Guards Museum Enterprises Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06461708 (England and Wales)

GUARDS MUSEUM ENTERPRISES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

A G Wallis MBE, DL

B Witmond

L Milner

SECRETARY:

A Shrestha

REGISTERED OFFICE:

The Curator

Wellington Barracks

Birdcage Walk

London

SW1E 6HQ

REGISTERED NUMBER:

06461708 (England and Wales)

ACCOUNTANTS:

Haines Watts (SEM) Limited

42 High Street

Flitwick

Bedfordshire

MK45 1DU

FIXED ASSETS

Tangible assets

3

3,728

3,881

CURRENT ASSETS

Stocks

4

18,408

20,735

Debtors

5

7,948

24,050

Cash at bank

61,244

76,917

87,600

121,702

CREDITORS

Amounts falling due within one year

6

81,460

114,707

NET CURRENT ASSETS

6,140

6,995

TOTAL ASSETS LESS CURRENT LIABILITIES

9,868

10,876

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

8

9,867

10,875

SHAREHOLDERS' FUNDS

9,868

10,876

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 22 September 2017 and were signed on its behalf by:

A G Wallis MBE, DL - Director

B Witmond - Director

1.	STATUTORY INFORMATION

Guards 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year, and have also been consistently applied within the same

accounts.

Transition to FRS 102

These financial statements for the year ended 31 December 2016 are the first financial statements that comply

with FRS 102 Section 1A small entities. The date of transition is 1 January 2015.

The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting

policies to those used previously, however there has been no material impact on the financial statements.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and

derives from the provision of goods and services falling within the company's ordinary activities.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Stocks

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

slow moving items.

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.

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.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2016

17,017

Additions

985

At 31 December 2016

18,002

DEPRECIATION

At 1 January 2016

13,136

Charge for year

1,138

At 31 December 2016

14,274

NET BOOK VALUE

At 31 December 2016

3,728

At 31 December 2015

3,881

4.

STOCKS

2016

2015

£

£

Stocks

18,408

20,735

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

7,575

23,814

Prepayments

373

236

7,948

24,050

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

6,098

5,413

Amounts owed to group undertakings

67,598

100,130

VAT

3,797

6,271

Accrued expenses

3,967

2,893

81,460

114,707

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1

Ordinary

£1

1

1

8.

RESERVES

Retained

earnings

£

At 1 January 2016

10,875

Deficit for the year

(1,008

)

At 31 December 2016

9,867

9.	ULTIMATE CONTROLLING PARTY

The controlling interest is held by the trustees of The Guards Museum Trust.

10.	FIRST YEAR ADOPTION

The company has adopted FRS 102 for the first time in the year ended 31 December 2016.

The effect of the transition from the previous financial reporting framework to FRS 102 has been considered.

There has been no material impact in relation to the following:

- changes in accounting policies

- changes in shareholders funds

- comparative year profit or loss

On that basis, no restatement has been undertaken.