REGISTERED NUMBER: 06807613 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

1st Machinery Auctions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P M Strong

I A Martin

P M Marlow

REGISTERED OFFICE:

Leofric House

18B Binley Road

Gosford Green

Coventry

CV3 1JN

REGISTERED NUMBER:

06807613 (England and Wales)

ACCOUNTANTS:

Leigh Christou Ltd

Chartered Certified Accountants

Leofric House

Binley Road

Coventry

CV3 1JN

FIXED ASSETS

Tangible assets

4

55,601

87,781

CURRENT ASSETS

Stocks

-

145,500

Debtors

5

44,465

219,946

Cash at bank

63,372

270,271

107,837

635,717

CREDITORS

Amounts falling due within one year

6

47,788

540,370

NET CURRENT ASSETS

60,049

95,347

TOTAL ASSETS LESS CURRENT LIABILITIES

115,650

183,128

CREDITORS

Amounts falling due after more than one year

7

(27,550

)

-

PROVISIONS FOR LIABILITIES

(13,900

)

(4,767

)

NET ASSETS

74,200

178,361

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

74,100

178,261

SHAREHOLDERS' FUNDS

74,200

178,361

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 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 24 July 2025 and were signed on its behalf by:

P M Strong - Director

P M Marlow - Director

I A Martin - Director

1.	STATUTORY INFORMATION

1st Machinery 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 represents net invoiced sales of goods, excluding value added tax.

Turnover is derived from an online based auction of items listed on its corporate website. Turnover is recognised when a transaction has been successfully concluded. A transaction is considered successfully concluded when at least one buyer has bid above a price initially set by the auctioneer or above the previous bid price, whichever is higher at the end of the transaction term.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, 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

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 estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to 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 3 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2024

4,020

129,100

14,718

147,838

Additions

-

-

319

319

Disposals

-

(56,000

)

(2,214

)

(58,214

)

At 31 March 2025

4,020

73,100

12,823

89,943

DEPRECIATION

At 1 April 2024

4,020

42,711

13,326

60,057

Charge for year

-

19,267

935

20,202

Eliminated on disposal

-

(43,703

)

(2,214

)

(45,917

)

At 31 March 2025

4,020

18,275

12,047

34,342

NET BOOK VALUE

At 31 March 2025

-

54,825

776

55,601

At 31 March 2024

-

86,389

1,392

87,781

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2024

and 31 March 2025

73,100

DEPRECIATION

Charge for year

18,275

At 31 March 2025

18,275

NET BOOK VALUE

At 31 March 2025

54,825

At 31 March 2024

73,100

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

8,671

125,967

Other debtors

35,794

93,979

44,465

219,946

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Hire purchase contracts

13,649

-

Trade creditors

13,371

398,610

Amounts owed to group undertakings

737

55,444

Taxation and social security

13,257

4,616

Other creditors

6,774

81,700

47,788

540,370

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Hire purchase contracts

27,550

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Hire purchase contracts

41,199

-

The hire purchase creditor is secured on the asset purchased under the agreement.

9.	RELATED PARTY DISCLOSURES

Transactions with Craig Strong Machine Tools Ltd:

The company traded with Craig Strong Machine Tools Limited, a company in which Mr P M Strong is a director and is also a shareholder. In relation to intercompany transactions, £736 (2024 : £30,444) was owed to Craig Strong Machine Tools Ltd at the year end.

During the year, the company made sales to and purchases from Craig Strong Machine Tools Ltd, amounting to £Nil (2024: £441) and £40,474 (2024: £234,566) respectively.

In respect of purchases, £729 (2024: £Nil) was outstanding at the year end.

Transactions with Percy Martin Ltd:

The company traded with Percy Martin Ltd, a company in which Mr I A Martin is a director and also a shareholder. In relation to intercompany transactions, £Nil (2024: £25,000) was owed to Percy Martin Ltd at the year end.

During the year, the company made sales to and purchases from Percy Martin Ltd, amounting to £264,159 (2024: £72,584) and £263,092 (2024: £447,376) respectively.

In respect of purchases, £7,680 (2024: £222,847) was outstanding at the year end.

10.	ULTIMATE CONTROLLING PARTY

The company is under the joint control of Craig Strong Machine Tools Limited and Percy Martin Limited.