REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
NATIONAL MUSEUM OF THE ROYAL NAVY |
TRADING |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
24 Old Bond Street |
London |
W1S 4AP |
BANKERS: |
130 Commercial Road |
Portsmouth |
Hampshire |
PO1 1EJ |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Inventories |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
RESERVES |
Retained earnings | 8 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
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 |
Additions |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Accrued income |
Prepayments |
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 |
Amounts owed to group undertakings |
VAT | 67,901 | 56,905 |
Other creditors |
Accrued expenses |
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 |
Deferred tax | (610 | ) |
Balance at 31st March 2024 |
8. | RESERVES |
Retained |
earnings |
£ |
At 1st April 2023 |
Profit for the year |
Gift Aid | ( |
) |
At 31st March 2024 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |