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Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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The Bowes Museum (Enterprises) Limited |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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The Bowes Museum (Enterprises) Limited |
The Bowes Museum (Enterprises) Limited (Registered number: 06864117) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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The Bowes Museum (Enterprises) Limited |
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Company Information |
for the Year Ended 31 March 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants |
& Statutory Auditors |
140 Coniscliffe Road |
DARLINGTON |
County Durham |
DL3 7RT |
The Bowes Museum (Enterprises) Limited (Registered number: 06864117) |
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Balance Sheet |
31 March 2019 |
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2019 | 2018 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
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The Bowes Museum (Enterprises) Limited (Registered number: 06864117) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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The Bowes Museum (Enterprises) Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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There were no material departures from that standard. |
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The principal accounting policies adopted in the preparation of the financial statements are set out below and |
have remained unchanged from the previous year, and also have been consistently applied within the same |
accounts. |
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Going concern |
The directors assess whether the use of going concern is appropriate, i.e. whether there are any material |
uncertainties related to events or conditions that may cast significant doubt on the ability of the company to |
continue as a going concern. The directors make this assessment in respect of a period of at least one year from |
the date the financial statements are approved and the continued support of the parent company, The Bowes |
Museum. The directors have concluded that whilst the Museum has put sufficient measures in place and has |
adequate resources to continue in operational existence for the foreseeable future, the Museum is still facing |
financial challenges over the next 12 months to manage its budget and cash flow in order for the Museum to |
continue long term. This means it will require additional financial assistance from its core funders. The |
directors are confident that the Museum will receive continued support from its core funders or from its |
alternative plan to raise funds. On this basis the directors believe it is appropriate to continue to adopt the going |
concern basis of accounting in preparing the financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. Turnover is recognised at the point at which the risks and rewards of the |
goods are transferred to the customer and the services are rendered. |
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Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell. |
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Financial instruments |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit or loss in other operating |
expenses. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
The Bowes Museum (Enterprises) Limited (Registered number: 06864117) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Prepayments and accrued income |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Amounts owed to group undertakings |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 10 | 10 |
The Bowes Museum (Enterprises) Limited (Registered number: 06864117) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of |
the disclosure made in note 2 to the financial statements concerning the company's ability to continue as a going |
concern. |
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Antony Luckett BCom BFP FCA DChA (Senior Statutory Auditor) |
for and on behalf of Clive Owen LLP |
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9. | ULTIMATE PARENT COMPANY |
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The Bowes Museum, a charitable company incorporated in England & Wales, is regarded by the directors as |
being the company's ultimate parent company. The registered office of The Bowes Museum is Newgate, Barnard |
Castle, County Durham, DL12 8NP. |