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REGISTERED NUMBER: NI649265 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

CITY AUCTION (PETERBOROUGH) LIMITED

CITY AUCTION (PETERBOROUGH) LIMITED (REGISTERED NUMBER: NI649265)

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 (PETERBOROUGH) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







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





REGISTERED OFFICE: 10 Comber Road
Carryduff
Belfast
BT8 8AN





REGISTERED NUMBER: NI649265 (Northern Ireland)





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

CITY AUCTION (PETERBOROUGH) LIMITED (REGISTERED NUMBER: NI649265)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 73,560 71,513

CURRENT ASSETS
Stocks 533,817 130,000
Debtors 5 4,481,682 2,210,719
Cash at bank and in hand 367,778 917,261
5,383,277 3,257,980
CREDITORS
Amounts falling due within one year 6 5,317,730 3,290,503
NET CURRENT ASSETS/(LIABILITIES) 65,547 (32,523 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

139,107

38,990

PROVISIONS FOR LIABILITIES 12,853 11,721
NET ASSETS 126,254 27,269

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 126,252 27,267
SHAREHOLDERS' FUNDS 126,254 27,269

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 (PETERBOROUGH) LIMITED (REGISTERED NUMBER: NI649265)

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 21 February 2025 and were signed on its behalf by:




R Hill - Director M Tomalin - Director




Ms H P O'Neill - Director D Scott - Director


CITY AUCTION (PETERBOROUGH) LIMITED (REGISTERED NUMBER: NI649265)

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


1. STATUTORY INFORMATION

City Auction (Peterborough) 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 (£).


The principal place of business is at Brightfield Business Hub, Bakewell Road, Orton Southgate, Peterborough PE2 6XU.

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.

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 fixed 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 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 - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures, fittings & equipment - 25% on reducing balance
Computer equipment - 33% 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 (PETERBOROUGH) LIMITED (REGISTERED NUMBER: NI649265)

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


2. ACCOUNTING POLICIES - continued

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 57 (2023 - 26 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures,
to Plant and fittings Computer
property machinery & equipment equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 24,786 3,250 50,944 1,507 80,487
Additions - - 4,449 14,102 18,551
At 31 May 2024 24,786 3,250 55,393 15,609 99,038
DEPRECIATION
At 1 June 2023 158 111 8,691 14 8,974
Charge for year 2,479 785 11,278 1,962 16,504
At 31 May 2024 2,637 896 19,969 1,976 25,478
NET BOOK VALUE
At 31 May 2024 22,149 2,354 35,424 13,633 73,560
At 31 May 2023 24,628 3,139 42,253 1,493 71,513

CITY AUCTION (PETERBOROUGH) LIMITED (REGISTERED NUMBER: NI649265)

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


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 4,398,337 2,128,540
Other debtors 83,345 82,179
4,481,682 2,210,719

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 4,863,418 2,934,003
Amounts owed to associates 116,500 -
Taxation and social security 235,536 263,148
Other creditors 102,276 93,352
5,317,730 3,290,503

7. RELATED PARTY DISCLOSURES

City Auction (Peterborough) Limited received a loan during the year of £Nil (2023: £18,551) from a company in which two of the directors have joint control. City Auction (Peterborough) Limited paid expenses on behalf of the company totalling £3,630 (2023: £Nil). The balance due to the company at the year end was £46,370 (2023: £50,000). This loan is interest free, repayable on demand and is included in other creditors.

8. ULTIMATE CONTROLLING PARTY

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

The ultimate controlling party is M Tomalin.