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Registration number: 02087313

Proteus Equipment Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Proteus Equipment Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Proteus Equipment Limited

(Registration number: 02087313)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

899,765

953,842

Current assets

 

Stocks

5

693,970

618,534

Debtors

6

563,991

620,147

Cash at bank and in hand

 

2,346,377

1,988,323

 

3,604,338

3,227,004

Creditors: Amounts falling due within one year

7

(543,567)

(597,876)

Net current assets

 

3,060,771

2,629,128

Total assets less current liabilities

 

3,960,536

3,582,970

Provisions for liabilities

(146,289)

(160,708)

Net assets

 

3,814,247

3,422,262

Capital and Reserves

 

Called up share capital

100

100

Retained Earnings

3,814,147

3,422,162

Shareholders' funds

 

3,814,247

3,422,262

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 March 2024 and signed on its behalf by:
 

.........................................
EO Kelly
Director

 

Proteus Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Newlands Industrial Estate
Rushbrooke Lane
Bury St Edmunds
Suffolk
IP33 2RS
United Kingdom

These financial statements were authorised for issue by the Board on 29 March 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are presented in Sterling, which is the functional currency of the company.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Proteus Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible Assets

Tangible assets are stated in the balance sheet 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

10 years straight line

Plant and machinery

3-7 years striaght line/20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Proteus Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 13).

 

Proteus Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible Assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

374,842

2,599,951

2,974,793

Additions

6,219

212,706

218,925

Disposals

-

(119,700)

(119,700)

At 30 June 2023

381,061

2,692,957

3,074,018

Depreciation

At 1 July 2022

119,276

1,901,675

2,020,951

Charge for the year

8,199

206,938

215,137

Eliminated on disposal

-

(61,835)

(61,835)

At 30 June 2023

127,475

2,046,778

2,174,253

Carrying amount

At 30 June 2023

253,586

646,179

899,765

At 30 June 2022

255,566

698,276

953,842

Included within the net book value of land and buildings above is £253,585 (2022 - £255,566) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Stock and work in progress

693,970

618,534

6

Debtors

Current

Note

2023
£

2022
£

Trade Debtors

 

479,308

540,201

Amounts owed by related parties

8

73,407

69,555

Prepayments

 

9,196

7,103

Other debtors

 

2,080

3,288

   

563,991

620,147

 

Proteus Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade Creditors

230,420

218,765

Taxation and social security

271,428

301,947

Accruals and deferred income

11,826

24,668

Other creditors

29,893

52,496

543,567

597,876

 

Proteus Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

EO Kelly

(2,447)

4,763

(2,610)

(294)

Material advance

-

25,000

(25,000)

-

(2,447)

29,763

(27,610)

(294)

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

EO Kelly

(8)

8,524

(10,963)

(2,447)

Material advance

-

17,875

(17,875)

-

(8)

26,399

(28,838)

(2,447)

Loans to related parties

2023

Parent
£

Total
£

At start of period

69,555

69,555

Advanced

3,852

3,852

At end of period

73,407

73,407

2022

Parent
£

Total
£

At start of period

62,499

62,499

Advanced

7,056

7,056

At end of period

69,555

69,555

Terms of loans to related parties

The loan is interest free and repayable on demand.
 

9

Parent and ultimate parent undertaking

The company's immediate parent is Proteus Investments Limited, a company incorporated in England.