Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 07566669 Mr Richard Winterton Mrs Janet Winterton Mrs Janet Winterton iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07566669 2023-03-31 07566669 2024-03-31 07566669 2023-04-01 2024-03-31 07566669 frs-core:CurrentFinancialInstruments 2024-03-31 07566669 frs-core:ComputerEquipment 2024-03-31 07566669 frs-core:ComputerEquipment 2023-04-01 2024-03-31 07566669 frs-core:ComputerEquipment 2023-03-31 07566669 frs-core:FurnitureFittings 2024-03-31 07566669 frs-core:FurnitureFittings 2023-04-01 2024-03-31 07566669 frs-core:FurnitureFittings 2023-03-31 07566669 frs-core:NetGoodwill 2024-03-31 07566669 frs-core:NetGoodwill 2023-04-01 2024-03-31 07566669 frs-core:NetGoodwill 2023-03-31 07566669 frs-core:MotorVehicles 2024-03-31 07566669 frs-core:MotorVehicles 2023-04-01 2024-03-31 07566669 frs-core:MotorVehicles 2023-03-31 07566669 frs-core:WithinOneYear 2024-03-31 07566669 frs-core:ShareCapital 2024-03-31 07566669 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 07566669 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07566669 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 07566669 frs-bus:SmallEntities 2023-04-01 2024-03-31 07566669 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07566669 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07566669 frs-bus:Director1 2023-04-01 2024-03-31 07566669 frs-bus:Director2 2023-04-01 2024-03-31 07566669 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 07566669 frs-countries:EnglandWales 2023-04-01 2024-03-31 07566669 2022-03-31 07566669 2023-03-31 07566669 2022-04-01 2023-03-31 07566669 frs-core:CurrentFinancialInstruments 2023-03-31 07566669 frs-core:WithinOneYear 2023-03-31 07566669 frs-core:ShareCapital 2023-03-31 07566669 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Richard Winterton Auctioneers Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07566669
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 31,150 33,375
Tangible Assets 5 166,868 95,142
198,018 128,517
CURRENT ASSETS
Stocks 6 - 80,000
Debtors 7 321,123 303,004
Cash at bank and in hand 235,518 230,648
556,641 613,652
Creditors: Amounts Falling Due Within One Year 8 (675,485 ) (740,327 )
NET CURRENT ASSETS (LIABILITIES) (118,844 ) (126,675 )
TOTAL ASSETS LESS CURRENT LIABILITIES 79,174 1,842
NET ASSETS 79,174 1,842
CAPITAL AND RESERVES
Called up share capital 10 13,100 2
Profit and Loss Account 66,074 1,840
SHAREHOLDERS' FUNDS 79,174 1,842
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard Winterton
Director
21 August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Richard Winterton Auctioneers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07566669 . The registered office is The Lichfield Auction Centre Wood End Lane, Fradley, Lichfield, Staffordshire, WS13 8NF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25
Fixtures & Fittings 15
Computer Equipment 25
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 44 (2023: 46)
44 46
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 44,500
As at 31 March 2024 44,500
Amortisation
As at 1 April 2023 11,125
Provided during the period 2,225
As at 31 March 2024 13,350
Net Book Value
As at 31 March 2024 31,150
As at 1 April 2023 33,375
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 114,581 124,258 76,101 314,940
Additions 75,677 15,500 10,814 101,991
Disposals (57,005 ) - - (57,005 )
As at 31 March 2024 133,253 139,758 86,915 359,926
Depreciation
As at 1 April 2023 81,369 80,265 58,164 219,798
...CONTINUED
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Provided during the period 9,849 7,814 8,105 25,768
Disposals (52,508 ) - - (52,508 )
As at 31 March 2024 38,710 88,079 66,269 193,058
Net Book Value
As at 31 March 2024 94,543 51,679 20,646 166,868
As at 1 April 2023 33,212 43,993 17,937 95,142
6. Stocks
2024 2023
£ £
Work in progress - 80,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 143,540 51,633
Other debtors 177,583 251,371
321,123 303,004
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 73,200 37,542
Trade creditors 55,655 54,078
Bank loans and overdrafts 15,685 22,442
Other creditors 445,420 551,017
Taxation and social security 85,525 75,248
675,485 740,327
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 73,200 37,542
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 13,100 2
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