Proteus Project Management Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06013297 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

Proteus Project Management Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R J Longley

SECRETARY:

Mrs K L Longley

REGISTERED OFFICE:

Stafford House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

REGISTERED NUMBER:

06013297 (England and Wales)

ACCOUNTANTS:

A C Mole & Sons

Stafford House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

FIXED ASSETS

Tangible assets

4

1,199

-

Investments

5

479,143

428,667

480,342

428,667

CURRENT ASSETS

Debtors

6

389

54,407

Cash at bank

85,362

134,445

85,751

188,852

CREDITORS

Amounts falling due within one year

7

6,574

6,572

NET CURRENT ASSETS

79,177

182,280

TOTAL ASSETS LESS CURRENT LIABILITIES

559,519

610,947

PROVISIONS FOR LIABILITIES

-

6,016

NET ASSETS

559,519

604,931

CAPITAL AND RESERVES

Called up share capital

100

1

Retained earnings

559,419

604,930

SHAREHOLDERS' FUNDS

559,519

604,931

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

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 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 director and authorised for issue on 29 October 2020 and were signed by:

R J Longley - Director

1.	STATUTORY INFORMATION

Proteus Project Management 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 as modified by the revaluation of certain assets.

Turnover

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

Investment income and interest income is recognised in the period in which it is receivable.

Tangible fixed assets

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

Plant and machinery etc

-

Over 3 years on cost

Financial instruments

The company has entered into complex financial instruments in the form of investment bonds and other interest

bearing securities.

The investments are initially recognised at cost on acquisition and are re-measured at their fair value at each

balance sheet date. The resulting gain or loss is recognised immediately in the profit and loss account.

The company also has basic financial instruments in the form of trade debtors in relation to investment income

owed to the company at the Year end.

Taxation

Taxation for the year comprises deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

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.

Investments

Fixed asset investments are recognised initially at fair value which is normally the transaction price.

Subsequently they are measured at fair value through profit or loss at each year end.

Pension costs

The company contributes to the directors personal pension plan. Contributions payable are charged to the profit

and loss account in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

3,303

Additions

1,801

At 31 March 2020

5,104

DEPRECIATION

At 1 April 2019

3,303

Charge for year

602

At 31 March 2020

3,905

NET BOOK VALUE

At 31 March 2020

1,199

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 April 2019

428,667

Additions

208,679

Disposals

(94,260

)

Revaluations

(63,943

)

At 31 March 2020

479,143

NET BOOK VALUE

At 31 March 2020

479,143

At 31 March 2019

428,667

Cost or valuation at 31 March 2020 is represented by:

Other

investments

£

Valuation in 2015

32,831

Valuation in 2016

(5,304

)

Valuation in 2017

6,755

Valuation in 2018

(3,979

)

Valuation in 2019

5,088

Valuation in 2020

(63,943

)

Cost

507,695

479,143

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2020

2019

£

£

Cost

507,695

393,276

Fixed asset investments were valued on an open market basis on 31 March 2020 by various portfolio providers .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

389

54,407

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other creditors

6,574

6,572

8.	RELATED PARTY DISCLOSURES

During the year, dividends of £NIL (2019: £5,000) were paid to the director in respect of ordinary shares held.

9.	DISTRIBUTABLE RESERVES

Included within the profit and loss reserve is any change in fair value of fixed asset investments and provisions

for deferred tax, which is not distributable.

The amount distributable at the 31st March 2020 is £559,419 as shown below.

£

Retained Earnings per the Balance Sheet

559,419

Revaluation reserve

-

Distributable reserves

559,419