REGISTERED NUMBER: 05844779 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

HOUSEHOLD CAVALRY MUSEUM ENTERPRISES

LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

L E Chauveau

J R E Coles

J D A Gaselee

A G R Owen

C J Trietline

M Woodward

J Twumasi-Ankrah

P R M Flay

SECRETARY:

R R D Griffin

REGISTERED OFFICE:

Headquarters Household Cavalry

Horse Guards

Whitehall

London

SW1A 2AX

REGISTERED NUMBER:

05844779 (England and Wales)

ACCOUNTANTS:

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

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 2025 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.

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

21 November 2025

FIXED ASSETS

Tangible assets

4

13,386

-

CURRENT ASSETS

Stocks

16,473

15,757

Debtors

5

16,988

4,966

Cash at bank and in hand

197,096

199,814

230,557

220,537

CREDITORS

Amounts falling due within one year

6

104,632

79,312

NET CURRENT ASSETS

125,925

141,225

TOTAL ASSETS LESS CURRENT LIABILITIES

139,311

141,225

CREDITORS

Amounts falling due after more than one year

7

140,000

160,000

NET LIABILITIES

(689

)

(18,775

)

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

(690

)

(18,776

)

SHAREHOLDERS' FUNDS

(689

)

(18,775

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

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.

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 21 November 2025 and were signed on its behalf by:

J D A Gaselee - Director

1.	STATUTORY INFORMATION

Household Cavalry Museum Enterprises Limited is a private company, limited by shares , registered in England and Wales. 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.

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

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Museum fixtures & fittings

-

20 and 25% on cost

Equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Museum

fixtures

& fittings

Equipment

Totals

£

£

£

COST

At 1 April 2024

89,097

73,555

162,652

Additions

-

14,342

14,342

Disposals

-

(8,865

)

(8,865

)

At 31 March 2025

89,097

79,032

168,129

DEPRECIATION

At 1 April 2024

89,097

73,555

162,652

Charge for year

-

956

956

Eliminated on disposal

-

(8,865

)

(8,865

)

At 31 March 2025

89,097

65,646

154,743

NET BOOK VALUE

At 31 March 2025

-

13,386

13,386

At 31 March 2024

-

-

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

10,543

2,826

Other debtors

6,445

2,140

16,988

4,966

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

11,509

4,232

Amounts owed to group undertakings

67,998

48,880

Taxation and social security

16,295

14,721

Other creditors

8,830

11,479

104,632

79,312

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 £9,288.

This loan is secured on the assets of the company.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

140,000

160,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

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 (2024 - none)