Company registration number 00052362 (England and Wales)
HOPE'S AUCTION COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
HOPE'S AUCTION COMPANY LIMITED
COMPANY INFORMATION
Directors
J B Peile
W W Gate
I Grainger
J H Illingworth
K W Pears
M Peile
Secretary
R E Outhwaite
Company number
00052362
Registered office
Hope's Auction House
Syke Road
Wigton
Cumbria
CA7 9NS
Auditor
Saint & Co.
Sterling House
Wavell Drive
Rosehill
Carlisle
CA1 2SA
Bankers
Virgin Money
82 English Street
Carlisle
Cumbria
CA3 8HP
HOPE'S AUCTION COMPANY LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
HOPE'S AUCTION COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
Introduction
Your board of directors (Board) have pleasure in presenting the financial statements for the year to 31 March 2024.
The aim of Hopes continues to be to provide first class livestock auctioneering, land agency and other complementing services to the agricultural community and other customers, in a manner that protects and grows shareholders value.
The Board are delighted to present these financial statements for the year ended 31 March 2024. The profit after tax for the year was £219,793, this is an increase on the previous year which is a fantastic result given the inflationary pressures all businesses have struggled with during the last couple of years. These results are testament to the whole team at Hopes who have worked hard during the year to ensure the continued success of the company.
I would like to thank all the staff for their hard work and dedication throughout the year.
During the year Hopes has continued to pay down the bank loans and has continued to manage the debtors to ensure the company works within the overdraft facility. Given the enhanced values which stock has been trading at coupled with the continued higher interest rates this is an area that could have a significant impact on the company’s finances if it is not managed correctly. The company has had no bad debt write offs or provisions during the year.
This years’ trading profits have continued to strengthen the balance sheet value of the company from £2,825,271 at 31 March 2023 to £3,015,012 at 31 March 2024.
Post year end there has been the significant step forward in securing planning permission on the 15 acres of land adjoining the mart and I would like to thank all involved in this process for their hard work.
The Board recommend that a final dividend of 10 pence per share be paid.
Business Review
Going concern
One of the key ongoing responsibilities we have as a Board is to review the resources and funding available to the company. We then use this information to establish whether or not the company is able to remain operational into the foreseeable future. The company prepares annual cash flow forecasts and regular management accounts to assist with financial management, decision making and good conduct. This information is regularly reviewed and monitored by the Board.
The company continues to rely on external finance, principally Virgin Bank, who continue to support us. After making enquiries and reviewing annual cash flow forecasts against the banking facilities available, the Board is confident that the company has adequate resources to continue in operation for the foreseeable future. For this reason, we continue to adopt the going concern basis in preparing these financial statements.
Principle Risks and Uncertainties
Management continually monitor the key risks facing the company together with assessing the controls used in order to manage these risks. The directors agree policies for managing the risk arising from the company’s financial instruments. These are as follows:
Economic downturn – The company acknowledges the importance of maintaining close relationships with key customers in order to be able to identify the early signs of potential financial difficulties.
Competitor pressure – The market in which the company operates, particularly livestock auctioneering is considered to be highly competitive with both other auction marts and alternative sale methods, which may result in a risk of losing sales to competitors. The company manages this risk by providing a quality service and maintaining strong relationships with its key customers. To this end the company seeks to maximise income from its entire asset base as well as looking to strengthen its position within the livestock auctioneering sector.
HOPE'S AUCTION COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Exposure to bad debts – Due to the nature of the sector in which the company operates, it faces a significant risk in respect of its trade debtor balances, the Board recognises this risk has a direct correlation to the price of stock we sell which has seen some substantial increases recently. The company manages its risk through close monitoring of the trading activities through the auction and understanding their customers.
Loss of key personnel – This would present significant operational difficulties for the company. The Board seek to ensure that key personnel are appropriately remunerated to ensure that good performance is rewarded.
Interest rate – The Board continues to focus on debt reduction and managing the overdraft in order to minimise the exposure of the interest rate.
Financial performance
As stated above, the company has achieved a profit after tax of £219,793. The Board are extremely pleased with this increase given the continued economic inflationary pressures the company continues to face, the team at Hopes have worked hard to limit the impact these pressures have on the company finances and the management team continue to review all costs as they are incurred.
Both land agency and the livestock auction have achieved increases in their department profits. During the year the company’s turnover increased by 6.8% which was driven by both the livestock auction and land agency departments. The board are committed to strengthening the teams in order to allow each department to continue to develop.
