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COMPANY REGISTRATION NUMBER: 05318349

Hop Auctions.com Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2025

Hop Auctions.com Limited

Statement of Financial Position

31 March 2025

| 2025 | 2024
Note | £ | £ | £ | £

Fixed assets

Tangible assets | 5 |  | 419,248 |  | 453,973
Investments | 6 |  | 50 |  | 50
|  | ---------- |  | ----------
|  | 419,298 |  | 454,023

Current assets

Stocks | 1,053,070 |  | 1,762,257 |
Debtors | 7 | 793,097 |  | 558,658 |
Cash at bank and in hand | 304 |  | 2,576 |
| ------------- |  | ------------- |
| 1,846,471 |  | 2,323,491 |

Creditors: amounts falling due within one year | 8 | ( 3,246,875) |  | ( 3,499,433) |
| ------------- |  | ------------- |
Net current liabilities |  | ( 1,400,404) |  | ( 1,175,942)
|  | ------------- |  | -------------
Total assets less current liabilities |  | ( 981,106) |  | ( 721,919)

Creditors: amounts falling due after more than one year | 9 |  | ( 75,086) |  | ( 141,689)

Provisions |  | ( 20,435) |  | ( 25,900)
|  | ------------- |  | ----------
Net liabilities |  | ( 1,076,627) |  | ( 889,508)
|  | ------------- |  | ----------

Capital and reserves

Called up share capital |  | 300 |  | 300
Profit and loss account |  | ( 1,076,927) |  | ( 889,808)
|  | ------------- |  | ----------
Shareholders deficit |  | ( 1,076,627) |  | ( 889,508)
|  | ------------- |  | ----------

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.

Hop Auctions.com Limited

Statement of Financial Position (continued)

31 March 2025
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 March 2026 , and are signed on behalf of the board by:

Mr P Askew |
Director |

Company registration number: 05318349

Hop Auctions.com 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 2 Boothferry Road, Howden, Goole, East Yorkshire, DN14 7EF.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) 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.
(b) Going concern
These financial statements are prepared on the going concern basis. The director expects that the company will continue in operational existence for the foreseeable future. However, the director is aware of certain material uncertainties which may cast doubt on the company's ability to continue as a going concern. The company has suffered significant misappropriations of funds over several years. The effects have been estimated and the financial statements have been adjusted accordingly including a £1.4m prior period adjustment in 2017/18. The resulting losses/depleted profits are largely attributable to these exceptional items and the director is confident that the underlying business is still profitable. In view of the net current liabilities, net liabilities and ongoing negotiations with the company's bank and HMRC, there are key uncertainties, however it is still too early to determine the possible outcome of such negotiations, and hence availability future support/funding. The UK economy has recently been impacted by rising inflation, interest rates and energy costs. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis. Taking all these matters into account, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(d) 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 be paid or recovered 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.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) 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:

| Leasehold property improvements | - | 10% reducing balance
| Plant and machinery | - | 15% reducing balance
| Furntiure and Fittings | - | 15% straight line
| Motor vehicles | - | 25% reducing balance

| Containers | - | 4% straight line

(g) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
(h) 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.
(i) 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.
(j) 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, to the extent that such costs are considered to be recoverable against the actual or estimated selling prices.
(k) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(l) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(m) 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2024: 10 ).
5. Tangible assets

| Leasehold Property Imp's | Plant and machinery | Furniture and fittings | Motor vehicles | Containers | Total
| £ | £ | £ | £ | £ | £
Cost |  |  |  |  |  |
At 1 Apr 2024 and 31 Mar 2025 | 429,902 | 192,188 | 122,712 | 81,388 | 18,430 | 844,620
| ---------- | ---------- | ---------- | -------- | -------- | ----------
Depreciation |  |  |  |  |  |
At 1 Apr 2024 | 120,156 | 88,765 | 114,787 | 54,972 | 11,967 | 390,647
Charge for the year | 10,428 | 15,528 | 1,518 | 6,604 | 647 | 34,725
| ---------- | ---------- | ---------- | -------- | -------- | ----------
At 31 Mar 2025 | 130,584 | 104,293 | 116,305 | 61,576 | 12,614 | 425,372
| ---------- | ---------- | ---------- | -------- | -------- | ----------
Carrying amount |  |  |  |  |  |
At 31 Mar 2025 | 299,318 | 87,895 | 6,407 | 19,812 | 5,816 | 419,248
| ---------- | ---------- | ---------- | -------- | -------- | ----------
At 31 Mar 2024 | 309,746 | 103,423 | 7,925 | 26,416 | 6,463 | 453,973
| ---------- | ---------- | ---------- | -------- | -------- | ----------

