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Company registration number: 00091818
Thirsk Farmers Auction Mart Company Limited
Unaudited filleted financial statements
30 June 2024
THE BARKER PARTNERSHIP
Chartered Accountants
Thirsk
Thirsk Farmers Auction Mart Company Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Thirsk Farmers Auction Mart Company Limited
Directors and other information
Directors Mr J I Woodhead
Mr R L Cordingley
Mr B Phillips
Mr I D Bowe (Appointed 1 November 2023)
Secretary S Clubley
Company number 00091818
Registered office Thirsk Rural Business Centre
Blakey Lane
Thirsk
North Yorkshire
YO7 3AB
Accountants The Barker Partnership
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
Solicitors Harrowells Solicitors
17 Finkle Street
Thirsk
North Yorkshire
YO7 1DA
Thirsk Farmers Auction Mart Company Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Thirsk Farmers Auction Mart Company Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thirsk Farmers Auction Mart Company Limited for the year ended 30 June 2024 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Thirsk Farmers Auction Mart Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Thirsk Farmers Auction Mart Company Limited and state those matters that we have agreed to state to the board of directors of Thirsk Farmers Auction Mart Company Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thirsk Farmers Auction Mart Company Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Thirsk Farmers Auction Mart Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Thirsk Farmers Auction Mart Company Limited. You consider that Thirsk Farmers Auction Mart Company Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Thirsk Farmers Auction Mart Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
6 November 2024
Thirsk Farmers Auction Mart Company Limited
Balance sheet
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 1,000 1,250
Tangible assets 6 6,349,548 6,675,599
_______ _______
6,350,548 6,676,849
Current assets
Stocks 322,600 2,600
Debtors 7 2,524,704 2,182,302
Cash at bank and in hand 35,664 58,168
_______ _______
2,882,968 2,243,070
Creditors: amounts falling due
within one year 8 ( 2,656,459) ( 2,414,670)
_______ _______
Net current assets/(liabilities) 226,509 ( 171,600)
_______ _______
Total assets less current liabilities 6,577,057 6,505,249
Creditors: amounts falling due
after more than one year 9 ( 2,264,631) ( 2,370,612)
Provisions for liabilities ( 25,867) ( 65,673)
Accruals and deferred income ( 85,680) ( 86,700)
_______ _______
Net assets 4,200,879 3,982,264
_______ _______
Capital and reserves
Called up share capital 24,000 24,000
Share premium account 62 62
Capital redemption reserve 50,000 25,000
Profit and loss account 4,126,817 3,933,202
_______ _______
Shareholders funds 4,200,879 3,982,264
_______ _______
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 November 2024 , and are signed on behalf of the board by:
Mr J I Woodhead
Director
Company registration number: 00091818
Thirsk Farmers Auction Mart Company Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Thirsk Rural Business Centre, Blakey Lane, Thirsk, North Yorkshire, YO7 3AB. The activities of the company continue to be that of a livestock auction mart deriving income from commission charged on the vendors of livestock, furniture and machinery etc. Commissions earned on property sales and lettings, fees for valuation and surveying of property are dealt with by the trading arm known as Joplings.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
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.
