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Registered number: 11182699
Sutton Hill Farm Country Auctions Limited
Financial Statements
For The Year Ended 28 February 2024
Kennedy Johnson
83 Carlton Drive
Wigston
LE18 1DG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11182699
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 60,674 46,841
60,674 46,841
CURRENT ASSETS
Debtors 5 2,181 2,181
Cash at bank and in hand 347,078 381,826
349,259 384,007
Creditors: Amounts Falling Due Within One Year 6 (59,047 ) (96,211 )
NET CURRENT ASSETS (LIABILITIES) 290,212 287,796
TOTAL ASSETS LESS CURRENT LIABILITIES 350,886 334,637
Creditors: Amounts Falling Due After More Than One Year 7 (109,192 ) (120,317 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,402 ) (2,774 )
NET ASSETS 235,292 211,546
CAPITAL AND RESERVES
Called up share capital 8 90 90
Profit and Loss Account 235,202 211,456
SHAREHOLDERS' FUNDS 235,292 211,546
Page 1
Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Debbie Sterland
Director
29/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sutton Hill Farm Country Auctions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11182699 . The registered office is 83 Carlton Drive, Wigston, Leicester, LE18 1DG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
The company recognises turnover when an auction sale or online marketplace sale is complerte and the company has determined that the sale proceeds are collectable. Turnover is measured at the fair value of the consideration received or receivable and is shown net of value added tax. . Turnover is further reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any 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 10% of cost per annum.
Motor Vehicles 25% per annum calculated on the reducing balance
Computer Equipment 25% per annum calculated on the reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
Page 3
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4. Tangible Assets
Land & Property
Freehold Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 52,617 - 36,503 89,120
Additions - 13,000 17,325 30,325
As at 28 February 2024 52,617 13,000 53,828 119,445
Depreciation
As at 1 March 2023 20,377 - 21,902 42,279
Provided during the period 5,261 - 11,231 16,492
As at 28 February 2024 25,638 - 33,133 58,771
Net Book Value
As at 28 February 2024 26,979 13,000 20,695 60,674
As at 1 March 2023 32,240 - 14,601 46,841
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 2,181 2,181
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 28,086 42,102
Bank loans and overdrafts 10,000 10,000
Corporation tax 6,188 31,937
Value Added Tax 10,671 8,983
Accruals 4,102 3,189
59,047 96,211
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 12,965 22,965
Directors loan account 9,224 10,349
Amounts owed to associates 87,003 87,003
109,192 120,317
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 90 90
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Page 5
9. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Michael Thompson 1,000 2,000
Sandra Lennon 1,000 2,000
Debbie Sterland 1,000 2,000
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