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Company No: 02998482 (England and Wales)

WOOLLEY & WALLIS SALISBURY SALEROOMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

WOOLLEY & WALLIS SALISBURY SALEROOMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

WOOLLEY & WALLIS SALISBURY SALEROOMS LIMITED

BALANCE SHEET

As at 31 August 2024
WOOLLEY & WALLIS SALISBURY SALEROOMS LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,325,583 1,376,638
1,325,583 1,376,638
Current assets
Stocks 2,490 2,635
Debtors 4 417,276 1,136,408
Cash at bank and in hand 949,807 1,468,888
1,369,573 2,607,931
Creditors: amounts falling due within one year 5 ( 987,083) ( 1,644,406)
Net current assets 382,490 963,525
Total assets less current liabilities 1,708,073 2,340,163
Provision for liabilities ( 11,709) ( 3,035)
Net assets 1,696,364 2,337,128
Capital and reserves
Called-up share capital 6 3,553 3,553
Share premium account 113,448 65,093
Capital redemption reserve 1,572 1,572
Profit and loss account 1,577,791 2,266,910
Total shareholders' funds 1,696,364 2,337,128

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

Directors' responsibilities:

The financial statements of Woolley & Wallis Salisbury Salerooms Limited (registered number: 02998482) were approved and authorised for issue by the Board of Directors on 02 May 2025. They were signed on its behalf by:

J E Axford
Director
WOOLLEY & WALLIS SALISBURY SALEROOMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
WOOLLEY & WALLIS SALISBURY SALEROOMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Woolley & Wallis Salisbury Salerooms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 51-61 Castle Street, Salisbury, Wiltshire, SP1 3SU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents the buyer's premium, seller's commission and other fees, excluding value added tax, for auctions held during the period.

Where lots are returned to vendors due to non payment by the buyer, the buyer's premium and sellers commission are deducted from turnover.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Leasehold improvements depreciated over the life of the lease
Vehicles 25 % reducing balance
Fixtures and fittings 4 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

No depreciation is charged on land and buildings as the directors consider the residual value to be greater than cost.

Properties are held at fair value at the date of valuation less subsequent depreciation and impairment.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a gain reverses a previously recognised loss, or a loss exceeds the accumulated gains in equity.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 47 47

3. Tangible assets

Land and buildings Leasehold improve-
ments
Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 September 2023 1,359,603 142,448 249,518 738,953 2,490,522
Additions 68,198 0 0 20,587 88,785
Revaluations ( 68,198) 0 0 0 ( 68,198)
At 31 August 2024 1,359,603 142,448 249,518 759,540 2,511,109
Accumulated depreciation
At 01 September 2023 234,603 142,448 202,248 534,585 1,113,884
Charge for the financial year 0 0 11,818 59,824 71,642
At 31 August 2024 234,603 142,448 214,066 594,409 1,185,526
Net book value
At 31 August 2024 1,125,000 0 35,452 165,131 1,325,583
At 31 August 2023 1,125,000 0 47,270 204,368 1,376,638

This historical cost of land and buildings is £1,491,929 (2023: £1,423,731)

4. Debtors

2024 2023
£ £
Trade debtors 333,736 974,028
Prepayments 75,049 81,972
Other debtors 8,491 80,408
417,276 1,136,408

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 86,212 95,334
Taxation and social security 327,490 374,644
Other creditors 573,381 1,174,428
987,083 1,644,406

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
3,553 Ordinary shares shares of £ 1.00 each 3,553 3,553

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 320 320