Proteus Industrial Technologies Limited - Abbreviated accounts 16.1

PROTEUS INDUSTRIAL TECHNOLOGIES LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31ST OCTOBER 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Report of the Accountants

7

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

2

28,396

-

Tangible assets

3

231,686

47,850

Investments

4

15,000

275,082

62,850

CURRENT ASSETS

Stocks

318,945

57,481

Debtors

672,794

682,087

Cash at bank and in hand

345,780

468,448

1,337,519

1,208,016

CREDITORS

Amounts falling due within one year

5

1,361,553

1,108,874

NET CURRENT (LIABILITIES)/ASSETS

(24,034

)

99,142

TOTAL ASSETS LESS CURRENT
LIABILITIES

251,048

161,992

PROVISIONS FOR LIABILITIES

36,680

9,516

NET ASSETS

214,368

152,476

CAPITAL AND RESERVES

Called up share capital

6

50,000

Profit and loss account

164,368

102,476

SHAREHOLDERS' FUNDS

214,368

152,476

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 21st April 2016 and were signed on its
behalf by:

J D Bailey - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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.

Deferred tax

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

the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

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 the profit and loss account in the period to which they

relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

Additions

37,223

At 31st October 2015

37,223

AMORTISATION

Amortisation for year

8,827

At 31st October 2015

8,827

NET BOOK VALUE

At 31st October 2015

28,396

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st November 2014

50,818

Additions

230,977

Disposals

(5,643

)

At 31st October 2015

276,152

DEPRECIATION

At 1st November 2014

2,968

Charge for year

44,111

Eliminated on disposal

(2,613

)

At 31st October 2015

44,466

NET BOOK VALUE

At 31st October 2015

231,686

At 31st October 2014

47,850

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1st November 2014

and 31st October 2015

15,000

NET BOOK VALUE

At 31st October 2015

15,000

At 31st October 2014

15,000

5.

CREDITORS

Creditors include an amount of £ 459,226 for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

50,000

Ordinary

£1

50,000

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

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages two to six) have been prepared.

As described on the balance sheet you are responsible for the preparation of the financial statements for the year ended 31st October 2015 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: .............................................