The livestock auction increased numbers of both cattle and sheep sold through the mart during the year which coupled with the continued increase in stock values led to the increase in turnover. Since the year end the auctioneers have had a change of the sales moving the prime cattle from a Tuesday to a Thursday which seems to be returning positive results. Throughout the year new vendors continued to bring their stock for Hopes to sell which is testament to the effort put in by the Hopes team. The management team are continuing with new initiatives to continue to drive activity and increase stock numbers sold.
The land agency also had a successful year increasing turnover and strengthening the team, ensuring they are well placed to support our customers and help them navigate through the changes the industry faces now and in the coming years. Post year end the department welcomed a new graduate trainee land agent to support the team and allow the land agency to continue to grow.
Without any significant unforeseen factors the directors are confident the company will show profits from the continuing operations for the year ending 31 March 2025 and early management information is supportive of this, although the Board are mindful of the increased costs and volatility within the agricultural sector which could potentially have a negative impact on the business if this risk does not continue to be managed.
Debt reduction is still a key part of the Board’s overall strategy. The company continued pay down the bank loans which were restructured last year as well as managing the overdraft facility which given the increase in stock values and pressures farmers face is a credit to the team.
During the year there has been two main capital investments. The first being the creation of the compound at the back of the mart which is tenanted by Drainwise Ltd. I think everyone will agree this is a great use of the space and it is fantastic to have a firm like Drainwise on the site. The second being the investment in the planning for 15 acres of land adjoining the mart. The board were delighted that post the year end this planning was obtained and this is a significant step forward for the company.
As a result of the continued strengthened financial position of the company the Board recommend a final dividend of 10 pence per share is paid.
HOPE'S AUCTION COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
The company still owns the following property assets:
The company continues to seek to maximise the value of all its assets.
A plan for the future
The results for the year to 31 March 2024 have continued to strengthen the financial position of the company and going forward rather than the debt continuing to be the main focus the Board feel that they are in a position to develop and invest in both the land agency division and the livestock auction mart. This includes:
Supporting the auctioneers to build on the stock numbers sold through the mart and supporting their initiatives to develop this
Continuing to invest in people and build the team at Hopes
Developing the strategy for the land adjoining the Mart
The directors are delighted to present these financial statements to the company’s members. The further increase in profits along with the strengthened balance sheet continue to provide a base from which to further develop and strengthen the business. The Board will continue with the aim of ‘Making Hopes great again’ and thank all staff, customers, and members for their continued support and helping to get the business to where it is today.
.............................................
J B Peile
Director
19 June 2024
HOPE'S AUCTION COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of livestock auctioneer.
Results and dividends
The directors' have proposed a final ordinary dividend of 10p per share in respect of the current financial year. This has not been included within creditors as it was not approved before the year end (2023: 10p).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J B Peile
W W Gate
I Grainger
J H Illingworth
K W Pears
M Peile
E J Wright
(Resigned 26 April 2023)
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of post balance sheet events, future developments and financial risk management objectives and policies.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
HOPE'S AUCTION COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
On behalf of the board
..............................................
J B Peile
Director
19 June 2024
HOPE'S AUCTION COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOPE'S AUCTION COMPANY LIMITED
- 6 -
Opinion
We have audited the financial statements of Hope's Auction Company Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
HOPE'S AUCTION COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOPE'S AUCTION COMPANY LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
HOPE'S AUCTION COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOPE'S AUCTION COMPANY LIMITED (CONTINUED)
- 8 -
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions
assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
HOPE'S AUCTION COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOPE'S AUCTION COMPANY LIMITED (CONTINUED)
- 9 -
Sophie Graham
Senior Statutory Auditor
For and on behalf of Saint & Co.
6 September 2024
Chartered Accountants &
Statutory Auditor
Sterling House
Wavell Drive
Rosehill
Carlisle
CA1 2SA
HOPE'S AUCTION COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
1,285,252
1,203,797
Administrative expenses
(1,045,840)
(1,010,771)
Other operating income
68,297
65,831
Operating profit
4
307,709
258,857
Interest receivable and similar income
35
41
Interest payable and similar expenses
8
(87,951)
(73,292)
Profit before taxation
219,793
185,606
Tax on profit
9
Profit for the financial year
219,793
185,606
Other comprehensive income
Revaluation of tangible fixed assets
(28,246)
Tax relating to other comprehensive income
(2,074)
Total comprehensive income for the year
217,719
157,360
The income statement has been prepared on the basis that all operations are continuing operations.
The notes on pages 14 to 28 form part of these financial statements.
