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REGISTERED NUMBER: 00076760 (England and Wales)












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: Mr R Turner
Mr N J Allan
Mr D Crackles
Mr K Duncan
Mr D G Lawson
Mr J F Metcalfe



Secretary: Richard Turner & Son



Registered office: The Auction Mart
Bentham
LANCASTER
LA2 7HF



Business address: Richard Turner & Son
Royal Oak Chambers
Main Street High Bentham
LANCASTER
LA2 7HF



Registered number: 00076760 (England and Wales)



Auditors: Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD



Bankers: Barclays Bank Plc
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 1,966,580 1,993,126
Investment property 5 315,000 315,000
2,281,580 2,308,126

Current assets
Debtors 6 3,338,675 3,355,027
Cash at bank and in hand 292,397 4,790
3,631,072 3,359,817
Creditors
Amounts falling due within one year 7 1,245,237 1,328,474
Net current assets 2,385,835 2,031,343
Total assets less current liabilities 4,667,415 4,339,469

Creditors
Amounts falling due after more than one
year

8

(40,875

)

(66,017

)

Provisions for liabilities (327,733 ) (331,670 )
Net assets 4,298,807 3,941,782

Capital and reserves
Called up share capital 10 670 670
Share premium 970 970
Revaluation reserve 11 1,515,305 1,515,305
Retained earnings 2,781,862 2,424,837
Shareholders' funds 4,298,807 3,941,782

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by:





Mr J F Metcalfe - Director


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 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 as modified by the revaluation of certain assets.

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.
Land and buildings - 5% Straight line (excluding land)
Plant and machinery - 10% Reducing balance (excluding land)

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 34 (2023 - 33 ) .

4. Tangible fixed assets
Land and Plant and
buildings machinery Totals
£    £    £   
Cost
At 1 July 2023 1,942,686 646,534 2,589,220
Additions - 20,903 20,903
At 30 June 2024 1,942,686 667,437 2,610,123
Depreciation
At 1 July 2023 284,711 311,383 596,094
Charge for year 12,008 35,628 47,636
Eliminated on disposal - (187 ) (187 )
At 30 June 2024 296,719 346,824 643,543
Net book value
At 30 June 2024 1,645,967 320,613 1,966,580
At 30 June 2023 1,657,975 335,151 1,993,126

5. Investment property
Total
£   
Fair value
At 1 July 2023
and 30 June 2024 315,000
Net book value
At 30 June 2024 315,000
At 30 June 2023 315,000

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 3,300,799 3,317,625
Other debtors 37,876 37,402
3,338,675 3,355,027

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 27,940 625,977
Trade creditors 742,429 377,419
Taxation and social security 205,396 91,744
Other creditors 269,472 233,334
1,245,237 1,328,474

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 40,875 66,017

9. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 598,263
Bank loans 68,815 93,731
68,815 691,994

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
670 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 1,515,305

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.

T M Preece FCCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

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.