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Filleted
Registration number: 06547684

Peter Francis Auctioneers Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Peter Francis Auctioneers Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Peter Francis Auctioneers Ltd

Company Information

Directors

Mr N J Hodson

Mrs J Hodson

Registered office

The Towyside Salerooms
Old Station Road
Carmarthen
SA31 1JN

 

Peter Francis Auctioneers Ltd

(Registration number: 06547684)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

7,000

8,750

Tangible assets

5

66,357

54,859

 

73,357

63,609

Current assets

 

Stocks

6

1,545

1,470

Debtors

7

73,885

160,017

Cash at bank and in hand

 

116,644

151,359

 

192,074

312,846

Creditors: Amounts falling due within one year

8

(213,878)

(336,363)

Net current liabilities

 

(21,804)

(23,517)

Total assets less current liabilities

 

51,553

40,092

Creditors: Amounts falling due after more than one year

8

(42,079)

(32,783)

Net assets

 

9,474

7,309

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

9,472

7,307

Shareholders' funds

 

9,474

7,309

For the financial year ending 31 March 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 provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 March 2025 and signed on its behalf by:
 

.........................................
Mr N J Hodson
Director

   
     
 

Peter Francis Auctioneers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
The Towyside Salerooms
Old Station Road
Carmarthen
SA31 1JN

These financial statements were authorised for issue by the Board on 31 March 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Peter Francis Auctioneers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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

Land and Buildings

2% straight line

Furniture, fittings and equipment

25% straight line

Motor Vehicles

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Peter Francis Auctioneers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Peter Francis Auctioneers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 11).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

35,000

35,000

At 31 March 2024

35,000

35,000

Amortisation

At 1 April 2023

26,250

26,250

Amortisation charge

1,750

1,750

At 31 March 2024

28,000

28,000

Carrying amount

At 31 March 2024

7,000

7,000

At 31 March 2023

8,750

8,750

 

Peter Francis Auctioneers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

55,000

25,531

13,735

15,956

40,368

150,590

Additions

-

-

-

-

15,440

15,440

Disposals

-

-

-

-

(8,878)

(8,878)

At 31 March 2024

55,000

25,531

13,735

15,956

46,930

157,152

Depreciation

At 1 April 2023

8,800

25,531

6,663

14,369

40,368

95,731

Charge for the year

1,100

-

1,899

943

-

3,942

Eliminated on disposal

-

-

-

-

(8,878)

(8,878)

At 31 March 2024

9,900

25,531

8,562

15,312

31,490

90,795

Carrying amount

At 31 March 2024

45,100

-

5,173

644

15,440

66,357

At 31 March 2023

46,200

-

7,072

1,587

-

54,859

 

Peter Francis Auctioneers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Other inventories

1,545

1,470

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

16,755

37,202

Amounts owed by related parties

11

23,898

34,509

Prepayments

 

4,705

31,767

Other debtors

 

28,527

56,539

   

73,885

160,017

 

Peter Francis Auctioneers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

7,233

4,800

Trade creditors

 

24,860

51,473

Taxation and social security

 

49,618

78,539

Outstanding defined contribution pension costs

 

1,491

1,090

Other creditors

 

107,828

185,448

Corporation tax liability

 

22,848

15,013

 

213,878

336,363

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

42,079

32,783

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

28,484

32,783

Hire purchase contracts

13,595

-

42,079

32,783

 

Peter Francis Auctioneers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,800

4,800

Hire purchase contracts

2,433

-

7,233

4,800

11

Related party transactions

Summary of transactions with other related parties


Towy Side Properties Limited

The company is a 100% subsidiary of Towy Side Properties Ltd.
The registered office of the parent company is Glandwr New Mill, St Clears, Carmarthen, SA33 4HT.
During the year rent was charged by Towy Side Properties Ltd of £36,000.
Dividends were paid to Towy Side Properties Ltd of £50,000.
At the Balance Sheet date, there was an amount due from Towy Side Properties Ltd of £23,898 (2023: £34,509). This amount is interest free and repayable on demand.