ACCOUNTS - Final Accounts preparation


Caseware UK (AP4) 2019.0.227 2019.0.2272020-03-312020-03-315true5true2019-04-01falseNo description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.083108412019-04-012020-03-31083108412018-04-012019-03-31083108412020-03-31083108412019-03-3108310841 c:Director2 2019-04-012020-03-3108310841 d:PlantMachinery 2019-04-012020-03-3108310841 d:PlantMachinery 2020-03-3108310841 d:PlantMachinery 2019-03-3108310841 d:PlantMachinery d:OwnedOrFreeholdAssets 2019-04-012020-03-3108310841 d:OfficeEquipment 2019-04-012020-03-3108310841 d:OfficeEquipment 2020-03-3108310841 d:OfficeEquipment 2019-03-3108310841 d:OfficeEquipment d:OwnedOrFreeholdAssets 2019-04-012020-03-3108310841 d:ComputerEquipment 2019-04-012020-03-3108310841 d:ComputerEquipment 2020-03-3108310841 d:ComputerEquipment 2019-03-3108310841 d:ComputerEquipment d:OwnedOrFreeholdAssets 2019-04-012020-03-3108310841 d:OwnedOrFreeholdAssets 2019-04-012020-03-3108310841 d:Goodwill 2019-04-012020-03-3108310841 d:Goodwill 2020-03-3108310841 d:Goodwill 2019-03-3108310841 d:CurrentFinancialInstruments 2020-03-3108310841 d:CurrentFinancialInstruments 2019-03-3108310841 d:Non-currentFinancialInstruments 2020-03-3108310841 d:Non-currentFinancialInstruments 2019-03-3108310841 d:CurrentFinancialInstruments d:WithinOneYear 2020-03-3108310841 d:CurrentFinancialInstruments d:WithinOneYear 2019-03-3108310841 d:Non-currentFinancialInstruments d:AfterOneYear 2020-03-3108310841 d:Non-currentFinancialInstruments d:AfterOneYear 2019-03-3108310841 d:ShareCapital 2020-03-3108310841 d:ShareCapital 2019-03-3108310841 d:RetainedEarningsAccumulatedLosses 2020-03-3108310841 d:RetainedEarningsAccumulatedLosses 2019-03-3108310841 c:OrdinaryShareClass1 2019-04-012020-03-3108310841 c:OrdinaryShareClass1 2020-03-3108310841 c:OrdinaryShareClass1 2019-03-3108310841 c:FRS102 2019-04-012020-03-3108310841 c:AuditExempt-NoAccountantsReport 2019-04-012020-03-3108310841 c:FullAccounts 2019-04-012020-03-3108310841 c:PrivateLimitedCompanyLtd 2019-04-012020-03-3108310841 d:Goodwill d:OwnedIntangibleAssets 2019-04-012020-03-31xbrli:sharesiso4217:GBPxbrli:pure

Registered number: 08310841









OSWESTRY LIVESTOCK AUCTIONS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2020

 
OSWESTRY LIVESTOCK AUCTIONS LIMITED
REGISTERED NUMBER: 08310841

BALANCE SHEET
AS AT 31 MARCH 2020

2020
2019
Note
£
£

Fixed assets
  

Intangible assets
 4 
535,271
611,739

Tangible assets
 5 
19,358
22,740

  
554,629
634,479

Current assets
  

Debtors: amounts falling due after more than one year
 6 
1,293,466
1,291,946

Debtors: amounts falling due within one year
 6 
1,109,591
1,421,870

Cash at bank and in hand
 7 
6,118
278,569

  
2,409,175
2,992,385

Creditors: amounts falling due within one year
 8 
(987,875)
(1,627,265)

Net current assets
  
 
 
1,421,300
 
 
1,365,120

Total assets less current liabilities
  
1,975,929
1,999,599

Creditors: amounts falling due after more than one year
 9 
(1,791,453)
(1,904,036)

  

Net assets
  
184,476
95,563


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
184,376
95,463

  
184,476
95,563


Page 1

 
OSWESTRY LIVESTOCK AUCTIONS LIMITED
REGISTERED NUMBER: 08310841
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2020

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr J H Brereton
Director

Date: 12 October 2020

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
OSWESTRY LIVESTOCK AUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

1.


General information

Oswestry Livestock Auctions Limited, 08310841, is a private limited company, limited by shares, incorporated in England and Wales, with its registered office and principal place of business at New Smithfield, Shrewsbury Road, Oswestry, shropshire, SY11 4QA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
OSWESTRY LIVESTOCK AUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.4

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and loss account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Smithfield equipment
-
10% reducing balance
Office equipment
-
30% reducing balance
Computer equipment
-
33% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
OSWESTRY LIVESTOCK AUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when
Page 5

 
OSWESTRY LIVESTOCK AUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)


2.9
Financial instruments (continued)

there is an 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.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2019 - 5).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2019
764,675



At 31 March 2020

764,675



Amortisation


At 1 April 2019
152,936


Charge for the year on owned assets
76,468



At 31 March 2020

229,404



Net book value



At 31 March 2020
535,271



At 31 March 2019
611,739



Page 6

 
OSWESTRY LIVESTOCK AUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

5.


Tangible fixed assets





Smithfield equipment
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2019
26,178
437
20,605
47,220



At 31 March 2020

26,178
437
20,605
47,220



Depreciation


At 1 April 2019
8,189
437
15,854
24,480


Charge for the year on owned assets
1,798
-
1,584
3,382



At 31 March 2020

9,987
437
17,438
27,862



Net book value



At 31 March 2020
16,191
-
3,167
19,358



At 31 March 2019
17,989
-
4,751
22,740

Page 7

 
OSWESTRY LIVESTOCK AUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

6.


Debtors

2020
2019
£
£

Due after more than one year

Amounts owed by group undertakings
1,293,466
1,291,946

1,293,466
1,291,946


2020
2019
£
£

Due within one year

Trade debtors
999,920
1,309,769

Amounts owed by group undertakings
95,463
95,463

Other debtors
4,640
2,751

Prepayments and accrued income
9,568
13,887

1,109,591
1,421,870



7.


Cash and cash equivalents

2020
2019
£
£

Cash at bank and in hand
6,118
278,569

Less: bank overdrafts
(643,667)
(1,204,736)

(637,549)
(926,167)



8.


Creditors: Amounts falling due within one year

2020
2019
£
£

Bank overdrafts
643,667
1,204,736

Trade creditors
92,549
100,805

Taxation and social security
64,956
65,947

Other creditors
177,483
235,143

Accruals and deferred income
9,220
20,634

987,875
1,627,265


Page 8

 
OSWESTRY LIVESTOCK AUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

9.


Creditors: Amounts falling due after more than one year

2020
2019
£
£

Other creditors
1,791,453
1,904,036

1,791,453
1,904,036



10.


Share capital

2020
2019
£
£
Allotted, called up and fully paid



10,000 (2019 - 10,000) Ordinary shares of £0.01 each
100
100

 
Page 9