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Registered number: 12723131
Auction Legal Contracts Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12723131
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 22,199 23,320
22,199 23,320
CURRENT ASSETS
Debtors 6 2,450 2,450
Cash at bank and in hand 12,354 1,862
14,804 4,312
Creditors: Amounts Falling Due Within One Year 7 (9,734 ) (9,961 )
NET CURRENT ASSETS (LIABILITIES) 5,070 (5,649 )
TOTAL ASSETS LESS CURRENT LIABILITIES 27,269 17,671
PROVISIONS FOR LIABILITIES
Deferred Taxation (655 ) (868 )
NET ASSETS 26,614 16,803
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 26,613 16,802
SHAREHOLDERS' FUNDS 26,614 16,803
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For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr G M Abrams
Director
23 October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Auction Legal Contracts Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12723131 . The registered office is Flat 2 Lawn Manor, Barnet Lane, Elstree, Hertfordshire, WD6 3FT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents revenue from the rendering of consultancy services. 
2.3. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold N/A
Fixtures and fittings 25% reducing balance
Computer equipment 20% reducing balance
2.4. Investment Properties
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2.6. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Tangible Assets
Land & Property
Freehold Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
As at 1 August 2023 18,750 7,976 850 27,576
As at 31 July 2024 18,750 7,976 850 27,576
Depreciation
As at 1 August 2023 - 3,841 415 4,256
Provided during the period - 1,034 87 1,121
As at 31 July 2024 - 4,875 502 5,377
Net Book Value
As at 31 July 2024 18,750 3,101 348 22,199
As at 1 August 2023 18,750 4,135 435 23,320
5. Investment Property
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 18,750 -
The directors have valued the investment properties on an open market basis as at the reporting date, which they consider accurately reflects their fair value.
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 2,450 2,450
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 2,566 1,738
Accruals and deferred income 1,986 1,830
Director's loan account 5,182 6,393
9,734 9,961
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Directors Advances, Credits and Guarantees
No director received advances, credits or guarantees during the current or previous accounting periods.
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10. Related Party Transactions
The following related party transactions were undertaken during the year:
At the start of the period the company owed the Director £6,393. The Director received £3,306 worth of advances during the period (2023: £466) and introduced capital of £2,095 (2023: £4,967). The company owed the Director £5,182 at the balance sheet date.
At the start of the period a company under common control owed Auction Legal Contracts Limited £2,450. Auction Legal Contracts Limited was owed £2,450 from the company under common control at the balance sheet date.
Dividends were paid to the directors in respect of their shareholdings totalling £Nil (2023: £2,000).
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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