IRIS Accounts Production v24.2.0.383 12071224 director 1.7.23 30.6.24 30.6.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh120712242023-06-30120712242024-06-30120712242023-07-012024-06-30120712242022-06-30120712242022-07-012023-06-30120712242023-06-3012071224ns15:EnglandWales2023-07-012024-06-3012071224ns14:PoundSterling2023-07-012024-06-3012071224ns10:Director12023-07-012024-06-3012071224ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3012071224ns10:SmallEntities2023-07-012024-06-3012071224ns10:AuditExempt-NoAccountantsReport2023-07-012024-06-3012071224ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3012071224ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3012071224ns10:FullAccounts2023-07-012024-06-3012071224ns10:RegisteredOffice2023-07-012024-06-3012071224ns5:CurrentFinancialInstruments2024-06-3012071224ns5:CurrentFinancialInstruments2023-06-3012071224ns5:Non-currentFinancialInstruments2024-06-3012071224ns5:Non-currentFinancialInstruments2023-06-3012071224ns5:ShareCapital2024-06-3012071224ns5:ShareCapital2023-06-3012071224ns5:SharePremium2024-06-3012071224ns5:SharePremium2023-06-3012071224ns5:FurtherSpecificReserve3ComponentTotalEquity2024-06-3012071224ns5:FurtherSpecificReserve3ComponentTotalEquity2023-06-3012071224ns5:RetainedEarningsAccumulatedLosses2024-06-3012071224ns5:RetainedEarningsAccumulatedLosses2023-06-3012071224ns5:PlantMachinery2023-07-012024-06-3012071224ns5:FurnitureFittings2023-07-012024-06-3012071224ns5:MotorVehicles2023-07-012024-06-3012071224ns5:ComputerEquipment2023-07-012024-06-3012071224ns5:PlantMachinery2023-06-3012071224ns5:FurnitureFittings2023-06-3012071224ns5:MotorVehicles2023-06-3012071224ns5:ComputerEquipment2023-06-3012071224ns5:PlantMachinery2024-06-3012071224ns5:FurnitureFittings2024-06-3012071224ns5:MotorVehicles2024-06-3012071224ns5:ComputerEquipment2024-06-3012071224ns5:PlantMachinery2023-06-3012071224ns5:FurnitureFittings2023-06-3012071224ns5:MotorVehicles2023-06-3012071224ns5:ComputerEquipment2023-06-3012071224ns5:AdditionsToInvestments2024-06-3012071224ns5:CostValuation2024-06-3012071224ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3012071224ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3012071224ns5:CurrentFinancialInstruments2023-07-012024-06-3012071224ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-06-3012071224ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-06-3012071224ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-06-3012071224ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-06-3012071224ns5:HirePurchaseContracts2024-06-3012071224ns5:HirePurchaseContracts2023-06-3012071224ns5:RetainedEarningsAccumulatedLosses2023-06-3012071224ns5:SharePremium2023-06-3012071224ns5:FurtherSpecificReserve3ComponentTotalEquity2023-06-3012071224ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-30
REGISTERED NUMBER: 12071224 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

PROTAGORAS LTD

PROTAGORAS LTD (REGISTERED NUMBER: 12071224)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROTAGORAS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: Dr R Tavakoli-Keshe





REGISTERED OFFICE: Cheribourne House
45A Station Road
Willington
Bedford
Bedfordshire
MK44 3QL





REGISTERED NUMBER: 12071224 (England and Wales)





ACCOUNTANTS: Baker Noel
Cheribourne House
45A Station Road
Willington
Bedford
Bedfordshire
MK44 3QL

PROTAGORAS LTD (REGISTERED NUMBER: 12071224)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 135,808 38,007
Investments 5 10 -
135,818 38,007

CURRENT ASSETS
Debtors 6 537,828 200,236
Cash at bank and in hand 1,299,272 859,603
1,837,100 1,059,839
CREDITORS
Amounts falling due within one year 7 765,167 298,281
NET CURRENT ASSETS 1,071,933 761,558
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,207,751

799,565

CREDITORS
Amounts falling due after more than one
year

8

(38,500

)

-

PROVISIONS FOR LIABILITIES (33,952 ) (9,502 )
NET ASSETS 1,135,299 790,063

CAPITAL AND RESERVES
Called up share capital 10 101 91
Share premium 11 44,540 -
Fair value reserve 11 15,240 -
Retained earnings 11 1,075,418 789,972
SHAREHOLDERS' FUNDS 1,135,299 790,063

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

PROTAGORAS LTD (REGISTERED NUMBER: 12071224)

BALANCE SHEET - continued
30 JUNE 2024


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

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

The financial statements were approved by the director and authorised for issue on 20 September 2024 and were signed by:





Dr R Tavakoli-Keshe - Director


PROTAGORAS LTD (REGISTERED NUMBER: 12071224)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Protagoras Ltd 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.

