Complex sentence: The standing (regular) British Army included 31 regiments of cavalry in 1914,3 of Household regiments, 7 Dragoon Guards, Despite their name, Dragoon Guards were and are line regiments and do not, in fact, hold any sort of Royal Guard status.
Split into simpler sentences: The standing (regular) British Army included 31 regiments of cavalry in 1914. This consisted of 3 regiments of Household regiments, 7 of Dragoon Guards, Despite their name, Dragoon Guards were and are line regiments and do not, in fact, hold any sort of Royal Guard status.