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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
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MORGAN BEDDOE AUCTION HOUSE LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
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FOR |
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MORGAN BEDDOE AUCTION HOUSE LIMITED |
MORGAN BEDDOE AUCTION HOUSE LIMITED (REGISTERED NUMBER: 07149308) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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MORGAN BEDDOE AUCTION HOUSE LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 MARCH 2022 |
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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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Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
MORGAN BEDDOE AUCTION HOUSE LIMITED (REGISTERED NUMBER: 07149308) |
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BALANCE SHEET |
31 MARCH 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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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. |
MORGAN BEDDOE AUCTION HOUSE LIMITED (REGISTERED NUMBER: 07149308) |
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BALANCE SHEET - continued |
31 MARCH 2022 |
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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 and authorised for issue on
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MORGAN BEDDOE AUCTION HOUSE LIMITED (REGISTERED NUMBER: 07149308) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2022 |
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1. | STATUTORY INFORMATION |
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Morgan Beddoe Auction House Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company's franchise with the Auction House came to an end on 31 July 2022, and the company ceased to trade. The directors therefore have not prepared the accounts on a going concern basis. All assets and liabilities have been adjusted to their fair value, being net realisable value. Any necessary provisions required from the cessation of trade have also been provided for. |
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The directors aim to collect the assets of the company and settle all liabilities before applying for dissolution of the company under the Companies Act 2006. |
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Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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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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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
MORGAN BEDDOE AUCTION HOUSE LIMITED (REGISTERED NUMBER: 07149308) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
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An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
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Depreciation |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
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Equipment - 33% straight line |
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Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
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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 balance sheet date. |
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MORGAN BEDDOE AUCTION HOUSE LIMITED (REGISTERED NUMBER: 07149308) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2022 |
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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 NIL (2021 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 April 2021 |
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Additions |
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Impairments | (14,905 | ) |
At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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Impairments | ( |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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MORGAN BEDDOE AUCTION HOUSE LIMITED (REGISTERED NUMBER: 07149308) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2022 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Deferred tax asset |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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VAT | 6,899 | 11,000 |
Other creditors |
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Directors' loan accounts | 4,886 | 4,886 |
Accruals and deferred income |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 1,500 |
MORGAN BEDDOE AUCTION HOUSE LIMITED (REGISTERED NUMBER: 07149308) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2022 |
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8. | RELATED PARTY DISCLOSURES |
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The company was under the control of Mr P Beddoe and Mrs S Beddoe throughout the current and previous year. |
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The financial statements include a balance owed to Morgan Beddoe Ltd, a company under common control, of £19,935 (2021 - £34,300). This company incurred management charges of £69,365 during the year (2021 - £34,300), payable to Morgan Beddoe Ltd for services supplied. |
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At the year end the company owed Mr P Beddoe, a director of the company, £4,886 (2021 - £4,886). |