Company Registration No. 06734044 (England and Wales)
BFL AUCTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
BFL AUCTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 4
BFL AUCTIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
3
401
541
Current assets
Debtors
279,525
240,986
Cash at bank and in hand
1,115
68,902
280,640
309,888
Creditors: amounts falling due within one year
(60,215)
(91,653)
Net current assets
220,425
218,235
Total assets less current liabilities
220,826
218,776
Capital and reserves
Called up share capital
4
100
100
Profit and loss reserves
220,726
218,676
Total equity
220,826
218,776
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
BFL AUCTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2016
31 December 2016
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 July 2017 and are signed on its behalf by:
Mr R A Farnham
Mr P M Lea
Director
Director
Company Registration No. 06734044
BFL AUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
1
Accounting policies
Company information
BFL Auctions Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Imperial Buildings, 9 Dale Street, Liverpool, L2 2SH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 December 2016
are the
first
financial statements of BFL Auctions Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
- 33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Taxation
The tax expense represents the sum of the tax currently payable
.
1.5
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
BFL AUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2015 - 13).
3
Tangible fixed assets
Total
£
Cost
At 1 January 2016
13,703
Additions
470
At 31 December 2016
14,173
Depreciation and impairment
At 1 January 2016
13,162
Depreciation charged in the year
610
At 31 December 2016
13,772
Carrying amount
At 31 December 2016
401
At 31 December 2015
541
4
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
6
Related party transactions
Transactions with related parties
Group Companies
For the purposes of efficiency savings the auctioneers trade was transferred to BFL Property Management Ltd, a group company, for the period 1 January 2016 to 31 December 2016.
7
Parent company
The parent company is Bradshaw Farnham Lea Limited.