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

PROTEUS INDUSTRIAL TECHNOLOGIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

CURRENT ASSETS

Debtors

4

388,864

1,784,124

Cash at bank

490,844

539,795

879,708

2,323,919

CREDITORS

Amounts falling due within one year

5

160,077

1,588,438

NET CURRENT ASSETS

719,631

735,481

TOTAL ASSETS LESS CURRENT LIABILITIES

719,631

735,481

CREDITORS

Amounts falling due after more than one year

6

232,608

307,328

NET ASSETS

487,023

428,153

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Other reserves

24,089

24,089

Retained earnings

412,934

354,064

SHAREHOLDERS' FUNDS

487,023

428,153

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5th December 2022 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 have been fully amortised in the current year.

Computer software has been fully amortised in the current year.

Tangible fixed assets

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

Taxation

Taxation for the year comprises current and 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.

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

The average number of employees during the year was 1 (2021 - 26 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

-

279,434

Amounts owed by group undertakings

388,864

1,341,290

Other debtors

-

50,000

Prepayments

-

113,400

388,864

1,784,124

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

45,454

45,454

Other loans

29,266

192,565

Trade creditors

15,157

638,401

Tax

15,302

224,399

Social security and other taxes

6,188

278,989

Other creditors

21,172

7,589

Directors' current accounts

-

62,708

Accrued expenses

27,538

138,333

160,077

1,588,438

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans - 2-5 years

136,364

181,818

Other loans - 1-2 years

31,071

29,266

Other loans - 2-5 years

65,173

96,244

232,608

307,328

7.	RELATED PARTY DISCLOSURES

The company maintains a loan account with its parent undertaking, which is interest-free and repayable on demand. As at 30th April 2022, the balance owed by the parent undertaking was £388,864 (2021: £1,341,290).

The company shares use of its parent undertaking's premises, other assets and staff, for which management charges of £25,950 were payable by the company for the year (2021: £nil).

The company maintains a loan account with a shareholder, which is interest-free and repayable over a number of years. As at 30th April 2022, the balance owed by the company was £141,164. In accordance with Financial Reporting Standard 102, however, the loan has been recognised in the financial statements at its discounted present value of £125,509, the difference being accounted for as a capital contribution. A notional interest rate of 6% is being applied to the loan.