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Registration number: 01245009


Leek Auctions Limited

Directors Report and Unaudited Financial Statements

for the Year Ended 31 March 2025

 

Leek Auctions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Leek Auctions Limited

Company Information

Directors

M Elliott

G B Daniel

GL Watkins

Company secretary

G B Daniel

Registered office

Leek Cattle Market
Junction Road
Leek
Staffordshire
ST13 5PY

Accountants

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

Leek Auctions Limited

(Registration number: 01245009)
Balance Sheet as at 31 March 2025

Note

31 March
2025
£

31 March
2024
£

Fixed assets

 

Tangible assets

4

32,000

26,229

Current assets

 

Debtors

5

1,871,909

1,613,090

Cash at bank and in hand

 

14,118

14,361

 

1,886,027

1,627,451

Creditors: Amounts falling due within one year

6

(1,903,592)

(1,641,543)

Net current liabilities

 

(17,565)

(14,092)

Total assets less current liabilities

 

14,435

12,137

Provisions for liabilities

(6,080)

(5,091)

Net assets

 

8,355

7,046

Capital and reserves

 

Called up share capital

14

14

Retained earnings

8,341

7,032

Shareholders' funds

 

8,355

7,046

For the financial year ending 31 March 2025 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 the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

These financial statements have been 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 24 May 2025 and signed on its behalf by:
 

 

Leek Auctions Limited

(Registration number: 01245009)
Balance Sheet as at 31 March 2025

.........................................
M Elliott
Director

 

Leek Auctions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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:
Leek Cattle Market
Junction Road
Leek
Staffordshire
ST13 5PY

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 presentational currency used in the Pound Sterling (£). Amounts are rounded to the nearest whole Pound.

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.

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:

 

Leek Auctions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Asset class

Depreciation method and rate

Leasehold improvements

Depreciated over the term of the leasehold

Plant and machinery

10% straight line basis

Fixtures and fittings

10% straight line basis

Office equipment

25% straight line basis

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 35 (2024 - 25).

 

Leek Auctions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Tangible assets

Leasehold improvements
£

Fixtures and fittings
 £

Office equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2024

118,945

52,570

68,399

41,680

281,594

Additions

-

-

-

12,760

12,760

At 31 March 2025

118,945

52,570

68,399

54,440

294,354

Depreciation

At 1 April 2024

111,712

47,104

62,653

33,896

255,365

Charge for the year

904

823

3,044

2,218

6,989

At 31 March 2025

112,616

47,927

65,697

36,114

262,354

Carrying amount

At 31 March 2025

6,329

4,643

2,702

18,326

32,000

At 31 March 2024

7,233

5,465

5,746

7,785

26,229

 

Leek Auctions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5

Debtors

31 March
2025
£

31 March
2024
£

Trade debtors

1,867,860

1,610,024

Prepayments

4,049

3,066

 

1,871,909

1,613,090

6

Creditors

Creditors: amounts falling due within one year

Note

31 March
2025
£

31 March
2024
£

Bank loans and overdrafts

7

1,037,859

826,215

Trade creditors

 

171,493

129,443

Taxation and social security

 

9,947

12,237

Other creditors

 

283,293

372,648

Other borrowings

7

401,000

301,000

 

1,903,592

1,641,543

7

Loans and borrowings

Current loans and borrowings

31 March
2025
£

31 March
2024
£

Bank overdrafts

1,037,859

826,215

Other borrowings

401,000

301,000

1,438,859

1,127,215

Other borrowings

Bagshaws LLP - with a carrying amount of £200,500 (2024 - £150,500) is denominated in Pound Sterling with a nominal interest rate of 0%.

This loan is repayable on demand.

Graham Watkins & Co - with a carrying amount of £200,500 (2024 - £150,500) is denominated in Pound Sterling with a nominal interest rate of 0%.

This loan is repayable on demand.

 

Leek Auctions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

8

Going Concern

The accounts have been prepared on a going concern basis. The directors continue to support the company.