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REGISTERED NUMBER: NI669457 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

CITY AUCTION OMAGH LIMITED

CITY AUCTION OMAGH LIMITED (REGISTERED NUMBER: NI669457)

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 6


CITY AUCTION OMAGH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: M Tomalin
R Hill





REGISTERED OFFICE: 10 Comber Road
Carryduff
Belfast
BT8 8AN





REGISTERED NUMBER: NI669457 (Northern Ireland)





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

CITY AUCTION OMAGH LIMITED (REGISTERED NUMBER: NI669457)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 26,561 37,651

CURRENT ASSETS
Stocks 2,450 950
Debtors 5 3,067 7,781
Cash at bank and in hand 15,518 72,398
21,035 81,129
CREDITORS
Amounts falling due within one year 6 159,035 198,906
NET CURRENT LIABILITIES (138,000 ) (117,777 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(111,439

)

(80,126

)

PROVISIONS FOR LIABILITIES 1,523 2,030
NET LIABILITIES (112,962 ) (82,156 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (113,062 ) (82,256 )
(112,962 ) (82,156 )

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.

CITY AUCTION OMAGH LIMITED (REGISTERED NUMBER: NI669457)

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 18 February 2025 and were signed on its behalf by:




R Hill - Director



M Tomalin - Director


CITY AUCTION OMAGH LIMITED (REGISTERED NUMBER: NI669457)

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


1. STATUTORY INFORMATION

City Auction Omagh 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
At the year end the company had net liabilities of £112,962 (2023: £82,156) and made a loss in the year of £30,806 (2023: £33,097). The company is reliant on the support of its parent, Belfast City Auctions Limited, a company incorporated in Northern Ireland, to ensure that it can meet its liabilities as they fall due.

The directors have a reasonable expectation that support from the parent will be available for at least one year from the date of signing these financial statements. As a result the financial statements have been prepared on a going concern basis and do not include any adjustments which would result if this support was withdrawn.

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 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 6 years
Fixtures, fittings & equipment - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

CITY AUCTION OMAGH LIMITED (REGISTERED NUMBER: NI669457)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
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.

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.

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 3 (2023 - 5 ) .

CITY AUCTION OMAGH LIMITED (REGISTERED NUMBER: NI669457)

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


4. TANGIBLE FIXED ASSETS
Improvements Fixtures,
to fittings Computer
property & equipment equipment Totals
£    £    £    £   
COST
At 1 June 2023
and 31 May 2024 50,520 5,562 17,335 73,417
DEPRECIATION
At 1 June 2023 23,554 2,704 9,508 35,766
Charge for year 8,420 714 1,956 11,090
At 31 May 2024 31,974 3,418 11,464 46,856
NET BOOK VALUE
At 31 May 2024 18,546 2,144 5,871 26,561
At 31 May 2023 26,966 2,858 7,827 37,651

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 563 5,772
Other debtors 2,504 2,009
3,067 7,781

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 6,955 57,982
Amounts owed to group undertakings 120,000 120,000
Taxation and social security 9,483 13,392
Other creditors 22,597 7,532
159,035 198,906

7. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of its immediate parent undertaking Belfast City Auctions Limited, a company registered in Northern Ireland. The registered office of Belfast City Auctions Limited is 10 Comber Road, Carryduff, Belfast, Northern Ireland, BT8 8AN.

The ultimate controlling party is R Hill by virtue of his shareholding in the parent company, Belfast City Auctions Limited.