COMPANY REGISTRATION NUMBER:
10155216
|
Filleted Unaudited Financial Statements |
|
|
Statement of Financial Position |
|
31 December 2024
Current assets
|
Debtors |
7 |
483,375 |
119,149 |
|
Cash at bank and in hand |
17,583 |
764 |
|
--------- |
--------- |
|
500,958 |
119,913 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
448,495 |
82,128 |
|
--------- |
--------- |
|
Net current assets |
52,463 |
37,785 |
|
-------- |
-------- |
|
Total assets less current liabilities |
52,463 |
37,785 |
|
-------- |
-------- |
|
Net assets |
52,463 |
37,785 |
|
-------- |
-------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
100 |
100 |
|
Profit and loss account |
52,363 |
37,685 |
|
-------- |
-------- |
|
Shareholder funds |
52,463 |
37,785 |
|
-------- |
-------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
19 September 2025
, and are signed on behalf of the board by:
Company registration number:
10155216
|
Notes to the Financial Statements |
|
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Pywell Road, Willowbrook East Industrial Estate, Corby, NN17 5XJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel. The company has taken advantage of exemption, under the terms of FRS102 not to disclose related partly transactions with wholly owned subsidiaries within the group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Development costs |
- |
50% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
2
).
5.
Intangible assets
|
Development costs |
|
£ |
|
Cost |
|
|
At 1 January 2024 and 31 December 2024 |
3,931 |
|
------- |
|
Amortisation |
|
|
At 1 January 2024 and 31 December 2024 |
3,931 |
|
------- |
|
Carrying amount |
|
|
At 31 December 2024 |
– |
|
------- |
|
At 31 December 2023 |
– |
|
------- |
|
|
6.
Tangible assets
|
Equipment |
|
£ |
|
Cost |
|
|
At 1 January 2024 and 31 December 2024 |
|
|
---- |
|
Depreciation |
|
|
At 1 January 2024 and 31 December 2024 |
|
|
---- |
|
Carrying amount |
|
|
At 31 December 2024 |
– |
|
---- |
|
At 31 December 2023 |
– |
|
---- |
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
56,274 |
115,287 |
|
Other debtors |
427,101 |
3,862 |
|
--------- |
--------- |
|
483,375 |
119,149 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Trade creditors |
980 |
45,520 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
446,415 |
34,008 |
|
Corporation tax |
100 |
100 |
|
Other creditors |
1,000 |
2,500 |
|
--------- |
-------- |
|
448,495 |
82,128 |
|
--------- |
-------- |
|
|
|
9.
Controlling party
The company is a wholly owned subsidiary of Hammer Time Auctions Limited, a company incorporated in England and Wales.