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Registration number: 08936436

Whittons Auctions Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Whittons Auctions Limited
(Registration number: 08936436)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Whittons Auctions Limited
(Registration number: 08936436)

Company Information

Directors

Mrs M E Whitton

Mr E J W Whitton

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Bankers

Natwest Bank Plc

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Whittons Auctions Limited
(Registration number: 08936436)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

75,629

60,830

Current assets

 

Debtors

5

417,933

408,563

Cash at bank and in hand

 

75,413

21,552

 

493,346

430,115

Creditors: Amounts falling due within one year

6

(130,294)

(119,450)

Net current assets

 

363,052

310,665

Total assets less current liabilities

 

438,681

371,495

Creditors: Amounts falling due after more than one year

6

(49,570)

(31,522)

Provisions for liabilities

(15,737)

(11,063)

Net assets

 

373,374

328,910

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

373,274

328,810

Total equity

 

373,374

328,910

 

Whittons Auctions Limited
(Registration number: 08936436)

Balance Sheet as at 31 March 2024

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 January 2025 and signed on its behalf by:
 

.........................................
Mrs M E Whitton
Director

 

Whittons Auctions Limited
(Registration number: 08936436)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

The principal place of business is:
The Fine Art Auction Rooms
Dowell Street
Honiton
Devon
EX14 1LX

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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 sales/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.

 

Whittons Auctions Limited
(Registration number: 08936436)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

10% straight line

Plant and machinery

20% straight line

Motor vehicles

20% straight line

Office equipment

33.3% straight line

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Whittons Auctions Limited
(Registration number: 08936436)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

 

Whittons Auctions Limited
(Registration number: 08936436)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 5).

 

Whittons Auctions Limited
(Registration number: 08936436)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Short Leasehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

8,238

23,200

90,044

8,302

129,784

Additions

-

2,990

41,136

-

44,126

At 31 March 2024

8,238

26,190

131,180

8,302

173,910

Depreciation

At 1 April 2023

6,764

18,536

36,963

6,691

68,954

Charge for the year

824

3,488

24,158

857

29,327

At 31 March 2024

7,588

22,024

61,121

7,548

98,281

Carrying amount

At 31 March 2024

650

4,166

70,059

754

75,629

At 31 March 2023

1,474

4,664

53,081

1,611

60,830

 

Whittons Auctions Limited
(Registration number: 08936436)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

10,559

57,861

Amounts owed by group undertakings and undertakings in which the company has a participating interest

384,416

338,968

Other debtors

 

8,680

1,500

Prepayments and accrued income

 

14,278

10,234

Total current trade and other debtors

 

417,933

408,563

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

41,131

47,450

Trade creditors

 

13,724

10,887

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8,915

7,653

Taxation and social security

 

19,290

23,056

Other creditors

 

41,969

25,139

Accrued expenses

 

4,265

4,265

Deferred income

 

1,000

1,000

 

130,294

119,450

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

49,570

31,522

 

Whittons Auctions Limited
(Registration number: 08936436)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

31,131

37,450

41,131

47,450

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

12,408

22,355

Hire purchase contracts

37,162

9,167

49,570

31,522