Proteus Business Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07074280 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2017

FOR

PROTEUS BUSINESS SOLUTIONS LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

Mr. V J Conner

Mrs S A Conner

REGISTERED OFFICE:

32 Dragon Street

Petersfield

Hampshire

GU31 4JJ

REGISTERED NUMBER:

07074280 (England and Wales)

ACCOUNTANTS:

Rothmans

32 Dragon Street

Petersfield

Hampshire

GU31 4JJ

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.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Proteus Business Solutions Limited for the year ended 31st December 2017 which comprise the

Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Proteus Business Solutions Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Proteus Business Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Proteus Business Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Proteus Business Solutions Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Proteus Business Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Proteus Business Solutions Limited. You consider that Proteus Business Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Proteus Business Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rothmans

32 Dragon Street

Petersfield

Hampshire

GU31 4JJ

28th September 2018

FIXED ASSETS

Tangible assets

4

21,150

22,986

CURRENT ASSETS

Stocks

2,400

2,000

Debtors

5

58,520

40,530

Cash at bank and in hand

5,050

1,890

65,970

44,420

CREDITORS

Amounts falling due within one year

6

67,148

56,121

NET CURRENT LIABILITIES

(1,178

)

(11,701

)

TOTAL ASSETS LESS CURRENT LIABILITIES

19,972

11,285

PROVISIONS FOR LIABILITIES

4,019

-

NET ASSETS

15,953

11,285

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

15,853

11,185

15,953

11,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 28th September 2018 and were signed on its behalf by:

Mr. V J Conner - Director

1.	STATUTORY INFORMATION

Proteus Business Solutions 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of financial statements often requires the use of judgements, estimates and assumptions that

affect the reported amounts of assets and liabilities at the date of the financial statements, and revenues and

expenses during the reporting period. These judgements, estimates and assumptions are based on

management's historical experience, knowledge and other factors including expectations of future events or

actions that are believed to be reasonable under the circumstances. Actual results may differ from those

amounts estimated.

In preparing these financial statements, management do not believe that they have made any critical

judgements in applying the company's accounting policies.

In preparing these financial statements, management do not believe that they have used any significant

estimates or assumptions.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services provided during

the year, 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.

Fixtures and fittings

-

10% on reducing balance

Computer equipment

-

15% on reducing balance

If there is an indication that there has been a significant change in any depreciation rate, useful life or residual

value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of

depreciation and any impairment losses.

The gain or loss arising on disposal of an asset is determined as the difference between the sale proceeds and

the carrying value of the asset, and is credited or charged to the profit or loss.

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 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.

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.

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 AND DIRECTORS

The average number of employees during the year was 5 (2016 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st January 2017

7,998

40,036

48,034

Additions

-

4,264

4,264

Disposals

-

(7,826

)

(7,826

)

At 31st December 2017

7,998

36,474

44,472

DEPRECIATION

At 1st January 2017

2,253

22,795

25,048

Charge for year

574

2,820

3,394

Eliminated on disposal

-

(5,120

)

(5,120

)

At 31st December 2017

2,827

20,495

23,322

NET BOOK VALUE

At 31st December 2017

5,171

15,979

21,150

At 31st December 2016

5,745

17,241

22,986

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

27,207

17,702

Other debtors

31,313

22,828

58,520

40,530

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

36,358

15,594

Taxation and social security

16,417

23,194

Other creditors

14,373

17,333

67,148

56,121

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

9,333

18,800

Between one and five years

-

9,333

9,333

28,133

The 5 year lease will end July 2019.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2017 and

31st December 2016:

2017

2016

£

£

Mr. V J Conner

Balance outstanding at start of year

17,648

10,612

Amounts advanced

8,707

7,252

Amounts repaid

(7,271

)

(216

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

19,084

17,648

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr C Roberts.