Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mrs K Hawke 18/04/2006 Mr A Mead 05/06/2017 25 June 2024 The principal activity of the Company during the financial year was the operation of a regional business and auction centre. 05783886 2024-03-31 05783886 bus:Director1 2024-03-31 05783886 bus:Director2 2024-03-31 05783886 2023-03-31 05783886 core:CurrentFinancialInstruments 2024-03-31 05783886 core:CurrentFinancialInstruments 2023-03-31 05783886 core:Non-currentFinancialInstruments 2024-03-31 05783886 core:Non-currentFinancialInstruments 2023-03-31 05783886 core:ShareCapital 2024-03-31 05783886 core:ShareCapital 2023-03-31 05783886 core:RetainedEarningsAccumulatedLosses 2024-03-31 05783886 core:RetainedEarningsAccumulatedLosses 2023-03-31 05783886 core:LandBuildings 2023-03-31 05783886 core:PlantMachinery 2023-03-31 05783886 core:Vehicles 2023-03-31 05783886 core:OtherPropertyPlantEquipment 2023-03-31 05783886 core:LandBuildings 2024-03-31 05783886 core:PlantMachinery 2024-03-31 05783886 core:Vehicles 2024-03-31 05783886 core:OtherPropertyPlantEquipment 2024-03-31 05783886 core:CostValuation 2023-03-31 05783886 core:DisposalsRepaymentsInvestments 2024-03-31 05783886 core:CostValuation 2024-03-31 05783886 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2024-03-31 05783886 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-03-31 05783886 core:CurrentFinancialInstruments core:Secured 2024-03-31 05783886 2023-04-01 2024-03-31 05783886 bus:FilletedAccounts 2023-04-01 2024-03-31 05783886 bus:SmallEntities 2023-04-01 2024-03-31 05783886 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05783886 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05783886 bus:Director1 2023-04-01 2024-03-31 05783886 bus:Director2 2023-04-01 2024-03-31 05783886 core:LandBuildings core:BottomRangeValue 2023-04-01 2024-03-31 05783886 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 05783886 core:PlantMachinery core:BottomRangeValue 2023-04-01 2024-03-31 05783886 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 05783886 core:Vehicles core:TopRangeValue 2023-04-01 2024-03-31 05783886 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 05783886 2022-04-01 2023-03-31 05783886 core:LandBuildings 2023-04-01 2024-03-31 05783886 core:PlantMachinery 2023-04-01 2024-03-31 05783886 core:Vehicles 2023-04-01 2024-03-31 05783886 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 05783886 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 05783886 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 05783886 (England and Wales)

JUNCTION 24 LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

JUNCTION 24 LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

JUNCTION 24 LIMITED

BALANCE SHEET

As at 31 March 2024
JUNCTION 24 LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.24 31.03.23
£ £
Fixed assets
Tangible assets 3 8,586,060 8,816,498
Investments 4 0 1
8,586,060 8,816,499
Current assets
Stocks 5 8,506 2,817
Debtors 6 785,657 786,428
Cash at bank and in hand 7 49,092 42,623
843,255 831,868
Creditors: amounts falling due within one year 8 ( 766,667) ( 797,480)
Net current assets 76,588 34,388
Total assets less current liabilities 8,662,648 8,850,887
Creditors: amounts falling due after more than one year 9 ( 3,614,086) ( 3,682,409)
Provision for liabilities ( 375,044) ( 234,895)
Net assets 4,673,518 4,933,583
Capital and reserves
Called-up share capital 100 100
Profit and loss account 4,673,418 4,933,483
Total shareholder's funds 4,673,518 4,933,583

For the financial 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.

Directors' responsibilities:

The financial statements of Junction 24 Limited (registered number: 05783886) were approved and authorised for issue by the Board of Directors on 25 June 2024. They were signed on its behalf by:

Mrs K Hawke
Director
JUNCTION 24 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
JUNCTION 24 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

Junction 24 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 Sedgemoor Auction Centre Market Way, North Petherton, Bridgwater, TA6 6DF, 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 £.

Group accounts exemption

Group accounts exemption s400
The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Turnover

Turnover comprises the fair value of the consideration received or receivable from the market operations, the provision of conferencing facilities, rental income and food sales in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

All income is recognised at the point of sale or over the rental period with regards to rental income and conferencing facilities.

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 or reducing balance basis over its expected useful life, as follows:

Land and buildings 0 - 50 years straight line
Plant and machinery 4 - 10 years straight line
Vehicles 4 years straight line
Other property, plant and equipment 4 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Fixed asset investments

Investments are the company's wholly owned subsidiary. Investments are stated at historical cost less provision for diminution in value.

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. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

31.03.24 31.03.23
Number Number
Monthly average number of persons employed by the Company during the year, including directors 46 45

3. Tangible assets

Land and buildings Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 April 2023 11,741,074 606,205 255,017 36,826 12,639,122
Additions 0 29,456 73,706 1,257 104,419
Disposals 0 ( 6,715) ( 58,900) 0 ( 65,615)
At 31 March 2024 11,741,074 628,946 269,823 38,083 12,677,926
Accumulated depreciation
At 01 April 2023 3,171,319 461,919 153,059 36,327 3,822,624
Charge for the financial year 234,579 51,610 48,011 657 334,857
Disposals 0 ( 6,715) ( 58,900) 0 ( 65,615)
At 31 March 2024 3,405,898 506,814 142,170 36,984 4,091,866
Net book value
At 31 March 2024 8,335,176 122,132 127,653 1,099 8,586,060
At 31 March 2023 8,569,755 144,286 101,958 499 8,816,498

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 1 1
Disposals ( 1) ( 1)
At 31 March 2024 0 0
Carrying value at 31 March 2024 0 0
Carrying value at 31 March 2023 1 1

The investment was a fully owned subsidiary, Thorne Farm Racing Limited. The principal activity of Thorne Farm Racing is racehorse training.

5. Stocks

31.03.24 31.03.23
£ £
Stocks 8,506 2,817

6. Debtors

31.03.24 31.03.23
£ £
Trade debtors 46,825 263,110
Amounts owed by Group undertakings 0 212,518
Amounts owed by connected companies 192,028 126,464
Other debtors 546,804 184,336
785,657 786,428

7. Cash and cash equivalents

31.03.24 31.03.23
£ £
Cash at bank and in hand 49,092 42,623
Less: Bank overdrafts 0 ( 1)
49,092 42,622

8. Creditors: amounts falling due within one year

31.03.24 31.03.23
£ £
Bank loans and overdrafts (secured) 190,756 289,033
Trade creditors 293,777 247,224
Taxation and social security 192,763 94,699
Obligations under finance leases and hire purchase contracts (secured) 33,368 41,312
Other creditors 56,003 125,212
766,667 797,480

Bank borrowings are secured on specific freehold land and buildings owned by the company.
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

Included in other creditors is a loan from a connected party of £1,701 (2023 £1,701).

9. Creditors: amounts falling due after more than one year

31.03.24 31.03.23
£ £
Bank loans (secured) 3,569,088 3,661,568
Obligations under finance leases and hire purchase contracts (secured) 44,998 20,841
3,614,086 3,682,409

Bank borrowings are secured on specific freehold land and buildings owned by the company.
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.