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Southwestern Vehicle Auctions Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2024

Registration number: 01008078

 

Southwestern Vehicle Auctions Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Southwestern Vehicle Auctions Limited

Balance Sheet

31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

604,556

212,099

Current assets

 

Debtors

5

107,603

232,992

Cash at bank and in hand

 

429,538

602,035

 

537,141

835,027

Creditors: Amounts falling due within one year

6

(314,118)

(655,930)

Net current assets

 

223,023

179,097

Total assets less current liabilities

 

827,579

391,196

Creditors: Amounts falling due after more than one year

6

(221,038)

-

Provisions for liabilities

(134,220)

(59,515)

Net assets

 

472,321

331,681

Capital and reserves

 

Called up share capital

230

253

Capital redemption reserve

23

-

Profit and loss account

472,068

331,428

Shareholders' funds

 

472,321

331,681

 

Southwestern Vehicle Auctions Limited

Balance Sheet

31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Company Registration Number: 01008078

Approved and authorised by the Board on 15 April 2025 and signed on its behalf by:
 

.........................................
D Loveys
Director

 

Southwestern Vehicle Auctions Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
SWVA House
Blackhill Road
Holton Heath
Poole
Dorset
BH16 6LS

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Southwestern Vehicle Auctions Limited is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates. The figures in these financial statements are therefore presented in pounds sterling, rounded to the nearest whole pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Southwestern Vehicle Auctions Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

Straight line basis over the life of the lease

Motor vehicles

25% reducing balance basis & 10 year straight line basis with residual value

Furniture, fittings and equipment

25% reducing balance basis

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are initially recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. Where it is reasonably certain that ownership of the assets will be obtained by the end of the lease term, these assets are depreciated in accordance with the depreciation policies above. Where no such certainty exists, these assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Southwestern Vehicle Auctions Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Finance leases; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for finance leases, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Finance leases are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2023; - 21).

 

Southwestern Vehicle Auctions Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

4

Tangible assets

Leasehold Improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

249,349

95,659

377,907

722,915

Additions

47,397

51,101

383,148

481,646

Disposals

(186,167)

(43,339)

(9,500)

(239,006)

At 31 December 2024

110,579

103,421

751,555

965,555

Depreciation

At 1 January 2024

185,384

37,299

288,133

510,816

Charge for the year

21,811

21,682

22,864

66,357

Eliminated on disposal

(185,385)

(29,998)

(791)

(216,174)

At 31 December 2024

21,810

28,983

310,206

360,999

Carrying amount

At 31 December 2024

88,769

74,438

441,349

604,556

At 31 December 2023

63,965

58,360

89,774

212,099

Included within the net book value of Leasehold Improvements above is £88,769 (2023 - £63,965) in respect of short leasehold land and buildings.
 

5

Debtors

2024
£

2023
£

Trade debtors

43,496

131,052

Prepayments

64,107

77,161

Other debtors

-

24,779

107,603

232,992

 

Southwestern Vehicle Auctions Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

69,412

17,997

Trade creditors

 

131,098

414,837

Taxation and social security

 

60,087

53,399

Accruals and deferred income

 

48,979

90,657

Other creditors

 

4,542

79,040

 

314,118

655,930

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

221,038

-

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase and finance lease liabilities

221,038

-

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

7,612

9,220

Hire purchase and finance lease liabilities

61,800

8,777

69,412

17,997


Secured creditors
The hire purchase and finance lease liabilities above are secured on the assets to which they relate.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £937,500 (2023 - £176,370).