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Artelia Ventures Limited
Registered number: 15870117
Annual report
For the period ended 31 December 2025
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ARTELIA VENTURES LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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ARTELIA VENTURES LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Changes in Equity
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Notes to the Financial Statements
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ARTELIA VENTURES LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
The director presents his report and the audited financial statements for Artelia Ventures Limited (the "Company") for the period ended 31 December 2025 (the "period").
The Company was incorporated on 1 August 2024 and, during the period, changed its accounting reference date from 31 August 2025 to 31 December 2025 in order to align its reporting period with that of other companies within the group. As a result, these financial statements cover the 17-month period ended 31 December 2025.
The principal activity of the Company is the holding of an interest in the Pick Everard Partnership, an unlimited qualifying partnership.
The loss for the period, after taxation, amounted to £18,186.
The director has not recommended the payment of a dividend for the period.
The directors who served during the period and to the date of this report were:
A Pigot (appointed 1 August 2024, resigned 31 December 2025)
S P N Pailhes (appointed 1 January 2026)
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Director's responsibilities statement
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The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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ARTELIA VENTURES LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
The directors, having considered the financial position, forecast projections, estimated cash inflows, and known and estimated cash outflows of the company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt on the ability of the Company to continue as a going concern.
The Company is a non-trading holding company with no employees or lease obligations; consequently, it has limited liabilities and cash outflows. By virtue of its direct interest in the Pick Everard Partnership, where it holds a minority interest, the Company will benefit from an income and cashflow allocation which, over time, the directors expect to be cash generative.
Furthermore, the Company has access to funding within the Artelia Global SAS group. The directors have received confirmation from the parent company that it will continue to support the Company and provide adequate funds, when necessary, to enable it to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. This support provides additional assurance over the Company's liquidity and financial position. Accordingly, the directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, the directors have a reasonable expectation that the Company will continue to operate and have therefore continued to adopt the going concern basis of accounting in preparing the financial statements.
Qualifying third-party indemnity provisions
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The director benefits from a qualifying indemnity provision in the form permitted by Section 234 of the Companies Act 2006 in respect of certain third-party actions against the director. No claim or notice of claim in respect of these indemnities has been received in the period.
Disclosure of information to auditor
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The director at the time when this Director's Report is approved has confirmed that:
∙so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the period-end.
During the period, Forvis Mazars LLP was appointed as auditor.
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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ARTELIA VENTURES LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf by:
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ARTELIA VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARTELIA VENTURES LIMITED
Opinion
We have audited the financial statements of Artelia Ventures Limited (the ‘Company’) for the period ended 31 December 2025 which comprise the Income Statement, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the state of the Company’s affairs as at 31 December 2025 and of its loss for the period then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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ARTELIA VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARTELIA VENTURES LIMITED
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Director's Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of director's remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Director's Report and from the requirement to prepare a Strategic Report.
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ARTELIA VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARTELIA VENTURES LIMITED
Responsibilities of Director
As explained more fully in the Director's Responsibilities Statement set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director intends either to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, and the Companies Act 2006.
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ARTELIA VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARTELIA VENTURES LIMITED
In addition, we evaluated the director's and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the director and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit report
This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.
Gareth Jones (Senior statutory auditor)
For and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
30 Old Bailey
London
EC4M 7AU
1 September 2026
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ARTELIA VENTURES LIMITED
INCOME STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2025
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Share of loss from partnership
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Loss for the financial period
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There are no items of other comprehensive income for 2025 other than the loss for the period. As a result, no separate Statement of Comprehensive Income has been presented.
The Income Statement has been prepared on the basis that all operations are continuing operations.
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The notes on pages 11 to 17 form part of these financial statements.
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ARTELIA VENTURES LIMITED
REGISTERED NUMBER: 15870117
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 17 form part of these financial statements.
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ARTELIA VENTURES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
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At incorporation on 1 August 2024
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Comprehensive expense for the period
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Total comprehensive expense for the period
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Contributions by and distributions to owners
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Shares issued during the period
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Total transactions with owners
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The notes on pages 11 to 17 form part of these financial statements.
