Bath Auction Rooms Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05228635 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2020

for

Bath Auction Rooms Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J Hare

Mr D Hare

Mrs J E South

Mr J South

SECRETARY:

Mr J South

REGISTERED OFFICE:

9 Leafield Way

Corsham

Bath

SN13 9SW

REGISTERED NUMBER:

05228635 (England and Wales)

ACCOUNTANTS:

Moore

Chartered Accountants

30 Gay Street

Bath

BA1 2PA

FIXED ASSETS

Intangible assets

4

-

72,000

Tangible assets

5

140,192

192,557

140,192

264,557

CURRENT ASSETS

Debtors

6

89,266

99,691

Cash at bank and in hand

425,241

371,658

514,507

471,349

CREDITORS

Amounts falling due within one year

7

203,696

298,873

NET CURRENT ASSETS

310,811

172,476

TOTAL ASSETS LESS CURRENT LIABILITIES

451,003

437,033

PROVISIONS FOR LIABILITIES

14,434

20,008

NET ASSETS

436,569

417,025

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

435,569

416,025

SHAREHOLDERS' FUNDS

436,569

417,025

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 10 July 2020 and were signed on its behalf by:

Mr D Hare - Director

1.	STATUTORY INFORMATION

Bath Auction Rooms Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The turnover shown in the profit and loss account represents commissions earned, after VAT, on

auctions transacted during the year.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value,

over the useful economic life of the asset as follows:

Goodwill - 5 years

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

Straight line over 5 years

Motor vehicles

-

25% on reducing balance

All fixed assets are initially recorded at cost.

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.

Hire purchase and leasing commitments

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership

remain with the lessor are charged against profits on a straight line basis over the period of the

lease.

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.

Pension

The company operates a defined contribution pension scheme for employees. The assets of the

scheme are held separately from those of the company. The annual contributions payable are

charged to the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2019 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2019

and 31 January 2020

720,000

AMORTISATION

At 1 February 2019

648,000

Charge for year

72,000

At 31 January 2020

720,000

NET BOOK VALUE

At 31 January 2020

-

At 31 January 2019

72,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 February 2019

272,951

181,884

454,835

Additions

783

-

783

At 31 January 2020

273,734

181,884

455,618

DEPRECIATION

At 1 February 2019

221,772

40,506

262,278

Charge for year

17,804

35,344

53,148

At 31 January 2020

239,576

75,850

315,426

NET BOOK VALUE

At 31 January 2020

34,158

106,034

140,192

At 31 January 2019

51,179

141,378

192,557

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.20

31.1.19

£

£

Trade debtors

67,399

92,053

Other debtors

21,867

7,638

89,266

99,691

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.20

31.1.19

£

£

Trade creditors

63,695

108,609

Taxation and social security

136,751

187,014

Other creditors

3,250

3,250

203,696

298,873

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.20

31.1.19

value:

£

£

700

Ordinary A Shares

£1

700

700

300

Ordinary B Shares

£1

300

300

1,000

1,000

Both Classes of shares have equal rights in all respects, with the exception that they may receive

dividends at different rates.

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £270,000 (2019 - £280,000) were paid to the directors .

During the year, rent of £61,775 (2019 - £53,000) was paid by the company to a SIPP owned by the

directors.

10.	ULTIMATE CONTROLLING PARTY

The company was under the control of Mr J South & Mr D Hare (Directors) at the year end.