Wombell's Auctioneers LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

1	General information

The Limited Liability Partnership was registered in England and Wales.
The address of its registered office is:
54 Bootham
YORK
YO30 7XZ
These financial statements were authorised by the Members on 5 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Wombell's Auctioneers LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Going concern

The members believe that the LLP is well placed to manage its business risks satisfactorily, and the funds on deposit allow them to have a reasonable expectation that the LLP will have adequate resources to continue in operation for at least 12 months from the signing date of these financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Wombell's Auctioneers LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	over 5 years

Wombell's Auctioneers LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful life as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% reducing balance basis
Fixtures and fittings	20% reducing balance basis

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Pensions and other post retirement obligations

The LLP operates a defined contribution pension scheme. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme.

3	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 10 (2024 - 11).

4	Tangible fixed assets

	Fixtures and fittings £	Motor vehicles £	Total £
Cost
At 1 April 2024	86,802	63,792	150,594
Additions	20,379	-	20,379
At 31 March 2025	107,181	63,792	170,973
Depreciation
At 1 April 2024	65,859	37,855	103,714
Charge for the year	8,264	6,484	14,748
At 31 March 2025	74,123	44,339	118,462
Net book value
At 31 March 2025	33,058	19,453	52,511
At 31 March 2024	20,943	25,937	46,880

Wombell's Auctioneers LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

5

Debtors

	2025 £	2024 £
Trade debtors	21,354	90,001
Other debtors	-	2,000
Prepayments and accrued income	4,215	4,465
	25,569	96,466

6	Creditors: Amounts falling due within one year

	2025  £	2024  £
Obligations under finance lease and hire purchase contracts	-	3,226
Trade creditors	428	3,379
Other taxes and social security	13,192	19,798
Accruals and deferred income	4,007	2,620
	17,627	29,023

7	Creditors: Amounts falling due after more than one year

	2025 £	2024 £
Obligations under finance lease and hire purchase contracts	-	3,181

8	Pension and other schemes

Defined contribution pension scheme

The limited liability partnership operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the limited liability partnership to the scheme and amounted to £9,747 (2024 - £11,069).

 

9	Related party transactions

Summary of transactions with other related parties

During the year rent of £13,200 (2024 - £13,200) was paid to WCG Properties Limited. All Designated Members of the LLP are shareholders and directors of the Company. No balance was outstanding at the year end (2024 - £Nil).
 

Wombell's Auctioneers LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

10

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.