REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
HOUSEHOLD CAVALRY MUSEUM ENTERPRISES |
LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
HOUSEHOLD CAVALRY MUSEUM ENTERPRISES |
LIMITED |
HOUSEHOLD CAVALRY MUSEUM ENTERPRISES |
LIMITED (REGISTERED NUMBER: 05844779) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
HOUSEHOLD CAVALRY MUSEUM ENTERPRISES |
LIMITED |
Company Information |
for the year ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
11 Laura Place |
Bath |
BA2 4BL |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Household Cavalry Museum Enterprises |
Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Household Cavalry Museum Enterprises Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Household Cavalry Museum Enterprises Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Household Cavalry Museum Enterprises Limited and state those matters that we have agreed to state to the Board of Directors of Household Cavalry Museum Enterprises Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Household Cavalry Museum Enterprises Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Household Cavalry Museum Enterprises Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Household Cavalry Museum Enterprises Limited. You consider that Household Cavalry Museum Enterprises Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Household Cavalry Museum Enterprises Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
11 Laura Place |
Bath |
BA2 4BL |
HOUSEHOLD CAVALRY MUSEUM ENTERPRISES |
LIMITED (REGISTERED NUMBER: 05844779) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
HOUSEHOLD CAVALRY MUSEUM ENTERPRISES |
LIMITED (REGISTERED NUMBER: 05844779) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
HOUSEHOLD CAVALRY MUSEUM ENTERPRISES |
LIMITED (REGISTERED NUMBER: 05844779) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Household Cavalry Museum Enterprises Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
As the museum continues to rebuild its visitor numbers after the covid pandemic, the company directors acknowledge and recognise the impact and meet monthly to assess and discuss the performance and rolling forecasts of the Museum. |
The forecasts are continued to be updated monthly, considering current performance, forecasted visitors' levels to tourism and heritage industry, economic challenges that may affect the operations and industry, and any other external factors that may have an adverse effect. |
For several reasons, visitor numbers are yet to return to normal levels and current projections see this gradually rise to 80% through 2024/25. |
The trading company have used these predictions to forecast for the next two financial years. Performance against these forecasts will be closely monitored, and remedial action taken if required. |
The directors have received reassurance from the trustees of the company's parent undertaking, The Household Cavalry Museum Trust Limited (the charity), that the charity will |
continue to support the company for a period of at least one year from the date on which these |
financial statements were approved. |
Having reviewed the available evidence, the directors have concluded that it is appropriate for the company to continue to prepare its accounts on the going concern basis. |
Related party exemption |
The company is a wholly-owned subsidiary of The Household Cavalry Museum Trust Limited and has taken advantage of the exemption included within FRS 102 not to disclose transactions with entities that are part of the group qualifying as related parties. Hence, transactions with The Household Cavalry Museum Trust Limited are not separately disclosed. The consolidated financial statements in which the company is included are publicly available. |
Turnover |
Turnover represents income earned during the year from the company’s principal activities, i.e. museum admissions and retail sales. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be measured reliably. It is measured at fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Turnover is derived solely from within the United Kingdom. |
Tangible fixed assets |
Museum fixtures & fittings | - |
Equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
HOUSEHOLD CAVALRY MUSEUM ENTERPRISES |
LIMITED (REGISTERED NUMBER: 05844779) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Hire purchase and leasing agreements |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. |
HOUSEHOLD CAVALRY MUSEUM ENTERPRISES |
LIMITED (REGISTERED NUMBER: 05844779) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Museum |
fixtures |
& fittings | Equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
On 11 March 2021, a substantial proportion of the amount due to The Household Cavalry Museum Trust Limited (the parent charity) was converted into a loan. The loan was for a maximum amount of £200,000 and is to be applied solely for the purpose of trading to generate income for the parent charity and for assisting the parent charity to advance its charitable purposes. The loan is repayable by ten equal annual instalments and attracts interest at 2% per annum above the Bank Rate of the Bank of England. Under the loan agreement the first repayment of the loan and interest was paid June 2023. Included within current liabilities are loan instalments of £20,000 and interest accrued of £10,916. |
This loan is secured on the assets of the company. |
HOUSEHOLD CAVALRY MUSEUM ENTERPRISES |
LIMITED (REGISTERED NUMBER: 05844779) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 1 | 1 |
9. | PARENT COMPANY |
The company is a wholly-owned subsidiary of The Household Cavalry Museum Trust Limited, a company incorporated in England and Wales (Company Registration Number 05314773) and a registered charity (Charity Registration Number 1108039). The consolidated financial statements of the charitable company can be obtained from the company secretary, The Household Cavalry Museum Trust Limited, Horse Guards, Whitehall, London, SW1A 2AX |
10. | RELATED PARTIES TRANSACTIONS |
The financial statements do not include full disclosure of transactions between the company and The Household Cavalry Museum Trust Limited. As a 100% controlled subsidiary undertaking, the company is exempt from the requirement to disclose such transactions under FRS 102. |
There were no other related party transactions during the year requiring disclosure (2023-none) |