6. Investments

| Shares in participating interests
| £
Cost |
At 1 April 2024 and 31 March 2025 | 50
| ----
Impairment |
At 1 April 2024 and 31 March 2025 | –
| ----

Carrying amount |
At 31 March 2025 | 50
| ----
At 31 March 2024 | 50
| ----

7. Debtors

| 2025 | 2024
| £ | £
Prepayments and accrued income | 24,739 | 46,656
Directors loan accounts | 46,499 | 46,499
Amounts due from related undertakings | – | 3,919
Other debtors | 721,859 | 461,584
| ---------- | ----------
| 793,097 | 558,658
| ---------- | ----------

8. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | 1,348 | 11,072
Trade creditors | 738,048 | 207,218
Amounts owed to group undertakings | 804,700 | 1,218,223
Accruals and deferred income | 54,576 | 7,252
Corporation tax | 706,367 | 732,196
Social security and other taxes | 902,131 | 744,893
Obligations under finance leases and hire purchase contracts | 39,678 | 63,186
Stocking loans | – | 514,924
Other creditors | 27 | 469
| ------------- | -------------
| 3,246,875 | 3,499,433
| ------------- | -------------

The bank loans and overdraft are secured by a debenture over all the assets of the company and an intercompany guarantee limited to £947,000 between Hop Auctions.com Limited , Hopkinsons Fair Deals Limited and Hopkinsons Fairdeals Remarketing LLP.
Stocking loans are secured on specific items of stock.
Hire purchase liabilities are secured on specific fixed assets.
9. Creditors: amounts falling due after more than one year

| 2025 | 2024
| £ | £
Obligations under finance leases and hire purchase contracts | 75,086 | 141,689
| -------- | ----------

The bank loans are secured by a debenture over all the assets of the company and an intercompany guarantee limited to £947,000 between Hop Auctions.com Limited, Hopkinsons Fair Deals Limited and Hopkinsons Fairdeals Remarketing LLP.
Hire purchase liabilities are secured on specific fixed assets.
10. Contingencies
As disclosed in note 3(b), the company has been subject to the misappropriation of funds and is unlikely to recover any of the defalcations. The matter is still under consideration, including the tax implications which may or may not result in further liabilities arising on the company. At the date of approving these accounts it is too early to estimate the likelihood of this happening or the potential amounts involved. Hop Auctions.com Limited is party to an inter company guarantee between Hopkinson Fair Deals Limited, Hopkinson Fairdeals Remarketing LLP and Hopdeals Remarketing Limited, limited to the value of £947,000 and a debenture for the bank borrowings of Hop Auctions.com Limited. At the balance sheet date that company had net liabilities of £1,076,627.
11. Related party transactions
During the year the company paid rent of £100,000 (2024: £100,000) to its parent company . During the year the company has made a loan to a director. The balance due by the director as at 31 March 2025 was £ 46,499 (2024: £ 46,499 ). No interest has been paid on the loan in the year . The loan is repayable on demand. During the year the company has made certain loans to shareholders. The balance due by the shareholders as at 31 March 2025 was £ 213,224 (2024: £ 208,904 ) with a provision of £199,601 (2024: £199,601) being made against these loans. No interest has been paid on the loans in the year. The loans are repayable on demand . During the year the company has made sales of £153,103 (2024: £927,384) to and has received management charges of £Nil (2024: £25,000) from an LLP in which the company is a member. During the year the company also received loans from the LLP. As at the balance sheet date the amount owing to the LLP was £ 804,698 . No interest was charged on the loan and the loan is repayable on demand. During the year the company has made sales of £2,274,053 (2024: £2,296,100), received management charges of £370,601 (2024: £336,230) and has made loans to a company in which one of the directors is also a director and shareholder.
12. Controlling party
For the entire year, the parent company was Hopkinson Fairdeals Limited, a company whose registered office address is 2 Boothferry Road, Howden, East Yorkshire, DN14 7EF.