Registered number
12294801
Auction House TV. Com Ltd
Report and Financial Statements
30 November 2023
Auction House TV. Com Ltd
Registered number: 12294801
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Tangible assets 3 762,571 478,978
Current assets
Debtors 4 322,637 172,101
Cash at bank and in hand 156,675 105,246
479,312 277,347
Creditors: amounts falling due within one year 5 (236,154) (155,667)
Net current assets 243,158 121,680
Total assets less current liabilities 1,005,729 600,658
Creditors: amounts falling due after more than one year 6 (122,511) (12,453)
Net assets 883,218 588,205
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account 783,218 488,205
Shareholder's funds 883,218 588,205
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D L A James
Director
Approved by the board on 1 July 2024
Auction House TV. Com Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% on reducing balance basis
Motor vehicles 25% on reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 483,479 130,170 613,649
Additions 428,957 - 428,957
At 30 November 2023 912,436 130,170 1,042,606
Depreciation
At 1 December 2022 96,236 38,435 134,671
Charge for the year 122,430 22,934 145,364
At 30 November 2023 218,666 61,369 280,035
Net book value
At 30 November 2023 693,770 68,801 762,571
At 30 November 2022 387,243 91,735 478,978
4 Debtors 2023 2022
£ £
Trade debtors 318,426 165,742
Other debtors 4,211 6,359
322,637 172,101
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 207,945 122,519
Corporation tax 2,568 7,693
Other taxes and social security costs 17,488 18,543
Other creditors 8,153 6,912
236,154 155,667
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 122,511 12,453
122,511 12,453
7 Other information
Auction House TV. Com Ltd is a private company limited by shares and incorporated in England. Its registered office is:
10 Tiller Road
London
E14 8PX
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