REGISTERED NUMBER: |
GISBURN AUCTION MARTS LIMITED |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Accountants and Statutory Auditors |
Dalton House |
9 Dalton Square |
LANCASTER |
LA1 1WD |
Bankers: |
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 |
Investment property | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Share premium |
Other reserves |
Retained earnings |
GISBURN AUCTION MARTS LIMITED (REGISTERED NUMBER: 00470865) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
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 |
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 |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
Other debtors |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
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 |
Bank loans |
11. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
12. | Related party disclosures |
The directors and shareholders make sales and purchases through the Auction Mart on a normal commercial basis. |