Company No: 09771739 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	26,296		27,694
		26,296		27,694
Current assets
Stocks		45,304		20,000
Debtors	4	284,939		354,811
Cash at bank and in hand		426		0
		330,669		374,811
Creditors: amounts falling due within one year	5	( 87,356)		( 232,502)
Net current assets		243,313		142,309
Total assets less current liabilities		269,609		170,003
Net assets		269,609		170,003
Capital and reserves
Called-up share capital	6	10		10
Profit and loss account		269,599		169,993
Total shareholders' funds		269,609		170,003

For the financial 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Mendip Auction Rooms Limited (registered number: 09771739) were approved and authorised for issue by the Board of Directors on 28 May 2026. They were signed on its behalf by:

T E J Killen Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mendip Auction Rooms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Cake House Upper Lodge Farm, Ston Easton, Radstock, BA3 4DH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	50 years straight line
Plant and machinery	15 % reducing balance
Fixtures and fittings	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 April 2024	21,103		32,691		9,342		63,136
Additions	0		624		0		624
At 31 March 2025	21,103		33,315		9,342		63,760
Accumulated depreciation
At 01 April 2024	3,427		23,491		8,524		35,442
Charge for the financial year	422		1,395		205		2,022
At 31 March 2025	3,849		24,886		8,729		37,464
Net book value
At 31 March 2025	17,254		8,429		613		26,296
At 31 March 2024	17,676		9,200		818		27,694

4. Debtors

	2025		2024
	£		£
Trade debtors	53,166		230,287
Amounts owed by directors	66,904		17,348
Accrued income	85,000		0
Other debtors	79,869		107,176
	284,939		354,811

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank overdrafts	0		4
Trade creditors	16,878		1,400
Accruals	17,084		15,952
Taxation and social security	53,394		113,828
Other creditors	0		101,318
	87,356		232,502

6. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
950 Ordinary A shares of £ 0.01 each	9.50		9.50
50 Ordinary B shares of £ 0.01 each	0.50		0.50
	10.00		10.00

7. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
T & S Killen	66,904		17,348

During the year ended 31 March 2025, the director was advanced £132,362. Repayments of £82,806 were made during the year. The interest on the loan is being charged at the HMRC official rate and the loan is repayable on demand.

Other related party transactions

	2025		2024
	£		£
Purchases from related party	572,448		689,409
Management fee income	30,000		30,000

The related party is an LLP related through common control.

The balance owed to the related party at the end of the year was £Nil (2024 - £101,318). This loan is interest free, unsecured and has no repayment terms.