Company Registration No. 02771508 (England and Wales)
MARKET HARBOROUGH AUCTIONS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2016
MARKET HARBOROUGH AUCTIONS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
MARKET HARBOROUGH AUCTIONS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2016
31 October 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
55,271
58,610
Current assets
Debtors
98,313
55,925
Cash at bank and in hand
54
832
98,367
56,757
Creditors: amounts falling due within one year
(145,524)
(119,263)
Net current liabilities
(47,157)
(62,506)
Total assets less current liabilities
8,114
(3,896)
Provisions for liabilities
(2,950)
8,114
(6,846)
Capital and reserves
Called up share capital
3
240
240
Profit and loss account
7,874
(7,086)
Shareholders' funds
8,114
(6,846)
For the financial year ended 31 October 2016 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 year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 3 July 2017
Mr R G Nichols
Mr R C Lane
Director
Director
Company Registration No. 02771508
MARKET HARBOROUGH AUCTIONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents the commission income excluding value added tax.
1.4
Goodwill
The company's policy is to write off goodwill evenly over its economic life of 5 years.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold buildings
2% on cost
Plant and equipment
20% on net book values
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 November 2015 & at 31 October 2016
24,500
172,089
196,589
Depreciation
At 1 November 2015
24,500
113,479
137,979
Charge for the year
-
3,339
3,339
At 31 October 2016
24,500
116,818
141,318
Net book value
At 31 October 2016
-
55,271
55,271
At 31 October 2015
-
58,610
58,610
MARKET HARBOROUGH AUCTIONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
160 Ordinary shares of £1 each
160
160
80 Non cumulative preference shares of £1 each
80
80
240
240
Holders of the non-cumulative preference shares have the right on a winding up or on a reduction of capital to rank in priority to the holders of the ordinary shares of the company. The preference shares do not entitle the holders to receive notice of or to attend or vote at the General Meeting of the company nor do the preference shares have any rights to income.