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REGISTERED NUMBER: 01261270 (England and Wales)




































FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

NATIONAL MUSEUM OF THE ROYAL NAVY
TRADING

NATIONAL MUSEUM OF THE ROYAL NAVY
TRADING (REGISTERED NUMBER: 01261270)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NATIONAL MUSEUM OF THE ROYAL NAVY
TRADING

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: Sarah Dennis
Matthew Patrick Sheldon
Jane Elizabeth Bonnar Dean


REGISTERED OFFICE: National Museum Of The Royal Navy
HM Naval Base (PP66)
Portsmouth
Hampshire
PO1 3NH


REGISTERED NUMBER: 01261270 (England and Wales)


SENIOR STATUTORY AUDITOR: Michael Cooper-Davis FCCA ACA


AUDITORS: Price Bailey LLP, Statutory Auditor
24 Old Bond Street
London
W1S 4AP


BANKERS: Natwest Bank PLC
130 Commercial Road
Portsmouth
Hampshire
PO1 1EJ


ACCOUNTANTS: Compass Accountants Limited
Venture House
The Tanneries
East Street
Titchfield
Hampshire
PO14 4AR

NATIONAL MUSEUM OF THE ROYAL NAVY
TRADING (REGISTERED NUMBER: 01261270)

BALANCE SHEET
31ST MARCH 2024

31.3.24 31.3.23
as restated
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 176,119 234,772

CURRENT ASSETS
Inventories 430,060 429,708
Debtors 5 283,645 165,311
Cash at bank and in hand 554,036 405,343
1,267,741 1,000,362
CREDITORS
Amounts falling due within one year 6 1,164,320 897,338
NET CURRENT ASSETS 103,421 103,024
TOTAL ASSETS LESS CURRENT
LIABILITIES

279,540

337,796

PROVISIONS FOR LIABILITIES 7 43,576 44,186
NET ASSETS 235,964 293,610

RESERVES
Retained earnings 8 235,964 293,610
235,964 293,610

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21st November 2024 and were signed on its behalf by:





Sarah Dennis - Director


NATIONAL MUSEUM OF THE ROYAL NAVY
TRADING (REGISTERED NUMBER: 01261270)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

National Museum of the Royal Navy Trading is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue for the provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and associated costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on straight line basis

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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, where 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.

The company's financial assets and liabilities consist of cash and cash equivalents, short term investments, trade and other debtors, trade and other creditor, and accrued expenses. The fair value of these items approximates their carrying value due to their short term value. Unless otherwise noted, the company is not exposed to significant interest, foreign exchange or credit risks arising from these instruments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.


NATIONAL MUSEUM OF THE ROYAL NAVY
TRADING (REGISTERED NUMBER: 01261270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Distribution of profits
The company has a policy of paying gift aid of an amount up to the taxable profits each year to NMRN Operations, its parent undertaking. In line with ICAEW Technical Release 'Tech16/14BL', the company treats these donations as a distribution of reserves and it is paid either pre year end, or within 9 months of the year end. The board are responsible for formally agreeing the amount distributed each year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. PROPERTY, PLANT AND EQUIPMENT
Improvements Fixtures
Short to Plant and and
leasehold property machinery fittings Totals
£    £    £    £    £   
COST
At 1st April 2023 11,642 1 258,855 113,892 384,390
Additions - - - 18,796 18,796
At 31st March 2024 11,642 1 258,855 132,688 403,186
DEPRECIATION
At 1st April 2023 11,642 - 102,252 35,724 149,618
Charge for year - - 50,912 26,537 77,449
At 31st March 2024 11,642 - 153,164 62,261 227,067
NET BOOK VALUE
At 31st March 2024 - 1 105,691 70,427 176,119
At 31st March 2023 - 1 156,603 78,168 234,772

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
as restated
£    £   
Trade debtors 58,828 84,452
Amounts owed by group undertakings 34,207 843
Other debtors 58,336 62,365
Accrued income 118,676 6,821
Prepayments 13,598 10,830
283,645 165,311

NATIONAL MUSEUM OF THE ROYAL NAVY
TRADING (REGISTERED NUMBER: 01261270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
as restated
£    £   
Trade creditors 63,118 22,117
Amounts owed to group undertakings 513,462 626,132
VAT 67,901 56,905
Other creditors 10,638 138
Accrued expenses 509,201 192,046
1,164,320 897,338

7. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
as restated
£    £   
Deferred tax 43,576 44,186

Deferred
tax
£   
Balance at 1st April 2023 44,186
Deferred tax (610 )
Balance at 31st March 2024 43,576

8. RESERVES
Retained
earnings
£   

At 1st April 2023 293,610
Profit for the year 402,757
Gift Aid (460,403 )
At 31st March 2024 235,964

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Cooper-Davis FCCA ACA (Senior Statutory Auditor)
for and on behalf of Price Bailey LLP, Statutory Auditor

10. RELATED PARTY DISCLOSURES

The company has taken exemption under section 33 of FRS 102 not to disclose transactions with other wholly owned entities of the group.

11. ULTIMATE CONTROLLING PARTY

In the opinion of the directors the ultimate controlling party is the National Museum of the Royal Navy.

Group accounts have been prepared by the ultimate controlling party, copies of these can be obtained from HM Naval Base (PP66), Portsmouth, Hampshire, PO1 3NH.

12. SHARE CAPITAL

The company is limited by guarantee and therefore has no share capital.