Proteus Developments Limited - Period Ending 2017-03-31

Registration number: 02693303

Proteus Developments Limited

Unaudited Financial Statements

for the Year Ended 31 March 2017

Alextra Group Ltd
Chartered Certified Accountants
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

Proteus Developments Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Proteus Developments Limited

Company Information

Director

Mr P A Jessop

Company secretary

Mrs P M Jessop

Registration number

02693303

Registered office

16 The Crescent Leftwich Northwich Cheshire CW9 8AD

Accountants

Alextra Group Ltd Chartered Certified Accountants 7-9 Macon Court Crewe Cheshire CW1 6EA

Page 1

Proteus Developments Limited

(Registration number: 02693303)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	847	1,058
Current assets
Debtors	5	9	-
Cash at bank and in hand		3,715	2,864
		3,724	2,864
Creditors: Amounts falling due within one year	6	(913)	(905)
Net current assets		2,811	1,959
Net assets		3,658	3,017
Capital and reserves
Called up share capital		2	2
Profit and loss account		3,656	3,015
Total equity		3,658	3,017

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account or Directors Report has been taken.

Approved and authorised by the director on 30 November 2017
 

Mr P A Jessop

Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Proteus Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in Other.

The address of its registered office is:
16 The Crescent
Leftwich
Northwich
Cheshire
CW9 8AD

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Page 3

Proteus Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Asset class	Depreciation method and rate
Computer equipment	20% on written down value
Furniture and fittings	20% on written down value

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

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Proteus Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2016	18,335	18,335
At 31 March 2017	18,335	18,335
Depreciation
At 1 April 2016	17,277	17,277
Charge for the year	211	211
At 31 March 2017	17,488	17,488
Carrying amount
At 31 March 2017	847	847
At 31 March 2016	1,058	1,058

5

Debtors

	2017 £	2016 £
Other debtors	9	-
Total current trade and other debtors	9	-

6

Creditors

	Note	2017 £	2016 £
Due within one year
Taxation and social security		477	496
Other creditors		436	409
		913	905

Page 5

Proteus Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

7	Transition to FRS 102

This is the first year that the company has presented its financial statements under Financial Reporting Standard 102 (FRS 102), the financial reporting standard applicable in the UK and Republic of Ireland.

The date of transition was 1 April 2016, and there were minimal changes required to the company’s accounting policies.

There is no difference between the financial position or financial performance as a result of the transition.

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