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Registration number: 13294606

Abbey Auction Rooms Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Abbey Auction Rooms Ltd

Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

875

1,750

Current assets

 

Cash at bank and in hand

 

2,088

827

Creditors: Amounts falling due within one year

5

(10,423)

(3,539)

Net current liabilities

 

(8,335)

(2,712)

Net liabilities

 

(7,460)

(962)

Capital and reserves

 

Called up share capital

20

20

Retained earnings

(7,480)

(982)

Shareholders' deficit

 

(7,460)

(962)

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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 22 May 2025 and signed on its behalf by:
 

.........................................

B Adams

Director

Company registration number: 13294606

 

Abbey Auction Rooms 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 England and Wales.

The address of its registered office is:
3-6 Livingstone Buildings
Barnsole Road
Gillingham
Kent
ME7 4DH

The principal activity of the company is that of an auction house.

2

Accounting policies

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 any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company had net deficit of assets at 31 March 2024 of £7,460. At this date an amount of £5,375 was due to the directors who have agreed not to seek payment until such time as the company has sufficient working capital. The company has few fixed overheads and the directors have agreed to provide further working capital if required.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

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 sales/value added tax, returns, rebates and discounts.

The company recognises commission for services provided on the date customers goods are sold at auction.

 

Abbey Auction Rooms Ltd

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

Tangible assets

Tangible assets are stated in the statement of financial position 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

Motor vehicles

4 years 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.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 2 (2023 - 2).

 

Abbey Auction Rooms Ltd

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

4

Tangible assets

Motor vehicles
 £

Cost or valuation

At 1 April 2023

3,500

At 31 March 2024

3,500

Depreciation

At 1 April 2023

1,750

Charge for the year

875

At 31 March 2024

2,625

Carrying amount

At 31 March 2024

875

At 31 March 2023

1,750

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

900

900

Taxation and social security

4,148

1,465

Other creditors

5,375

1,174

10,423

3,539