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

PROTEUS INDUSTRIAL TECHNOLOGIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1ST NOVEMBER 2019 TO 30TH APRIL 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

10

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

Tangible assets

5

-

280,683

Investments

6

-

15,000

-

317,300

CURRENT ASSETS

Stocks

-

455,344

Debtors

7

1,784,124

517,704

Cash at bank and in hand

539,795

801,208

2,323,919

1,774,256

CREDITORS

Amounts falling due within one year

8

1,588,438

1,527,278

NET CURRENT ASSETS

735,481

246,978

TOTAL ASSETS LESS CURRENT LIABILITIES

735,481

564,278

CREDITORS

Amounts falling due after more than one year

9

(307,328

)

(12,852

)

PROVISIONS FOR LIABILITIES

-

(42,397

)

NET ASSETS

428,153

509,029

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Other reserves

24,089

-

Retained earnings

354,064

459,029

SHAREHOLDERS' FUNDS

428,153

509,029

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30th April 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 30th April 2021 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 11th September 2021 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 period 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 period 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 period was 26 (2019 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Computer

licences

software

Totals

£

£

£

COST

At 1st November 2019

69,229

9,590

78,819

Additions

3,024

11,772

14,796

Disposals

(72,253

)

(21,362

)

(93,615

)

At 30th April 2021

-

-

-

AMORTISATION

At 1st November 2019

57,202

-

57,202

Amortisation for period

9,275

-

9,275

Eliminated on disposal

(66,477

)

-

(66,477

)

At 30th April 2021

-

-

-

NET BOOK VALUE

At 30th April 2021

-

-

-

At 31st October 2019

12,027

9,590

21,617

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1st November 2019

111,679

45,985

145,066

Additions

14,796

4,014

9,231

Disposals

(126,475

)

(49,999

)

(154,297

)

At 30th April 2021

-

-

-

DEPRECIATION

At 1st November 2019

32,369

31,323

81,907

Charge for period

18,922

5,958

19,019

Eliminated on disposal

(51,291

)

(37,281

)

(100,926

)

At 30th April 2021

-

-

-

NET BOOK VALUE

At 30th April 2021

-

-

-

At 31st October 2019

79,310

14,662

63,159

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st November 2019

220,857

37,137

560,724

Additions

168,592

16,746

213,379

Disposals

(389,449

)

(53,883

)

(774,103

)

At 30th April 2021

-

-

-

DEPRECIATION

At 1st November 2019

108,025

26,417

280,041

Charge for period

54,155

6,801

104,855

Eliminated on disposal

(162,180

)

(33,218

)

(384,896

)

At 30th April 2021

-

-

-

NET BOOK VALUE

At 30th April 2021

-

-

-

At 31st October 2019

112,832

10,720

280,683

Included within "motor vehicles" are assets held under hire purchase agreements, with an aggregate net book value of £nil (2019: £64,924).

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st November 2019

15,000

Disposals

(15,000

)

At 30th April 2021

-

NET BOOK VALUE

At 30th April 2021

-

At 31st October 2019

15,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2019

£

£

Trade debtors

279,434

482,141

Amounts owed by group undertakings

1,341,290

-

Other debtors

50,000

19,249

Prepayments

113,400

16,314

1,784,124

517,704

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2019

£

£

Bank loans and overdrafts

45,454

-

Other loans

192,565

-

Hire purchase contracts

-

27,710

Trade creditors

638,401

573,832

Tax

224,399

121,172

Social security and other taxes

278,989

221,939

Other creditors

7,589

153,843

Directors' current accounts

62,708

378,076

Accrued expenses

138,333

50,706

1,588,438

1,527,278

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2019

£

£

Bank loans - 2-5 years

181,818

-

Other loans - 1-2 years

29,266

-

Other loans - 2-5 years

96,244

-

Hire purchase contracts

-

12,852

307,328

12,852

10.	OTHER FINANCIAL COMMITMENTS

As at 30th April 2021, the company had aggregate other financial commitments of £17,173, comprising obligations under operating leases.

11.	RELATED PARTY DISCLOSURES

During the period, total dividends of £80,000 (2019 - £240,000) were paid to the directors .

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

The company maintains a loan account with a shareholder, which is interest-free and repayable over a number of years. As at 30th April 2021, the balance owed by the company was £342,164. In accordance with Financial Reporting Standard 102, however, the loan has been recognised in the financial statements at its discounted present value of £318,075, the difference being accounted for as a capital contribution. A notional interest rate of 6% is being applied to the loan.

The company made an interest-free loan of £50,000 to a company jointly controlled by one of the directors and a shareholder, and is repayable on demand.

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 period ended 30th April 2021 set out on pages three to twelve 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

17th September 2021