HOPE'S AUCTION COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
6,298
7,409
Tangible assets
12
1,953,999
3,201,132
Investment property
13
1,355,771
Investments
14
32,689
32,689
3,348,757
3,241,230
Current assets
Stocks
16
200
200
Debtors
17
1,642,883
1,174,029
Cash at bank and in hand
15,380
36,575
1,658,463
1,210,804
Creditors: amounts falling due within one year
18
(1,507,552)
(1,095,183)
Net current assets
150,911
115,621
Total assets less current liabilities
3,499,668
3,356,851
Creditors: amounts falling due after more than one year
19
(403,190)
(452,188)
Provisions for liabilities
Deferred tax liability
22
81,466
79,392
(81,466)
(79,392)
Net assets
3,015,012
2,825,271
Capital and reserves
Called up share capital
24
255,000
255,000
Revaluation reserve
25
312,608
306,386
Profit and loss reserves
26
2,447,404
2,263,885
Total equity
3,015,012
2,825,271
The notes on pages 14 to 28 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 19 June 2024 and are signed on its behalf by:
..............................................
..............................................
J B Peile
I Grainger
Director
Director
Company registration number 00052362 (England and Wales)
HOPE'S AUCTION COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
255,000
730,131
1,682,780
2,667,911
Year ended 31 March 2023:
Profit
-
-
185,606
185,606
Other comprehensive income:
Revaluation of tangible fixed assets
-
(28,246)
-
(28,246)
Total comprehensive income
-
(28,246)
185,606
157,360
Transfers
-
(395,499)
395,499
-
Balance at 31 March 2023
255,000
306,386
2,263,885
2,825,271
Year ended 31 March 2024:
Profit
-
-
219,793
219,793
Other comprehensive income:
Tax relating to other comprehensive income
-
(2,074)
(2,074)
Total comprehensive income
-
(2,074)
219,793
217,719
Dividends
10
-
-
(27,978)
(27,978)
Transfers
-
8,296
(8,296)
-
Balance at 31 March 2024
255,000
312,608
2,447,404
3,015,012
The notes on pages 14 to 28 form part of these financial statements.
HOPE'S AUCTION COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
346,728
386,591
Interest received
35
1
Interest paid
(87,951)
(73,292)
Net cash inflow from operating activities
258,812
313,300
Investing activities
Purchase of tangible fixed assets
(66,541)
(19,819)
Proceeds from disposal of tangible fixed assets
21,480
504,600
Purchase of investment property
(87,216)
Net cash (used in)/generated from investing activities
(132,277)
484,781
Financing activities
Repayment of bank loans
(46,048)
417,086
Payment of finance leases obligations
(1,810)
(40,332)
Dividends paid
(27,978)
Net cash (used in)/generated from financing activities
(75,836)
376,754
Net increase in cash and cash equivalents
50,699
1,174,835
Cash and cash equivalents at beginning of year
(801,208)
(1,976,043)
Cash and cash equivalents at end of year
(750,509)
(801,208)
Relating to:
Cash at bank and in hand
15,380
36,575
Bank overdrafts included in creditors payable within one year
(765,889)
(837,783)
The notes on pages 14 to 28 form part of these financial statements.
HOPE'S AUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information
Hope's Auction Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hope's Auction House, Syke Road, Wigton, Cumbria, CA7 9NS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Auction
Turnover represents commissions earned, stated net of VAT, from the sale of livestock and machinery, recognised at the point of sale.
Land Agency
Turnover represents fees receivable, stated net of VAT, in connection with the sale, purchase and letting of land and properties, recognised on exchange of contracts.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer software
15% reducing balance
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
HOPE'S AUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No depreciation charged
Plant and equipment
15% reducing balance & 5-25% straight line
Motor vehicles
25% reducing balance
Freehold land is not depreciated.
There has been no depreciation charged on freehold buildings as the directors' are of the opinion that the nature of the property, it's standard of repair, length of useful life and residual value render depreciation immaterial.
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.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Fixed asset investments
Investments in unlisted entities, which are not subsidiary undertakings, are measured at fair value unless the fair value cannot be reliably measured. Where the fair value cannot be reliably measured the investment will be measured at cost less accumulated impairment losses.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.10
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 current liabilities.
HOPE'S AUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
HOPE'S AUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Establishing useful economic lives for depreciation purposes of property, plant and equipment
Long-lived assets, consisting primarily of property, plant and equipment, comprise a significant proportion of the total fixed assets. The annual depreciation charge depends primarily on the estimated useful lives in light of prospective economic utilisation and physical conditions of assets concerned. Changes in asset useful lives have significant impact on depreciation charges for the period.
