REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
MEDICAL AUCTIONS (BMA) LIMITED |
TRADING AS |
BRITISH MEDICAL AUCTIONS |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
MEDICAL AUCTIONS (BMA) LIMITED |
TRADING AS |
BRITISH MEDICAL AUCTIONS |
MEDICAL AUCTIONS (BMA) LIMITED (REGISTERED NUMBER: 09914912) |
TRADING AS BRITISH MEDICAL AUCTIONS |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MEDICAL AUCTIONS (BMA) LIMITED |
TRADING AS BRITISH MEDICAL AUCTIONS |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Atlas Chambers |
33 West Street |
Brighton |
East Sussex |
BN1 2RE |
MEDICAL AUCTIONS (BMA) LIMITED (REGISTERED NUMBER: 09914912) |
TRADING AS BRITISH MEDICAL AUCTIONS |
BALANCE SHEET |
31 DECEMBER 2022 |
31.12.22 | 31.12.21 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium | 10 |
Other reserves | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MEDICAL AUCTIONS (BMA) LIMITED (REGISTERED NUMBER: 09914912) |
TRADING AS BRITISH MEDICAL AUCTIONS |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Medical Auctions (BMA) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Medical Auctions (BMA) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents commissions and premiums earned by the Company in its role as auctioneer. |
Auction commissions are recognised upon the closure of each auction lot, which is the point in time when the Company has substantially accomplished what it must do to be entitled to the benefits. |
The commissions and premiums represent the turnover in an agent principal relationship which can be recongnised and not the total hammer price. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Short leasehold | - 20% on cost |
Plant and machinery | - 25% on cost |
Fixtures and fittings | - 25% on cost |
Motor vehicles | - 15% on reducing balance |
Computer equipment | - 33% on cost |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost, less impairment which is reviewed annually. |
MEDICAL AUCTIONS (BMA) LIMITED (REGISTERED NUMBER: 09914912) |
TRADING AS BRITISH MEDICAL AUCTIONS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial instruments are initially recognised at the transaction price and are subsequently measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
MEDICAL AUCTIONS (BMA) LIMITED (REGISTERED NUMBER: 09914912) |
TRADING AS BRITISH MEDICAL AUCTIONS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Share based payments |
The Company grants share options ("equity-settled share based payments") to certain employees. |
Equity-settled share based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
MEDICAL AUCTIONS (BMA) LIMITED (REGISTERED NUMBER: 09914912) |
TRADING AS BRITISH MEDICAL AUCTIONS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 January 2022 |
Disposals | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
MEDICAL AUCTIONS (BMA) LIMITED (REGISTERED NUMBER: 09914912) |
TRADING AS BRITISH MEDICAL AUCTIONS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
The above investment has been reanalysed as a fixed asset in the year under review on the basis that the directors expect to hold this investment for a period of more than 12 months from the balance sheet date. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Other tax and social security | 275,193 | 103,264 |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Tax |
VAT | 352 | - |
Other creditors |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
as restated |
£ | £ |
Hire purchase contracts |
MEDICAL AUCTIONS (BMA) LIMITED (REGISTERED NUMBER: 09914912) |
TRADING AS BRITISH MEDICAL AUCTIONS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number | Class | Nominal Value | 2022 | 2021 |
£ | £ |
22,500 | A Ordinary | 0.1p | 23 | 13 |
10,530 | B Ordinary | 0.1p | 11 | - |
209,470 | Ordinary 0.1p | 0.1p | 209 | 200 |
243 | 213 |
The following shares were issued during the year: |
9,470 Ordinary 0.1p shares of 0.1p for cash of £247,619. |
10,000 A Ordinary shares of 0.1p for cash of £5,800. |
10,530 B Ordinary shares of 0.1p for cash of £36,750. |
10. | RESERVES |
Other reserves consists of a share-based payment reserve. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | CONTINGENT LIABILITIES |
The company is in discussions with HMRC regarding an administrative point in relation to VAT. The directors have not received any indication that the company will be required to pay additional amounts to HMRC and therefore no provision has been made in the accounts. |
13. | RELATED PARTY DISCLOSURES |
During the year, the company paid a director's personal service company £257,500 (2021: £43,500) and there was no balance owed at the end of the year. |
The company also paid a director's personal service company £1,000 (2021: £11,467) during the year and there was no balance owed at the end of the year. |
14. | POST BALANCE SHEET EVENTS |
After the balance sheet date, the company paid dividends of £1,200,000 to its parent. |
15. | ULTIMATE CONTROLLING PARTY |
On 31 January 2022, the Company was purchased by Gavel UK Bidco Limited. |
The company's parent is Gavel UK Bidco Limited. |
The company's accounts are consolidated into the financial statements of the ultimate company, TBAuctions B.V.. Copies of the accounts may be obtained from TBAuctions B.V., Overschiestraat 59, 1062 XD, Amsterdam. |
MEDICAL AUCTIONS (BMA) LIMITED (REGISTERED NUMBER: 09914912) |
TRADING AS BRITISH MEDICAL AUCTIONS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
16. | SHARE-BASED PAYMENT TRANSACTIONS |
Under the Company plan, share options are granted to key employees at the average price of the Company's shares at the grant date. The employee is entitled to exercise the share options after 5 years' service, from the grant date (the "vesting period"). Options are forfeited if the employee leaves the Company before they become entitled to exercise the share options. |
December 2022 Options number | Weighted average exercise price (£ | ) | December 2021 Options number | Weighted average exercise price (£ | ) |
Outstanding at 1 January | 30,000 | 9.59 | 12,330 | 7.72 |
Granted during the year | - | - | 17,670 | 10.90 |
Forfeited during the year | - | - | - | - |
Exercised during the year | (30,000 | ) | 9.59 | - | - |
Expired during the year | - | - | - | - |
Outstanding at end of year | - | - | 30,000 | 9.59 |
Exercisable at end of year | - | - | - | - |
The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation model due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the "vesting period"). |
The total charge for period was £629,720 (2021: £173,073). |
During the year, all share options were exercised early due to the acquisition of Medical Auctions (BMA) Limited by Gavel UK Bidco Limited. |