The Broughton Auction Co Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 00011771

Unaudited Financial Statements for the Year Ended 31 December 2016

for

The Broughton Auction Co Limited

Page

Company Information

1

Chairman's Report

2

Balance Sheet

3

Notes to the Financial Statements

4

Chartered Accountants' Report

6

DIRECTORS:

R W Johnson

C I Hartley

D Nicholson

G Case

I Edmondson

N A Temple

R Holland

T M Bowes

B J Knowles

J N C McWilliam

SECRETARY:

Mrs M Irving

REGISTERED OFFICE:

Borderway

Rosehill

Carlisle

Cumbria

CA1 2RS

REGISTERED NUMBER:

00011771

ACCOUNTANTS:

R F Miller & Co

Chartered Accountants

Bellevue

Princes Street

Ulverston

Cumbria

LA12 7NB

BANKERS:

Barclays Bank PLC

Griffin St

Broughton-in-Furness

Cumbria

LA20 6HH

We have again endured a challenging year in terms of the agricultural economy and market share. The future since the

Brexit decision is uncertain for the farming world but we remain determined to support our customers during this time.

Whilst our commission figures have stayed relatively static, you will note that there has been a significant saving in the

cost of rates. This was due to a rating revaluation instigated by one of our directors and his efforts in this respect are

much appreciated.

We continue with our arrangement with H&H Group plc and the subsequent relationships with H&H Insurance Brokers

and H&H Land and Property divisions.

I once again express my sincere thanks to my fellow directors, our fieldsmen and staff.

We rely on the local community for the continued operation of the mart and as shareholders you are essential to the

future of the mart, so once again my thanks go to you.

Based on the annual results the directors have declared a dividend of 100 pence per share.

FIXED ASSETS

Tangible assets

3

14,704

15,282

CURRENT ASSETS

Debtors

4

4,294

5,264

Investments

5

79,458

82,581

Cash at bank

22,604

3,613

106,356

91,458

CREDITORS

Amounts falling due within one year

6

7,737

4,381

NET CURRENT ASSETS

98,619

87,077

TOTAL ASSETS LESS CURRENT LIABILITIES

113,323

102,359

CAPITAL AND RESERVES

Called up share capital

7

1,345

1,345

Share premium

8

1,109

1,109

Retained earnings

8

110,869

99,905

SHAREHOLDERS' FUNDS

113,323

102,359

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 15 May 2017 and were signed on its behalf by:

R W Johnson - Director

1.	STATUTORY INFORMATION

The Broughton Auction Co Limited is a private company, limited by shares , registered in Not specified/Other.

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

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

-

10% to 50% reducing balance and 10% to 33% reducing balance

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 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.

3.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2016

and 31 December 2016

11,463

56,842

68,305

DEPRECIATION

At 1 January 2016

-

53,023

53,023

Charge for year

-

578

578

At 31 December 2016

-

53,601

53,601

NET BOOK VALUE

At 31 December 2016

11,463

3,241

14,704

At 31 December 2015

11,463

3,819

15,282

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Other debtors

4,294

5,264

5.	CURRENT ASSET INVESTMENTS

2016

2015

£

£

Unlisted investments

79,458

82,581

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

-

148

Taxation and social security

3,141

537

Other creditors

4,596

3,696

7,737

4,381

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1,345

Ordinary

1

1,345

1,345

8.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2016

99,905

1,109

101,014

Profit for the year

12,309

12,309

Dividends

(1,345

)

(1,345

)

At 31 December 2016

110,869

1,109

111,978

9.	FIRST YEAR ADOPTION

These financial statements for the year ended 31 December 2016 are the first financial statements that comply

with FRS 102 Section 1A small entities. The date of transition is 1 January 2016.

The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting

policies to those used previously.

The nature of these changes and their impact are explained in note 4 above and there is no effect on the

opening equity and profit for the comparative period.

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company

is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of The Broughton Auction Co Limited for the year ended 31 December 2016 which comprise the

Income Statement, Balance Sheet and the related notes from the company's accounting records and from information

and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of The Broughton Auction Co Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Broughton Auction Co Limited and state those matters that we have agreed to state to the Board of Directors of The Broughton Auction Co Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Broughton Auction Co Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Broughton Auction Co Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Broughton Auction Co Limited. You consider that The Broughton Auction Co Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Broughton Auction Co Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

R F Miller & Co

Chartered Accountants

Bellevue

Princes Street

Ulverston

Cumbria

LA12 7NB

15 May 2017