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REGISTERED NUMBER: 06997410 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 August 2024

for

HISTORICS CLASSIC AND
SPORTSCAR AUCTIONS LTD

HISTORICS CLASSIC AND
SPORTSCAR AUCTIONS LTD (REGISTERED NUMBER: 06997410)

Contents of the Financial Statements
for the year ended 31 August 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


HISTORICS CLASSIC AND
SPORTSCAR AUCTIONS LTD

Company Information
for the year ended 31 August 2024







Directors: Mr M Perkins
Mr E J Bridger-Stille





Registered office: Thorney Business Park
Thorney Lane North
Iver
Buckinghamshire
SL0 9SH





Registered number: 06997410 (England and Wales)





Accountants: Cooper Parry Advisory Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

HISTORICS CLASSIC AND
SPORTSCAR AUCTIONS LTD (REGISTERED NUMBER: 06997410)

Statement of Financial Position
31 August 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 86,271 48,747

Current assets
Stocks 3,341 6,995
Debtors 5 1,580,330 327,256
Cash at bank 793,724 1,918,275
2,377,395 2,252,526
Creditors
Amounts falling due within one year 6 354,030 231,294
Net current assets 2,023,365 2,021,232
Total assets less current liabilities 2,109,636 2,069,979

Provisions for liabilities 7 21,568 12,187
Net assets 2,088,068 2,057,792

Capital and reserves
Called up share capital 8 800 800
Retained earnings 2,087,268 2,056,992
Shareholders' funds 2,088,068 2,057,792

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2025 and were signed on its behalf by:





Mr M Perkins - Director


HISTORICS CLASSIC AND
SPORTSCAR AUCTIONS LTD (REGISTERED NUMBER: 06997410)

Notes to the Financial Statements
for the year ended 31 August 2024


1. Statutory information

Historics Classic and Sportscar Auctions Ltd is a private company, limited by shares , registered in England and Wales. 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.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

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.
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

HISTORICS CLASSIC AND
SPORTSCAR AUCTIONS LTD (REGISTERED NUMBER: 06997410)

Notes to the Financial Statements - continued
for the year ended 31 August 2024


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 9 (2023 - 9 ) .

HISTORICS CLASSIC AND
SPORTSCAR AUCTIONS LTD (REGISTERED NUMBER: 06997410)

Notes to the Financial Statements - continued
for the year ended 31 August 2024


4. Tangible fixed assets
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Cost
At 1 September 2023 39,279 95,750 43,541 178,570
Additions 1,915 65,183 425 67,523
At 31 August 2024 41,194 160,933 43,966 246,093
Depreciation
At 1 September 2023 34,831 66,357 28,635 129,823
Charge for year 2,187 18,915 8,897 29,999
At 31 August 2024 37,018 85,272 37,532 159,822
Net book value
At 31 August 2024 4,176 75,661 6,434 86,271
At 31 August 2023 4,448 29,393 14,906 48,747

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 255,220 88,194
Amounts owed by group undertakings 933,322 33,322
Other debtors 391,788 205,740
1,580,330 327,256

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 115,602 113,311
Amounts owed to group undertakings 22,105 17,036
Taxation and social security 37,349 89,205
Other creditors 178,974 11,742
354,030 231,294

7. Provisions for liabilities
2024 2023
£    £   
Deferred tax 21,568 12,187

Deferred
tax
£   
Balance at 1 September 2023 12,187
Provided during year 9,381
Balance at 31 August 2024 21,568

HISTORICS CLASSIC AND
SPORTSCAR AUCTIONS LTD (REGISTERED NUMBER: 06997410)

Notes to the Financial Statements - continued
for the year ended 31 August 2024


8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,500 Ordinary A £0.10 550 550
2,500 Ordinary B £0.10 250 250
800 800

9. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
Mr M Perkins
Balance outstanding at start of year 74,263 74,263
Amounts advanced 175,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 249,263 74,263

Mr E J Bridger-Stille
Balance outstanding at start of year 41,500 51,500
Amounts repaid - (10,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 41,500 41,500

10. Related party disclosures

As at the year end, a balance of £33,322 (2023: £33,322) is due from Step Property Group Limited and £900,000 (2023: £nil) is due from Step Property Finance Limited, companies in which the director has a material interest.

As at the year end, a balance of £22,105 (2023: £17,036) is due to Step Property Limited, a company in which the director has a material interest. During the year, there was rent paid of amount £50,000 (2023: £50,000) to Step Property Limited.