ANDREWS & ROBERTSON (AUCTIONS) LIMITED

Company Registration Number:
03164590 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

ANDREWS & ROBERTSON (AUCTIONS) LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

ANDREWS & ROBERTSON (AUCTIONS) LIMITED

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The Company has ceased its trading business.

Additional information

Results and dividends The loss for the year, after taxation, amounted to £318,061 (2022: £19,772). This is driven by a provision of £320,314 in respect of amounts due from fellow group undertakings, presented as an exceptional item in the profit and loss account. The directors recommend that no dividend be paid (2022 - £Nil). Directors The directors who served during the year were: Mark Horgan (appointed 28 November 2024) Jonathan Fenn (appointed 22 March 2023) Tadhg Dolly (appointed 22 March 2023 and resigned 28 November 2024) Stephen McCarthy (resigned 22 March 2023) Michael Patrick Murphy (resigned 22 March 2023) None of the directors held any interests in the company at the beginning or end of the year, or the prior year. Going concern The Company’s ability to continue as a going concern for the foreseeable future is dependent on the continuation of the Bidx1 Acquisitions group. Pollen Street Capital, the Group’s principal strategic investor since 2018, have committed to provide financial support to the Group to enable Bidx1 Acquisitions Limited and its subsidiary undertakings meet all obligations as they fall due for a period of at least one year from the date of approval of the financial statements. Accordingly, the directors have prepared the Company’s financial statements on a going concern basis. Future developments There are no planned future developments for the company. Disclosure of information to auditors Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: so far as the directors are aware, there is no relevant audit information of which the Company's auditors are unaware, and the directors have taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Post balance sheet events In November 2024, Bidx1 Acquisitions Group received an additional cash injection of £1.25 million from Pollen Street Capital by way of a share issue. This funding was secured to support both working capital requirements and restructuring initiatives aimed at improving operational efficiency and long-term financial stability. There were no other significant events between the balance sheet date and the date of signing of the financial statements affecting the company, which require adjustment to or disclosure in the financial statements.



Directors

The director shown below has held office during the whole of the period from
1 January 2023 to 31 December 2023

Mark Horgan


The directors shown below have held office during the period of
1 January 2023 to 22 March 2023

Stephen McCarthy
Michael Murphy


The directors shown below have held office during the period of
22 March 2023 to 31 December 2023

Jonathan Fenn
Tadhg Dolly


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
13 March 2025

And signed on behalf of the board by:
Name: Mark Horgan
Status: Director

ANDREWS & ROBERTSON (AUCTIONS) LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Administrative expenses: ( 318,061 ) ( 19,771 )
Operating profit(or loss): (318,061) (19,771)
Profit(or loss) before tax: (318,061) (19,771)
Profit(or loss) for the financial year: (318,061) (19,771)

ANDREWS & ROBERTSON (AUCTIONS) LIMITED

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Current assets
Debtors: 3 4,217 324,534
Total current assets: 4,217 324,534
Creditors: amounts falling due within one year: 4 ( 251,607 ) ( 253,863 )
Net current assets (liabilities): (247,390) 70,671
Total assets less current liabilities: (247,390) 70,671
Total net assets (liabilities): (247,390) 70,671
Capital and reserves
Called up share capital: 750 750
Share premium account: 49,905 49,905
Profit and loss account: (298,045 ) 20,016
Total Shareholders' funds: ( 247,390 ) 70,671

The notes form part of these financial statements

ANDREWS & ROBERTSON (AUCTIONS) LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 13 March 2025
and signed on behalf of the board by:

Name: Mark Horgan
Status: Director

The notes form part of these financial statements

ANDREWS & ROBERTSON (AUCTIONS) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Other accounting policies

    2.1 Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The following principal accounting policies have been applied: 2.2 Going concern The Company’s ability to continue as a going concern for the foreseeable future is dependent on the continuation of the Bidx1 Acquisitions group. Pollen Street Capital, the Group’s principal strategic investor since 2018, have committed to provide financial support to the Group to enable Bidx1 Acquisitions Limited and its subsidiary undertakings meet all obligations as they fall due for a period of at least one year from the date of approval of the financial statements. Accordingly, the directors have prepared the Company’s financial statements on a going concern basis. 2.3 Taxation Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. 2.4 Debtors Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. 2.5 Exceptional items The Company has adopted an accounting policy and Income Statement format that seeks to highlight specific significant items of income and expense within the Company results for the year. The Company considers items which are significant either because of their size or their nature, and which are non-recurring. For items to be considered significant, it must initially meet at least one of the following criteria: Non-recurring items – these are events/transactions that are infrequent and unusual, or one-off in nature. These include items such as restructuring and integration projects, litigation costs and settlements, impairment of assets, acquisition related costs, and gains/losses from the sale of assets or businesses. Inconsistent items – these are items which are inconsistent amounts year on year (where applicable) such as revaluation gains/losses. For an item to be deemed exceptional, it must have a significant effect on the Company’s profitability and should therefore be separately disclosed. If an item meets at least one of the criteria, the Directors then exercise judgement evaluated based on the above criteria as to whether the item meets the Company definition of significant. 2.6 Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. 2.7 Financial instruments The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. For financial assets at amortised costs, gains and losses are recognised in the statement of comprehensive income when the asset is derecognised, modified or impaired. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the consolidated statement of profit and loss and other comprehensive income. 2.8 Creditors Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. 2.9 Foreign currency translation Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

ANDREWS & ROBERTSON (AUCTIONS) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

ANDREWS & ROBERTSON (AUCTIONS) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Debtors

2023 2022
£ £
Other debtors 4,217 324,534
Total 4,217 324,534

ANDREWS & ROBERTSON (AUCTIONS) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 503
Accruals and deferred income 7,400 4,736
Other creditors 244,207 248,624
Total 251,607 253,863