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Unaudited Financial Statements |
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for the Year Ended 31 August 2022 |
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for |
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Clarke and Simpson Auctions Ltd |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 August 2022 |
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for |
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Clarke and Simpson Auctions Ltd |
Clarke and Simpson Auctions Ltd (Registered number: 08568579) |
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Contents of the Financial Statements |
for the Year Ended 31 August 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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Clarke and Simpson Auctions Ltd |
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Company Information |
for the Year Ended 31 August 2022 |
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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 Certified Accountants |
5 Church Street |
Framlingham |
Woodbridge |
Suffolk |
IP13 9BQ |
Clarke and Simpson Auctions Ltd (Registered number: 08568579) |
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Balance Sheet |
31 August 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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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. |
Clarke and Simpson Auctions Ltd (Registered number: 08568579) |
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Balance Sheet - continued |
31 August 2022 |
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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 and authorised for issue on
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Clarke and Simpson Auctions Ltd (Registered number: 08568579) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2022 |
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1. | STATUTORY INFORMATION |
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Clarke and Simpson Auctions Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Management has considered the consequences of COVID-19 and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern. |
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The impact of COVID-19 on future performance and therefore on the measurement of some assets and liabilities or on liquidity might be significant and might therefore require disclosure in the financial statements, but management has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern. |
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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 |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Freehold property | - |
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Improvements to property | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Government grants |
Operating Grants, including the Job Retention Scheme and Small Business Grant Fund Income are recognised in the Profit & Loss Account in the period to which they relate and are included in Other Operating Income. |
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Where the Company has borrowed funds under Government provided Bounce Back Loans (BBL) or the Coronavirus Business Interruption Loan Scheme (CBILS), details of the amounts outstanding can be found in the balance sheet and related notes. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Clarke and Simpson Auctions Ltd (Registered number: 08568579) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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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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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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. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 September 2021 |
and 31 August 2022 |
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AMORTISATION |
At 1 September 2021 |
and 31 August 2022 |
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NET BOOK VALUE |
At 31 August 2022 |
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At 31 August 2021 |
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Clarke and Simpson Auctions Ltd (Registered number: 08568579) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2022 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Freehold | to | and | Motor |
property | property | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2021 |
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Additions |
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At 31 August 2022 |
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DEPRECIATION |
At 1 September 2021 |
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Charge for year |
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At 31 August 2022 |
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NET BOOK VALUE |
At 31 August 2022 |
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At 31 August 2021 |
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6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2021 |
and 31 August 2022 |
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NET BOOK VALUE |
At 31 August 2022 |
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At 31 August 2021 |
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For the period ended 31st August 2022 the directors' reviewed the valuation of the investment property on an open market basis and were of the opinion that no further adjustment was needed to the cost value. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Prepayments |
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Clarke and Simpson Auctions Ltd (Registered number: 08568579) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2022 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
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Tax |
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VAT | 54,513 | 54,524 |
Other creditors |
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Accrued expenses |
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