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Unaudited Financial Statements |
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for the Year Ended 31 August 2019 |
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for |
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HISTORICS CLASSIC AND |
SPORTSCAR AUCTIONS LTD |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 August 2019 |
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for |
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HISTORICS CLASSIC AND |
SPORTSCAR AUCTIONS LTD |
HISTORICS CLASSIC AND |
SPORTSCAR AUCTIONS LTD (REGISTERED NUMBER: 06997410) |
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Contents of the Financial Statements |
for the year ended 31 August 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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HISTORICS CLASSIC AND |
SPORTSCAR AUCTIONS LTD |
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Company Information |
for the year ended 31 August 2019 |
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Directors: |
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Registered office: |
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Registered number: |
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Accountants: |
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Chartered Accountants |
Coopers House |
65a Wingletye Lane |
Hornchurch |
Essex |
RM11 3AT |
HISTORICS CLASSIC AND |
SPORTSCAR AUCTIONS LTD (REGISTERED NUMBER: 06997410) |
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Statement of Financial Position |
31 August 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 6 |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities | 7 |
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Net assets |
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Capital and reserves |
Called up share capital | 8 |
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Retained earnings |
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Shareholders' funds |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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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HISTORICS CLASSIC AND |
SPORTSCAR AUCTIONS LTD (REGISTERED NUMBER: 06997410) |
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Notes to the Financial Statements |
for the year ended 31 August 2019 |
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1. | Statutory information |
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Historics Classic and Sportscar Auctions Ltd is a
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and Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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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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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a |
party to the contractual provisions of the instrument. |
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Trade and other debtors and creditors are classified as basic financial instruments and measured at initial |
recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the |
effective interest rate method. A provision is established when there is objective evidence that the company will |
not be able to collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank |
and bank overdrafts. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the |
substance of the contractual arrangements entered into and the definitions of a financial liability and an equity |
instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company |
after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds |
received, net of direct issue costs. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
Retained Earnings, 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 statement of financial position date. |
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HISTORICS CLASSIC AND |
SPORTSCAR AUCTIONS LTD (REGISTERED NUMBER: 06997410) |
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Notes to the Financial Statements - continued |
for the year ended 31 August 2019 |
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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 |
statement of financial position 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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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
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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. | Tangible fixed assets |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 September 2018 |
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Additions |
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At 31 August 2019 |
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Depreciation |
At 1 September 2018 |
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Charge for year |
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At 31 August 2019 |
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Net book value |
At 31 August 2019 |
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At 31 August 2018 |
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5. | Debtors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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HISTORICS CLASSIC AND |
SPORTSCAR AUCTIONS LTD (REGISTERED NUMBER: 06997410) |
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Notes to the Financial Statements - continued |
for the year ended 31 August 2019 |
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6. | Creditors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | Provisions for liabilities |
2019 | 2018 |
£ | £ |
Deferred tax | 14,554 | 2,888 |
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Deferred |
tax |
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Balance at 1 September 2018 |
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Charge to Income Statement during year |
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Balance at 31 August 2019 |
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8. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £0.10 | - | 800 |
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Ordinary A | £0.10 | 550 | - |
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Ordinary B | £0.10 | 250 | - |
800 | 800 |
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During the period 8,000 ordinary shares were re-designated into the following shares: |
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5,500 A Shares |
2,500 B Shares |
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9. | Directors' advances, credits and guarantees |
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The following advances and credits to a director subsisted during the years ended 31 August 2019 and |
31 August 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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HISTORICS CLASSIC AND |
SPORTSCAR AUCTIONS LTD (REGISTERED NUMBER: 06997410) |
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Notes to the Financial Statements - continued |
for the year ended 31 August 2019 |
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10. | Related party disclosures |
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Included within other creditors is £24,405 (2018 £25,998) due to Step Property Limited and £50,000 (2018 |
£50,000) due to H&G Car Parks Limited, both companies in which the director has a material interest. |