REGISTERED NUMBER: 12921561 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Minster Auctions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Crofts

O R Lloyd

D E Webb

SECRETARY:

G Crofts

REGISTERED OFFICE:

Iona

Moreton Eye

Leominster

United Kingdom

HR6 0DP

REGISTERED NUMBER:

12921561 (England and Wales)

ACCOUNTANTS:

R J Francis & Co

Suites 1 & 2

Marshall Business Centre

Faraday Road

Hereford

Herefordshire

HR4 9NS

FIXED ASSETS

Tangible assets

4

20,068

22,602

CURRENT ASSETS

Debtors

5

36,448

18,684

Cash at bank and in hand

440,495

363,737

476,943

382,421

CREDITORS

Amounts falling due within one year

6

192,363

107,353

NET CURRENT ASSETS

284,580

275,068

TOTAL ASSETS LESS CURRENT LIABILITIES

304,648

297,670

PROVISIONS FOR LIABILITIES

4,415

4,972

NET ASSETS

300,233

292,698

CAPITAL AND RESERVES

Called up share capital

55

55

Retained earnings

300,178

292,643

300,233

292,698

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 Income Statement has not been delivered.

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

G Crofts - Director

O R Lloyd - Director

D E Webb - Director

1.	STATUTORY INFORMATION

Minster Auctions 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset and 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 14 (2023 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

30,440

12,476

42,916

Additions

407

4,847

5,254

At 31 December 2024

30,847

17,323

48,170

DEPRECIATION

At 1 January 2024

13,245

7,069

20,314

Charge for year

4,403

3,385

7,788

At 31 December 2024

17,648

10,454

28,102

NET BOOK VALUE

At 31 December 2024

13,199

6,869

20,068

At 31 December 2023

17,195

5,407

22,602

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

14,866

3,935

Other debtors

21,582

14,749

36,448

18,684

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

68,513

18,863

Taxation and social security

77,437

54,614

Other creditors

46,413

33,876

192,363

107,353

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

36,600

32,400

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

G Crofts

Balance outstanding at start of year

9,575

(73,285

)

Amounts advanced

-

82,860

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,575

9,575

9.	RELATED PARTY DISCLOSURES

During the year, goods were auctioned on behalf of the directors at a total value of £5,563 (2023 - £4,900). No commission or fees were charged to the directors for these transactions.

During the year, the directors also purchased goods through the auctions, which they were charged a premium of £1,849 (2023 - £1,251).