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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2019 |
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BRITISH DARTS ORGANISATION ENTERPRISES |
LIMITED |
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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2019 |
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FOR |
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BRITISH DARTS ORGANISATION ENTERPRISES |
LIMITED |
BRITISH DARTS ORGANISATION ENTERPRISES |
LIMITED (REGISTERED NUMBER: 01499298) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2019 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Income Statement | 6 |
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Balance Sheet | 7 |
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Notes to the Financial Statements | 8 |
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BRITISH DARTS ORGANISATION ENTERPRISES |
LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 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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Statutory Auditors |
Chartered Accountants |
Orbit Business Centre |
Merthyr Tydfil |
CF48 1DL |
BRITISH DARTS ORGANISATION ENTERPRISES |
LIMITED (REGISTERED NUMBER: 01499298) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MAY 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 May 2019. |
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PRINCIPAL ACTIVITY |
The principal activities of the company are to promote the popularity of interest and participation in and foster the growth of the game |
of darts in all its variations and in every aspect, social, competitive or professional in the UK and overseas. Also to initiate, establish |
and administer darts clubs and associations and organise, publicise, control and adjudicate competitions at regional, national and |
international levels. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law |
and regulations. |
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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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of |
which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to |
make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
BRITISH DARTS ORGANISATION ENTERPRISES |
LIMITED (REGISTERED NUMBER: 01499298) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MAY 2019 |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRITISH DARTS ORGANISATION ENTERPRISES |
LIMITED |
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Opinion |
We have audited the financial statements of British Darts Organisation Enterprises Limited (the 'company') for the year ended |
31 May 2019 which comprise the Income Statement, Balance Sheet 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in |
the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 May 2019 and of its loss 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. |
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Basis for opinion |
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 Auditors' 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. |
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Material uncertainty relating to going concern |
We draw attention to note 10 in the financial statements, which indicates that the company incurred a loss of £468,452 during the year |
ended 31 May 2019 and that the reserves of the company at that date were £178,297. |
As stated in that note the company has incurred further losses in the current period which, along with other matters referred to, indicate |
that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is |
not modified in respect of this matter. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, |
but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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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. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Report of the Directors for the financial year for which the financial statements are prepared is
consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRITISH DARTS ORGANISATION ENTERPRISES |
LIMITED |
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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 |
identified material misstatements in the Report of the Directors. |
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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: |
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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 |
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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 from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to |
fraud or error. |
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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. |
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Auditors' 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 a Report of the Auditors 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. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's |
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our 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 |
a Report of the Auditors 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. |
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for and on behalf of
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Statutory Auditors |
Chartered Accountants |
Orbit Business Centre |
Merthyr Tydfil |
CF48 1DL |
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BRITISH DARTS ORGANISATION ENTERPRISES |
LIMITED (REGISTERED NUMBER: 01499298) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 MAY 2019 |
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2019 | 2018 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales | ( |
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GROSS (LOSS)/PROFIT | ( |
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Administrative expenses | ( |
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(469,869 | ) | 91,383 |
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Other operating income |
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OPERATING (LOSS)/PROFIT | 4 | ( |
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Interest receivable and similar income |
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(LOSS)/PROFIT BEFORE TAXATION | ( |
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Tax on (loss)/profit |
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(LOSS)/PROFIT FOR THE FINANCIAL
YEAR |
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BRITISH DARTS ORGANISATION ENTERPRISES |
LIMITED (REGISTERED NUMBER: 01499298) |
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BALANCE SHEET |
31 MAY 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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BRITISH DARTS ORGANISATION ENTERPRISES |
LIMITED (REGISTERED NUMBER: 01499298) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2019 |
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1. | STATUTORY INFORMATION |
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British Darts Organisation Enterprises Limited is a
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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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Turnover |
The turnover shown in the profit and loss account represents amounts invoiced during the year in respect of entry fees, |
sponsorship fees, TV fees, memorabilia sales and accommodation recharges exclusive of VAT where applicable. |
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Tangible fixed assets |
All fixed assets are initially recorded at cost. |
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Depreciation is calculates so as to write off the cost of an asset, less its estimated residual value, over the useful economic life |
of that asset as follows: |
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Fixtures & Fittings | 10.00% straight line |
33.33% straight line |
50.00% straight line |
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Motor Vehicles | 20.00% straight line |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
items. |
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Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are |
charged against profits on a straight line basis over the period of the lease |
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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. | OPERATING (LOSS)/PROFIT |
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The operating loss (2018 - operating profit) is stated after charging: |
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2019 | 2018 |
£ | £ |
Depreciation - owned assets |
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BRITISH DARTS ORGANISATION ENTERPRISES |
LIMITED (REGISTERED NUMBER: 01499298) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 June 2018 |
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Additions |
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Disposals | ( |
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At 31 May 2019 |
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DEPRECIATION |
At 1 June 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 May 2019 |
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NET BOOK VALUE |
At 31 May 2019 |
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At 31 May 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. | 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 | 25,000 | 25,000 |
BRITISH DARTS ORGANISATION ENTERPRISES |
LIMITED (REGISTERED NUMBER: 01499298) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
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9. | RELATED PARTY DISCLOSURES |
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During the year the company paid £6,667 (2018 - £20,000) for administrative services to S J Williams, a director of the |
company. There was no balance outstanding at the year end. (2018 - £Nil). |
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During the year the company paid £15,000 (2018 - £Nil) for administrative services to D M Jacklin, a director of the |
company. There was no balance outstanding at the year end. (2018 - £Nil). |
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The balance due to British Darts Organisation Ltd, (the ultimate holding company) amounted to £25,011 at the year end (2018 |
- £30,970) |
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10. | POST BALANCE SHEET EVENTS & GOING CONCERN |
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The company incurred losses of £468,452 during the period, but at 31 May 2019 had reserves of £178,297. |
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Since the end of this financial year further losses have been incurred at the BDO World Dart Trophy and the BDO World |
Masters that further depleted the company reserves. Regrettably the prize fund for the 2020 BDO World Professional |
Championship was reduced to ensure the tournament went ahead. The directors did not intend or want to do this, but had no |
choice due to poor ticket sales and the lack of a major sponsor. |
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In December 2019 the The World Darts Federation announced it will not recognise BDO operated tournaments. |
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However, the Board is continuing to work at arranging sponsorship and TV coverage for scheduled tournaments in 2020 and |
are confident that deals can be reached to ensure tournaments run at a surplus and therefore secure the future of the BDO. |
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The Board does recognise the risks associated with continuing operations and will not commit to any deals that would cause |
further losses to be incurred. |