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Registration number: 00054139

The Clitheroe Auction Mart Company Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

The Clitheroe Auction Mart Company Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 12

 

The Clitheroe Auction Mart Company Limited

(Registration number: 00054139)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,409,432

1,313,000

Investment property

6

800,000

770,000

Investments

7

1

1

 

2,209,433

2,083,001

Current assets

 

Debtors

8

295,637

259,153

Investments

9

350,474

381,602

Cash at bank and in hand

 

6,922

2,092

 

653,033

642,847

Creditors: Amounts falling due within one year

10

(332,704)

(325,711)

Net current assets

 

320,329

317,136

Total assets less current liabilities

 

2,529,762

2,400,137

Creditors: Amounts falling due after more than one year

10

(31,126)

(29,612)

Provisions for liabilities

(118,167)

(130,938)

Net assets

 

2,380,469

2,239,587

Capital and reserves

 

Called up share capital

386,880

386,880

Share premium reserve

1,167

1,167

Capital redemption reserve

110,000

110,000

Revaluation reserve

960,795

952,351

Retained earnings

921,627

789,189

Shareholders' funds

 

2,380,469

2,239,587

For the financial year ending 31 December 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.

 

The Clitheroe Auction Mart Company Limited

(Registration number: 00054139)
Statement of Financial Position as at 31 December 2023

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 Income Statement.

Approved and authorised by the Board on 26 March 2024 and signed on its behalf by:
 

.........................................
RR Parker
Director

   
     
 

The Clitheroe Auction Mart Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Ribblesdale Centre
Lincoln Way
Clitheroe
Lancashire
BB7 1QD
United Kingdom

These financial statements were authorised for issue by the Board on 26 March 2024.

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.

Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in section 398 of the Companies Act 2006 on the basis that the entity and its subsidary undertakings comprise a small group.

 

The Clitheroe Auction Mart Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and
are based on experience and other factors, including expectations of future events that are believed to be
reasonable under the circumstances.

Significant judgements

The directors do not consider there are any significant judgements (apart from those involving estimations)
that management has made in the process of applying the entity's accounting policies.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received,

Government grants are recognised using the accrual model.

Under the accrual model government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate, Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in the period in which it becomes receivable.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

The Clitheroe Auction Mart Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the statement of financial position 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

Freehold property

2% straight line

Fixtures and fittings

10% - 25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

All goodwill has been fully amortised and thus has a carrying value of nil.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

 

The Clitheroe Auction Mart Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event,
it is probable that the entity will be required to transfer economic benefits in settlement and the amount of
the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial
position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best
estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts
previously recognised are recognised in profit or loss unless the provision was originally recognised as part
of the cost of an asset. When a provision is measured at the present value of the amount expected to be
required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or
loss in the period it arises.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Lease payments are recognised as an expense over the lease term on a straight-line basis.The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

 

The Clitheroe Auction Mart Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial instruments


A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement
constitutes a financing transaction, where it is recognised at the present value of the future payments
discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of
impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment
loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually
significant, these are assessed individually for impairment. Other financial assets are either assessed
individually or grouped on the basis of similar credit risk characteristics.


 

The Clitheroe Auction Mart Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 35 (2022 - 35).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

34,000

34,000

At 31 December 2023

34,000

34,000

Amortisation

At 1 January 2023

34,000

34,000

At 31 December 2023

34,000

34,000

Carrying amount

At 31 December 2023

-

-

Goodwill acquired in respect of the Auction Mart café Bar

 

The Clitheroe Auction Mart Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

1,230,000

725,451

1,955,451

Additions

65,160

77,315

142,475

Disposals

-

(29,500)

(29,500)

At 31 December 2023

1,295,160

773,266

2,068,426

Depreciation

At 1 January 2023

85,530

556,921

642,451

Charge for the year

7,352

38,691

46,043

Eliminated on disposal

-

(29,500)

(29,500)

At 31 December 2023

92,882

566,112

658,994

Carrying amount

At 31 December 2023

1,202,278

207,154

1,409,432

At 31 December 2022

1,144,470

168,530

1,313,000

Freehold Property

£

As at December 2023

Aggregate cost

875,007

Aggregate depreciation

(186,857)

Carrying value

688,150

As at December 2022

Aggregate cost

809,847

Aggregate depreciation

(182,859)

Carrying value

626,988

 

The Clitheroe Auction Mart Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Included within the net book value of land and buildings above is £1,202,278 (2022 - £1,144,470) in respect of freehold land and buildings.

Land and buildings utilised in the operations of the business have been revalued on 18 May 2015 at an open market value of £1,230,000, by Trevor Dawson, a firm of Chartered Surveyors. The directors believe this is a reasonable value of this property at the company's FRS 102 transition date and as such have adopted this valuation as 'deemed cost' on transition to FRS 102. There have been subsequent additions of £65,160.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

 

6

Investment properties

2023
£

At 1 January

770,000

Fair value adjustments

30,000

At 31 December

800,000

The investment property was revalued by the Directors in the year, the valuation reflecting the valuation undertaken by a firm of Chartered Surveyors.

7

Investments

2023
£

2022
£

Investments in subsidiaries

1

1

8

Debtors

2023
£

2022
£

Trade debtors

253,040

211,169

Prepayments

22,764

25,817

Other debtors

19,833

22,167

295,637

259,153

9

Current asset investments

2023
£

2022
£

Other investments

350,474

381,602

 

The Clitheroe Auction Mart Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

253,925

265,419

Trade creditors

 

19,143

17,638

Taxation and social security

 

40,534

27,630

Accruals and deferred income

 

19,102

15,024

 

332,704

325,711

Included within creditors due within one year are a Covid Bounceback loan balance of £10,153 (2022: £9,901) and a bank overdraft balance of £226,270 (2022: £255,518). There is also a hire purchase agreement balance of £17,500 (2022: £Nil). The overdraft is secured on the land and buildings and the hire purchase creditor is secured on the underlying assets.

 

The Clitheroe Auction Mart Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

31,126

29,612

Included within creditors due after one year is a Covid Bounceback loan balance of £19,459 (2022: £29,612) and a hire purchase agreement with a balance of £11,667 (2022: £Nil). The hire purchase creditor is secured on the underlying assets.

11

Operating Leases

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

2023

2022

£

£

Not later than 1 year

26,661

26,661

Later than 1 year and not later than 5 years

27,807

54,468

54,468

81,129