Registration number:
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Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW
Leek Auctions Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Leek Auctions Limited
Company Information
Directors |
M Elliott G B Daniel G L Watkins |
Company secretary |
G B Daniel |
Registered office |
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Accountants |
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Page 1 |
Leek Auctions Limited
(Registration number: 01245009)
Balance Sheet as at 31 March 2020
Note |
31 March |
31 March |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
Leek Auctions Limited
(Registration number: 01245009)
Balance Sheet as at 31 March 2020
Approved and authorised by the
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Director
Page 3 |
Leek Auctions Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
Basis of preparation
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 presentational currency used in the Pound Sterling (£). Amounts are rounded to the nearest whole Pound.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Page 4 |
Leek Auctions Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Asset class |
Depreciation method and rate |
Leasehold improvements |
Depreciated over the term of the leasehold |
Plant and machinery |
10% straight line basis |
Fixtures and fittings |
10% straight line basis |
Office equipment |
25% straight line basis |
Financial instruments
Classification
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Recognition and measurement
Impairment
Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
Leek Auctions Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Tangible assets |
Leasehold improvements |
Fixtures and fittings |
Office equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Page 6 |
Leek Auctions Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Debtors |
31 March |
31 March |
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Trade debtors |
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Prepayments |
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Creditors |
Note |
31 March |
31 March |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Other borrowings |
301,000 |
301,000 |
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Loans and borrowings |
31 March |
31 March |
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Current loans and borrowings |
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Bank overdrafts |
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Other borrowings |
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Other borrowings
Bagshaws LLP - with a carrying amount of £150,500 (2019 - £150,500) is denominated in Pound Sterling with a nominal interest rate of 0%.
This loan is repayable on demand.
Graham Watkins & Co - with a carrying amount of £150,500 (2019 - £150,500) is denominated in Pound Sterling with a nominal interest rate of 0%.
This loan is repayable on demand.
Page 7 |
Leek Auctions Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Non adjusting events after the financial period |
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Going Concern |
The accounts have been prepared on a going concern basis. At the time of approving the accounts, the directors are confident that the cattle market will continue to operate during the Covid 19 pandemic and the directors will continue to support the company.
Page 8 |