smallAccCompHo_0921.xslt
Company Registration No. 07711220 (England and Wales)
WELLERS AUCTIONS LTD
Financial Statements
for the Period from 01 January 2023 to 31 December 2023

WELLERS AUCTIONS LTD

Financial Statements for the period ending 31 December 2023

WELLERS AUCTIONS LTD

Financial Statements for the period ending 31 December 2023

Notes to the Accounts

1. Statutory Information
WELLERS AUCTIONS LTD is a private company, limited by shares, registered in England and Wales, registration number 07711220.
2. Accounting Policies
Basis of preparing the Financial Statements
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities.
Presentation Currency
The accounts are presented in £ sterling.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

WELLERS AUCTIONS LTD

Financial Statements for the period ending 31 December 2023

Notes to the Accounts

Current Tax
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.
Tangible Fixed Asset Policy
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.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:Plant and machinery 20% straight lineMotor vehicles 20% straight lineThe 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.

WELLERS AUCTIONS LTD

Financial Statements for the period ending 31 December 2023

Notes to the Accounts

Stock
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.At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

WELLERS AUCTIONS LTD

Financial Statements for the period ending 31 December 2023

Notes to the Accounts

3. Employees
Average number of employees, including directors, during the year was as follows:
2023 20
2022 16
4. Principal Activity
The principal activity of the company continued to be that of the sale of goods at auction.

WELLERS AUCTIONS LTD

Financial Statements for the period ending 31 December 2023

Notes to the Accounts

5. Fixed Assets
Plant and Machinery Total
Cost or valuation £ £
At 01/01/2023 131,995 131,995
Additions 14,587 14,587
At 31/12/2023 146,582 146,582
Depreciation
At 01/01/2023 95,852 95,852
Charge for the year 24,974 24,974
At 31/12/2023 120,826 120,826
Net Book Value
At 31/12/2023 25,756 25,756
At 31/12/2022 36,143 36,143

WELLERS AUCTIONS LTD

Financial Statements for the period ending 31 December 2023

Notes to the Accounts

6. Investments
Investments in Subsidiaries Other Investments - Listed Other Investments -Unlisted Total
£ £ £ £
Valuation at 01/01/2023 1 - - 1
Additions - - - -
Disposals - - - -
Adjustments - - - -
Valuation at 31/12/2023 1 - - 1