand

 

25,187

25,352

 

30,511

28,791

Creditors: Amounts falling due within one year

7

(222,362)

(195,678)

Net current liabilities

 

(191,851)

(166,887)

Total assets less current liabilities

 

(185,338)

(159,855)

Creditors: Amounts falling due after more than one year

7

(22,173)

(31,992)

Net liabilities

 

(207,511)

(191,847)

Capital and reserves

 

Called up share capital

8

6

6

Retained earnings

(207,517)

(191,853)

Shareholders' deficit

 

(207,511)

(191,847)

For the financial year ending 31 March 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 year 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 for issue on 19 March 2024 and signed on its behalf by:
 

.........................................

G C Bateman

Director

 

Batemans Auctioneers & Valuers Ltd

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

1

General information

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

The address of its registered office is:
The Saleroom
Ryhall Road
Stamford
Lincolnshire
PE9 1XF

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.

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.

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:

Asset class

Depreciation method and rate

Plant and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

 

Batemans Auctioneers & Valuers Ltd

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Batemans Auctioneers & Valuers Ltd

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

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.

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 year, was 8 (2022 - 14).

 

Batemans Auctioneers & Valuers Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

130,000

130,000

At 31 March 2023

130,000

130,000

Amortisation

At 1 April 2022

130,000

130,000

At 31 March 2023

130,000

130,000

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

9,863

14,814

13,262

37,939

Additions

332

-

950

1,282

At 31 March 2023

10,195

14,814

14,212

39,221

Depreciation

At 1 April 2022

8,125

12,837

9,945

30,907

Charge for the year

449

494

858

1,801

At 31 March 2023

8,574

13,331

10,803

32,708

Carrying amount

At 31 March 2023

1,621

1,483

3,409

6,513

At 31 March 2022

1,738

1,977

3,317

7,032

6

Debtors

2023
£

2022
£

Other debtors

1,986

-

Prepayments

3,338

3,439

5,324

3,439

 

Batemans Auctioneers & Valuers Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

63,003

59,355

Amounts owed to related parties

114,906

95,464

Taxation and social security

 

11,196

8,816

Other creditors

 

33,257

32,043

 

222,362

195,678

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,215

10,102

Bank overdrafts

52,788

49,253

63,003

59,355

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

22,173

31,992

Creditors after more than one year include Bounce Back Loan of £22,173 (2022 - £31,992), which is guaranteed by the Government. Interest at 2.5% per annum is charged.

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,173

31,992

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3

Ordinary A share of £1 each

1

1

1

1

Ordinary B share of £1 each

1

1

1

1

Ordinary C share of £1 each

1

1

1

1

 

6

6

6

6

 

Batemans Auctioneers & Valuers Ltd

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

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,173

31,992

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,215

10,102

Bank overdrafts

52,788

49,253

63,003

59,355

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £29,150 (2022 - £Nil). The commitment is in respect of premises rental obligations.