Proteus Industrial Technologies Limited - Accounts to registrar (filleted) - small 23.1.2

PROTEUS INDUSTRIAL TECHNOLOGIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2023

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

401,889

388,864

Cash at bank

435,746

490,844

837,635

879,708

CREDITORS

Amounts falling due within one year

5

144,395

160,077

NET CURRENT ASSETS

693,240

719,631

TOTAL ASSETS LESS CURRENT LIABILITIES

693,240

719,631

CREDITORS

Amounts falling due after more than one year

6

94,697

232,608

NET ASSETS

598,543

487,023

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Other reserves

20,617

24,089

Retained earnings

527,926

412,934

SHAREHOLDERS' FUNDS

598,543

487,023

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2023 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 19th January 2024 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.

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.

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 NIL (2022 - 1 ).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed by group undertakings

401,889

388,864

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

45,454

45,454

Other loans

-

29,266

Trade creditors

5,697

15,157

Tax

27,843

15,302

Social security and other taxes

10,992

6,188

Other creditors

21,638

21,172

Accrued expenses

32,771

27,538

144,395

160,077

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans - 2-5 years

94,697

136,364

Other loans - 1-2 years

-

31,071

Other loans - 2-5 years

-

65,173

94,697

232,608

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 2023, the balance owed by the parent undertaking was £401,889 (2022: £388,864).

The company shares use of its parent undertaking's premises, other assets and staff, for which management charges of £27,200 were payable by the company for the year (2022: £22,950).