REGISTERED NUMBER: 05895815 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

SPECIALIST AUCTIONS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N Shuttleworth

T W Forrester

SECRETARY:

N Shuttleworth

REGISTERED OFFICE:

Unit 5

Nexus Park

Plenty Close

Newbury

Berkshire

RG14 5RL

REGISTERED NUMBER:

05895815 (England and Wales)

ACCOUNTANTS:

Gravita

Chartered Accountants

6-8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Tangible assets

4

292,678

322,352

CURRENT ASSETS

Debtors

5

45,254

137,234

Cash at bank and in hand

736,175

847,896

781,429

985,130

CREDITORS

Amounts falling due within one year

6

(385,036

)

(742,684

)

NET CURRENT ASSETS

396,393

242,446

TOTAL ASSETS LESS CURRENT LIABILITIES

689,071

564,798

CREDITORS

Amounts falling due after more than one year

7

(126,887

)

(120,760

)

PROVISIONS FOR LIABILITIES

(70,185

)

(77,272

)

NET ASSETS

491,999

366,766

CAPITAL AND RESERVES

Called up share capital

90

90

Capital redemption reserve

10

10

Retained earnings

491,899

366,666

SHAREHOLDERS' FUNDS

491,999

366,766

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

N Shuttleworth - Director

T W Forrester - Director

1.	COMPANY INFORMATION

Specialist Auctions Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's principal activities and nature of its operations was that of auctioneers.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006. The financial statements have been prepared on the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

The turnover shown in the Profit and Loss Account represents buyers and sellers commissions earned on auction sales during the period exclusive of Value Added Tax. Revenue is recognised at the point when the auction sales are made.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Equipment - 33% on cost

Fixture and fittings - 20% on cost

Motor Vehicles - 33% on cost

Long Leasehold - Straight line over 15 years

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2024 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Motor

leasehold

Equipment

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2024

254,085

63,025

94,498

204,505

616,113

Additions

-

710

-

52,415

53,125

At 31 March 2025

254,085

63,735

94,498

256,920

669,238

DEPRECIATION

At 1 April 2024

84,700

60,483

83,469

65,109

293,761

Charge for year

16,939

1,376

8,065

56,419

82,799

At 31 March 2025

101,639

61,859

91,534

121,528

376,560

NET BOOK VALUE

At 31 March 2025

152,446

1,876

2,964

135,392

292,678

At 31 March 2024

169,385

2,542

11,029

139,396

322,352

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

2,400

3,180

Other debtors

3,000

-

Directors' current accounts

-

99,823

Prepayments

39,854

34,231

45,254

137,234

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 8)

36,150

30,098

Trade creditors

22,792

37,238

Corporation tax

185,396

46,824

Social security and other taxes

7,589

-

VAT

44,551

105,587

Other creditors

30,500

30,164

Directors' current accounts

26,302

4,082

Accrued expenses

31,756

488,691

385,036

742,684

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 8)

126,887

120,760

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

36,150

30,098

Between one and five years

126,887

120,760

163,037

150,858

Non-cancellable

operating leases

2025

2024

£

£

Within one year

113,100

113,100

Between one and five years

452,399

452,399

In more than five years

358,141

471,241

923,640

1,036,740

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

163,037

150,858

Hire purchase arrangements are secured against the assets to which they relate.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

£

T W Forrester

Balance outstanding at start of year

99,823

(317

)

Amounts advanced

97,895

194,640

Amounts repaid

(198,000

)

(94,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(282

)

99,823

Interest has been charged on the loan at the HMRC official rate of interest. The loan is repayable on demand.

11.	ULTIMATE CONTROLLING PARTY

The company is jointly controlled by Mr N Shuttleworth and Mr T Forrester by virtue of their shareholding.