Company registration number 02676330 (England and Wales)
NML TRADING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NML TRADING LIMITED
COMPANY INFORMATION
Directors
Mrs L Pye
Mr J Anderson
Ms N Gilmore
(Appointed 2 April 2024)
Secretary
Mr A Dickey
Company number
02676330
Registered office
World Museum
William Brown Street
Liverpool
Merseyside
England
L3 8EN
Auditor
Mitchell Charlesworth (Audit) Limited
Suites C, D, E & F
14th Floor, The Plaza
Liverpool
Merseyside
L3 9QJ
Bankers
NatWest Bank PLC
2-8 Church Street
Liverpool
Merseyside
L1 3BG
NML TRADING LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Statement of cash flows
3
Notes to the financial statements
4 - 11
NML TRADING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
39,159
87,423
Current assets
Stocks
279,018
297,847
Debtors
6
314,547
1,433,469
Cash at bank and in hand
1,129,492
2,512,452
1,723,057
4,243,768
Creditors: amounts falling due within one year
7
(1,136,185)
(3,679,028)
Net current assets
586,872
564,740
Net assets
626,031
652,163
Capital and reserves
Called up share capital
8
610,000
610,000
Profit and loss reserves
16,031
42,163
Total equity
626,031
652,163
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provision of FRS102 Section 1A small entities.
The financial statements were approved by the board of directors and authorised for issue on
27 March 2025
27 March 2025
2025-03-27
and are signed on its behalf by:
Ms N Gilmore
Director
Company Registration No. 02676330
NML TRADING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
610,000
41,694
651,694
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
285,469
285,469
Distributions to parent charity under gift aid
-
(285,000)
(285,000)
Balance at 31 March 2023
610,000
42,163
652,163
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
301,424
301,424
Distributions to parent charity under gift aid
-
(327,556)
(327,556)
Balance at 31 March 2024
610,000
16,031
626,031
NML TRADING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
12
(1,121,816)
(352,734)
Income taxes paid
(541)
(917)
Net cash outflow from operating activities
(1,122,357)
(353,651)
Investing activities
Purchase of tangible fixed assets
(990)
(26,340)
Interest received
47,751
10,207
Net cash generated from/(used in) investing activities
46,761
(16,133)
Financing activities
Advances of amounts due to parent charity
1,796,627
Dividends and distributions paid
(327,556)
(285,000)
Net cash (used in)/generated from financing activities
(327,556)
1,511,627
Net (decrease)/increase in cash and cash equivalents
(1,403,152)
1,141,843
Cash and cash equivalents at beginning of year
2,512,452
1,370,609
Cash and cash equivalents at end of year
1,109,300
2,512,452
Relating to:
Cash at bank and in hand
1,129,492
2,512,452
Bank overdrafts included in creditors payable within one year
(20,192)
NML TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
NML Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is World Museum, William Brown Street, Liverpool, Merseyside, England, L3 8EN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 company does not have any subsidiary undertakings and therefore the financial statements show the results and financial position of the company as an individual entity.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods and services provided during the period net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Assets costing £500 and over are capitalised. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
5 or 8 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
NML TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price. The cost of each product included within retail stocks is computed by the Electronic Point of Sale System (EPOS) at their average cost.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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 in the company's balance sheet 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, when 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.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price including transaction costs.
NML TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised at transaction price.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax assets and liabilities are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be respectively deducted from or added to. The deferred tax balance has not been discounted.
NML TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company operates a stakeholder defined contribution pension scheme for the benefit of its employees. Payments to the scheme are charged as an expense as they fall due. The assets of the scheme are held in an independently administered fund.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Related party transactions
Advantage has been taken of the exemption, as a wholly-owned subsidiary, not to disclose the Company's transactions with the related party National Museums Liverpool as the Company's accounts are consolidated in the accounts for National Museums Liverpool, which are publicly available.
1.15
Gift Aid payment to parent charity
Under the terms of a deed of covenant, the company donates its taxable profits for the reporting period under the gift aid scheme, subject to there being sufficient reserves. These gift aid payments are recognised as distributions to owners of equity within retained earnings.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 177 (2023 - 201).
