The Broughton Auction Co Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 00011771

Unaudited Financial Statements for the Year Ended 31 December 2017

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

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

Despite the continuing uncertainty regard the Brexit agreement and the possible impact this could have on the

agricultural industry our turnover and total income for the year ended 31st December 2017 have remained relatively

stable.

You will recall that last year there was a significant rates refund which resulted in an extraordinarily high net profit for

the year. A similar result could obviously not be repeated for this year but I am pleased to show that costs have been

maintained.

Our arrangement with H&H Group continues to work successfully and we are looking at ways to develop the

relationships with H&H Insurance Brokers and H&H Michael C L Hodgson.

None of this would be possible without the significant input of my fellow directors, our fieldsmen and staff and my

thanks go to them accordingly.

Broughton Auction Company is part of the local community and I would like to express my appreciation to the

shareholders of the company for their part in maintaining the business.

In August 2017, Chris Hartley retired as a director of Broughton Auction company. I would like to take this opportunity

to thank Chris for his service and contribution to the board over 19 years.

As part of the continuing efforts to sustain the business, the directors have submitted a planning application to use part

of the site for car parking. This will not be for public use; it will be a private arrangement with designated user for

secure parking between sales.

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

FIXED ASSETS

Tangible assets

3

14,246

14,704

CURRENT ASSETS

Debtors

4

5,427

4,294

Investments

5

80,727

79,458

Cash at bank

18,714

22,604

104,868

106,356

CREDITORS

Amounts falling due within one year

6

5,586

7,737

NET CURRENT ASSETS

99,282

98,619

TOTAL ASSETS LESS CURRENT LIABILITIES

113,528

113,323

CAPITAL AND RESERVES

Called up share capital

7

1,345

1,345

Share premium

8

1,109

1,109

Retained earnings

8

111,074

110,869

SHAREHOLDERS' FUNDS

113,528

113,323

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 19 April 2018 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

-

10% to 33% reducing balance

Fixtures and fittings

-

10% to 50% reducing balance

Computer equipment

-

10% to 50% 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 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

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2017

and 31 December 2017

11,463

20,844

32,628

3,370

68,305

DEPRECIATION

At 1 January 2017

-

19,539

30,736

3,326

53,601

Charge for year

-

146

308

4

458

At 31 December 2017

-

19,685

31,044

3,330

54,059

NET BOOK VALUE

At 31 December 2017

11,463

1,159

1,584

40

14,246

At 31 December 2016

11,463

1,305

1,892

44

14,704

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Prepayments and accrued income

5,427

4,294

5.	CURRENT ASSET INVESTMENTS

2017

2016

£

£

Unlisted investments

80,727

79,458

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Tax

479

2,489

Social security and other taxes

92

-

VAT

908

652

Other creditors

1,022

1,022

Accruals and deferred income

3,085

3,574

5,586

7,737

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1,345

Ordinary

1

1,345

1,345

8.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2017

110,869

1,109

111,978

Profit for the year

1,550

1,550

Dividends

(1,345

)

(1,345

)

At 31 December 2017

111,074

1,109

112,183

The following reproduces the text of the report prepared for the directors 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 2017 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 icaew.com/membershandbook.

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.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Broughton Auction Co Limited and its 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

19 April 2018