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REGISTERED NUMBER: 00470865 (England and Wales)












GISBURN AUCTION MARTS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






GISBURN AUCTION MARTS LIMITED (REGISTERED NUMBER: 00470865)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Chairman's Report 2

Balance Sheet 3

Notes to the Financial Statements 5


GISBURN AUCTION MARTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







Directors: Mr G B Eccles (Chairman)
Mr F Carr (Vice Chairman)
Mr R T Critchley
Mr D W Mattinson
Mr J A Shuttleworth
Mr G Pickup
Mr J Shorrock



Secretary: Mr W J Morrish



Registered office: Gisburn Auction Mart
Gisburn Road
Gisburn
CLITHEROE
BB7 4ES



Registered number: 00470865 (England and Wales)



Auditors: Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD



Bankers: HSBC Bank plc
Market Place
SETTLE
North Yorkshire
BD24 9EN

GISBURN AUCTION MARTS LIMITED (REGISTERED NUMBER: 00470865)

CHAIRMAN'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


I have pleasure in presenting these accounts to you with the company showing increased operating profit for the year, with throughput increasing again on the year leading to a further strengthening of the business.

In comparison to the turnover achieved in the preceding year, there was a notable growth of 11.4% in the current year, signifying a positive trend in the company's financial performance.

The company's operating profit saw a remarkable increase of 107% compared to the previous year, which was mainly attributed to a significant reduction in various expenses such as legal fees and court fines.

With these figures you can see the company is still strengthening its position, making progress in the right direction and forming a solid foundation to progress further in the coming years.

In November the Armer family retired from the Auction café. I would like to take this opportunity on behalf of all the directors to thank Gill, Dot, Tom, Vern and Maddy for all their efforts in the smooth running of the auction café for last 26 years and for providing us all with good freshly cooked food for all those years.





Mr G B Eccles
Chairman

GISBURN AUCTION MARTS LIMITED (REGISTERED NUMBER: 00470865)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 5 1,095,973 1,135,733
Investment property 6 1,916,377 1,916,377
3,012,350 3,052,110

Current assets
Stocks 823 -
Debtors 7 1,845,064 1,369,964
Cash in hand 11,583 52,738
1,857,470 1,422,702
Creditors
Amounts falling due within one year 8 2,034,229 1,675,622
Net current liabilities (176,759 ) (252,920 )
Total assets less current liabilities 2,835,591 2,799,190

Creditors
Amounts falling due after more than one
year

9

(49,849

)

(95,246

)

Provisions for liabilities (363,023 ) (266,978 )
Net assets 2,422,719 2,436,966

Capital and reserves
Called up share capital 16,873 16,873
Share premium 7,649 7,649
Other reserves 1,106,291 1,106,291
Retained earnings 1,291,906 1,306,153
2,422,719 2,436,966

GISBURN AUCTION MARTS LIMITED (REGISTERED NUMBER: 00470865)

BALANCE SHEET - continued
31 DECEMBER 2023


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 19 August 2024 and were signed on its behalf by:




Mr G B Eccles (Chairman) - Director



Mr F Carr (Vice Chairman) - Director


GISBURN AUCTION MARTS LIMITED (REGISTERED NUMBER: 00470865)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. Statutory information

Gisburn Auction Marts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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 as modified by the revaluation of certain assets.

Turnover
Turnover comprises commission and fees charged to vendors of livestock and other goods at the auction mart. Commission and fees earned are included in the accounting period during which the associated sale of livestock or other goods occurred and are exclusive 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.
Land and buildings - 2% Straight line
Plant and machinery etc - 25% Straight line and 10%-40% Reducing balance

Investment property
Investment property is shown at fair value, derived from current market prices for comparable real estate. Changes in fair value are recognised in profit and loss.

Rentals receivable under operating leases are recognised as income on a straight line basis over the lease term.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

GISBURN AUCTION MARTS LIMITED (REGISTERED NUMBER: 00470865)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. Accounting policies - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. Employees and directors

The average number of employees during the year was 45 (2022 - 50 ) .

4. Auditors' remuneration
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

5,194

4,210

5. Tangible fixed assets
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost
At 1 January 2023 1,016,776 1,148,518 2,165,294
Additions - 48,531 48,531
Disposals (3,851 ) (33,040 ) (36,891 )
At 31 December 2023 1,012,925 1,164,009 2,176,934
Depreciation
At 1 January 2023 321,005 708,556 1,029,561
Charge for year 18,409 55,345 73,754
Eliminated on disposal (1,467 ) (20,887 ) (22,354 )
At 31 December 2023 337,947 743,014 1,080,961
Net book value
At 31 December 2023 674,978 420,995 1,095,973
At 31 December 2022 695,771 439,962 1,135,733

GISBURN AUCTION MARTS LIMITED (REGISTERED NUMBER: 00470865)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. Investment property
Total
£   
Fair value
At 1 January 2023
and 31 December 2023 1,916,377
Net book value
At 31 December 2023 1,916,377
At 31 December 2022 1,916,377

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2018 1,149,726
Valuation in 2019 88,811
Valuation in 2022 72,000
Cost 605,840
1,916,377

Investment property was valued on an open market basis on 31 December 2022 by the directors .

An independent valuation has not been obtained as this is not required.

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 1,784,305 1,283,074
Other debtors 60,759 86,890
1,845,064 1,369,964

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 1,657,320 1,258,587
Hire purchase contracts 6,875 12,503
Trade creditors 8,245 45,990
Taxation and social security 96,603 80,829
Other creditors 265,186 277,713
2,034,229 1,675,622

9. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 49,849 87,949
Hire purchase contracts - 7,297
49,849 95,246

GISBURN AUCTION MARTS LIMITED (REGISTERED NUMBER: 00470865)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. Creditors: amounts falling due after more than one year - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans 998 8,814

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 1,619,150 1,215,998
Bank loans 88,019 130,538
1,707,169 1,346,536

11. Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

T M Preece FCCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

12. Related party disclosures

The directors and shareholders make sales and purchases through the Auction Mart on a normal commercial basis.