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COMPANY REGISTRATION NUMBER: 07140791
Auction House (N & NS) Limited
Unaudited financial statements
31 December 2024
Auction House (N & NS) Limited
Statement of financial position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
46,069
81,075
Current assets
Debtors
7
234,075
322,110
Cash at bank and in hand
542,202
645,392
---------
---------
776,277
967,502
Creditors: Amounts falling due within one year
8
( 599,348)
( 636,535)
---------
---------
Net current assets
176,929
330,967
---------
---------
Total assets less current liabilities
222,998
412,042
Creditors: Amounts falling due after more than one year
9
( 41,748)
( 56,729)
Provisions
Taxation including deferred tax
( 5,494)
---------
---------
Net assets
181,250
349,819
---------
---------
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss account
81,250
249,819
---------
---------
Shareholders funds
181,250
349,819
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Auction House (N & NS) Limited
Statement of financial position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 9 May 2025 , and are signed on behalf of the board by:
The Hon J J L Prior
R W Lake
Director
Director
B P Baxter
O J L Prior
Director
Director
Company registration number: 07140791
Auction House (N & NS) Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hill House, The Street, Wissett, Halesworth, Suffolk, IP19 0JH. The trading address is The Barn, Newmarket Road, Cringleford, Norwich, Norfolk, NR4 6UE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Motor vehicles
-
33% straight line
Computer equipment
-
33% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of employees during the year was 21 (2023: 18 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
100,000
---------
Amortisation
At 1 January 2024 and 31 December 2024
100,000
---------
Carrying amount
At 31 December 2024
---------
At 31 December 2023
---------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2024
36,846
95,481
51,975
184,302
Additions
5,497
3,642
9,139
-------
-------
-------
---------
At 31 December 2024
42,343
95,481
55,617
193,441
-------
-------
-------
---------
Depreciation
At 1 January 2024
21,247
35,567
46,413
103,227
Charge for the year
9,481
31,509
3,155
44,145
-------
-------
-------
---------
At 31 December 2024
30,728
67,076
49,568
147,372
-------
-------
-------
---------
Carrying amount
At 31 December 2024
11,615
28,405
6,049
46,069
-------
-------
-------
---------
At 31 December 2023
15,599
59,914
5,562
81,075
-------
-------
-------
---------
7. Debtors
2024
2023
£
£
Trade debtors
82,819
50,856
Other debtors
151,256
271,254
---------
---------
234,075
322,110
---------
---------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
115,191
59,661
Social security and other taxes
219,383
205,362
Wages and salaries control
105,823
60,275
Other creditors
158,951
311,237
---------
---------
599,348
636,535
---------
---------
9. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Other creditors
41,748
56,729
-------
-------
10. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
12,110
9,241
Later than 1 year and not later than 5 years
41,748
56,729
-------
-------
53,858
65,970
-------
-------
The liabilities are secured on the assets concerned.
11. Parent company
The parent company of Auction House (N&NS) Limited is Tops Holdings Limited and its registered office is Hill House, Wissett, Halesworth, Suffolk, England, IP19 0JH.
The parent company of Tops Holdings Limited is Hill House Investments Limited and its registered office is Hill House, Wissett, Halesworth, Suffolk, England, IP19 0JH.