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ARTELIA VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Artelia Ventures Limited is a private company, limited by shares, incorporated and registered in England and Wales. The Company's registered number is 15870117. The address of its registered office is High Holborn House, 52-54 High Holborn, London, England, WC1V 6RL.
The Company was incorporated on 1 August 2024 and, during the period, changed its accounting reference date from 31 August 2025 to 31 December 2025 in order to align its reporting period with that of other companies within the group. As a result, these financial statements cover the 17-month period ended 31 December 2025.
The principal activity of the Company is the holding of an interest in the Pick Everard Partnership, an unlimited qualifying partnership.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates and are rounded to the nearest pound.
The following principal accounting policies have been applied:
The directors, having considered the financial position, forecast projections, estimated cash inflows, and known and estimated cash outflows of the company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt on the ability of the Company to continue as a going concern.
The Company is a non-trading holding company with no employees or lease obligations; consequently, it has limited liabilities and cash outflows. By virtue of its direct interest in the Pick Everard Partnership, where it holds a minority interest, the Company will benefit from an income and cashflow allocation which, over time, the directors expect to be cash generative.
Furthermore, the Company has access to funding within the Artelia Global SAS group. The directors have received confirmation from the parent company that it will continue to support the Company and provide adequate funds, when necessary, to enable it to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. This support provides additional assurance over the Company's liquidity and financial position. Accordingly, the directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, the directors have a reasonable expectation that the Company will continue to operate and have therefore continued to adopt the going concern basis of accounting in preparing the financial statements.
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ARTELIA VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
As an exception to the requirements, an entity shall not take into account the effects of Pillar Two legislation when measuring deferred tax assets and deferred tax liabilities.
Investments in partnership is measured at cost less accumulated impairment.
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.
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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ARTELIA VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss, then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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ARTELIA VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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ARTELIA VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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During the period, the Company obtained the following services from the Company's auditor:
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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Fees payable to the Company's auditor in respect of:
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Taxation compliance services
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All non-audit services not included above
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During the period, the Company had no employees other than its director. The director's remuneration was borne by other group undertakings, and it is not possible to reliably estimate the proportion attributable to services provided to the Company.
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Investments in partnership
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The Company is a member of a qualifying partnership, Pick Everard, holding 0.01% partnership interest in it. The term 'qualifying partnership' is defined by regulation 3 of The Partnerships (Accounts) Regulations 2008.
The head office of Pick Everard is Halford House, Charles Street, Leicester, United Kingdon, LE1 1HA.
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ARTELIA VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured, interest-free and payable on demand.
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to qualifying partnership
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Amounts owed to group undertakings and amounts owed to qualifying partnership are unsecured, interest-free and repayable on demand.
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Allotted, called up and fully paid
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10,100 Ordinary shares of £1 each
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The ordinary shares have attached to them full voting, dividend and capital distribution (including upon winding up) rights. They do not confer any rights of redemption.
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At incorporation on 1 August 2024, the Company issued 100 ordinary shares for total consideration of £100.
On 21 October 2024, the Company issued 10,000 ordinary shares for total consideration of £10,000.
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ARTELIA VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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Related party transactions
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The Company is a wholly owned subsidiary of Artelia Holding SAS, whose ultimate parent company is Artelia Global SAS, and as such has taken advantage of the exemption permitted by Section 33 ‘Related party disclosures’ not to provide disclosures of transactions entered into with other wholly-owned members of the group.
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Post balance sheet events
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There have been no significant events affecting the Company since the period-end.
The immediate parent undertaking is Artelia Holding SAS, a company incorporated in France. Artelia Holding SAS prepares consolidated financial statements and copies can be obtained from 16 Rue Simone Veil, 93400 Saint-Ouen-sur-Seine, France.
The parent company of the smallest group to include the results of the Company in its consolidated financial statements is Artelia Holding SAS. The consolidated financial statements are available from 16 Rue Simone Veil, 93400 Saint-Ouen-sur-Seine, France.
The parent company of the largest group to include the results of the Company in its consolidated financial statements is Artelia Global SAS. The consolidated financial statements are available from 16 Rue Simone Veil, 93400 Saint-Ouen-sur-Seine, France.
The ultimate parent undertaking is considered to be Artelia Global SAS, a company incorporated in France, due to its 100% shareholding in Artelia Holding SAS.
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