Company Registration No. 06700208 (England and Wales)
Proteum Limited
Financial statements
for the year ended 31 August 2023
Pages for filing with the registrar
Proteum Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
Proteum Limited
Statement of financial position
As at 31 August 2023
1
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
31,625
120,912
Tangible assets
5
133,792
108,708
165,417
229,620
Current assets
Stocks
7
847,623
939,080
Debtors
8
352,889
470,939
Investments
9
3,798
11,292
Cash at bank and in hand
195,974
177,185
1,400,284
1,598,496
Creditors: amounts falling due within one year
10
(1,035,205)
(1,334,803)
Net current assets
365,079
263,693
Total assets less current liabilities
530,496
493,313
Creditors: amounts falling due after more than one year
11
(3,684,240)
(3,386,470)
Provisions for liabilities
(31,805)
-
0
Net liabilities
(3,185,549)
(2,893,157)
Capital and reserves
Called up share capital
12
75,100
75,100
Profit and loss reserves
(3,260,649)
(2,968,257)
Total equity
(3,185,549)
(2,893,157)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 21 March 2024 and are signed on its behalf by:
A S Mitchell
Director
Company Registration No. 06700208
Proteum Limited
Notes to the financial statements
For the year ended 31 August 2023
2
1
Accounting policies
Company information

Proteum Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Airfield, Dunkeswell, Honiton, Devon, England, EX14 4LF. The principal place of business is Office 4 & 5, Firefly Road, Hamble Point Marina, School Lane, Hamble-Le-Rice, Southampton, SO31 4NB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of SC Group-Global Limited. These consolidated financial statements are available from its registered office, The Airfield, Dunkeswell, Honiton, Devon, England, EX14 4LF.

1.2
Going concern

At the time of approving these financial statements, the directors have a reasonable expectation that the business has adequate resources to continue in operational existence for the foreseeable future. true

As part of making the above assessment, the directors continue to review the business in the current trading environment and in particular the adequacy of its current banking facilities and its access to additional facilities should these be required. The Company has an on demand bank facility that is renewable on an annual basis and believe that this will continue to be renewed at the current levels in line with previous years. The directors continue to test their assumptions with forecasts being reviewed regularly and ongoing discussions with lenders and banks to explore opportunities to increase facilities if appropriate.

The latest budget has been reviewed, sensitised and a number of differing scenarios produced under different planning assumptions. A number of UK projects which are under contract, have positively contributed to the underpinning of the revenues for the business for the forthcoming year regardless of which scenario is considered. Although these scenarios, show a reduction of revenues and margins over the period, the plans that remain in place to conserve cash and mitigate the effect drops of this magnitude in the forecast, the scenarios continue to indicate that the business will be able to operate positively and effectively.

Following these reviews, the directors have a reasonable expectation that the business has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors consider it to be appropriate to prepare the accounts on a going concern basis.

Proteum Limited
Notes to the financial statements (continued)
For the year ended 31 August 2023
1
Accounting policies (continued)
3
1.3
Turnover

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 value added tax, returns, rebates and discounts. The Company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity, which is deemed to be on delivery of goods or services to customers.

1.4
Intangible fixed assets other than goodwill

Separately acquired trademarks and licences are shown at historical cost. Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Software
20% straight line
Distribution agreements
Over ther period of the agreement
1.5
Tangible fixed assets

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

Depreciation

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

Land and buildings
10% straight line
Plant and machinery
20% - 25% straight line
Furniture, fixtures and fittings
20% - 25% straight line
1.6
Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.7
Financial instruments
Classification

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the net assets of the company.

Proteum Limited
Notes to the financial statements (continued)
For the year ended 31 August 2023
1
Accounting policies (continued)
4
Recognition and measurement

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

The company holds the following financial instruments:

 

 

All of the financial instruments of the company are considered to be basic financial instruments. Such instruments are initially measured at transaction price, including transaction costs. Those instruments considered current are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Long term instruments are subsequently measured at amortised cost using the effective interest rate method.

