COMPANY REGISTRATION NUMBER:
12230134
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Hammer Time Auctions Limited |
|
|
Filleted Unaudited Financial Statements |
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Hammer Time Auctions Limited |
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Statement of Financial Position |
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31 December 2024
Fixed assets
|
Investments |
5 |
605,192 |
605,192 |
|
|
|
|
Current assets
|
Debtors |
6 |
1,000 |
1,000 |
|
Cash at bank and in hand |
1,472 |
1,472 |
|
------- |
------- |
|
2,472 |
2,472 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
605,645 |
606,615 |
|
--------- |
--------- |
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Net current liabilities |
603,173 |
604,143 |
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--------- |
--------- |
|
Total assets less current liabilities |
2,019 |
1,049 |
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------- |
------- |
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Net assets |
2,019 |
1,049 |
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------- |
------- |
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|
|
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Capital and reserves
|
Called up share capital |
100 |
100 |
|
Profit and loss account |
1,919 |
949 |
|
------- |
------- |
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Shareholder funds |
2,019 |
1,049 |
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------- |
------- |
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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
.
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Hammer Time Auctions Limited |
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Statement of Financial Position (continued) |
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31 December 2024
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:
12230134
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Hammer Time Auctions Limited |
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Notes to the Financial Statements |
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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 Industrial Estate, Corby, Northamptonshire, 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.
Related party exemption
The company has taken advantage of exemption under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.
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. (c) Disclosures in respect of share-based payments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Investments
|
Shares in group undertakings |
|
£ |
|
Cost |
|
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At 1 January 2024 and 31 December 2024 |
605,192 |
|
--------- |
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Impairment |
|
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At 1 January 2024 and 31 December 2024 |
– |
|
--------- |
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|
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Carrying amount |
|
|
At 31 December 2024 |
605,192 |
|
--------- |
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At 31 December 2023 |
605,192 |
|
--------- |
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|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Other debtors |
1,000 |
1,000 |
|
------- |
------- |
|
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7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
560,872 |
500,892 |
|
Corporation tax |
223 |
223 |
|
Other creditors |
44,550 |
105,500 |
|
--------- |
--------- |
|
605,645 |
606,615 |
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--------- |
--------- |
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8.
Controlling party
The company is controlled by
R O A Almond
who owns 100% of the issued share capital.