WILLIAMS_TECHNOLOGY_VENTU - Accounts

The directors present their annual report and financial statements for the year ended 31 December 2020.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Williams Technology Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is Grove, Wantage, Oxon, OX12 0DQ.

These results arise from a single class of operations.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company principally earns revenue through provision of services related to the exploitation of technology and the activities of the Foresight Williams Technology EIS and VCT Funds. Service revenue is related to key contracts and is recognised on delivery of the relevant services to the customer.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The average monthly number of persons (including directors) employed by the company during the year was:

The company employed no staff during the period. Management and operational services are carried out on behalf of the company by other UK group undertakings and charges are levied for these services on an arm's length basis.

The company had no contingent liabilities as at 31 December 2020 or as at 31 December 2019.

The immediate parent undertaking of the company is Williams Advanced Engineering Limited, a company incorporated in England and Wales (company registration number 08012215).

The largest and smallest group: of undertakings for which group accounts have previously been drawn up is that headed by Williams Grand Prix Holdings PLC (company registration number 07475805). These group accounts are available from the ultimate parent undertaking at Williams Grand Prix Holdings PLC, Grove, Wantage, Oxfordshire, OX12 0DQ.

During the year, Sir Frank Williams was the Company's controlling related party by virtue of his 52.25% beneficial interest in the ordinary share capital of Williams Grand Prix Holdings PLC.

On 31 December 2019, Williams Advanced Engineering Limited was sold to Joule Bidco Limited, a company incorporated in England and Wales. (company registration number 12363611). The ultimate controlling party is EMK Capital by virtue of their significant majority investment in Joule Jersey Topco, the parent company of Joule Bidco Limited.