Providing for doubtful debts
The company establishes a provision for receivables that are not estimated to be recoverable. When assessing recoverability the directors consider factors such as the ageing of receivables past experience of recoverability, and the credit profile of individuals or groups of customers.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Auctioneering and Land Agency
1,285,252
1,203,797
HOPE'S AUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 18 -
2024
2023
£
£
Other revenue
Interest income
35
41
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
34,987
36,813
Reversal of past impairment of tangible fixed assets
(200,000)
Profit on disposal of tangible fixed assets
(11,348)
(7,027)
Amortisation of intangible assets
1,111
1,307
Operating lease charges
3,855
3,855
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,000
15,585
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Auction staff
10
10
Administrative staff
4
4
Directors
6
7
Estate and land agency staff
3
3
Total
23
24
HOPE'S AUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
451,208
429,518
Social security costs
38,360
35,836
Pension costs
19,984
16,905
509,552
482,259
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
23,000
24,875
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
84,675
70,651
Other finance costs:
Interest on finance leases and hire purchase contracts
3,276
2,641
87,951
73,292
9
Taxation
HOPE'S AUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 20 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
219,793
185,606
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
54,948
35,265
Tax effect of expenses that are not deductible in determining taxable profit
9,455
7,788
Tax effect of income not taxable in determining taxable profit
(19,911)
(13,492)
Tax effect of utilisation of tax losses not previously recognised
(25,052)
(29,561)
Permanent capital allowances in excess of depreciation
(19,440)
Taxation charge for the year
-
-
In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of property
2,074
-
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 19%).
10
Dividends
2024
2023
£
£
Final paid
27,978
The proposed final dividend for the year ended 31 March 2024 is:
2024
2023
Per share
Total
Total
£
£
£
Ordinary shares
0.10
25,500
25,500
The proposed final dividend is subject to approval by shareholders and has not been included as a liability in these financial statements.
HOPE'S AUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
11
Intangible fixed assets
Computer software
£
Cost
At 1 April 2023 and 31 March 2024
62,631
Amortisation and impairment
At 1 April 2023
55,222
Amortisation charged for the year
1,111
At 31 March 2024
56,333
Carrying amount
At 31 March 2024
6,298
At 31 March 2023
7,409
12
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 April 2023
5,953,555
374,319
104,130
6,432,004
Additions
24,329
12,217
29,995
66,541
Disposals
(7,670)
(42,467)
(50,137)
Transfer to investment property
(2,278,555)
(2,278,555)
At 31 March 2024
3,699,329
378,866
91,658
4,169,853
Depreciation and impairment
At 1 April 2023
2,950,000
236,679
44,193
3,230,872
Depreciation charged in the year
19,688
15,299
34,987
Eliminated in respect of disposals
(6,190)
(33,815)
(40,005)
Transfer to investment property
(1,010,000)
(1,010,000)
At 31 March 2024
1,940,000
250,177
25,677
2,215,854
Carrying amount
At 31 March 2024
1,759,329
128,689
65,981
1,953,999
At 31 March 2023
3,003,555
137,640
59,937
3,201,132
HOPE'S AUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Tangible fixed assets
(Continued)
- 22 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
65,981
59,594
Freehold land and buildings with a carrying amount of £1,759,329 are held at valuation, with the last independent valuation carried out on the mart site at April 2018 by Edwin Thompson LLP, a qualified professional valuer, in accordance with RICS Valuation Professional Standards.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Freehold land and buildings
2024
2023
£
£
Cost
3,971,227
3,946,898
Accumulated depreciation
(749,717)
(681,561)
Carrying value
3,221,510
3,265,337
13
Investment property
2024
£
Fair value
At 1 April 2023
Additions through external acquisition
87,216
Transfers from owner-occupied property
1,268,555
At 31 March 2024
1,355,771
The fair value of the investment property has been determined internally using the expertise of the company's own RICS registered valuers. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
HOPE'S AUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Investment property
(Continued)
- 23 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
2,365,771
-
Accumulated depreciation
-
-
Carrying amount
2,365,771
-
14
Fixed asset investments
2024
2023
£
£
Unlisted investments
32,689
32,689
The above investments include £31,000 (2023: £31,000) measured at fair value. The valuation is based on the price of the most recent shares sold in the unlisted entity.
15
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
32,689
32,689
16
Stocks
2024
2023
£
£
Raw materials and consumables
200
200
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,590,534
1,123,549
Other debtors
100
Prepayments and accrued income
52,349
50,380
1,642,883
1,174,029
HOPE'S AUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
18
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
20
813,952
886,805
Obligations under finance leases
21
19,883
17,784
Trade creditors
558,374
59,443
Taxation and social security
42,557
45,747
Other creditors
12,642
24,318
Accruals and deferred income
60,144
61,086
1,507,552
1,095,183
Included in creditors falling due within one year are liabilities totalling £827,199 (2023: £904,589) which are secured by a debenture held by Clydesdale Bank Plc that creates a fixed and floating charge over the assets of the company, as well as separate legal charges over the Syke Road mart site and land at Low Houses Farm.
