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REGISTERED NUMBER: 01684720 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Hereford Market Auctioneers Limited

Hereford Market Auctioneers Limited (Registered number: 01684720)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Hereford Market Auctioneers Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R A Hyde
M J Nicholls





SECRETARY: M J Nicholls





REGISTERED OFFICE: Hereford Livestock Market
Roman Road
Hereford
HR4 7AN





REGISTERED NUMBER: 01684720 (England and Wales)





ACCOUNTANTS: R J Francis & Co
Suites 1 & 2
Marshall Business Centre
Faraday Road
Hereford
Herefordshire
HR4 9NS

Hereford Market Auctioneers Limited (Registered number: 01684720)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 618,534 539,038

CURRENT ASSETS
Debtors 5 4,971,652 4,986,694
Cash in hand 4,083 -
4,975,735 4,986,694
CREDITORS
Amounts falling due within one year 6 4,204,432 4,444,773
NET CURRENT ASSETS 771,303 541,921
TOTAL ASSETS LESS CURRENT LIABILITIES 1,389,837 1,080,959

CREDITORS
Amounts falling due after more than one
year

7

(76,662

)

(53,024

)

PROVISIONS FOR LIABILITIES (92,231 ) (54,646 )
NET ASSETS 1,220,944 973,289

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Retained earnings 1,218,944 971,289
SHAREHOLDERS' FUNDS 1,220,944 973,289

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Hereford Market Auctioneers Limited (Registered number: 01684720)

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 27 June 2024 and were signed on its behalf by:




R A Hyde - Director



M J Nicholls - Director


Hereford Market Auctioneers Limited (Registered number: 01684720)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Hereford Market Auctioneers 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Market equipment - at varying rates on cost
Office equipment - 20% on cost

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.

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.

Hereford Market Auctioneers Limited (Registered number: 01684720)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and '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 and 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 26 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Market Office
property equipment equipment Totals
£    £    £    £   
COST
At 1 January 2023 - 908,531 301,246 1,209,777
Additions 256,871 15,500 4,054 276,425
Disposals - (126,871 ) - (126,871 )
At 31 December 2023 256,871 797,160 305,300 1,359,331
DEPRECIATION
At 1 January 2023 - 443,145 227,594 670,739
Charge for year 9,377 40,908 19,773 70,058
At 31 December 2023 9,377 484,053 247,367 740,797
NET BOOK VALUE
At 31 December 2023 247,494 313,107 57,933 618,534
At 31 December 2022 - 465,386 73,652 539,038

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,104,050 4,184,797
Other debtors 867,602 801,897
4,971,652 4,986,694

Hereford Market Auctioneers Limited (Registered number: 01684720)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 2,810,757 3,062,915
Hire purchase contracts 18,020 -
Trade creditors 470,106 634,161
Taxation and social security 175,124 86,010
Other creditors 730,425 661,687
4,204,432 4,444,773

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 27,096 53,024
Hire purchase contracts 49,566 -
76,662 53,024

8. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

Financial commitments under non-cancellable operating leases will result in the following payments falling due in the year to 31 December 2023.

20232022

Land and
Buildings

Land and
Buildings
Expiring:-£   £   
Within two to five years321,109306,181

9. RELATED PARTY DISCLOSURES

For part of this period the company was under the ownership of Sunderlands 1862 LLP. During the year the company paid staff hire charges to Sunderlands 1862 LLP totalling £130,828.

The company is also a related party of Builth Market Auctioneers Limited, being under common control by the same directors. During the year the company raised staff hire recharges totalling £53,497 to Builth Market Auctioneers Limited.

The company paid management charges totalling £312,000 to Sunderland Markets LLP, which is controlled by the directors of Hereford Market Auctioneers Limited.