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REGISTERED NUMBER: 04331781 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

AUCTION NEWS LIMITED

AUCTION NEWS LIMITED (REGISTERED NUMBER: 04331781)






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


AUCTION NEWS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: S J Payne
Ms G E Payne
Ms A M Payne





SECRETARY: Ms A M Payne





REGISTERED OFFICE: 6 Somme Road
Allestree
Derby
Derbyshire
DE22 2NP





REGISTERED NUMBER: 04331781 (England and Wales)





ACCOUNTANTS: Derby Accountancy Services Ltd
Friar Gate Studios
Ford Street
Derby
Derbyshire
DE1 1EE

AUCTION NEWS LIMITED (REGISTERED NUMBER: 04331781)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 38,251 15,149
Investments 6 201 201
38,452 15,350

CURRENT ASSETS
Stocks 100 100
Debtors 7 14,762 44,655
Cash at bank and in hand 166,883 176,283
181,745 221,038
CREDITORS
Amounts falling due within one year 8 41,645 44,795
NET CURRENT ASSETS 140,100 176,243
TOTAL ASSETS LESS CURRENT
LIABILITIES

178,552

191,593

PROVISIONS FOR LIABILITIES 8,016 3,583
NET ASSETS 170,536 188,010

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 6,801 6,801
Retained earnings 162,735 180,209
170,536 188,010

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.

AUCTION NEWS LIMITED (REGISTERED NUMBER: 04331781)

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 26 September 2024 and were signed on its behalf by:





S J Payne - Director


AUCTION NEWS LIMITED (REGISTERED NUMBER: 04331781)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Auction News 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

AUCTION NEWS LIMITED (REGISTERED NUMBER: 04331781)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 265,947
AMORTISATION
At 1 January 2023
and 31 December 2023 265,947
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 50,969
Additions 41,107
Disposals (16,137 )
At 31 December 2023 75,939
DEPRECIATION
At 1 January 2023 35,820
Charge for year 6,292
Eliminated on disposal (4,424 )
At 31 December 2023 37,688
NET BOOK VALUE
At 31 December 2023 38,251
At 31 December 2022 15,149

AUCTION NEWS LIMITED (REGISTERED NUMBER: 04331781)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 January 2023
and 31 December 2023 201
NET BOOK VALUE
At 31 December 2023 201
At 31 December 2022 201

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 14,284 17,944
Other debtors 478 26,711
14,762 44,655

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 5,217 120
Taxation and social security 29,349 35,835
Other creditors 7,079 8,840
41,645 44,795