1.8
Taxation

Tax expense for the period represents the sum of the current tax currently payable and deferred tax. Tax is recognised in the profit or loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current tax

The current corporation 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 tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

1.9
Retirement benefits

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.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Proteum Limited
Notes to the financial statements (continued)
For the year ended 31 August 2023
1
Accounting policies (continued)
5
1.11
Foreign exchange

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. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
9
9
4
Intangible fixed assets
Distribution agreements
£
Cost
At 1 September 2022 and 31 August 2023
720,394
Amortisation and impairment
At 1 September 2022
599,482
Amortisation charged for the year
89,287
At 31 August 2023
688,769
Carrying amount
At 31 August 2023
31,625
At 31 August 2022
120,912
Proteum Limited
Notes to the financial statements (continued)
For the year ended 31 August 2023
6
5
Tangible fixed assets
Land and buildings
Plant and machinery
Furniture, fixtures and fittings
Total
£
£
£
£
Cost
At 1 September 2022
20,652
132,487
20,368
173,507
Additions
1,695
48,303
-
0
49,998
At 31 August 2023
22,347
180,790
20,368
223,505
Depreciation and impairment
At 1 September 2022
7,923
41,643
15,233
64,799
Depreciation charged in the year
2,135
21,125
1,654
24,914
At 31 August 2023
10,058
62,768
16,887
89,713
Carrying amount
At 31 August 2023
12,289
118,022
3,481
133,792
At 31 August 2022
12,729
90,844
5,135
108,708
6
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
3,798
11,292
7
Stocks
2023
2022
as restated
£
£
Raw materials and consumables
660,897
893,641
Work in progress
186,726
45,439
847,623
939,080
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
272,378
363,928
Other debtors
80,511
107,011
352,889
470,939
Proteum Limited
Notes to the financial statements (continued)
For the year ended 31 August 2023
7
9
Current asset investments
2023
2022
£
£
Other investments
3,798
11,292
10
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
638,344
775,393
Trade creditors
15,167
135,115
Amounts owed to group undertakings
2,485
-
0
Taxation and social security
172,268
72,339
Other creditors
206,941
351,956
1,035,205
1,334,803
11
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
3,684,240
3,386,470
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100
100
100
100
Ordinary B shares of £1 each
75,000
75,000
75,000
75,000
75,100
75,100
75,100
75,100

The company has two classes of ordinary shares which carry no right to fixed income and carry full voting rights.

13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Neil Davies
Statutory Auditors:
Saffery LLP
Proteum Limited
Notes to the financial statements (continued)
For the year ended 31 August 2023
8
14
Financial commitments, guarantees and contingent liabilities

An unlimited multilateral company guarantee has been given to the group's bankers by SC Group-Global Limited, SC Marine Limited, SC Innovation-Global Limited, Proteum Limited, Blackhill Engineering Services Limited and Supacat Limited covering all the present and future indebtedness and liabilities to the bank howsoever arising. All amounts owed to the group's bankers are secured by fixed and floating charges over the assets of the companies.

15
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
203,170
291,913
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2023
2022
£
£
37,908
-
0
16
Related party transactions

The company has taken advantage of the exemption in FRS 102 Section 1A from disclosing transactions with its parent company and other members of the group.

 

Balances owed to and from group companies are disclosed within the notes to the financial statements.

17
Parent company

The company's immediate parent and ultimate controlling party is SC Group-Global Limited, incorporated in England and Wales. SC Group-Global Limited is the parent company of the smallest group for which consolidated financial statements are drawn up of which the company is a member.

 

These financial statements are available upon request from Companies House. The address of the parent company's registered office is that of the company as stated in note 1.

Proteum Limited
Notes to the financial statements (continued)
For the year ended 31 August 2023
9
18
Prior period adjustment
Reconciliation of changes in equity
1 September
31 August
2021
2022
£
£
Adjustments to prior year
Effect of stock adjustment
-
109,053
Equity as previously reported
(2,534,676)
(3,002,210)
Equity as adjusted
(2,534,676)
(2,893,157)
Analysis of the effect upon equity
Profit and loss reserves
-
109,053
Reconciliation of changes in loss for the previous financial period
2022
£
Adjustments to prior year
Effect of stock adjustment
109,053
Loss as previously reported
(467,534)
Loss as adjusted
(358,481)
Notes to reconciliation
Amendment to stock valuation

It was identified that the value of stock was materially understated as at the prior year end. The raw materials category within stock has therefore increased by £109,053 and cost of sales has decreased by £109,053 in the prior year, to increase the value of stock as at 31 August 2022.

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