| REGISTERED NUMBER: |
| MARITIME ARCHAEOLOGY LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| REGISTERED NUMBER: |
| MARITIME ARCHAEOLOGY LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| MARITIME ARCHAEOLOGY LIMITED (REGISTERED NUMBER: 04923815) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| MARITIME ARCHAEOLOGY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Station House |
| North Street |
| Havant |
| Hampshire |
| PO9 1QU |
| MARITIME ARCHAEOLOGY LIMITED (REGISTERED NUMBER: 04923815) |
| BALANCE SHEET |
| 31 MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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 were approved by the director and authorised for issue on |
| MARITIME ARCHAEOLOGY LIMITED (REGISTERED NUMBER: 04923815) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 1. | STATUTORY INFORMATION |
| Maritime Archaeology Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The financial statements have been prepared on a going concern basis. The directors have assessed the company’s financial position and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis. |
| Critical accounting judgements and key sources of estimation uncertainty |
| The directors have assessed the financial statements and confirm that no critical accounting judgements or key sources of estimation uncertainty have been identified that would materially affect the reported amounts. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares. |
| Trade and other 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 |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities. |
| Trade and other creditors |
| Short term trade 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 |
| MARITIME ARCHAEOLOGY LIMITED (REGISTERED NUMBER: 04923815) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| The company is a wholly owned subsidiary of a UK registered charity. It has entered into a deed of covenant to donate all of its distributable profits to the parent charity. |
| Corporation tax is provided on taxable profits at the applicable UK tax rates. However, due to the deed of covenant, the company donates all of its profits to the parent charity, thereby reducing its current tax liability to nil. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Where the company has no expectation of retaining profits and has no taxable temporary differences, no deferred tax is recognised. |
| Gift Aid and covenant donations are accounted for as distributions when the obligation to make the payment is established and the amount can be measured reliably. These are not treated as expenses in the profit and loss account. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Prepayments and accrued income |
| MARITIME ARCHAEOLOGY LIMITED (REGISTERED NUMBER: 04923815) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | RELATED PARTY DISCLOSURES |
| During the year Maritime Archaeology Limited had the following transactions with Maritime Archaeology Trust, the parent charity. |
| 2025 | 2024 |
| £ | £ |
| Recharges from Maritime Archaeology Trust | 282,701 | 303,761 |
| Sales | 450 | 1,008 |
| Profit share donation to the Maritime Archaeology Trust | 431,843 | 62,449 |
| At the balance sheet date the following balances were outstanding between Maritime Archaeology Limited and Maritime Archaeology Trust. |
| 2025 | 2024 |
| £ | £ |
| Creditor | 576,224 | 237,265 |
| 8. | ULTIMATE CONTROLLING PARTY |
| The company is a wholly owned subsidiary of Maritime Archaeology Trust, a registered charity. The charity is the company’s ultimate controlling party by virtue of its 100% shareholding. |
| Maritime Archaeology Trust |
| Registered Charity Number: 900025 |
| Registered Company Number: 02394244 (England and Wales) |
| Registered Office: |
| Room O14/11 |
| National Oceanography Centre |
| Empress Dock |
| Southampton |
| Hampshire |
| SO14 3ZH |
| Deed of Covenant and Profit Donation |
| The parent charity and the company have entered into a deed of covenant, under which the company covenants to donate all of its distributable profits to Maritime Archaeology Trust annually. |