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REGISTERED NUMBER: NI030431 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

BELFAST CITY AUCTIONS LIMITED

BELFAST CITY AUCTIONS LIMITED (REGISTERED NUMBER: NI030431)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 10


BELFAST CITY AUCTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: R Hill
M Tomalin
Ms H O'Neill
D Scott
Mrs J Hill



REGISTERED OFFICE: 10 Comber Road
Carryduff
Belfast
BT8 8AN



REGISTERED NUMBER: NI030431 (Northern Ireland)



ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG



BANKERS: Danske Bank
Donegall Square West
Belfast
Antrim
BT1 6JS

BELFAST CITY AUCTIONS LIMITED (REGISTERED NUMBER: NI030431)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,340,909 3,487,880
Investments 6 100 150
3,341,009 3,488,030

CURRENT ASSETS
Stocks 349,518 327,271
Debtors 7 765,199 508,296
Cash in hand 3,209 1,545
1,117,926 837,112
CREDITORS
Amounts falling due within one year 8 1,487,144 1,289,898
NET CURRENT LIABILITIES (369,218 ) (452,786 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,971,791

3,035,244

CREDITORS
Amounts falling due after more than one
year

9

(442,926

)

(547,482

)

PROVISIONS FOR LIABILITIES (428,455 ) (430,555 )
NET ASSETS 2,100,410 2,057,207

CAPITAL AND RESERVES
Called up share capital 95,311 95,311
Share premium 170,000 170,000
Revaluation reserve 11 1,102,538 1,102,538
Retained earnings 732,561 689,358
SHAREHOLDERS' FUNDS 2,100,410 2,057,207

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BELFAST CITY AUCTIONS LIMITED (REGISTERED NUMBER: NI030431)

BALANCE SHEET - continued
31 MAY 2024


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 17 February 2025 and were signed on its behalf by:




R Hill - Director M Tomalin - Director




Ms H O'Neill - Director D Scott - Director


BELFAST CITY AUCTIONS LIMITED (REGISTERED NUMBER: NI030431)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Belfast City Auctions Limited is a private company, limited by shares , registered in Northern Ireland. 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Belfast City Auctions Limited 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.

Significant judgements and estimates
In preparing these financial statements the directors have made the following judgements:

Establish whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

Consider the recoverability of trade debtors and the need for impairment provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

The directors also consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 4% on cost
Plant and machinery - 10% on cost
Fixtures, fittings & equipment - 15% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets, other than freehold land and buildings, are stated at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Freehold land and buildings, which can be reliably measured are subject to the revaluation model.

BELFAST CITY AUCTIONS LIMITED (REGISTERED NUMBER: NI030431)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

BELFAST CITY AUCTIONS LIMITED (REGISTERED NUMBER: NI030431)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 24 (2023 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 19,000
AMORTISATION
At 1 June 2023
and 31 May 2024 19,000
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

BELFAST CITY AUCTIONS LIMITED (REGISTERED NUMBER: NI030431)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 June 2023 3,227,176 237,148 447,051
Additions - - 15,166
At 31 May 2024 3,227,176 237,148 462,217
DEPRECIATION
At 1 June 2023 214,557 14,046 256,541
Charge for year 129,087 9,486 38,147
At 31 May 2024 343,644 23,532 294,688
NET BOOK VALUE
At 31 May 2024 2,883,532 213,616 167,529
At 31 May 2023 3,012,619 223,102 190,510

Fixtures,
fittings Computer
& equipment equipment Totals
£    £    £   
COST OR VALUATION
At 1 June 2023 193,987 34,903 4,140,265
Additions 20,831 6,134 42,131
At 31 May 2024 214,818 41,037 4,182,396
DEPRECIATION
At 1 June 2023 148,561 18,680 652,385
Charge for year 7,920 4,462 189,102
At 31 May 2024 156,481 23,142 841,487
NET BOOK VALUE
At 31 May 2024 58,337 17,895 3,340,909
At 31 May 2023 45,426 16,223 3,487,880

BELFAST CITY AUCTIONS LIMITED (REGISTERED NUMBER: NI030431)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 May 2024 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2016 924,840 - -
Valuation in 2017 (98,078 ) - -
Valuation in 2018 98,078 - -
Valuation in 2023 545,213 - -
Cost 1,757,123 237,148 462,217
3,227,176 237,148 462,217

Fixtures,
fittings Computer
& equipment equipment Totals
£    £    £   
Valuation in 2016 - - 924,840
Valuation in 2017 - - (98,078 )
Valuation in 2018 - - 98,078
Valuation in 2023 - - 545,213
Cost 214,818 41,037 2,712,343
214,818 41,037 4,182,396

If Freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.5.24 31.5.23
£    £   
Cost 788,153 788,153
Aggregate depreciation 71,301 71,301

Freehold land and buildings were valued on an open market basis on 8 November 2023 by TDK Commercial Property Consultants .

BELFAST CITY AUCTIONS LIMITED (REGISTERED NUMBER: NI030431)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 June 2023
and 31 May 2024 275,000
DEPRECIATION
At 1 June 2023 121,084
Charge for year 30,784
At 31 May 2024 151,868
NET BOOK VALUE
At 31 May 2024 123,132
At 31 May 2023 153,916

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023 150
Disposals (50 )
At 31 May 2024 100
NET BOOK VALUE
At 31 May 2024 100
At 31 May 2023 150

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 359,794 170,034
Amounts owed by group undertakings 120,000 218,500
Amounts owed by associates 132,500 -
Other debtors 152,905 119,762
765,199 508,296

Included in other debtors is an amount of £69,209 (2023: £47,310) due from two of the directors. This loan is unsecured, interest free and repayable on demand.

BELFAST CITY AUCTIONS LIMITED (REGISTERED NUMBER: NI030431)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 383,093 233,080
Hire purchase contracts 25,479 58,474
Trade creditors 758,169 652,812
Taxation and social security 193,149 146,694
Other creditors 127,254 198,838
1,487,144 1,289,898

Included in other creditors is an amount of £33,030 (2023: £49,586) due to the directors. This loan is unsecured, interest free and repayable on demand.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 442,926 523,118
Hire purchase contracts - 24,364
442,926 547,482

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 75,558 86,597

10. SECURED DEBTS

Northern Bank Limited issued a fixed and floating charge over all the freehold property known as 10 Comber Road, Carryduff.

Northern Bank Limited also issued a fixed charge over all the freehold property known as unit 10B and 10C Comber Road Carryduff.

11. RESERVES
Revaluation
reserve
£   
At 1 June 2023
and 31 May 2024 1,102,538