Truro Market Auctioneers Limited 01118714 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the sole responsibility for the maintenance and day-to-day running of Truro Livestock Market. The company is responsible for discharging all maintenance and repair liabilities, for the running of the sewage disposal and treatment system and for all day-to-day service charges. The company also collects sundry rents from telephone mast subscribers, car boot sales and the like Digita Accounts Production Advanced 6.30.9574.0 true 01118714 2023-01-01 2023-12-31 01118714 2023-12-31 01118714 bus:OrdinaryShareClass1 2023-12-31 01118714 core:RetainedEarningsAccumulatedLosses 2023-12-31 01118714 core:ShareCapital 2023-12-31 01118714 core:CurrentFinancialInstruments 2023-12-31 01118714 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01118714 core:Non-currentFinancialInstruments 2023-12-31 01118714 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 01118714 core:FurnitureFittingsToolsEquipment 2023-12-31 01118714 core:LandBuildings 2023-12-31 01118714 bus:SmallEntities 2023-01-01 2023-12-31 01118714 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01118714 bus:FilletedAccounts 2023-01-01 2023-12-31 01118714 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01118714 bus:RegisteredOffice 2023-01-01 2023-12-31 01118714 bus:Director6 2023-01-01 2023-12-31 01118714 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 01118714 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01118714 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 01118714 core:LandBuildings 2023-01-01 2023-12-31 01118714 countries:AllCountries 2023-01-01 2023-12-31 01118714 2022-12-31 01118714 core:FurnitureFittingsToolsEquipment 2022-12-31 01118714 core:LandBuildings 2022-12-31 01118714 2022-01-01 2022-12-31 01118714 2022-12-31 01118714 bus:OrdinaryShareClass1 2022-12-31 01118714 core:RetainedEarningsAccumulatedLosses 2022-12-31 01118714 core:ShareCapital 2022-12-31 01118714 core:CurrentFinancialInstruments 2022-12-31 01118714 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 01118714 core:Non-currentFinancialInstruments 2022-12-31 01118714 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 01118714 core:FurnitureFittingsToolsEquipment 2022-12-31 01118714 core:LandBuildings 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Truro Market Auctioneers Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2023

Registration number: 01118714

 

Truro Market Auctioneers Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Truro Market Auctioneers Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

234,764

240,090

Current assets

 

Debtors

5

62,932

69,932

Cash at bank and in hand

 

26,830

47,100

 

89,762

117,032

Creditors: Amounts falling due within one year

6

(246,570)

(254,296)

Net current liabilities

 

(156,808)

(137,264)

Total assets less current liabilities

 

77,956

102,826

Creditors: Amounts falling due after more than one year

6

(10,311)

(16,768)

Provisions for liabilities

(110,000)

(120,000)

Net liabilities

 

(42,355)

(33,942)

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

(42,455)

(34,042)

Shareholders' deficit

 

(42,355)

(33,942)

 

Truro Market Auctioneers Limited

Balance Sheet

31 December 2023

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.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................
A E Body
Director

Company Registration Number: 01118714

 

Truro Market Auctioneers Limited

Notes to the Financial Statements

Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
58 Lemon Street
Truro
TR1 2PY

These financial statements were authorised for issue by the Board on 5 September 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 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Leasehold properties

Straight line over the life of the lease

Other tangible assets

20% reducing balance

 

Truro Market Auctioneers Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Truro Market Auctioneers Limited

Notes to the Financial Statements

Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

278,484

59,620

338,104

At 31 December 2023

278,484

59,620

338,104

Depreciation

At 1 January 2023

45,850

52,165

98,015

Charge for the year

3,835

1,490

5,325

At 31 December 2023

49,685

53,655

103,340

Carrying amount

At 31 December 2023

228,799

5,965

234,764

At 31 December 2022

232,634

7,456

240,090

5

Debtors

2023
£

2022
£

Prepayments

5,192

7,315

Other debtors

57,740

62,617

62,932

69,932

 

Truro Market Auctioneers Limited

Notes to the Financial Statements

Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

6,540

6,540

Trade creditors

 

7,677

10,432

Taxation and social security

 

7,753

6,790

Accruals and deferred income

 

2,610

2,510

Other creditors

 

221,990

228,024

 

246,570

254,296

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

10,311

16,768

7

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

10,311

16,768

Current loans and borrowings

2023
£

2022
£

Bank borrowings

6,540

6,540

 

Truro Market Auctioneers Limited

Notes to the Financial Statements

Year Ended 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Allotted, called up and fully paid of £1 each

100

100

100

100