| REGISTERED NUMBER: |
| NMS Enterprises Limited |
| Financial Statements |
| for the Year Ended 31 March 2025 |
| REGISTERED NUMBER: |
| NMS Enterprises Limited |
| Financial Statements |
| for the Year Ended 31 March 2025 |
| NMS Enterprises Limited (Registered number: SC171820) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| NMS Enterprises Limited |
| Company Information |
| for the Year Ended 31 March 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Statutory Auditor |
| 9 Ainslie Place |
| Edinburgh |
| Midlothian |
| EH3 6AT |
| NMS Enterprises Limited (Registered number: SC171820) |
| Balance Sheet |
| 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings | 9 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| NMS Enterprises Limited (Registered number: SC171820) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| NMS Enterprises Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on the going concern basis. The directors' going concern assessment covers a period of at least 12 months from the date of signing of these financial statements. |
| Critical accounting 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 most significant judgment in the accounts relates to the valuation of stock and depreciation. |
| 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. |
| Turnover and revenue recognition |
| Turnover comprises invoiced value of goods, including retail sales, and services, such as the provision of hospitality and catering for events, supplied by the company in the period, net of VAT and discounts. |
| Revenue is recognised in the period in which the goods are provided to the customers or services delivered with reference to the date of the event. |
| Tangible fixed assets and depreciation |
| Office Equipment | - |
| Fixtures and fittings | - |
| Website development | - |
| NMS Enterprises Limited (Registered number: SC171820) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are valued at the lower of cost or net realisable value after making due allowance for obsolete or slow moving stock. |
| For some stock, the cost is based on weighted average of cost whilst the others are based on cost. |
| Financial instruments |
| The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value except unlisted investments which continue to be measured at transaction value. |
| 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 taxation |
| Deferred tax is not recognised in the financial statements. The company gifts all taxable profits to its parent charity and therefore does not incur any liability to tax. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| 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. |
| NMS Enterprises Limited (Registered number: SC171820) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Provisions |
| Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Office | and | Website |
| Equipment | fittings | development | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| NMS Enterprises Limited (Registered number: SC171820) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 5. | FIXED ASSET INVESTMENTS |
| Investments |
| £ |
| COST |
| At 1 April 2024 |
| and 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors and prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| VAT | 81,430 | 99,346 |
| Other creditors |
| Amounts owed to National Museums Scotland |
230,002 |
211,997 |
| Accruals and deferred income |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary | £1 | 200,000 | 200,000 |
| NMS Enterprises Limited (Registered number: SC171820) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 9. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 April 2024 |
| Profit for the year |
| Charitable donation | ( |
) |
| At 31 March 2025 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | CAPITAL COMMITMENTS |
| A project to re-fit the retail shop in the National War Museum was decided in the year. The total expected cost of the work is £113,129 and at the end of the year there were costs of £32,000 paid as a prepayment towards the work. |
| 12. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with the company's parent charity, as it is a wholly owned subsidiary within the group. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The company is owned and controlled by the Board of Trustees of National Museums Scotland. |
| The parent charity's consolidated accounts can be obtained from National Museums Scotland, Chambers Street, Edinburgh, EH1 1JF. |
| 14. | PENSION |
| The company operates a defined contribution scheme for some employees. The pension cost charge has been charged to the income and expenditure account and represents the contributions payable by the company to the scheme of £117,950 (2024: £119,324). Pension contributions outstanding at the year-end totalled £nil (2024: £nil). The assets of the scheme are held separately from those of the company in an independently administered fund. |