REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
MEDICAL AUCTIONS (BMA) LIMITED |
TRADING AS |
BRITISH MEDICAL AUCTIONS |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
MEDICAL AUCTIONS (BMA) LIMITED |
TRADING AS |
BRITISH MEDICAL AUCTIONS |
MEDICAL AUCTIONS (BMA) LIMITED (REGISTERED NUMBER: 09914912) |
TRADING AS BRITISH MEDICAL AUCTIONS |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MEDICAL AUCTIONS (BMA) LIMITED |
TRADING AS BRITISH MEDICAL AUCTIONS |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
15 West Street |
Brighton |
East Sussex |
BN1 2RL |
MEDICAL AUCTIONS (BMA) LIMITED (REGISTERED NUMBER: 09914912) |
TRADING AS BRITISH MEDICAL AUCTIONS |
BALANCE SHEET |
31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
MEDICAL AUCTIONS (BMA) LIMITED (REGISTERED NUMBER: 09914912) |
TRADING AS BRITISH MEDICAL AUCTIONS |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Medical Auctions (BMA) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Medical Auctions (BMA) 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. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents commissions and premiums earned by the Company in its role as auctioneer. |
Auction commissions are recognised upon the closure of each auction lot, which is the point in time when the Company has substantially accomplished what it must do to be entitled to the benefits. |
The commissions and premiums represent the turnover in an agent principal relationship which can be recongnised and not the total hammer price. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
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. |
Short leasehold | - Over lease term |
Plant and machinery | - 25% on cost |
Fixtures and fittings | - 25% on cost |
Motor vehicles | - 15% on reducing balance |
Computer equipment | - 33% on cost |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost, less impairment which is reviewed annually. |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. |
Basic financial instruments are initially recognised at the transaction price and are subsequently measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
MEDICAL AUCTIONS (BMA) LIMITED (REGISTERED NUMBER: 09914912) |
TRADING AS BRITISH MEDICAL AUCTIONS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Share based payments |
The Company grants share options ("equity-settled share based payments") to certain employees. |
Equity-settled share based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MEDICAL AUCTIONS (BMA) LIMITED (REGISTERED NUMBER: 09914912) |
TRADING AS BRITISH MEDICAL AUCTIONS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
The above investment is categorised as a fixed asset investment on the basis that the directors expect to hold this investment for a period of more than 12 months from the balance sheet date. |
MEDICAL AUCTIONS (BMA) LIMITED (REGISTERED NUMBER: 09914912) |
TRADING AS BRITISH MEDICAL AUCTIONS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Other tax and social security | 52,669 | 159,083 |
Tax |
Prepayments |
Included in other debtors is an amount of £210,550 (2023: £210,550) in relation to a rent deposit which is due over one year. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accrued expenses |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number | Class | Nominal Value | 2023 | 2022 |
£ | £ |
22,500 | A Ordinary | 0.1p | 23 | 13 |
10,530 | B Ordinary | 0.1p | 11 | 11 |
209,470 | Ordinary 0.1p | 0.1p | 209 | 209 |
243 | 243 |
10. | RESERVES |
Other reserves consists of a share-based payment reserve. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
MEDICAL AUCTIONS (BMA) LIMITED (REGISTERED NUMBER: 09914912) |
TRADING AS BRITISH MEDICAL AUCTIONS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
12. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption available in FRS 102 ''Related party disclosures'' whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group. |
13. | ULTIMATE CONTROLLING PARTY |
On 31 January 2022, the Company was purchased by Gavel UK Bidco Limited. |
The company's parent is Gavel UK Bidco Limited. |
The company's accounts are consolidated into the financial statements of the ultimate company, TBAuctions B.V.. Copies of the accounts may be obtained from TBAuctions B.V., Overschiestraat 59, 1062 XD, Amsterdam. |