Company registration number 11754777 (England and Wales)
BARGAIN AUCTION UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
BARGAIN AUCTION UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
BARGAIN AUCTION UK LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
120
Current assets
Stocks
65,575
72,685
Debtors
4
4,512
6,931
Cash at bank and in hand
15,892
9,377
85,979
88,993
Creditors: amounts falling due within one year
5
(59,397)
(64,429)
Net current assets
26,582
24,564
Net assets
26,582
24,684
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
26,482
24,584
Total equity
26,582
24,684

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 17 October 2024
Mr Irfan Latif
Director
Company registration number 11754777 (England and Wales)
BARGAIN AUCTION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

Bargain Auction UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Vicarage Road, Hockley, Birmingham, West Midlands, UK, B18 5NQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.3
Tangible fixed assets

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% on cost

The 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.

1.4
Stocks

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

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BARGAIN AUCTION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 and 31 January 2024
600
Depreciation and impairment
At 1 February 2023
480
Depreciation charged in the year
120
At 31 January 2024
600
Carrying amount
At 31 January 2024
-
0
At 31 January 2023
120
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,512
6,931
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,603
959
Corporation tax
708
1,697
Other creditors
57,086
61,773
59,397
64,429
6
Ultimate Controlling Party

The controlling party is Irfan Latif.

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