NML TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
4
Taxation
2024
2023
£
£
UK corporation tax on profits for the current period
57,149
54,691
Tax relief in respect of gift aid
(57,149)
(54,150)
Total current tax
-
541
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
301,424
286,010
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
57,271
54,342
Tax effect of expenses that are not deductible in determining taxable profit
2
(468)
Permanent Capital allowances in excess of depreciation
6,678
1,009
Tax charge on profit
63,951
54,883
Tax relief in respect of gift aid
(57,149)
(54,342)
Taxation charge in the financial statements
-
541
The company has a deed of covenant in place which commits the company to donate an amount of its profits to its parent charity which extinguished its liability to corporation tax. Consequently, the deferred taxation asset/liabilty arising from the acceleration of capital allowances is not recognised in the financial statements on the grounds that these liabilities would be unlikely to crystallise in the future.
The amount of this unprovided deferred tax asset as at 31 March 2024 was £4,145 (2023 - £2,481 liability) .
NML TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
5
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2023
904,519
Additions
990
At 31 March 2024
905,509
Depreciation
At 1 April 2023
817,096
Depreciation charged in the year
49,254
At 31 March 2024
866,350
Carrying amount
At 31 March 2024
39,159
At 31 March 2023
87,423
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
166,243
128,373
Amounts owed by group undertakings
1,300,402
Other debtors
133,245
Prepayments and accrued income
15,059
4,694
314,547
1,433,469
7
Creditors: amounts falling due within one year
2024
2023
£
£
Loans and overdrafts
20,192
Trade creditors
140,034
87,749
Amount due to parent undertaking
505,074
3,210,550
Corporation tax
541
Other taxation and social security
283,977
179,014
Other creditors
-
4,780
Accruals and deferred income
186,908
196,394
1,136,185
3,679,028
NML TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
610,000 Ordinary shares of £1 each
610,000
610,000
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Louise Casey
Statutory Auditor:
Mitchell Charlesworth (Audit) Limited
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
6,676
11
Parent company
The ultimate parent undertaking is the Board of the Trustees of the National Museums and Galleries on Merseyside, an exempt charity created by an Act of Parliament.
Copies of consolidated accounts can be obtained from:
Director's Office, World Museum, William Brown Street, Liverpool, L3 8EN.
NML TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
12
Cash absorbed by operations
2024
2023
£
£
Profit for the year after tax
301,424
285,469
Adjustments for:
Taxation charged
541
Investment income
(47,751)
(10,207)
Depreciation and impairment of tangible fixed assets
49,254
55,879
Movements in working capital:
Decrease/(increase) in stocks
18,829
(53,314)
Decrease/(increase) in debtors
1,118,922
(743,795)
(Decrease)/increase in creditors
(2,562,494)
1,360
Cash absorbed by operations
(1,121,816)
(464,067)
2024-03-312023-04-01false27 March 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMs S DonaldsonMrs L PyeMr J AndersonMs N GilmoreMr A Dickeyfalsefalse026763302023-04-012024-03-3102676330bus:Director22023-04-012024-03-3102676330bus:Director32023-04-012024-03-3102676330bus:Director42023-04-012024-03-3102676330bus:CompanySecretary12023-04-012024-03-3102676330bus:Director12023-04-012024-03-3102676330bus:RegisteredOffice2023-04-012024-03-3102676330bus:Agent12023-04-012024-03-31026763302024-03-31026763302023-03-3102676330core:FurnitureFittings2024-03-3102676330core:FurnitureFittings2023-03-3102676330core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3102676330core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102676330core:ShareCapital2024-03-3102676330core:ShareCapital2023-03-3102676330core:RetainedEarningsAccumulatedLosses2024-03-3102676330core:RetainedEarningsAccumulatedLosses2023-03-3102676330core:ShareCapital2022-03-3102676330core:RetainedEarningsAccumulatedLosses2022-03-31026763302022-03-3102676330core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31026763302022-04-012023-03-3102676330core:RetainedEarningsAccumulatedLosses2023-04-012024-03-31026763302023-03-3102676330core:WithinOneYear2024-03-3102676330core:WithinOneYear2023-03-3102676330core:FurnitureFittings2023-04-012024-03-3102676330core:UKTax2023-04-012024-03-3102676330core:UKTax2022-04-012023-03-310267633012023-04-012024-03-310267633012022-04-012023-03-3102676330core:FurnitureFittings2023-03-3102676330core:CurrentFinancialInstruments2024-03-3102676330core:CurrentFinancialInstruments2023-03-3102676330bus:PrivateLimitedCompanyLtd2023-04-012024-03-3102676330bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3102676330bus:FRS1022023-04-012024-03-3102676330bus:Audited2023-04-012024-03-3102676330bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP