REGISTERED NUMBER: |
BENTHAM AND DISTRICT FARMERS' |
AUCTION MART COMPANY,LIMITED(THE) |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
REGISTERED NUMBER: |
BENTHAM AND DISTRICT FARMERS' |
AUCTION MART COMPANY,LIMITED(THE) |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
BENTHAM AND DISTRICT FARMERS' |
AUCTION MART COMPANY,LIMITED(THE) (REGISTERED NUMBER: 00076760) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BENTHAM AND DISTRICT FARMERS' |
AUCTION MART COMPANY,LIMITED(THE) |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
Directors: |
Secretary: |
Registered office: |
Business address: |
Registered number: |
Auditors: |
Accountants and Statutory Auditors |
Dalton House |
9 Dalton Square |
LANCASTER |
LA1 1WD |
Bankers: |
LEICESTER |
LE87 2BB |
BENTHAM AND DISTRICT FARMERS' |
AUCTION MART COMPANY,LIMITED(THE) (REGISTERED NUMBER: 00076760) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Share premium |
Revaluation reserve | 11 |
Retained earnings |
Shareholders' funds |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
BENTHAM AND DISTRICT FARMERS' |
AUCTION MART COMPANY,LIMITED(THE) (REGISTERED NUMBER: 00076760) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | Statutory information |
Bentham And District Farmers' Auction Mart Company,limited(The) is a |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
BENTHAM AND DISTRICT FARMERS' |
AUCTION MART COMPANY,LIMITED(THE) (REGISTERED NUMBER: 00076760) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
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 |
4. | Tangible fixed assets |
Land and | Plant and |
buildings | machinery | Totals |
£ | £ | £ |
Cost |
At 1 July 2023 |
Additions |
At 30 June 2024 |
Depreciation |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 July 2023 |
and 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2017 | 92,516 |
Valuation in 2021 | 80,000 |
Cost | 142,484 |
315,000 |
BENTHAM AND DISTRICT FARMERS' |
AUCTION MART COMPANY,LIMITED(THE) (REGISTERED NUMBER: 00076760) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
5. | Investment property - continued |
The investment properties were revalued at 30 June 2023 by the directors using a market value basis. |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
9. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdraft |
Bank loans |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £1 | 670 | 670 |
BENTHAM AND DISTRICT FARMERS' |
AUCTION MART COMPANY,LIMITED(THE) (REGISTERED NUMBER: 00076760) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | Reserves |
Revaluation |
reserve |
£ |
At 1 July 2023 |
and 30 June 2024 |
The revaluation reserve represents the increase to fair value of land, which was revalued on transition to FRS102 and held at deemed cost, and the changes in fair value of investment properties, both net of deferred tax. This reserve is therefore not distributable. |
12. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
13. | Related party disclosures |
Mr R Turner, a director, is also the owner of Richard Turner & Son who act as secretary to the company and provide secretarial services to the company. During the year the company paid £790,263 (2023 - £694,002) to Richard Turner & Son in respect of secretarial and auctioneer services. |