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Registered number: 02834830










SOUTHGATE AUCTION ROOMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
SOUTHGATE AUCTION ROOMS LIMITED
REGISTERED NUMBER: 02834830

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
28,557
32,117

  
28,557
32,117

Current assets
  

Debtors: amounts falling due within one year
 5 
209,246
162,134

Cash at bank and in hand
 6 
289,617
181,569

  
498,863
343,703

Creditors: amounts falling due within one year
 7 
(219,035)
(251,225)

Net current assets
  
 
 
279,828
 
 
92,478

Total assets less current liabilities
  
308,385
124,595

Creditors: amounts falling due after more than one year
 8 
(7,005)
(17,330)

  

Net assets
  
301,380
107,265


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
300,380
106,265

  
301,380
107,265


Page 1

 
SOUTHGATE AUCTION ROOMS LIMITED
REGISTERED NUMBER: 02834830
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Hutchcroft
Director

Date: 12 June 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SOUTHGATE AUCTION ROOMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Southgate Auction Rooms Limited is a private company, limited by shares, incorporated in England and Wales, registration number 02834830. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The principal activity is that of auctioneers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in £ sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
SOUTHGATE AUCTION ROOMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
reducing balance
Computer equipment
-
20%
reducing balance
Leasehold improvements
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
SOUTHGATE AUCTION ROOMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 - 13).

Page 5

 
SOUTHGATE AUCTION ROOMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost


At 1 October 2023
34,440
20,995
63,798
31,067
150,300


Additions
-
-
2,562
814
3,376



At 30 September 2024

34,440
20,995
66,360
31,881
153,676



Depreciation


At 1 October 2023
34,431
15,182
47,900
20,670
118,183


Charge for the year
-
1,453
3,390
2,093
6,936



At 30 September 2024

34,431
16,635
51,290
22,763
125,119



Net book value



At 30 September 2024
9
4,360
15,070
9,118
28,557



At 30 September 2023
9
5,813
15,898
10,397
32,117


5.


Debtors

2024
2023
£
£


Trade debtors
151,081
140,631

Other debtors
4,674
-

Prepayments and accrued income
53,491
21,503

209,246
162,134



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
289,617
181,569


Page 6

 
SOUTHGATE AUCTION ROOMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,333
10,078

Trade creditors
140,056
170,737

Other taxation and social security
60,341
49,880

Other creditors
805
13,030

Accruals and deferred income
7,500
7,500

219,035
251,225


Bank loans of £10,333 (2023: £10,078) are secured by the Government as part of a Coronavirus Business Interruption Loan Scheme (CBILS), which is repayable by instalments from May 2020 to April 2026.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
7,005
17,330


Bank loans of £7,005 (2023: £17,330) are secured by the Government as part of a Coronavirus Business Interruption Loan Scheme (CBILS), which is repayable by instalments from May 2020 to April 2026.


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,333
10,078

Amounts falling due 1-2 years

Bank loans
7,005
10,333

Amounts falling due 2-5 years

Bank loans
-
6,997

17,338
27,408


Page 7

 
SOUTHGATE AUCTION ROOMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,005 (2023: £3,193). Contributions totalling £805 (2023: £736) were payable to the fund at the reporting date and are included in creditors.

Page 8