Apex Auctions Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04376357

APEX AUCTIONS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2025

APEX AUCTIONS LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Intangible assets	5	257,450	247,943
Tangible assets	6	95,203	80,497
Investments	7	1,334	1,334
		----------	----------
		353,987	329,774

Current assets

Stocks		192,679	577,233
Debtors	8	1,711,010	2,080,113
Cash at bank and in hand		1,371,463	528,776
		-------------	-------------
		3,275,152	3,186,122

Creditors: amounts falling due within one year	9	625,274		674,624
		-------------		-------------
Net current assets			2,649,878	2,511,498
			-------------	-------------
Total assets less current liabilities			3,003,865	2,841,272

Provisions	74,269	69,585
	-------------	-------------
Net assets	2,929,596	2,771,687
	-------------	-------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	2,929,496	2,771,587
	-------------	-------------
Shareholders funds	2,929,596	2,771,687
	-------------	-------------

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 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

APEX AUCTIONS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 25 November 2025 , and are signed on behalf of the board by:

Mr S J C Dugard

Director

Company registration number: 04376357

APEX AUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the time of approving the financial statements, the directors consider the company has sufficient cash resources to continue in operational existence for a period of at least 12 months from the date of approving the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Consolidation

The company 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 company 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 from the provision of auctioneering and handling services, stated net of discounts and of Value Added Tax. Revenue is recognised on completion of auctions and sales from which commissions are derived.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated 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	-	25% reducing balance

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.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Short leasehold property	-	Over the life of the lease
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2024: 14 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 April 2024	463,976
Additions	95,324
	----------
At 31 March 2025	559,300
	----------
Amortisation
At 1 April 2024	216,033
Charge for the year	85,817
	----------
At 31 March 2025	301,850
	----------
Carrying amount
At 31 March 2025	257,450
	----------
At 31 March 2024	247,943
	----------

6. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 April 2024	77,419	169,049	36,375	282,843
Additions	16,594	23,093	–	39,687
Disposals	–	( 8,761)	–	( 8,761)
	---------	----------	---------	----------
At 31 March 2025	94,013	183,381	36,375	313,769
	---------	----------	---------	----------
Depreciation
At 1 April 2024	27,320	140,651	34,375	202,346
Charge for the year	11,115	12,709	500	24,324
Disposals	–	( 8,104)	–	( 8,104)
	---------	----------	---------	----------
At 31 March 2025	38,435	145,256	34,875	218,566
	---------	----------	---------	----------
Carrying amount
At 31 March 2025	55,578	38,125	1,500	95,203
	---------	----------	---------	----------
At 31 March 2024	50,099	28,398	2,000	80,497
	---------	----------	---------	----------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2024 and 31 March 2025	1,334
	-------
Impairment
At 1 April 2024 and 31 March 2025	–
	-------

Carrying amount
At 31 March 2025	1,334
	-------
At 31 March 2024	1,334
	-------

8. Debtors

	2025	2024
	£	£
Trade debtors	862,618	1,024,266
Amounts owed by group undertakings and undertakings in which the company has a participating interest	500,736	501,977
Other debtors	347,656	553,870
	-------------	-------------
	1,711,010	2,080,113
	-------------	-------------

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	109,095	334,775
Amounts owed to group undertakings and undertakings in which the company has a participating interest	253,145	194,113
Social security and other taxes	33,576	32,690
Other creditors	229,458	113,046
	----------	----------
	625,274	674,624
	----------	----------

10. Operating leases

As lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	169,831	128,164
Later than 1 year and not later than 5 years	598,164	436,328
Later than 5 years	35,000	112,500
	----------	----------
	802,995	676,992
	----------	----------

As lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	37,500	–
Later than 1 year and not later than 5 years	200,000	–
Later than 5 years	8,333	–
	----------	----
	245,833	–
	----------	----

11. Related party transactions

During the year, management charges totalling £48,129 were receivable by the company from group companies (2024: £158,611). At the year end, the company was owed amounts from group companies totalling £500,736 (2024: £501,977). At the year end, the company owed amounts to group companies totalling £253,145 (2024: £194,113).

12. Controlling party

The parent company of Apex Auctions Limited is Brighthelm Holdings Limited, a company incorporated in the UK whose registered office address is 168 Church Road, Hove, East Sussex, BN3 2DL. The ultimate parent company is Pavilion Asset Holdings Limited.