REGISTERED NUMBER: 01684720 (England and Wales)

Hereford Market Auctioneers Limited

Unaudited Financial Statements

for the Year Ended 31 December 2025

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

MJ Nicholls

RT Matthews

GR Wall

REGISTERED OFFICE:

Hereford Livestock Market

Roman Road

Hereford

Herefordshire

HR4 7AN

REGISTERED NUMBER:

01684720 (England and Wales)

ACCOUNTANTS:

The Hutchinson Partnership Limited

trading as The Hutchinson Partnership

Chartered Accountants

The Bull Pen

Grove Farm

Portway, Burghill

Hereford

HR4 8NF

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Income and Retained Earnings and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hereford Market Auctioneers Limited for the year ended 31 December 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Hereford Market Auctioneers Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hereford Market Auctioneers Limited and state those matters that we have agreed to state to the Board of Directors of Hereford Market Auctioneers Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hereford Market Auctioneers Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hereford Market Auctioneers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hereford Market Auctioneers Limited. You consider that Hereford Market Auctioneers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Hereford Market Auctioneers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Hutchinson Partnership Limited

trading as The Hutchinson Partnership

Chartered Accountants

The Bull Pen

Grove Farm

Portway, Burghill

Hereford

HR4 8NF

22 September 2026

FIXED ASSETS

Tangible assets

4

677,121

688,795

CURRENT ASSETS

Debtors

5

4,174,889

4,043,414

Cash in hand

14,055

3,102

4,188,944

4,046,516

CREDITORS

Amounts falling due within one year

6

4,493,177

4,430,322

NET CURRENT LIABILITIES

(304,233

)

(383,806

)

TOTAL ASSETS LESS CURRENT LIABILITIES

372,888

304,989

CREDITORS

Amounts falling due after more than one year

7

(36,122

)

(73,386

)

PROVISIONS FOR LIABILITIES

10

(91,210

)

(110,878

)

NET ASSETS

245,556

120,725

CAPITAL AND RESERVES

Allotted, issued and fully

paid share capital

2,000

2,000

Retained earnings

243,556

118,725

245,556

120,725

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 8 September 2026 and were signed on its behalf by:

MJ Nicholls - Director

GR Wall - Director

RT Matthews - Director

1.	STATUTORY INFORMATION

Hereford Market Auctioneers 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.

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.

The directors are aware that the company has net liabilities. The directors are confident that the company will trade profitably in future and will be able to trade within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare the accounts on a going concern basis.

Turnover

Turnover represents commission, stated net of discounts, rebates, value added tax and other sales taxes.

The company recognises revenue when the significant risks and rewards of ownership have passed to the buyer, when the amount of revenue can be measured reliably, when it is probable that the economic benefits associated with the transaction will flow to the entity and when the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from services is recognised in the accounting periods in which the services are rendered.

Revenue from commission is therefore recognised in the period in which the sale takes place.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

5% on cost

Market equipment

-

33% on cost, 20% on cost, 15% on cost, 10% on cost, 5% on cost and Straight line over 7 years

Office equipment

-

20% on cost

Motor vehicles

-

20% on cost

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets purchased under hire purchase contracts capitalised in the balance sheet and are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit or loss account 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

The average number of employees during the year was 23 (2024 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Market

Office

Motor

property

equipment

equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2025

265,997

928,110

305,300

7,000

1,506,407

Additions

55,000

2,950

-

28,701

86,651

Disposals

-

-

-

(7,000

)

(7,000

)

At 31 December 2025

320,997

931,060

305,300

28,701

1,586,058

DEPRECIATION

At 1 January 2025

22,449

526,273

267,140

1,750

817,612

Charge for year

15,045

57,062

19,773

2,945

94,825

Eliminated on disposal

-

-

-

(3,500

)

(3,500

)

At 31 December 2025

37,494

583,335

286,913

1,195

908,937

NET BOOK VALUE

At 31 December 2025

283,503

347,725

18,387

27,506

677,121

At 31 December 2024

243,548

401,837

38,160

5,250

688,795

The net book value of tangible fixed assets includes £98,810 (2024 - £127,981) in respect of assets held under hire purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

4,172,060

3,898,605

Amounts owed by group undertakings

2,301

66

Amounts owed by associates

-

30,866

Prepayments

528

113,877

4,174,889

4,043,414

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

2,741,520

2,800,451

Other loans

-

242,654

Hire purchase contracts (see note 8)

29,102

32,477

Trade creditors

483,606

552,137

Amounts owed to group undertakings

1,004,847

569,000

Tax

63,964

34,083

Social security and other taxes

11,734

11,843

VAT

129,554

89,344

Credit card

443

988

Other creditors

6,800

-

Director's current account

-

88,331

Accruals and deferred income

21,607

9,014

4,493,177

4,430,322

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 1-2 years

-

8,162

Hire purchase contracts (see note 8)

36,122

65,224

36,122

73,386

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

29,102

32,477

Between one and five years

36,122

65,224

65,224

97,701

Non-cancellable

operating leases

2025

2024

£

£

Within one year

381,247

381,403

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank overdrafts

2,733,614

2,783,047

Hire purchase contracts

65,224

97,701

2,798,838

2,880,748

The bank overdraft is secured by a fixed and floating charge over all assets of the company.

Hire purchase liabilities are secured against the specific assets for which finance was raised.

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

91,210

110,878

Deferred

tax

£

Balance at 1 January 2025

110,878

Accelerated capital allowances

(19,668

)

Balance at 31 December 2025

91,210

11.	RELATED PARTY DISCLOSURES

The company is a wholly owned subsidiary of an LLP. During the year, the company paid management charges to this LLP of £956,000 (2024: £569,000) and at the year end the company owed the LLP £1,004,847 (2024: £569,000). Included within trade debtors is a balance of £274 (2024: £NIL) due from this LLP. The company also incurred costs recharged by the LLP in respect of casual labour of £2,118 (2024: £NIL) and staff health insurance of £13,479 (2024: £4,978).

During the year, the company recharged staff costs of £34,192 (2024: £33,232) to a company under common control. Included in trade debtors is a balance of £1,731 (2024: £NIL) in relation to this company and within the intercompany loan account is a balance of £2,301 (2024: £66).

During the year, the company also paid for contract labour of £7,365 (2024: £11,959) from a partnership in which one of the directors is a partner and hired machinery of £16,800 (2024: £NIL) from this partnership. Included within trade creditors is a balance of £2,465 (2024: £35,704) in relation to this partnership.

Included in debtors is a loan from an LLP under common control of £NIL (2024: £30,866). During the year, the LLP charged a management and admin fee of £43,800 (2024: £43,800) to the company. Included within trade debtors is a balance of £327 (2024: £NIL) and within trade creditors is a balance of £13,296 (2024: £30,239) in relation to this LLP.