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Registration number: 06811541

The Sheffield Saleroom Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

 

The Sheffield Saleroom Limited

(Registration number: 06811541)

Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

68,708

60,741

Current assets

 

Debtors

4

27,075

16,323

Cash at bank and in hand

 

631,039

438,751

 

658,114

455,074

Creditors: Amounts falling due within one year

5

(403,100)

(203,894)

Net current assets

 

255,014

251,180

Total assets less current liabilities

 

323,722

311,921

Provisions for liabilities

(8,716)

(10,039)

Net assets

 

315,006

301,882

Capital and reserves

 

Called up share capital

2

2

Retained earnings

315,004

301,880

Shareholders' funds

 

315,006

301,882

For the financial 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 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.

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 Directors' Report and the Profit and Loss Account has been taken.

 

The Sheffield Saleroom Limited

(Registration number: 06811541)

Balance Sheet as at 31 December 2024 (continued)

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 FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 21 August 2025 and signed on its behalf by:
 

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

E J Dashper-Johnson

Director

 

The Sheffield Saleroom Limited

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

1

Accounting policies

Statutory information

The Sheffield Saleroom Limited is a private company, limited by shares, domiciled in England and Wales, company number 06811541. The registered office is at Sheffield Auction Gallery, Windsor Road Sheffield, S8 8UB.

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 presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts..

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

The Sheffield Saleroom Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

1

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

25% straight line per annum

Fixtures and fittings

25% straight line per annum

Office equipment

25% straight line per annum

Leases

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 23).

 

The Sheffield Saleroom Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

3

Tangible assets

Office equipment
£

Motor vehicles
 £

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2024

20,755

92,048

68,136

180,939

Additions

1,288

26,805

5,250

33,343

Disposals

-

(15,000)

-

(15,000)

At 31 December 2024

22,043

103,853

73,386

199,282

Depreciation

At 1 January 2024

17,075

45,504

57,619

120,198

Charge for the year

1,882

16,696

4,611

23,189

Eliminated on disposal

-

(12,813)

-

(12,813)

At 31 December 2024

18,957

49,387

62,230

130,574

Carrying amount

At 31 December 2024

3,086

54,466

11,156

68,708

At 31 December 2023

3,680

46,544

10,517

60,741

4

Debtors

2024
£

2023
£

Trade debtors

3,850

4,030

Prepayments

13,223

12,291

Other debtors

10,002

2

 

27,075

16,323

 

The Sheffield Saleroom Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5

Creditors

2024
£

2023
£

Due within one year

Trade creditors

225,133

109,053

Taxation and social security

100,939

87,977

Other creditors

75,428

5,264

Accruals

1,600

1,600

403,100

203,894

6

Financial commitments, guarantees and contingencies

As at the balance sheet date, the company had total commitments under non- cancellable operating leases over the remaining term of those leases of £9,523 (2023: £9,523).

7

Related party transactions

During the year the directors had a loan account with the company. At the balance sheet date the amount due from the director was £10,000 (2023 : £nil). The loan was interest free.

8

Parent and ultimate parent undertaking

The company's immediate parent is South Yorkshire Investments Limited, incorporated in England.

 The ultimate controlling party is Mrs E J Dashper-Johnson who owns South Yorkshire Investments Limited.