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REGISTERED NUMBER: 11788751 (England and Wales)


























Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Asset Auctions Ltd

Asset Auctions Ltd (Registered number: 11788751)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


Asset Auctions Ltd (Registered number: 11788751)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 181,937 153,754

CURRENT ASSETS
Stocks 388,586 413,453
Debtors 5 79,269 86,082
Cash at bank 1,181 20,714
469,036 520,249
CREDITORS
Amounts falling due within one year 6 602,265 570,216
NET CURRENT LIABILITIES (133,229 ) (49,967 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

48,708

103,787

CREDITORS
Amounts falling due after more than one
year

7

(18,664

)

(38,062

)

PROVISIONS FOR LIABILITIES (12,033 ) (11,343 )
NET ASSETS 18,011 54,382

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 17,911 54,282
SHAREHOLDERS' FUNDS 18,011 54,382

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 29 October 2024 and were signed by:





N C Priestley - Director


Asset Auctions Ltd (Registered number: 11788751)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Asset Auctions Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 11788751

Registered office: Systems House
Lodge Lane
Tuxford
Newark
Nottinghamshire
NG22 0LN

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The accounts are prepared on a going concern basis which assumes that the director will continue to support the Company. If this support was not to continue then this basis may not be appropriate, as at the 31 January 2024 the company's current liabilities exceeded the current assets by £133,229 (2023: £49,967).

Should the Company then not be able to continue trading, adjustments to the value of assets would be needed to provide for any further liabilities which might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and Buildings - 2% on cost
Plant and machinery - 20% on cost, 15% on reducing balance and 10% on reducing balance
Fixtures and fittings - 20% on cost and 15% on reducing balance
Computer equipment - 25% on reducing balance

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

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.


Asset Auctions Ltd (Registered number: 11788751)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 7 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Land and Plant and and Computer
Buildings machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 97,952 73,402 8,529 9,835 189,718
Additions 18,000 17,016 1,136 2,372 38,524
At 31 January 2024 115,952 90,418 9,665 12,207 228,242
DEPRECIATION
At 1 February 2023 3,897 24,240 3,676 4,151 35,964
Charge for year 1,960 5,727 895 1,759 10,341
At 31 January 2024 5,857 29,967 4,571 5,910 46,305
NET BOOK VALUE
At 31 January 2024 110,095 60,451 5,094 6,297 181,937
At 31 January 2023 94,055 49,162 4,853 5,684 153,754

Asset Auctions Ltd (Registered number: 11788751)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 February 2023
and 31 January 2024 58,600
DEPRECIATION
At 1 February 2023 20,692
Charge for year 3,791
At 31 January 2024 24,483
NET BOOK VALUE
At 31 January 2024 34,117
At 31 January 2023 37,908

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 25,983 12,909
Other debtors 53,286 73,173
79,269 86,082

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,883 9,823
Hire purchase contracts (see note 8) 11,111 14,671
Trade creditors 488,964 379,378
Taxation and social security 30,631 83,225
Other creditors 61,676 83,119
602,265 570,216

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 15,831 24,764
Hire purchase contracts (see note 8) 2,833 13,298
18,664 38,062

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 11,111 14,671
Between one and five years 2,833 13,298
13,944 27,969

Asset Auctions Ltd (Registered number: 11788751)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 17,463 41,756
Between one and five years 11,222 79,393
28,685 121,149

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 13,944 -

The liability is secured on the asset of which the finance was provided for.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

A directors loan subsisted throughout the year. The loan was unsecured and repayable on demand. Interest was charged at 2.25% and totalled £514 (2023: £2,264) for the year. There is an amount of £50 (2023: £1,771) due from the company at the year end.