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Registration number: 05786037

Clevedon Salerooms Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Clevedon Salerooms Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Clevedon Salerooms Limited

(Registration number: 05786037)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,590

2,385

Tangible assets

5

79,776

91,253

 

81,366

93,638

Current assets

 

Debtors

6

15,338

11,014

Cash at bank and in hand

 

257,796

156,670

 

273,134

167,684

Creditors: Amounts falling due within one year

7

(121,430)

(97,180)

Net current assets

 

151,704

70,504

Total assets less current liabilities

 

233,070

164,142

Provisions for liabilities

(6,529)

(9,602)

Net assets

 

226,541

154,540

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

225,541

153,540

Shareholders' funds

 

226,541

154,540

For the financial year ending 30 April 2024 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

 

Clevedon Salerooms Limited

(Registration number: 05786037)
Statement of Financial Position as at 30 April 2024 (continued)


Mr A M Burridge
Director


Mrs M H Burridge
Director

 

Clevedon Salerooms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
The Auction Centre
Kenn Road
Kenn
Clevedon
Somerset
BS21 6TT

Principal activity

The principal activity of the company is was that of auctioneers and valuers.

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Clevedon Salerooms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Clevedon Salerooms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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 property improvements

over the term of the lease

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Equipment

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Website

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Clevedon Salerooms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 15).

 

Clevedon Salerooms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Intangible assets

Goodwill
 £

Website
£

Total
£

Cost or valuation

At 1 May 2023

595,000

4,640

599,640

At 30 April 2024

595,000

4,640

599,640

Amortisation

At 1 May 2023

595,000

2,255

597,255

Amortisation charge

-

795

795

At 30 April 2024

595,000

3,050

598,050

Carrying amount

At 30 April 2024

-

1,590

1,590

At 30 April 2023

-

2,385

2,385

5

Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

9,179

64,282

19,780

81,518

174,759

Additions

-

927

6,452

25,389

32,768

Disposals

-

-

-

(36,365)

(36,365)

At 30 April 2024

9,179

65,209

26,232

70,542

171,162

Depreciation

At 1 May 2023

9,179

46,958

10,933

16,436

83,506

Charge for the year

-

2,800

3,486

17,504

23,790

Eliminated on disposal

-

-

-

(15,910)

(15,910)

At 30 April 2024

9,179

49,758

14,419

18,030

91,386

Carrying amount

At 30 April 2024

-

15,451

11,813

52,512

79,776

At 30 April 2023

-

17,324

8,847

65,082

91,253

 

Clevedon Salerooms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

3,889

3,683

Other debtors

2,443

2,217

Prepayments

9,006

5,114

15,338

11,014

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

912

6,453

Taxation and social security

105,298

78,287

Accruals and deferred income

13,720

11,074

Other creditors

1,500

1,366

121,430

97,180

Other creditors in the prior year included certain balances which the directors believe are more appropriately classified as other taxation and social security. The directors have therefore adjusted
their presentation in the current year and adjusted the comparative to match, which has resulted in £29,699 being reclassified from other creditors to other tax and social security.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Clevedon Salerooms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

1,940

1,940

Later than one year and not later than five years

1,752

3,692

3,692

5,632

The amount of non-cancellable operating lease payments recognised as an expense during the year was £1,900 (2023 - £11,691).

10

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Directors' loans

843

66,429

(67,039)

233

         
       

 

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Directors' loans

(14,389)

16,770

(1,538)

843

 

Loans to directors are interest free and repayable on demand.