Proteus Industrial Technologies Limited - Accounts to registrar (filleted) - small 18.2

PROTEUS INDUSTRIAL TECHNOLOGIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

9

DIRECTORS:

J D Bailey

J M Pitman

SECRETARY:

J D Bailey

REGISTERED OFFICE:

21A Sirdar Road

Brook Road Industrial Estate

Rayleigh

Essex

SS6 7XF

REGISTERED NUMBER:

08258719 (England and Wales)

ACCOUNTANTS:

Clouders

Chartered Certified Accountants

Charter House

103-105 Leigh Road

Leigh-on-Sea

Essex

SS9 1JL

FIXED ASSETS

Intangible assets

4

21,617

10,108

Tangible assets

5

280,683

258,676

Investments

6

15,000

15,000

317,300

283,784

CURRENT ASSETS

Stocks

455,344

418,932

Debtors

7

517,704

405,151

Cash at bank and in hand

801,208

564,095

1,774,256

1,388,178

CREDITORS

Amounts falling due within one year

8

1,527,278

1,251,021

NET CURRENT ASSETS

246,978

137,157

TOTAL ASSETS LESS CURRENT LIABILITIES

564,278

420,941

CREDITORS

Amounts falling due after more than one year

9

(12,852

)

(18,635

)

PROVISIONS FOR LIABILITIES

(42,397

)

(40,479

)

NET ASSETS

509,029

361,827

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

459,029

311,827

SHAREHOLDERS' FUNDS

509,029

361,827

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9th June 2020 and were signed on its behalf by:

J D Bailey - Director

1.	STATUTORY INFORMATION

Proteus Industrial Technologies 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.

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

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of three years.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, except to the extent that it relates to items recognised in other

comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable

profits.

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 result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

Assets acquired under hire purchase agreements are capitalised and depreciated over their expected

useful lives. The interest element of the rental obligations is charged to the profit & loss account on a

straight line basis.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2018 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Computer

licences

software

Totals

£

£

£

COST

At 1st November 2018

60,379

-

60,379

Additions

8,850

9,590

18,440

At 31st October 2019

69,229

9,590

78,819

AMORTISATION

At 1st November 2018

50,271

-

50,271

Amortisation for year

6,931

-

6,931

At 31st October 2019

57,202

-

57,202

NET BOOK VALUE

At 31st October 2019

12,027

9,590

21,617

At 31st October 2018

10,108

-

10,108

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1st November 2018

69,108

45,511

128,688

Additions

42,571

474

18,549

Disposals

-

-

(2,171

)

At 31st October 2019

111,679

45,985

145,066

DEPRECIATION

At 1st November 2018

23,479

26,478

70,403

Charge for year

8,890

4,845

12,906

Eliminated on disposal

-

-

(1,402

)

At 31st October 2019

32,369

31,323

81,907

NET BOOK VALUE

At 31st October 2019

79,310

14,662

63,159

At 31st October 2018

45,629

19,033

58,285

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st November 2018

208,372

34,611

486,290

Additions

35,435

4,970

101,999

Disposals

(22,950

)

(2,444

)

(27,565

)

At 31st October 2019

220,857

37,137

560,724

DEPRECIATION

At 1st November 2018

83,524

23,730

227,614

Charge for year

38,122

4,749

69,512

Eliminated on disposal

(13,621

)

(2,062

)

(17,085

)

At 31st October 2019

108,025

26,417

280,041

NET BOOK VALUE

At 31st October 2019

112,832

10,720

280,683

At 31st October 2018

124,848

10,881

258,676

Included within "motor vehicles" are assets held under hire purchase agreements, with an aggregate

net book value of £64,924 (2018: £101,699).

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st November 2018

and 31st October 2019

15,000

NET BOOK VALUE

At 31st October 2019

15,000

At 31st October 2018

15,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

482,141

378,786

Other debtors

19,249

2,197

Prepayments

16,314

24,168

517,704

405,151

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

27,710

43,210

Trade creditors

573,832

661,464

Tax

121,172

41,907

Social security and other taxes

221,939

121,032

Other creditors

153,843

103,059

Directors' current accounts

378,076

258,550

Accrued expenses

50,706

21,799

1,527,278

1,251,021

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

12,852

18,635

10.	OTHER FINANCIAL COMMITMENTS

As at 31st October 2019 the company had aggregate other financial commitments of £903,853.

These commitments comprise rentals payable under operating leases, of which £875,000 relates to

property rentals due up to March 2030.

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £240,000 were paid to the directors .

The company maintains a loan account with a third party company controlled by the directors, the

loan being interest-free and repayable on demand. As at 31st October 2019, the balance owed to the

company by the third party was £16,430 (2018: £297), which is included in the financial statements

within "other debtors."

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st October 2019 set out on pages three to ten and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Clouders

Chartered Certified Accountants

Charter House

103-105 Leigh Road

Leigh-on-Sea

Essex

SS9 1JL

Date: .............................................