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REGISTERED NUMBER: 00669043 (England and Wales)















General Auctions Limited

Unaudited Financial Statements

for the Year Ended 31 August 2023






General Auctions Limited (Registered number: 00669043)

Contents of the Financial Statements
for the year ended 31 August 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


General Auctions Limited

Company Information
for the year ended 31 August 2023







Directors: K J Lammas
R J Lammas





Secretary: A J Rowlands





Registered office: Mill Stream Farm
Brighton Road
Salfords
Redhill
Surrey
RH1 5BT





Registered number: 00669043 (England and Wales)





Accountants: Cooper Parry Advisory Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

General Auctions Limited (Registered number: 00669043)

Balance Sheet
31 August 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 3 2,149,108 2,149,940

Current assets
Stocks 4 28,478 29,500
Debtors 5 211,429 195,247
Cash at bank and in hand 4,000 4,000
243,907 228,747
Creditors
Amounts falling due within one year 6 94,846 75,752
Net current assets 149,061 152,995
Total assets less current liabilities 2,298,169 2,302,935

Capital and reserves
Called up share capital 7 3,000 3,000
Retained earnings 8 2,295,169 2,299,935
Shareholders' funds 2,298,169 2,302,935

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

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

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 23 April 2024 and were signed on its behalf by:





K J Lammas - Director


General Auctions Limited (Registered number: 00669043)

Notes to the Financial Statements
for the year ended 31 August 2023


1. 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.

Turnover
Turnover represents amounts receivable for goods and services provided in the year and is stated net of VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

2. Employees and directors

The average number of employees during the year was 11 (2022 - 12 ) .

3. Tangible fixed assets
Freehold Motor Computer
property vehicles equipment Totals
£ £ £ £
Cost
At 1 September 2022
and 31 August 2023 2,146,608 28,397 11,439 2,186,444
Depreciation
At 1 September 2022 - 28,057 8,447 36,504
Charge for year - 84 748 832
At 31 August 2023 - 28,141 9,195 37,336
Net book value
At 31 August 2023 2,146,608 256 2,244 2,149,108
At 31 August 2022 2,146,608 340 2,992 2,149,940

4. Stocks
2023 2022
£ £
Stocks 28,478 29,500

General Auctions Limited (Registered number: 00669043)

Notes to the Financial Statements - continued
for the year ended 31 August 2023


5. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 73,285 71,586
Other debtors 138,144 123,661
211,429 195,247

6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 702 2,865
Trade creditors 72,142 47,848
Taxation and social security 17,002 20,039
Other creditors 5,000 5,000
94,846 75,752

7. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
3,000 Ordinary £1 3,000 3,000

8. Reserves
Retained
earnings
£

At 1 September 2022 2,299,935
Deficit for the year (4,766 )
At 31 August 2023 2,295,169

9. Related party disclosures

During the year the company received a management charge of £30,000 (2022: £30,000) and storage income of £31,961 (2022: £23,014) from related companies.

At the balance sheet date the company was owed £27,244 (2022: £67,244) from related companies under common ownership.