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REGISTERED NUMBER: 11995321 (England and Wales)















AUCTIONET UK LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






AUCTIONET UK LTD (REGISTERED NUMBER: 11995321)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company information 1

Balance sheet 2

Notes to the financial statements 3


AUCTIONET UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







Directors: N P B Söderholm
T T B S Österman
A J Sagar





Registered office: 1a Woodlands Industrial Estate
Westbury
Wiltshire
BA13 3QS





Registered number: 11995321 (England and Wales)





Auditors: Chalmers & Co (SW) Limited
6 The Linen Yard
South Street
Crewkerne
Somerset
TA18 8AB

AUCTIONET UK LTD (REGISTERED NUMBER: 11995321)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 73,106 48,831

Current assets
Stocks - 1,712
Debtors 5 111,959 67,293
Cash at bank 56,111 82,065
168,070 151,070
Creditors
Amounts falling due within one year 6 52,786 301,037
Net current assets/(liabilities) 115,284 (149,967 )
Total assets less current liabilities 188,390 (101,136 )

Creditors
Amounts falling due after more than one
year

7

192,499

100,000
Net liabilities (4,109 ) (201,136 )

Capital and reserves
Called up share capital 1,480 1,000
Share premium 838,620 599,100
Retained earnings (844,209 ) (801,236 )
(4,109 ) (201,136 )

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 Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:




N P B Söderholm - Director T T B S Österman - Director




A J Sagar - Director


AUCTIONET UK LTD (REGISTERED NUMBER: 11995321)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. Statutory information

Auctionet UK Ltd 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.

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.

Preparation of consolidated financial statements
The financial statements contain information about Auctionet UK Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Changes in accounting policies
The accounting policy for depreciation has been amended to better reflect the use of the asset by the business.

Turnover
Turnover is the total amount, excluding value added tax, receivable by the company in respect of commissions and fees charged in relation to auctions. Turnover is recognised at point of sale.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over length of the lease
Plant & machinery - Straight line over 5 years
Fixtures and fittings - Straight line over 5 years
Motor vehicles - 30% on reducing balance
Computer equipment - Straight line over 4 years

Investments in subsidiaries
Investments in subsidiaries accounted for in accordance with fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss.

AUCTIONET UK LTD (REGISTERED NUMBER: 11995321)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. Accounting policies - continued

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 instruments 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, and loans to related parties (if any).

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 Income Statement.

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.

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 (2022 - 5 ) .

AUCTIONET UK LTD (REGISTERED NUMBER: 11995321)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. Tangible fixed assets
Fixtures
Improvements Plant & and
to property machinery fittings
£ £ £
Cost
At 1 January 2023 19,088 12,302 6,203
Additions - - -
Disposals - - -
At 31 December 2023 19,088 12,302 6,203
Depreciation
At 1 January 2023 9,264 6,301 2,923
Charge for year 1,457 3,071 2,146
Eliminated on disposal - - -
At 31 December 2023 10,721 9,372 5,069
Net book value
At 31 December 2023 8,367 2,930 1,134
At 31 December 2022 9,824 6,001 3,280

Motor Computer
vehicles equipment Totals
£ £ £
Cost
At 1 January 2023 32,375 4,012 73,980
Additions 50,056 2,022 52,078
Disposals (13,875 ) - (13,875 )
At 31 December 2023 68,556 6,034 112,183
Depreciation
At 1 January 2023 4,869 1,792 25,149
Charge for year 7,287 1,713 15,674
Eliminated on disposal (1,746 ) - (1,746 )
At 31 December 2023 10,410 3,505 39,077
Net book value
At 31 December 2023 58,146 2,529 73,106
At 31 December 2022 27,506 2,220 48,831

AUCTIONET UK LTD (REGISTERED NUMBER: 11995321)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 37,342 26,793
Auction debtors - 20,000
VAT 27,597 -
Prepayments 23,020 20,500
Accrued income 24,000 -
111,959 67,293

6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 38,521 13,284
Social security and other taxes 7,041 6,907
VAT - 8,303
Auction creditors - 68,465
Amounts owed to parent company - 190,951
Other creditors 1,224 3,627
Accrued expenses 6,000 9,500
52,786 301,037

7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Loan from parent company 192,499 100,000

8. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the auditors was unqualified.

Simon Bachrach (Senior Statutory Auditor)
for and on behalf of Chalmers & Co (SW) Limited

9. Ultimate controlling party

The name of the smallest and largest parent undertaking and the ultimate controlling company is Auction Network Sweden AB.

Auction Network Sweden AB is incorporated in Sweden and prepare group consolidated financial statements to include Auctionet UK Ltd which are available to the public at Grev Turegatan 44, tr 2, 114 38, Stockholm.