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Unaudited Financial Statements |
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for the Year Ended 31 January 2017 |
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for |
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City Auctions Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 January 2017 |
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for |
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City Auctions Limited |
City Auctions Limited (Registered number: 08359009) |
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Contents of the Financial Statements |
for the year ended 31 January 2017 |
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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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City Auctions Limited |
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Company Information |
for the year ended 31 January 2017 |
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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 |
3-5 Grange Terrace |
Stockton Road |
Sunderland |
Tyne & Wear |
SR2 7DG |
City Auctions Limited (Registered number: 08359009) |
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Statement of Financial Position |
31 January 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 6 |
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NET ASSETS |
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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 |
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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 Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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City Auctions Limited (Registered number: 08359009) |
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Notes to the Financial Statements |
for the year ended 31 January 2017 |
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1. | STATUTORY INFORMATION |
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City Auctions Limited is a
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number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on the going concern basis, which assumes that the company will continue in |
operational existence for the foreseeable future, which the directors consider to be appropriate. |
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Reconciliation with previous generally accepted accounting practice |
These financial statements for the year ended 31 January 2017 are the first financial statements that comply with FRS 102 |
Section 1a "Small Entities" - "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The date of |
transition is 1 Febuary 2015. In preparing the financial statements, the directors have considered whether in applying the |
accounting policies required by FRS102 Section 1a "Small Entities", the restatement of comparative items was required. The |
transition to FRS102 Section 1a "Small Entities" has not resulted in any changes to accounting policies used. This fact is |
explained in note 10. |
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Turnover |
Turnover represents invoiced sales of goods and commissions received. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Stocks |
Stock is valued at the lower of cost and net realisable value. Net realisable value represents estimated selling price less costs |
to complete to sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is les than |
cost. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of |
financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the |
date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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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City Auctions Limited (Registered number: 08359009) |
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Notes to the Financial Statements - continued |
for the year ended 31 January 2017 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2016 |
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Additions |
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At 31 January 2017 |
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DEPRECIATION |
At 1 February 2016 |
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Charge for year |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Tax |
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Directors' current accounts |
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Accrued expenses |
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6. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 359 | 286 |
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Deferred |
tax |
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Balance at 1 February 2016 |
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Provided during year |
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Balance at 31 January 2017 |
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7. | ULTIMATE CONTROLLING PARTY |
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The company was under the control of its directors during the period under review. |
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8. | FIRST YEAR ADOPTION |
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Upon adoption of FRS 102 there were no adjustments required |
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Transitional relief |
Upon adoption of FRS 102 the company did not take advantage of any transitional relief. |