Mary Rose Archaeological Services Ltd - Accounts to registrar (filleted) - small 18.2

THE MARY ROSE ARCHAEOLOGICAL SERVICES

LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Christopher Brandon RIBA FRSA FSA

Prof. Sir Barry Cunliffe KB CBE FSA FBA

Dr Eleanor Schofield

Christopher Dobbs MCIfA FSA

Helen Bonser-Wilton

Alexandra Mary Varley Hildred

David John Pearson

Alan Mark Pollard

Kirsten Victoria Svenson-Taylor

SECRETARY:

Susan Wright ACMA

REGISTERED OFFICE:

1/10 College Road

H M Naval Base

Portsmouth

Hampshire

PO1 3LX

REGISTERED NUMBER:

03131273 (England and Wales)

SENIOR STATUTORY AUDITOR:

Kerry Lawrance FCA

AUDITORS:

Compass Accountants Limited

Chartered Accountants and Statutory Auditors

Venture House

The Tanneries

East Street

Titchfield

Hampshire

PO14 4AR

BANKERS:

Lloyds Bank PLC

3 Town Quay

Southampton

Hampshire

SO14 2AQ

CURRENT ASSETS

Debtors

5

-

352

Cash at bank

23,178

21,316

23,178

21,668

CREDITORS

Amounts falling due within one year

6

17,324

16,526

NET CURRENT ASSETS

5,854

5,142

TOTAL ASSETS LESS CURRENT LIABILITIES

5,854

5,142

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

8

5,853

5,141

SHAREHOLDERS' FUNDS

5,854

5,142

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 2nd October 2020 and were signed on its behalf by:

Dr Eleanor Schofield - Director

Christopher Brandon RIBA FRSA FSA - Director

1.	STATUTORY INFORMATION

The Mary Rose Archaeological Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Revenue for the provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and associated costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating profit.

Gift aid payment

The company has entered into a Gift Aid arrangement with The Mary Rose Trust whereby the company agrees to pay in each accounting period such a sum as will amount to its net taxable profit for the period.

Basic financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 1A to all of its financial instruments.

Financial instruments are recognised 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, where 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.

The company's financial assets and liabilities consist of cash and cash equivalents, short term investments, trade and other debtors, trade and other creditor, and accrued expenses. The fair value of these items approximates their carrying value due to their short term value. Unless otherwise noted, the company is not exposed to significant interest, foreign exchange or credit risks arising from these instruments.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st April 2019

and 31st March 2020

1,220

15,220

16,440

DEPRECIATION

At 1st April 2019

and 31st March 2020

1,220

15,220

16,440

NET BOOK VALUE

At 31st March 2020

-

-

-

At 31st March 2019

-

-

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

-

352

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

19

7

Amounts owed to group undertakings

6,548

1,579

Gift aid payable

9,200

13,800

Accrued expenses and deferred income

1,557

1,140

17,324

16,526

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary

£1

1

1

8.

RESERVES

Retained

earnings

£

At 1st April 2019

5,141

Profit for the year

9,912

Gift Aid

(9,200

)

At 31st March 2020

5,853

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kerry Lawrance FCA (Senior Statutory Auditor)

for and on behalf of Compass Accountants Limited

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is The Mary Rose Trust, whose registered office is the same as that on page 1.