Turnover
Commission and fees earned derive from the amount of commission charged on the vendors of livestock and other goods at the auction mart. Commissions and fees earned from the Joplings Estate Agencies derive from property sales, fees for the valuation of property, and lettings management. All are stated net of value added tax. Commission and fees earned are included in the accounting period during which the associated sale took place.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved taxlosses 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated as cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Toll rights - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 1 % straight line
Plant and machinery - 6.67 % straight line
Office equipment - 20 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment properties are included in the balance sheet at their fair value at the balance sheet date, on the basis of an annual valuation. In accordance with FRS102 section 16, no depreciation is provided in respect of freehold investment properties. This treatment is a departure from the requirements of the Companies Act 2006 concerning depreciation of fixed assets. The directors consider that, as these properties are held for long term investment and not their consumption, systematic annual depreciation would be inappropriate. The accounting policy adopted is, therefore, necessary for the accounts to give a true and fair view. If this departure from the Act had not been made, the loss for the financial year would have been increased by further depreciation. However, depreciation is only one of many factors reflected in the annual valuation, and the amount which might otherwise have been shown cannot be separately identified or quantified.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Grants are recognised at fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 30 (2023: 29 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 July 2023 and 30 June 2024 5,000 5,000
_______ _______
Amortisation
At 1 July 2023 3,750 3,750
Charge for the year 250 250
_______ _______
At 30 June 2024 4,000 4,000
_______ _______
Carrying amount
At 30 June 2024 1,000 1,000
_______ _______
At 30 June 2023 1,250 1,250
_______ _______
6. Tangible assets
Freehold property Investment property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £ £
Cost
At 1 July 2023 2,878,504 4,115,500 2,196,021 233,292 1,750 9,425,067
Additions 3,205 17,817 5,645 1,244 18,745 46,656
Disposals ( 3,738) - - ( 137,230) ( 4,150) ( 145,118)
Transfers - ( 320,000) - - - ( 320,000)
_______ _______ _______ _______ _______ _______
At 30 June 2024 2,877,971 3,813,317 2,201,666 97,306 16,345 9,006,605
_______ _______ _______ _______ _______ _______
Depreciation
At 1 July 2023 399,299 - 2,118,229 230,190 1,750 2,749,468
Charge for the year 28,789 - 11,314 1,744 3,649 45,496
Disposals ( 677) - - ( 137,230) - ( 137,907)
_______ _______ _______ _______ _______ _______
At 30 June 2024 427,411 - 2,129,543 94,704 5,399 2,657,057
_______ _______ _______ _______ _______ _______
Carrying amount
At 30 June 2024 2,450,560 3,813,317 72,123 2,602 10,946 6,349,548
_______ _______ _______ _______ _______ _______
At 30 June 2023 2,479,205 4,115,500 77,792 3,102 - 6,675,599
_______ _______ _______ _______ _______ _______
Investment property
The investment properties were revalued at the year end date by M Stephenson, Chartered Surveyor, on a fair value basis.
7. Debtors
2024 2023
£ £
Trade debtors 2,469,636 2,123,991
Other debtors 55,068 58,311
_______ _______
2,524,704 2,182,302
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 2,281,072 2,043,885
Trade creditors 82,895 54,862
Corporation tax 26,641 -
Social security and other taxes 71,786 62,647
Other creditors 194,065 253,276
_______ _______
2,656,459 2,414,670
_______ _______
The bank loan and the bank overdrafts are secured on the assets of the company.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 1,114,631 1,195,612
Other creditors 1,150,000 1,175,000
_______ _______
2,264,631 2,370,612
_______ _______
The bank loans comprise two loans, one totalling £186,987 (2023 - £262,023), which bears interest at 1% over the Bank of England base rate and which is to be repaid by September 2026. The other, totalling £1,007,500 (2023 - £1,007,500), is due for repayment by October 2029. Both bank loans are secured on the assets of the company. Included within other creditors are redeemable £1 preference shares totalling £250,000 (2023: £275, 000) which are classified as liabilities under FRS102.
10. Government grants
The amounts recognised in the for government grants are as follows:
2024 2023
£ £
Recognised in creditors:
Deferred government grants due after more than one year 85,680 86,700
_______ _______
Recognised in other operating income:
Government grants recognised directly in income 1,020 1,020
_______ _______
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 1 year and not later than 5 years 10,873 23,927
_______ _______
The operating leases detailed above relate to motor vehicles leased by the company .
12. Events after the end of the reporting period
Post year end a loss making division of the company was sold to a third party .
13. Related party transactions
A director and shareholder of the company has provided the company with interest free loans. The amount included in creditors due within one year is £72,670 (2023 - £122,670) and due in more than one year is £900,000 (2023 - £900,000).One of the directors has given personal guarantees to the bank in respect of all bank borrowings.