19
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
20
366,308
411,397
Obligations under finance leases
21
28,882
32,791
Other borrowings
20
8,000
8,000
403,190
452,188
Included in creditors falling due after more than one year are liabilities totalling £382,471 (2023: £444,188) which are secured by a debenture held by Clydesdale Bank Plc that creates a fixed and floating charge over the assets of the company, as well as separate legal charges over the Syke Road mart site and land at Low Houses Farm.
Amounts included above which fall due after five years are as follows:
Payable by instalments
178,115
221,664
HOPE'S AUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
20
Loans and overdrafts
2024
2023
£
£
Bank loans
414,371
460,419
Bank overdrafts
765,889
837,783
Preference shares
8,000
8,000
1,188,260
1,306,202
Payable within one year
813,952
886,805
Payable after one year
374,308
419,397
Included in bank loans above is a Bounce Back Loan being repaid at £833 per month plus interest of 2.5% over 5 years ending in 2026, a fixed rate loan being repaid at £2,256 per month over 10 years ending July 2032, and a variable rate loan with variable monthly repayments over 10 years ending July 2032 with an interest rate of 3.5% over Bank of England base rate.
21
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
22,453
20,095
In two to five years
32,809
34,712
55,262
54,807
Less: future finance charges
(6,497)
(4,232)
48,765
50,575
Finance lease payments represent rentals payable by the company for certain motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Obligations under finance leases are secured on the assets they were used to purchase.
HOPE'S AUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
223,382
-
Tax losses
(240,435)
-
Revaluations
98,519
79,392
81,466
79,392
2024
Movements in the year:
£
Liability at 1 April 2023
79,392
Charge to other comprehensive income
2,074
Liability at 31 March 2024
81,466
The amount of the deferred tax liability set out above that is expected to reverse within 12 months is £nil, and relates to tax on the revaluation reserve less tax on capital losses carried forward. Accelerated capital allowances are offset by a deferred tax asset on tax losses.
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
19,984
16,905
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
24
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
255,000
255,000
255,000
255,000
HOPE'S AUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
24
Share capital
(Continued)
- 27 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of 6.67p each
120,000
120,000
8,000
8,000
Preference shares classified as liabilities
8,000
8,000
The company has one class of ordinary shares which carry voting rights but no right to fixed income.
Preference share capital has been issued on the terms that is, at the option of the company, is liable to be redeemed at par on such terms and in such manner as the company before the issues of the shares may be special resolution determine.
25
Revaluation reserve
The revaluation reserve is a non-distributive reserve and represents previous upwards revaluations of tangible fixed assets.
26
Profit and loss reserves
The profit and loss reserve represents cumulative profits and losses, net of dividends paid and other adjustments.
27
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
3,214
3,855
Between two and five years
750
3,964
3,964
7,819
28
Related party transactions
Transactions with related parties
During the year a number of the directors undertook routine trading transactions through the livestock auction on normal trade terms. The total gross sales through the auction mart were £1,225,607 and purchases through the auction mart totalled £99,165, this resulted in total commissions of £45,614. At the year end £2,042 was owed to the company.
A total of £1,829 was invoiced to farm businesses run by directors for Land Agency services, with £nil owed to the company at the year end.
In the previous year commissions charged in relation to the sale of livestock at the mart by related parties was £48,650.
HOPE'S AUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
29
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
219,793
185,606
Adjustments for:
Finance costs
87,951
73,292
Investment income
(35)
(41)
Gain on disposal of tangible fixed assets
(11,348)
(7,027)
Amortisation and impairment of intangible assets
1,111
1,307
Depreciation and impairment of tangible fixed assets
34,987
36,813
Movements in working capital:
(Increase)/decrease in debtors
(468,854)
248,842
Increase/(decrease) in creditors
483,123
(152,201)
Cash generated from operations
346,728
386,591
30
Analysis of changes in net debt
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
36,575
(21,195)
15,380
Bank overdrafts
(837,783)
71,894
(765,889)
(801,208)
50,699
(750,509)
Borrowings excluding overdrafts
(468,419)
46,048
(422,371)
Obligations under finance leases
(50,575)
1,810
(48,765)
(1,320,202)
98,557
(1,221,645)
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