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Registered number: 10940488 TWAM ENTERPRISES LTD FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
TWAM ENTERPRISES LTD REGISTERED NUMBER: 10940488 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Current assets |  |  |  |  |
Stocks | 4 | 197,051 |  | 184,923 |
Debtors: amounts falling due within one year | 5 | 80,955 |  | 113,158 |
Cash at bank and in hand |  | 90,705 |  | 75,872 |
|  | 368,711 |  | 373,953 |
Creditors: amounts falling due within one year | 6 | (206,542) |  | (220,224) |
Net current assets |  |  | 162,169 |  | 153,729
Total assets less current liabilities |  |  | 162,169 |  | 153,729
Net assets |  |  | 162,169 |  | 153,729
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 50 |  | 50
Capital contribution reserve | 7 |  | 271,053 |  | 271,053
Profit and loss account | 7 |  | (108,934) |  | (117,374)
|  |  | 162,169 |  | 153,729
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 December 2025.
G M Hodgson
Director
The notes on pages 2 to 6 form part of these financial statements. Page 1
TWAM ENTERPRISES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
The company is a private company (registration number 10940488) limited by shares and incorporated in England and Wales. The address of its registered office is Discovery Museum, Blandford Square, Newcastle, Tyne & Wear, NE1 4JA. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 amounts in these financial statements are rounded to the nearest £. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through cash generated from operations. The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance. Based on the factors set out above, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
| 2.3 | Revenue recognition
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. It is measured as the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of discounts, rebates and value added tax. Income from retail and catering activities is recognised at the point of sale. Income from venue hire, conferences and events is recognised on the date of the event.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 2
TWAM ENTERPRISES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.7 | Taxation
The tax charge for the comparative year comprises deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 3
TWAM ENTERPRISES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.12 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
| 2.13 | Share capital
Share capital is measured at the fair value of the cash and other resources received.
3. | Employees
| The average monthly number of employees, including directors, during the year was 42 (2024 - 39).
4. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 197,051 | 184,923
|  | 197,051 | 184,923
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 22,627 | 80,074
| Other debtors | 54,282 | 27,315
| Prepayments and accrued income | 4,046 | 5,769
|  | 80,955 | 113,158
Page 4
TWAM ENTERPRISES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 124,861 | 138,666
| Other taxation and social security | 34,523 | 37,293
| Other creditors | 3,706 | 4,147
| Accruals and deferred income | 43,452 | 40,118
|  | 206,542 | 220,224
7. | Reserves
Capital contribution reserve The capital contribution reserve was created following the transfer of stock from TWAM and represents the value of stock gifted to the company (an investment within TWAM‘s own financial statements).
8. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £28,579 (2024 - £31,043) .Contributions of £3,636 (2024 - £4,178) were payable to the fund at the balance sheet date and are included in other creditors.
9. | Related party transactions
| Newcastle City Council is a related party by virtue of being a shareholder of TWAM Enterprises Ltd. During the year TWAM Enterprises Ltd paid rent and SLAs to Newcastle City Council totalling £103,226 (2024: £189,965) and received venue hire charges of £1,460 (2024: £18,908). In addition, there are additional amounts incurred by both organisations on behalf of the other party that are recharged. At the year end the balance outstanding included in debtors and creditors was £4,704 (2024: £38,615) and £75,065 (2024: £85,323) respectively. Newcastle University is a related party by virtue of being a shareholder of TWAM Enterprises Ltd. During the year TWAM Enterprises Ltd received catering income of £21,293 (2024: £55,576) from Newcastle University. At the year end the balance outstanding included in debtors was £2,903 (2024: £12,022).
10. | Post balance sheet events
On 1st April 2025 Northumberland County Council joined the Strategic Board of North East Museums and the management of the trading activities relating to Woodhorn Museum in Ashington and Hexham Old Gaol was transferred to TWAM Enterprises Ltd. The financial effect is anticipated to be neutral to the results of TWAM Enterprises Ltd. Page 5
TWAM ENTERPRISES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Auditors' information
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified. The audit report was signed on 2 December 2025 by Detlev Anderson (Senior Statutory Auditor) on behalf of Kinnair Associates Limited.
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