| Willingham Auctions Limited |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of consideration received or receivable, excluding, value added tax and any other sales taxes. Revenue represents comission and fees on auctions sales and is recognised on auction completion. |
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Going Concern |
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The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company’s ability to continue as a going concern for the period of at least 12 months from the date of approval of these financial statements. |
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Related party exemption |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Exemption from preparing consolidated financial statements |
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The company, and its parent company, qualify as small as set out in section 383 of the Companies Act 2006. Both companies are considered eligible for the exemption to prepare consolidated accounts. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Improvements to property |
10% on Cost |
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Plant and Machinery |
20% on reducing balance |
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Fixtures and Fittings |
20% on reducing balance |
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Motor vehicles |
20% on reducing balance |
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Computer equipment |
20% on reducing balance |
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Investments |
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Investment property is held at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Profit and Loss account.
The most recent fair value has been determined by the directors. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Exemption from preparing consolidated financial statements. |
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The company, and it's parent company, qualify as small as set out in section 383 of the Companies Act 2006 and the company and its parent are considered eligible for the exemption to prepare consolidated accounts. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
4 |
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4 |
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| 3 |
Taxation |
2025 |
|
2024 |
| £ |
£ |
|
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Current year corporation tax charge |
19,377 |
|
27,641 |
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Deferred Tax on timing differences |
24,748 |
- |
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|
44,125 |
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27,641 |
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| 3 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
£ |
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Cost |
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At 1 April 2024 |
558,177 |
|
121,660 |
|
220,483 |
|
900,320 |
|
Additions |
- |
|
- |
|
36,995 |
|
36,995 |
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Disposals |
- |
|
- |
|
(23,279) |
|
(23,279) |
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At 31 March 2025 |
558,177 |
|
121,660 |
|
234,199 |
|
914,036 |
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Depreciation |
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At 1 April 2024 |
391,715 |
|
103,237 |
|
62,434 |
|
557,386 |
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Charge for the year |
36,420 |
|
3,686 |
|
35,272 |
|
75,378 |
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On disposals |
- |
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- |
|
(23,091) |
|
(23,091) |
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At 31 March 2025 |
428,135 |
|
106,923 |
|
74,615 |
|
609,673 |
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Net book value |
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At 31 March 2025 |
130,042 |
|
14,737 |
|
159,584 |
|
304,363 |
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At 31 March 2024 |
166,462 |
|
18,423 |
|
158,049 |
|
342,934 |
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| 4 |
Investments |
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| Other |
| investments |
| £ |
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Valuation |
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At 1 April 2024 |
650,000 |
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At 31 March 2025 |
650,000 |
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Investment property was valued on a fair value basis on 31 March 2025 by the directors. |
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Fair Value at 31 March 2025 is represented by: |
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£ |
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Valuation in 2016 |
284,507 |
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Valuation in 2017 |
265,493 |
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Valuation in 2019 |
(75,000) |
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Valuation in 2021 |
125,000 |
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Valuation in 2023 |
72,000 |
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Valuation in 2024 |
(22,000) |
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650,000 |
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If the investment properties had not been revalued they would have been included at the following historical cost: |
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2025 |
|
2024 |
| £ |
£ |
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284,507 |
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284,507 |
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| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
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Trade debtors |
300 |
|
- |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
671,028 |
|
39,761 |
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Other debtors |
3,427 |
|
20,386 |
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|
674,755 |
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60,147 |
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| 6 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
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Bank loans and overdrafts |
- |
|
2,383 |
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Trade creditors |
5 |
|
7,463 |
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Taxation and social security costs |
25,594 |
|
89,468 |
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Other creditors |
16,900 |
|
36,599 |
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|
42,499 |
|
135,913 |
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| 7 |
Related party transactions |
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As at the balance sheet date, the Company was owed £15,098 (2024: £39,761) from it's Parent Company.The amount bares no interest,and is repayable on demand.
At the balance sheet date £20,114 (2024: 32,388) was owed to the directors. Advances paid bear no interest,and are repayable on demand. |
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| 8 |
Controlling party |
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Peeke-Vout Investments Limited owns 100% of the shareholdings of the company. The registered office of the company is 25 High Street, Willingham, Cambridge, CB24 5ES. The ultimate controlling party is G G Peeke-Vout and G P Peeke-Vout with 50% shareholdings in the parent company. |
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| 9 |
Other information |
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Willingham Auctions Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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25 High Street |
|
Willingham |
|
Cambridgeshire |
|
CB24 5ES |