Company Registration No. 02679294 (England and Wales)
National Motor Museum Trading Limited
Annual report and financial statements
for the year ended 31 December 2019
National Motor Museum Trading Limited
Company information
Directors
Christopher Macgowan
Lord Strathcarron
(Appointed 2 July 2019)
Secretary
Philip Johnson
Company number
02679294
Registered office
John Montagu Building
Beaulieu
Brockenhurst
Hampshire
SO42 7ZN
Independent auditor
Saffery Champness LLP
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
Bankers
Barclays Bank plc
Thames Valley Corporate Block D
4th Floor
Apex Plaza
Reading
RG1 1AX
Solicitors
Wilsons Solicitors LLP
Alexandra House
St Johns Street
Salisbury
Wiltshire
SP1 2SB
National Motor Museum Trading Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 13
National Motor Museum Trading Limited
Directors' report
For the year ended 31 December 2019
Page 1
The directors present their annual report and financial statements for the year ended 31 December 2019.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Michael Timmins
(resigned 2 July 2019)
John Reed
(resigned 2 July 2019)
Christopher Macgowan
Lord Strathcarron
(appointed 2 July 2019)
Post reporting date events
The outbreak of the Novel Coronavirus (COVID-19), declared by the World Health Organisation as a “Global Pandemic” on the 11th March 2020, has impacted the Group in various ways. The Museum was closed to the public on 20 March 2020 and reopened on 12 December 2020.
In light of the current uncertainties the directors have assessed the potential financial implications of the pandemic and have assessed that the company has sufficient resources to allow it to continue through this period without any additional working funding required.
Auditor
Saffery Champness LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
-
so far as the director is aware, there is no relevant audit information of which the Company's auditor is
unaware, and
-
the director has taken all the steps that ought to have been taken as a director in order to be aware of any
relevant audit information and to establish that the Company's auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Christopher Macgowan
Director
18 December 2020
National Motor Museum Trading Limited
Directors' responsibilities statement
For the year ended 31 December 2019
Page 2
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
National Motor Museum Trading Limited
Independent auditor's report
To the members of National Motor Museum Trading Limited
Page 3
Opinion
We have audited the financial statements of National Motor Museum Trading Limited (the 'company') for the year ended 31 December 2019 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
National Motor Museum Trading Limited
Independent auditor's report (continued)
To the members of National Motor Museum Trading Limited
Page 4
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
National Motor Museum Trading Limited
Independent auditor's report (continued)
To the members of National Motor Museum Trading Limited
Page 5
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Nicholas Fernyhough (Senior Statutory Auditor)
for and on behalf of Saffery Champness LLP
22 December 2020
Chartered Accountants
Statutory Auditors
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
National Motor Museum Trading Limited
Statement of comprehensive income
For the year ended 31 December 2019
Page 6
2019
2018
Notes
£
£
Turnover
148,169
139,875
Cost of sales
(38,641)
(38,437)
Gross profit
109,528
101,438
Administrative expenses
(76,205)
(76,384)
Profit before taxation
33,323
25,054
Tax on profit
3
-
-
Profit for the financial year
33,323
25,054
National Motor Museum Trading Limited
Statement of financial position
As at 31 December 2019
Page 7
2019
2018
Notes
£
£
£
£
Current assets
Debtors
4
85,817
78,893
Cash at bank and in hand
11,045
11,123
96,862
90,016
Creditors: amounts falling due within one year
5
(63,537)
(64,960)
Net current assets
33,325
25,056
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
33,323
25,054
Total equity
33,325
25,056
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 December 2020 and are signed on its behalf by:
Christopher Macgowan
Director
Company Registration No. 02679294
National Motor Museum Trading Limited
Statement of changes in equity
For the year ended 31 December 2019
Page 8
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2018
2
2,199
2,201
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
25,054
25,054
Distributions to parent charity under gift aid
-
(2,199)
(2,199)
Balance at 31 December 2018
2
25,054
25,056
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
33,323
33,323
Distributions to parent charity under gift aid
-
(25,054)
(25,054)
Balance at 31 December 2019
2
33,323
33,325
National Motor Museum Trading Limited
Notes to the financial statements
For the year ended 31 December 2019
Page 9
1
Accounting policies
Company information
National Motor Museum Trading Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
John Montagu Building, Beaulieu, Brockenhurst, Hampshire, SO42 7ZN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
National Motor Museum Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2019
1
Accounting policies (continued)
Page 10
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
National Motor Museum Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2019
1
Accounting policies (continued)
Page 11
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
All employees are recharged from the Parent Charity.
2019
2018
Number
Number
Total
-
3
Taxation
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2019
2018
£
£
Profit before taxation
33,323
25,054
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2018: 19.00%)
6,331
4,760
Distribution to UK charity
(6,331)
(4,760)
Taxation charge for the year
-
-
National Motor Museum Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2019
Page 12
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
65,234
39,877
Other debtors
20,583
39,016
85,817
78,893
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
4,073
4,021
Amounts owed to group undertakings
18,812
25,486
Taxation and social security
7,522
6,800
Other creditors
33,130
28,653
63,537
64,960
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
7
Events after the reporting date
The outbreak of the Novel Coronavirus (COVID-19), declared by the World Health Organisation as a “Global Pandemic” on the 11th March 2020, has impacted the Group in various ways. The Museum was closed to the public on 20 March 2020 and reopened on 12 December 2020.
In light of the current uncertainties the directors have assessed the potential financial implications of the pandemic and have assessed that the company has sufficient resources to allow it to continue through this period without any additional working funding required.
National Motor Museum Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2019
Page 13
8
Parent company
The company's ultimate parent undertaking and ultimate controlling party is The National Motor Museum
Trust Limited, a charity incorporated in England and Wales. The only group in which the results of the
company are consolidated is that headed by The National Motor Museum Trust Limited. The consolidated
accounts for this group are available to the public and may be obtained from National Motor Museum,
Beaulieu, Brockenhurst, Hampshire, SO42 7ZN.
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Christopher Macgowan
Lord Strathcarron
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