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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
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BOWBROS LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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BOWBROS LIMITED |
BOWBROS LIMITED (REGISTERED NUMBER: 02827637) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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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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BOWBROS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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DIRECTORS: |
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SECRETARY: |
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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 Auditor |
Kingsnorth House |
Blenheim Way |
Birmingham |
West Midlands |
B44 8LS |
BOWBROS LIMITED (REGISTERED NUMBER: 02827637) |
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BALANCE SHEET |
31 DECEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ |
CURRENT ASSETS |
Stock |
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Debtors | 4 |
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Cash at bank |
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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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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Retained earnings | 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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BOWBROS LIMITED (REGISTERED NUMBER: 02827637) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Bowbros Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of 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 either between fellow wholly-owned subsidiaries within the group, or between the parent company |
and its wholly-owned subsidiaries. |
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Turnover |
Turnover comprises the fair value of the net invoiced sales of goods, after deduction of any discounts and |
rebates. The policies adopted for the recognition of turnover are as follows: |
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Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have |
transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic |
benefits associated with the sale will flow to the company, and the related costs already or still to be incurred can |
be measured reliably. Turnover is therefore usually recognised on the despatch of goods. |
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Stock |
Stock is stated at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow-moving items. Cost includes all costs incurred in bringing stock to its present location and condition, and is |
calculated using a 'first-in, first out', formula. |
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Taxation |
Taxation for the year comprises current and deferred tax. |
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Current tax is recognised at the amount of tax payable for the current or previous years. |
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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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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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at standard, pre-determined, |
rates of exchange set for each currency, and applied throughout the year. Resulting exchange differences are |
taken into account in arriving at the operating result. |
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Impairment |
Assets not measured at fair value are reviewed at each balance sheet date, for any indication that they may be |
impaired. If such indication exists, the recoverable amount of such assets is estimated and compared to their |
carrying amount, and any shortfall is recognised in the profit and loss account as an impairment loss. However, if |
an asset has previously been revalued, then any impairment loss is recognised against its revaluation. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2017 - NIL). |
BOWBROS LIMITED (REGISTERED NUMBER: 02827637) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 4,000 | 4,000 |
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7. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2018 |
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Profit for the year |
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At 31 December 2018 |
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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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for and on behalf of
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9. | CONTINGENT LIABILITIES |
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The company has given an unlimited unilateral guarantee in relation to the bank borrowings of all the group |
company's - Tesla UK Limited £1,384,584 (2017 - £595,906), Tesla Holdings Limited £6,129,411 (2017 £Nil) and |
Thermco Electricals Limited £Nil (2017 £Nil). |
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10. | PARENT COMPANY |
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The company is a wholly-owned subsidiary of Tesla UK Limited. The ultimate parent company is Tesla Holdings |
Limited. |