REGISTERED NUMBER: 00470865 (England and Wales)

GISBURN AUCTION MARTS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Mr G B Eccles (Chairman)

Mr F Carr (Vice Chairman)

Mr R T Critchley

Mr D W Mattinson

Mr J A Shuttleworth

Mr G Pickup

Mr J Shorrock

Registered office:

Gisburn Auction Mart

Gisburn Road

Gisburn

CLITHEROE

BB7 4ES

Registered number:

00470865 (England and Wales)

Auditors:

Xeinadin Audit Limited

Accountants and Statutory Auditors

Dalton House

9 Dalton Square

LANCASTER

LA1 1WD

Bankers:

HSBC Bank plc

Market Place

SETTLE

North Yorkshire

BD24 9EN

Fixed assets

Tangible assets

5

1,051,711

1,095,973

Investment property

6

1,916,377

1,916,377

2,968,088

3,012,350

Current assets

Stocks

3,201

823

Debtors

7

2,106,134

1,845,064

Cash in hand

8,231

11,583

2,117,566

1,857,470

Creditors

Amounts falling due within one year

8

2,229,744

2,034,229

Net current liabilities

(112,178

)

(176,759

)

Total assets less current liabilities

2,855,910

2,835,591

Creditors

Amounts falling due after more than one year

9

(31,918

)

(49,849

)

Provisions for liabilities

(360,381

)

(363,023

)

Net assets

2,463,611

2,422,719

Capital and reserves

Called up share capital

16,873

16,873

Share premium

7,649

7,649

Other reserves

1,106,291

1,106,291

Retained earnings

1,332,798

1,291,906

2,463,611

2,422,719

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2025 and were signed on its behalf by:

Mr G B Eccles (Chairman) - Director

Mr F Carr (Vice Chairman) - Director

1.	Statutory information

Gisburn Auction Marts Limited 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.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover comprises commission and fees charged to vendors of livestock and other goods at the auction mart. Commission and fees earned are included in the accounting period during which the associated sale of livestock or other goods occurred and are exclusive of VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% Straight line

Plant and machinery etc

-

25% Straight line and 10%-40% Reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property

Investment property is shown at fair value, derived from current market prices for comparable real estate. Changes in fair value are recognised in profit and loss.

Rentals receivable under operating leases are recognised as income on a straight line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 leasing commitments

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

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 61 (2023 - 45 ) .

4.	Auditors' remuneration

2024

2023

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

5,495

5,194

5.	Tangible fixed assets

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost

At 1 January 2024

1,012,925

1,164,009

2,176,934

Additions

3,766

23,697

27,463

At 31 December 2024

1,016,691

1,187,706

2,204,397

Depreciation

At 1 January 2024

337,947

743,014

1,080,961

Charge for year

18,484

53,241

71,725

At 31 December 2024

356,431

796,255

1,152,686

Net book value

At 31 December 2024

660,260

391,451

1,051,711

At 31 December 2023

674,978

420,995

1,095,973

6.	Investment property

Total

£

Fair value

At 1 January 2024

and 31 December 2024

1,916,377

Net book value

At 31 December 2024

1,916,377

At 31 December 2023

1,916,377

Fair value at 31 December 2024 is represented by:

£

Valuation in 2018

1,149,726

Valuation in 2019

88,811

Valuation in 2022

72,000

Cost

605,840

1,916,377

Investment property was valued on an open market basis on 31 December 2022 by the directors .

An independent valuation has not been obtained as this is not required.

7.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

2,020,657

1,784,305

Other debtors

85,477

60,759

2,106,134

1,845,064

8.

Creditors: amounts falling due within one year

2024

2023

£

£

Bank loans and overdrafts

1,909,807

1,657,320

Hire purchase contracts

-

6,875

Trade creditors

17,509

8,245

Taxation and social security

104,481

96,603

Other creditors

197,947

265,186

2,229,744

2,034,229

9.

Creditors: amounts falling due after more than one year

2024

2023

£

£

Bank loans

31,918

49,849

2024

2023

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

-

998

10.	Secured debts

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

1,891,580

1,619,150

Bank loans

50,145

88,019

1,941,725

1,707,169

11.	Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

T M Preece FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

12.	Related party disclosures

The directors and shareholders make sales and purchases through the Auction Mart on a normal commercial basis.