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REGISTERED NUMBER: SC171820 (Scotland)




















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: Aileen Lamb
Keith Pentland
Dr Christopher Breward
Motaram Brophy
Dr Bridget Mary Mcconnell CBE
Dr Hermione Cockburn OBE
Nicola McKenzie
Joshua Saha



SECRETARY: Robert Mathie



REGISTERED OFFICE: National Museums Scotland
Chambers Street
Edinburgh
EH1 1JF



REGISTERED NUMBER: SC171820 (Scotland)



SENIOR STATUTORY AUDITOR: Louise Presslie CA



AUDITORS: Whitelaw Wells
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 46,400 50,049
Investments 5 600 600
47,000 50,649

CURRENT ASSETS
Stocks 855,265 889,655
Debtors 6 356,492 378,374
Cash at bank 663,628 489,089
1,875,385 1,757,118
CREDITORS
Amounts falling due within one year 7 781,742 841,908
NET CURRENT ASSETS 1,093,643 915,210
TOTAL ASSETS LESS CURRENT LIABILITIES 1,140,643 965,859

CAPITAL AND RESERVES
Called up share capital 8 200,000 200,000
Retained earnings 9 940,643 765,859
SHAREHOLDERS' FUNDS 1,140,643 965,859

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 June 2025 and were signed on its behalf by:





Dr Bridget Mary Mcconnell CBE - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office Equipment - 25% on cost
Fixtures and fittings - Straight line over 7 years
Website development - 20% on cost

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 54 (2024 - 51 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Office and Website
Equipment fittings development Totals
£    £    £    £   
COST
At 1 April 2024 84,486 137,758 16,300 238,544
Additions - 9,706 - 9,706
Disposals (18,404 ) (13,643 ) - (32,047 )
At 31 March 2025 66,082 133,821 16,300 216,203
DEPRECIATION
At 1 April 2024 77,932 107,303 3,260 188,495
Charge for year 3,006 7,089 3,260 13,355
Eliminated on disposal (18,404 ) (13,643 ) - (32,047 )
At 31 March 2025 62,534 100,749 6,520 169,803
NET BOOK VALUE
At 31 March 2025 3,548 33,072 9,780 46,400
At 31 March 2024 6,554 30,455 13,040 50,049

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 600
NET BOOK VALUE
At 31 March 2025 600
At 31 March 2024 600

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 209,151 297,879
Other debtors and prepayments 147,341 80,495
356,492 378,374

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade creditors 68,755 15,566
Social security and other taxes 23,344 26,551
VAT 81,430 99,346
Other creditors 288,051 328,316
Amounts owed to National Museums
Scotland

230,002

211,997
Accruals and deferred income 90,160 160,132
781,742 841,908

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
200,000 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 765,859
Profit for the year 887,918
Charitable donation (713,134 )
At 31 March 2025 940,643

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

The Report of the Auditors was unqualified.

Louise Presslie CA (Senior Statutory Auditor)
for and on behalf of Whitelaw Wells

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.