Company Registration No. 05576177 (England and Wales)
DORSET VINTAGE AND CLASSIC AUCTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2018
PAGES FOR FILING WITH REGISTRAR
26-32 Oxford Road
Bournemouth
United Kingdom
BH8 8EZ
DORSET VINTAGE AND CLASSIC AUCTIONS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
DORSET VINTAGE AND CLASSIC AUCTIONS LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr. B Chant
Secretary
Mrs. L J Chant
Company number
05576177
Registered office
Station Road
Stalbridge
Dorset
United Kingdom
DT10 2RH
Accountants
Taylorcocks
26-32 Oxford Road
Bournemouth
Dorset
United Kingdom
BH8 8EZ
DORSET VINTAGE AND CLASSIC AUCTIONS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2018
31 August 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,087
3,094
Current assets
Debtors
4
29,722
28,427
Cash at bank and in hand
8
7
29,730
28,434
Creditors: amounts falling due within one year
5
(19,629)
(31,596)
Net current assets/(liabilities)
10,101
(3,162)
Total assets less current liabilities
11,188
(68)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
11,088
(168)
Total equity
11,188
(68)
DORSET VINTAGE AND CLASSIC AUCTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2018
31 August 2018
- 3 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 17 May 2019
Mr. B Chant
Director
Company Registration No. 05576177
The notes on pages 4 to 6 form part of these financial statements
DORSET VINTAGE AND CLASSIC AUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
- 4 -
1
Accounting policies
Company information
Dorset Vintage and Classic Auctions Limited
(05576177)
is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Station Road, Stalbridge, Dorset, United Kingdom, DT10 2RH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
pound
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and equipment
25% reducing balance
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
DORSET VINTAGE AND CLASSIC AUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 5 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2017 - 3).
3
Tangible fixed assets
Fixtures and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 September 2017 and 31 August 2018
10,574
7,895
18,469
Depreciation and impairment
At 1 September 2017
9,124
6,251
15,375
Depreciation charged in the year
363
1,644
2,007
At 31 August 2018
9,487
7,895
17,382
Carrying amount
At 31 August 2018
1,087
-
1,087
At 31 August 2017
1,450
1,644
3,094
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
29,722
28,427
DORSET VINTAGE AND CLASSIC AUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 6 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Overdrafts
7,850
12,107
Trade creditors
65
8,853
Corporation tax
3,059
1,070
Other taxation and social security
4,131
5,556
Other creditors
1,524
1,010
Accruals and deferred income
3,000
3,000
19,629
31,596
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100