REGISTERED NUMBER: SC171820 (Scotland)

NMS Enterprises Limited

Financial Statements

for the Year Ended 31 March 2026

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

FIXED ASSETS

Tangible assets

4

173,946

46,400

Investments

5

600

600

174,546

47,000

CURRENT ASSETS

Stocks

865,584

855,265

Debtors

6

331,312

356,492

Cash at bank

267,978

663,628

1,464,874

1,875,385

CREDITORS

Amounts falling due within one year

7

663,661

781,742

NET CURRENT ASSETS

801,213

1,093,643

TOTAL ASSETS LESS CURRENT LIABILITIES

975,759

1,140,643

CAPITAL AND RESERVES

Called up share capital

8

200,000

200,000

Retained earnings

9

775,759

940,643

SHAREHOLDERS' FUNDS

975,759

1,140,643

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 12 June 2026 and were signed on its behalf by:

Dr Bridget Mary Mcconnell CBE - Director

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

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.

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 46 (2025 - 48 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Office

and

Website

Equipment

fittings

development

Totals

£

£

£

£

COST

At 1 April 2025

66,082

133,821

16,300

216,203

Additions

25,000

122,459

16,108

163,567

At 31 March 2026

91,082

256,280

32,408

379,770

DEPRECIATION

At 1 April 2025

62,534

100,749

6,520

169,803

Charge for year

7,073

24,077

4,871

36,021

At 31 March 2026

69,607

124,826

11,391

205,824

NET BOOK VALUE

At 31 March 2026

21,475

131,454

21,017

173,946

At 31 March 2025

3,548

33,072

9,780

46,400

5.	FIXED ASSET INVESTMENTS

Investments

£

COST

At 1 April 2025

and 31 March 2026

600

NET BOOK VALUE

At 31 March 2026

600

At 31 March 2025

600

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

197,005

209,151

Other debtors and prepayments

134,307

147,341

331,312

356,492

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

75,935

68,755

Social security and other taxes

27,124

23,344

VAT

75,744

81,430

Other creditors

222,459

288,051

Amounts owed to National Museums Scotland

228,657

230,002

Accruals and deferred income

33,742

90,160

663,661

781,742

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

£

200,000

Ordinary

£1

200,000

200,000

9.

RESERVES

Retained

earnings

£

At 1 April 2025

940,643

Profit for the year

726,630

Charitable donation

(891,514

)

At 31 March 2026

775,759

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.	CONTINGENT LIABILITIES

During the year, a new contract was drawn up for provision of catering services between NMS Enterprises Limited and Benugo Limited, effective 1 January 2026. Included in the agreement is a commitment for Benugo Limited to invest £425,000 in capital improvements to be depreciated in equal instalments over a period of 5 years and 3 months. Should the contract be terminated for any reason, NMS Enterprises Limited would be liable for the higher of £1 and the undepreciated amount of the capital invested.

12.	CAPITAL COMMITMENTS

At the year ended 31 March 2026, there were no capital commitments.

At the year ended 31 March 2025, NMS Enterprises Limited prepaid £32,000 towards an expected total cost of £113,129 for refurbishment of the retail shop in the National War Museum.

13.	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.

14.	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.

15.

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 £115,442 (2025: £117,950). 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.