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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2017 |
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MARKET HARBOROUGH AUCTIONS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2017 |
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FOR |
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MARKET HARBOROUGH AUCTIONS LIMITED |
MARKET HARBOROUGH AUCTIONS LIMITED (REGISTERED NUMBER: 02771508) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 October 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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MARKET HARBOROUGH AUCTIONS LIMITED |
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COMPANY INFORMATION |
for the year ended 31 October 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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340 Melton Road |
Leicester |
LE4 7SL |
MARKET HARBOROUGH AUCTIONS LIMITED (REGISTERED NUMBER: 02771508) |
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BALANCE SHEET |
31 October 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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MARKET HARBOROUGH AUCTIONS LIMITED (REGISTERED NUMBER: 02771508) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 October 2017 |
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1. | STATUTORY INFORMATION |
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Market Harborough Auctions Limited is a limited company, registered in England and Wales. Its registered office |
address is 100 Regent Road, Leicester, LE1 7DG and the registered number is 02771508. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Goodwill |
The company's policy is to write off goodwill evenly over its economic life of 5 years. |
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Tangible fixed assets |
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Freehold land & buildings | - |
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Plant and machinery | - |
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Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to |
related parties and investments in non-puttable ordinary shares. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period |
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is |
recognised in profit or loss. |
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Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an |
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise |
the asset and settle the liability simultaneously. |
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Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the |
arrangement constitutes a financing transaction, where the transaction is measured at the present value of the |
future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost |
using the effective interest method, less any impairment. |
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Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and |
other short-term highly liquid investments that mature in no more than three months from the date of acquisition |
and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related |
parties, 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 payments discounted at a market rate |
of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less |
any impairment. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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MARKET HARBOROUGH AUCTIONS LIMITED (REGISTERED NUMBER: 02771508) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 November 2016 |
and 31 October 2017 |
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AMORTISATION |
At 1 November 2016 |
and 31 October 2017 |
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NET BOOK VALUE |
At 31 October 2017 |
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At 31 October 2016 |
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5. | TANGIBLE FIXED ASSETS |
Freehold |
land & | Plant and |
buildings | machinery | Totals |
£ | £ | £ |
COST |
At 1 November 2016 |
and 31 October 2017 |
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DEPRECIATION |
At 1 November 2016 |
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Charge for year |
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At 31 October 2017 |
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NET BOOK VALUE |
At 31 October 2017 |
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At 31 October 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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VAT |
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MARKET HARBOROUGH AUCTIONS LIMITED (REGISTERED NUMBER: 02771508) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts (see note 8) |
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Trade creditors |
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Tax |
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Other creditors |
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Directors' current accounts | 30,000 | 30,000 |
Accruals and deferred income |
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8. | LOANS |
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An analysis of the maturity of loans is given below: |
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2017 | 2016 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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9. | RELATED PARTY DISCLOSURES |
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At the year end an amount of £74,009 (2016 £81,253) was due to E A Lane & Sons Limited, a company in which |
R Nichols is also a director. |
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10. | FIRST YEAR ADOPTION |
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The Company has transitioned to FRS 102 from previously being prepared under the historical cost convention |
and in accordance with the Financial Reporting Standards for Smaller Entities (effective January 2015) as at 1st |
November 2016. |