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Company No: 02998482 (England and Wales)

WOOLLEY AND WALLIS SALISBURY SALEROOMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

WOOLLEY AND WALLIS SALISBURY SALEROOMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

WOOLLEY AND WALLIS SALISBURY SALEROOMS LIMITED

COMPANY INFORMATION

For the financial year ended 31 August 2023
WOOLLEY AND WALLIS SALISBURY SALEROOMS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 August 2023
DIRECTORS J E Axford
N A Milsted
SECRETARY N A Milsted
REGISTERED OFFICE 51-61 Castle Street
Salisbury
Wiltshire
SP1 3SU
United Kingdom
COMPANY NUMBER 02998482 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire SP3 4UF
WOOLLEY AND WALLIS SALISBURY SALEROOMS LIMITED

BALANCE SHEET

As at 31 August 2023
WOOLLEY AND WALLIS SALISBURY SALEROOMS LIMITED

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,376,638 1,427,561
1,376,638 1,427,561
Current assets
Stocks 2,635 5,940
Debtors 4 1,136,408 499,171
Cash at bank and in hand 1,468,888 1,473,465
2,607,931 1,978,576
Creditors: amounts falling due within one year 5 ( 1,644,406) ( 1,124,920)
Net current assets 963,525 853,656
Total assets less current liabilities 2,340,163 2,281,217
Provision for liabilities ( 3,035) ( 6,751)
Net assets 2,337,128 2,274,466
Capital and reserves
Called-up share capital 6 3,553 3,553
Share premium account 65,093 65,093
Capital redemption reserve 1,572 1,572
Profit and loss account 2,266,910 2,204,248
Total shareholders' funds 2,337,128 2,274,466

For the financial year 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 financial statements of Woolley and Wallis Salisbury Salerooms Limited (registered number: 02998482) were approved and authorised for issue by the Board of Directors on 25 March 2024. They were signed on its behalf by:

J E Axford
Director
WOOLLEY AND WALLIS SALISBURY SALEROOMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
WOOLLEY AND WALLIS SALISBURY SALEROOMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Woolley and Wallis Salisbury Salerooms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 51-61 Castle Street, Salisbury, Wiltshire, SP1 3SU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents the buyer's premium, seller's commission and other fees, excluding value added tax, for auctions held during the period.

Where lots are returned to vendors due to non payment by the buyer, the buyer's premium and sellers commission are deducted from turnover.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Leasehold improvements depreciated over the life of the lease
Vehicles 25 % reducing balance
Fixtures and fittings 4 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
No depreciation is charged on land and buildings as the directors consider the residual value to be greater than cost.

Properties are held at fair value at the date of valuation less subsequent depreciation and impairment.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a gain reverses a previously recognised loss, or a loss exceeds the accumulated gains in equity.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 47 44

3. Tangible assets

Land and buildings Leasehold improve-
ments
Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 September 2022 1,359,603 142,448 310,000 704,152 2,516,203
Additions 0 0 0 34,801 34,801
Disposals 0 0 ( 60,482) 0 ( 60,482)
At 31 August 2023 1,359,603 142,448 249,518 738,953 2,490,522
Accumulated depreciation
At 01 September 2022 234,603 142,448 238,851 472,740 1,088,642
Charge for the financial year 0 0 15,757 61,845 77,602
Disposals 0 0 ( 52,360) 0 ( 52,360)
At 31 August 2023 234,603 142,448 202,248 534,585 1,113,884
Net book value
At 31 August 2023 1,125,000 0 47,270 204,368 1,376,638
At 31 August 2022 1,125,000 0 71,149 231,412 1,427,561

4. Debtors

2023 2022
£ £
Trade debtors 974,028 424,376
Prepayments 81,972 69,784
Other debtors 80,408 5,011
1,136,408 499,171

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 95,334 133,846
Taxation and social security 374,644 324,595
Other creditors 1,174,428 666,479
1,644,406 1,124,920

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
3,553 Ordinary shares shares of £ 1.00 each 3,553 3,553

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 320 384
between one and five years 0 320
320 704