2. ACCOUNTING POLICIES

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

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Fees are invoiced to clients in stages and recognised based on completion of services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

PROTAGORAS LTD (REGISTERED NUMBER: 12071224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss on a straight-line basis over the period of the lease.

Lease incentives are recognised 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.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Share-based payment transactions
The company operates equity-settled share-based compensation plans. The fair value of the services received in exchange for the grant of options is recognised within personnel expenses, with a corresponding increase in equity, over the period that the employees unconditionally become entitled to the awards. The fair value of the options granted is measured using the Black Scholes model, taking into account the terms and conditions upon which the options were granted. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions.

At each reporting date, the entity revises its estimates of the number of options that are expected to become
exercisable. It recognises the impact of the revision of original estimates, if any, in the income statement, and a corresponding adjustment to equity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 16 ) .

PROTAGORAS LTD (REGISTERED NUMBER: 12071224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 973 14,769 - 52,702 68,444
Additions - 3,868 79,988 37,889 121,745
At 30 June 2024 973 18,637 79,988 90,591 190,189
DEPRECIATION
At 1 July 2023 185 2,927 - 27,325 30,437
Charge for year 195 3,018 2,666 18,065 23,944
At 30 June 2024 380 5,945 2,666 45,390 54,381
NET BOOK VALUE
At 30 June 2024 593 12,692 77,322 45,201 135,808
At 30 June 2023 788 11,842 - 25,377 38,007

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 10
At 30 June 2024 10
NET BOOK VALUE
At 30 June 2024 10

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 396,547 83,424
Amounts owed by group undertakings 9 -
Other debtors 141,272 116,812
537,828 200,236

Other debtors includes £61,787 relating to a rent deposit, which is repayable in more than one year.

PROTAGORAS LTD (REGISTERED NUMBER: 12071224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts (see note 9) 19,250 -
Trade creditors 3,559 5,002
Taxation and social security 192,464 96,685
Other creditors 549,894 196,594
765,167 298,281

Within Other Creditors is deferred revenue at 30 June 2024 of £156,285 (2023: £0). Deferred revenue relates to invoices raised for the services which run beyond the year end.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts (see note 9) 38,500 -

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
30.6.24 30.6.23
£    £   
Net obligations repayable:
Within one year 19,250 -
Between one and five years 38,500 -
57,750 -

The minimum lease payments falling due for operating leases total £160,188 (2023: £251,724).

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
Value: £ £
90,000 Ordinary 0.001 90 90
1,000 A Ordinary 0.001 1 1
5,000 B Ordinary 0.001 5 -
5,000 C Incentive 0.001 5 -
101 91

During the year the following shares were issued:


Date of share issue:

Class:

Number:
Aggregate
Nominal Value
Premium per
share
16th August 2023B Ordinary Shares5,000£5£4.454
16th August 2023C Ordinary Shares5,000£5£4.454
10,000£10.00

PROTAGORAS LTD (REGISTERED NUMBER: 12071224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

11. RESERVES
Fair
Retained Share value
earnings premium reserve Totals
£    £    £    £   

At 1 July 2023 789,972 - - 789,972
Profit for the year 622,246 622,246
Dividends (336,800 ) (336,800 )
Cash share issue - 44,540 - 44,540
Share options - - 15,240 15,240
At 30 June 2024 1,075,418 44,540 15,240 1,135,198

12. SHARE-BASED PAYMENT TRANSACTIONS

During the year EMI options scheme was implemented. This is an equity-settled share-based scheme.

A total of 3,500 share options for Ordinary shares were issued to staff as part of this scheme. Of these, 750 had vested at 30th June 2024.

The options had a strike price of £4.86 per share. The fair value, using the Black Scholes model, is £20.32 per share.

The accounts reflect the amount of £15,240 applicable to the year as a cost in the profit and loss, which is shown in the fair value reserve.

The options may be exercised in conjunction with an Exit Event.