Andrew Smith & Son (Winchester Auction R - Accounts to registrar (filleted) - small 18.2

Andrew Smith & Son (Winchester Auction R - Accounts to registrar (filleted) - small 18.2

ANDREW SMITH & SON (WINCHESTER AUCTION ROOMS) LIMITED - Company Information

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REGISTERED NUMBER: 07146270 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

ANDREW SMITH & SON (WINCHESTER AUCTION
ROOMS) LIMITED
ANDREW SMITH & SON (WINCHESTER AUCTION
ROOMS) LIMITED (REGISTERED NUMBER: 07146270)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ANDREW SMITH & SON (WINCHESTER AUCTION
ROOMS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2020







DIRECTORS: CAW Smith
J Smith
G S Loftus
J Hockley





REGISTERED OFFICE: 6b St. Thomas Street
Winchester
Hampshire
SO23 9HE





REGISTERED NUMBER: 07146270 (England and Wales)





ACCOUNTANTS: Martin and Company
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ
Page 1
ANDREW SMITH & SON (WINCHESTER AUCTION
ROOMS) LIMITED (REGISTERED NUMBER: 07146270)

BALANCE SHEET
31 MARCH 2020

31.3.20 31.3.19
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 15,517
Tangible assets 5 34,527 17,853
34,527 33,370

CURRENT ASSETS
Debtors 6 50,212 189,330
Cash at bank and in hand 295,842 191,415
346,054 380,745
CREDITORS
Amounts falling due within one year 7 191,694 248,526
NET CURRENT ASSETS 154,360 132,219
TOTAL ASSETS LESS CURRENT
LIABILITIES
188,887
165,589

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 188,787 165,489
SHAREHOLDERS' FUNDS 188,887 165,589

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 notes form part of these financial statements

Page 2 continued...
ANDREW SMITH & SON (WINCHESTER AUCTION
ROOMS) LIMITED (REGISTERED NUMBER: 07146270)

BALANCE SHEET - continued
31 MARCH 2020


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 23 February 2021 and were signed on its behalf by:





J Hockley - Director


The notes form part of these financial statements

Page 3
ANDREW SMITH & SON (WINCHESTER AUCTION
ROOMS) LIMITED (REGISTERED NUMBER: 07146270)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020


1. STATUTORY INFORMATION

Andrew Smith & Son (Winchester 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life of 10 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.
Plant and machinery etc - 25% on 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 paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Page 4 continued...
ANDREW SMITH & SON (WINCHESTER AUCTION
ROOMS) LIMITED (REGISTERED NUMBER: 07146270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2020


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2019 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2019
and 31 March 2020 155,169
AMORTISATION
At 1 April 2019 139,652
Charge for year 15,517
At 31 March 2020 155,169
NET BOOK VALUE
At 31 March 2020 -
At 31 March 2019 15,517

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2019 72,991
Additions 19,484
Disposals (5,339 )
At 31 March 2020 87,136
DEPRECIATION
At 1 April 2019 55,138
Charge for year 2,810
Eliminated on disposal (5,339 )
At 31 March 2020 52,609
NET BOOK VALUE
At 31 March 2020 34,527
At 31 March 2019 17,853

Page 5 continued...
ANDREW SMITH & SON (WINCHESTER AUCTION
ROOMS) LIMITED (REGISTERED NUMBER: 07146270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2020


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.20 31.3.19
£    £   
Trade debtors 9,969 166,426
Other debtors 40,243 22,904
50,212 189,330

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.20 31.3.19
£    £   
Hire purchase contracts - 3,479
Trade creditors 20,805 178,572
Taxation and social security 95,252 46,663
Other creditors 75,637 19,812
191,694 248,526

Page 6