Company registration number 10185175 (England and Wales)
DAWSON'S AUCTIONEERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
DAWSON'S AUCTIONEERS LIMITED
Company Information
Directors
Mr B Haynes
Mr A Bernard
Mr P Liggins
Mr J Pratt
(Appointed 8 May 2024)
Company number
10185175
Registered office
Unit 8 Cordwallis Park
Clivemont Road
Maidenhead
Berkshire
SL6 7BU
Accountants
Burgis & Bullock
23-25 Waterloo Place
Leamington Spa
Warwickshire
CV32 5LA
DAWSON'S AUCTIONEERS LIMITED
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
DAWSON'S AUCTIONEERS LIMITED
Balance Sheet
As at 31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
8,342
14,356
Tangible assets
4
460,053
396,061
468,395
410,417
Current assets
Debtors
5
606,628
463,253
Cash at bank and in hand
640,080
855,921
1,246,708
1,319,174
Creditors: amounts falling due within one year
6
(1,220,724)
(1,045,035)
Net current assets
25,984
274,139
Total assets less current liabilities
494,379
684,556
Creditors: amounts falling due after more than one year
7
(144,359)
(245,984)
Provisions for liabilities
(67,374)
(45,675)
Net assets
282,646
392,897
Capital and reserves
Called up share capital
8
1,122
1,160
Share premium account
96,166
14,682
Profit and loss reserves
185,358
377,055
Total equity
282,646
392,897
DAWSON'S AUCTIONEERS LIMITED
Balance Sheet (Continued)
As at 31 October 2024
- 2 -
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
Mr P Liggins
Director
Company registration number 10185175 (England and Wales)
DAWSON'S AUCTIONEERS LIMITED
Notes To The Financial Statements
For the year ended 31 October 2024
- 3 -
1
Accounting policies
Company information
Dawson's Auctioneers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8 Cordwallis Park, Clivemont Road, Maidenhead, Berkshire, SL6 7BU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Commissions and charges in respect of auction sales are recognised on the date of the auction.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software & website development costs
5 years straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
DAWSON'S AUCTIONEERS LIMITED
Notes To The Financial Statements (Continued)
For the year ended 31 October 2024
1
Accounting policies
(continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Equal instalments over the period of the lease
Fixtures and fittings
15% reducing balance
Computers
15% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes 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 assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
DAWSON'S AUCTIONEERS LIMITED
Notes To The Financial Statements (Continued)
For the year ended 31 October 2024
1
Accounting policies
(continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
DAWSON'S AUCTIONEERS LIMITED
Notes To The Financial Statements (Continued)
For the year ended 31 October 2024
1
Accounting policies
(continued)
- 6 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
26
24
3
Intangible fixed assets
Software & website development costs
Client list & intellectual property
Total
£
£
£
Cost
At 1 November 2023 and 31 October 2024
30,071
10,000
40,071
Amortisation and impairment
At 1 November 2023
15,715
10,000
25,715
Amortisation charged for the year
6,014
6,014
At 31 October 2024
21,729
10,000
31,729
Carrying amount
At 31 October 2024
8,342
8,342
At 31 October 2023
14,356
14,356
DAWSON'S AUCTIONEERS LIMITED
Notes To The Financial Statements (Continued)
For the year ended 31 October 2024
- 7 -
4
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2023
256,839
306,113
562,952
Additions
110,710
30,180
140,890
At 31 October 2024
367,549
336,293
703,842
Depreciation and impairment
At 1 November 2023
51,367
115,524
166,891
Depreciation charged in the year
39,555
37,343
76,898
At 31 October 2024
90,922
152,867
243,789
Carrying amount
At 31 October 2024
276,627
183,426
460,053
At 31 October 2023
205,472
190,589
396,061
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
511,646
363,345
Corporation tax recoverable
12,845
3,374
Other debtors
82,137
96,534
606,628
463,253
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
725,667
499,923
Corporation tax
36
42,629
Other taxation and social security
237,879
212,178
Other creditors
257,142
290,305
1,220,724
1,045,035
Hire purchase obligations totalling £9,176 (2023: £12,674) and included within Other creditors are secured against the assets to which they relate.
DAWSON'S AUCTIONEERS LIMITED
Notes To The Financial Statements (Continued)
For the year ended 31 October 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
144,359
245,984
Hire purchase obligations totalling £9,497 (2023: £18,673) and included within Other creditors are secured against the assets to which they relate.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
900
900
900
900
A Ordinary of £1 each
222
260
222
260
1,122
1,160
1,122
1,160
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
125,131
125,131
Between two and five years
500,524
500,524
In over five years
250,262
375,393
875,917
1,001,048
10
Events after the reporting date
Dividends amounting to £0 (2023 - £100,000) have been authorised and paid after the balance sheet date but before the financial statements are authorised for issue.
11
Directors' transactions
Dividends totalling £100,000 (2023: £0) were paid in the year in respect of shares held by the company's directors.