WESSEX ARCHAEOLOGY VENTURES LIMITED

Company Registration Number:
11668044 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

WESSEX ARCHAEOLOGY VENTURES LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

WESSEX ARCHAEOLOGY VENTURES LIMITED

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal activities of the company

Archaeological services



Directors

The directors shown below have held office during the whole of the period from
1 April 2023 to 31 March 2024

Paul Baggaley
Caroline Budd
Michael Cook
Rosemary Cook
Ian Selby


The director shown below has held office during the period of
1 April 2023 to 28 September 2023

Paul Sealey


The director shown below has held office during the period of
1 April 2023 to 31 July 2023

Christopher Brayne


The directors shown below have held office during the period of
28 September 2023 to 31 March 2024

Stephen Smith
Abigail Bryant


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
31 October 2024

And signed on behalf of the board by:
Name: Stephen Smith
Status: Director

WESSEX ARCHAEOLOGY VENTURES LIMITED

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 1,302,189 835,305
Cost of sales: ( 825,463 ) ( 819,678 )
Gross profit(or loss): 476,726 15,627
Administrative expenses: ( 73,934 ) ( 71,822 )
Operating profit(or loss): 402,792 (56,195)
Interest receivable and similar income: 26,730 15,059
Interest payable and similar charges: ( 36,187 ) ( 16,319 )
Profit(or loss) before tax: 393,335 (57,455)
Tax: 0 0
Profit(or loss) for the financial year: 393,335 (57,455)

WESSEX ARCHAEOLOGY VENTURES LIMITED

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Fixed assets
Investments: 3 22,389 22,389
Total fixed assets: 22,389 22,389
Current assets
Debtors: 4 1,012,701 1,146,530
Cash at bank and in hand: 277,634 68,268
Total current assets: 1,290,335 1,214,798
Creditors: amounts falling due within one year: 5 ( 1,048,660 ) ( 1,366,458 )
Net current assets (liabilities): 241,675 (151,660)
Total assets less current liabilities: 264,064 ( 129,271)
Total net assets (liabilities): 264,064 (129,271)
Capital and reserves
Called up share capital: 10 10
Profit and loss account: 264,054 (129,281 )
Total Shareholders' funds: 264,064 (129,271)

The notes form part of these financial statements

WESSEX ARCHAEOLOGY VENTURES LIMITED

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 31 October 2024
and signed on behalf of the board by:

Name: Stephen Smith
Status: Director

The notes form part of these financial statements

WESSEX ARCHAEOLOGY VENTURES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied: 1 the amount of revenue can be measured reliably; 2 it is probable that the Company will receive the consideration due under the contract; 3 the stage of contract completion at the end of the reporting period can be measured reliably; and 4 the costs incurred and the costs to complete the contract can be measured reliably.

    Valuation information and policy

    Investments in subsidiaries are measured at cost less accumulated impairment.

    Other accounting policies

    2.1 Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). These financial statements do not include the results of the company's wholly owned subsidiary, Trident Archaeologie GmbH, as both entities' results are included in the consolidated financial statements of the company's ultimate parent undertaking, Wessex Archaeology Limited. The group's accounts are publicly available at Companies House. The following principal accounting policies have been applied: 2.2 Going concern The Directors have considered the company's financial position and forecasts, the support and the current loan facility provided by the parent Company Wessex Archaeology Limited and have determined that the Company will be in a position to fulfil all its financial obligations for at least 12 months from the date of signing these Financial Statements. The Directors therefore consider that the preparation of the Financial Statements on a going concern basis is appropriate. 2.3 Foreign currency translation Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. 2.5 Interest income Interest income is recognised in profit or loss using the effective interest method. 2.6 Financial instruments The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Financial liabilities Basic financial liabilities, including trade and other payables, are initially measured at their transaction price after transaction costs. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. WESSEX ARCHAEOLOGY VENTURES LIMITED 12 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2. Accounting policies (continued) 2.7 Finance costs Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. 2.8 Valuation of investments Investments in subsidiaries are measured at cost less accumulated impairment. 2.9 Debtors Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. 2.10 Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. 2.11 Creditors Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

WESSEX ARCHAEOLOGY VENTURES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

WESSEX ARCHAEOLOGY VENTURES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Fixed assets investments note

Investment In subsidiary £ Cost or valuation At 1 April 2023 22,389 At 31 March 2024 22,389

WESSEX ARCHAEOLOGY VENTURES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Debtors

2024 2023
£ £
Trade debtors 627,045 793,731
Other debtors 385,656 352,799
Total 1,012,701 1,146,530

WESSEX ARCHAEOLOGY VENTURES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 492,879 419,849
Other creditors 555,781 946,609
Total 1,048,660 1,366,458