Paul Fosh Auctions Limited 04276607 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of auctioneers Digita Accounts Production Advanced 6.30.9574.0 true 04276607 2023-05-01 2024-04-30 04276607 2024-04-30 04276607 bus:OrdinaryShareClass1 2024-04-30 04276607 core:CurrentFinancialInstruments 2024-04-30 04276607 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 04276607 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 04276607 core:ConstructionInProgressAssetsUnderConstruction 2024-04-30 04276607 core:FurnitureFittingsToolsEquipment 2024-04-30 04276607 core:LandBuildings 2024-04-30 04276607 core:MotorVehicles 2024-04-30 04276607 1 2024-04-30 04276607 bus:SmallEntities 2023-05-01 2024-04-30 04276607 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 04276607 bus:FilletedAccounts 2023-05-01 2024-04-30 04276607 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 04276607 bus:RegisteredOffice 2023-05-01 2024-04-30 04276607 bus:CompanySecretaryDirector1 2023-05-01 2024-04-30 04276607 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 04276607 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 04276607 core:ConstructionInProgressAssetsUnderConstruction 2023-05-01 2024-04-30 04276607 core:FurnitureFittings 2023-05-01 2024-04-30 04276607 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 04276607 core:LandBuildings 2023-05-01 2024-04-30 04276607 core:LeaseholdImprovements 2023-05-01 2024-04-30 04276607 core:MotorVehicles 2023-05-01 2024-04-30 04276607 countries:EnglandWales 2023-05-01 2024-04-30 04276607 1 2023-05-01 2024-04-30 04276607 2023-04-30 04276607 core:ConstructionInProgressAssetsUnderConstruction 2023-04-30 04276607 core:FurnitureFittingsToolsEquipment 2023-04-30 04276607 core:LandBuildings 2023-04-30 04276607 core:MotorVehicles 2023-04-30 04276607 1 2023-04-30 04276607 2022-05-01 2023-04-30 04276607 2023-04-30 04276607 bus:OrdinaryShareClass1 2023-04-30 04276607 core:CurrentFinancialInstruments 2023-04-30 04276607 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 04276607 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 04276607 core:ConstructionInProgressAssetsUnderConstruction 2023-04-30 04276607 core:FurnitureFittingsToolsEquipment 2023-04-30 04276607 core:LandBuildings 2023-04-30 04276607 core:MotorVehicles 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04276607

Paul Fosh Auctions Limited

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 April 2024

 

Paul Fosh Auctions Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Paul Fosh Auctions Limited

Company Information

Director

Mr PA Fosh

Company secretary

Mr PA Fosh

Registered office

108 Lower Dock Street
Newport
South Wales
NP20 2AG

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Paul Fosh Auctions Limited

(Registration number: 04276607)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

395,107

391,407

Current assets

 

Debtors

476,530

110,506

Cash at bank and in hand

 

96,037

301,149

 

572,567

411,655

Prepayments and accrued income

 

9,348

8,148

Creditors: Amounts falling due within one year

5.1

(458,624)

(349,448)

Net current assets

 

123,291

70,355

Total assets less current liabilities

 

518,398

461,762

Creditors: Amounts falling due after more than one year

5.2

(205,089)

(246,108)

Provisions for liabilities

(27,655)

(97,048)

Accruals and deferred income

 

(3,965)

(79,375)

Net assets

 

281,689

39,231

Capital and reserves

 

Called up share capital

6

21

21

Retained earnings

281,668

39,210

Shareholders' funds

 

281,689

39,231

 

Paul Fosh Auctions Limited

(Registration number: 04276607)
Abridged Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 November 2024
 

.........................................

Mr PA Fosh
Company secretary and director

 

Paul Fosh Auctions Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
108 Lower Dock Street
Newport
South Wales
NP20 2AG

These financial statements were authorised for issue by the director on 18 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Paul Fosh Auctions Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line

Leasehold improvements

25% straight line

Furniture, fittings and equipment

25% straight line

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Paul Fosh Auctions Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2023 - 13).

 

Paul Fosh Auctions Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Leasehold improvements
 £

Total
£

Cost or valuation

At 1 May 2023

253,781

39,095

132,207

57,054

482,137

Additions

-

8,899

67,248

4,837

80,984

Disposals

-

(4,559)

(35,000)

-

(39,559)

At 30 April 2024

253,781

43,435

164,455

61,891

523,562

Depreciation

At 1 May 2023

30,454

16,067

27,451

16,758

90,730

Charge for the year

5,076

10,570

30,187

15,387

61,220

Eliminated on disposal

-

(4,559)

(18,936)

-

(23,495)

At 30 April 2024

35,530

22,078

38,702

32,145

128,455

Carrying amount

At 30 April 2024

218,251

21,357

125,753

29,746

395,107

At 30 April 2023

223,327

23,028

104,756

40,296

391,407

Included within the net book value of land and buildings above is £218,251 (2023 - £223,327) in respect of freehold land and buildings.
 

5

Creditors

Creditors: amounts falling due within one year

Creditors include bank loans and hire purchase agreements which are secured of £89,747 (2023 - £75,390).

Creditors: amounts falling due after more than one year

Creditors include bank loans and hire purchase agreements which are secured of £205,089 (2023 - £246,108).

 

Paul Fosh Auctions Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

21

21

21

21

       

7

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Advances and repayments

-

120,858

(858)

120,000

 

Other transactions with the director

During the year the company made unsecured, interest free, repayable on demand loans to the director. At the balance sheet date the amount due to the company from the director was £120,000 (2023 - £Nil)