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REGISTERED NUMBER: 03412720 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PROTEUS (PACKAGING SYSTEMS) LIMITED

PROTEUS (PACKAGING SYSTEMS) LIMITED (REGISTERED NUMBER: 03412720)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROTEUS (PACKAGING SYSTEMS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: K S Hooker
J Davie





SECRETARY: K S Hooker





REGISTERED OFFICE: 30 - 34 North Street
Hailsham
East Sussex
BN27 1DW





REGISTERED NUMBER: 03412720 (England and Wales)





ACCOUNTANTS: Watson Associates (Professional Services) Limited
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

PROTEUS (PACKAGING SYSTEMS) LIMITED (REGISTERED NUMBER: 03412720)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 101,174 51,420
Investments 6 74,120 24,120
175,294 75,540

CURRENT ASSETS
Stocks 35,792 58,537
Debtors 7 240,147 218,809
Cash at bank and in hand 168,793 201,078
444,732 478,424
CREDITORS
Amounts falling due within one year 8 (237,116 ) (198,221 )
NET CURRENT ASSETS 207,616 280,203
TOTAL ASSETS LESS CURRENT
LIABILITIES

382,910

355,743

CREDITORS
Amounts falling due after more than one
year

9

(19,062

)

(29,097

)

PROVISIONS FOR LIABILITIES (24,234 ) (11,563 )
NET ASSETS 339,614 315,083

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 339,514 314,983
SHAREHOLDERS' FUNDS 339,614 315,083

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

PROTEUS (PACKAGING SYSTEMS) LIMITED (REGISTERED NUMBER: 03412720)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





K S Hooker - Director


PROTEUS (PACKAGING SYSTEMS) LIMITED (REGISTERED NUMBER: 03412720)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Proteus (Packaging Systems) 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.

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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

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 - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

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

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

PROTEUS (PACKAGING SYSTEMS) LIMITED (REGISTERED NUMBER: 03412720)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 11 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 115,000 600 115,600
AMORTISATION
At 1 January 2023
and 31 December 2023 115,000 600 115,600
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 - - -

PROTEUS (PACKAGING SYSTEMS) LIMITED (REGISTERED NUMBER: 03412720)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 221,840 - 40,500 3,507 265,847
Additions - 47,633 32,200 - 79,833
At 31 December 2023 221,840 47,633 72,700 3,507 345,680
DEPRECIATION
At 1 January 2023 189,546 - 23,414 1,467 214,427
Charge for year 4,844 11,908 12,322 1,005 30,079
At 31 December 2023 194,390 11,908 35,736 2,472 244,506
NET BOOK VALUE
At 31 December 2023 27,450 35,725 36,964 1,035 101,174
At 31 December 2022 32,294 - 17,086 2,040 51,420

6. FIXED ASSET INVESTMENTS

2023 2022
£    £   
Shares in group undertakings 24,120 24,120
Other investments not loans 50,000 -
74,120 24,120

Additional information is as follows:
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 24,120
NET BOOK VALUE
At 31 December 2023 24,120
At 31 December 2022 24,120

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Investments additions 50,000 -

PROTEUS (PACKAGING SYSTEMS) LIMITED (REGISTERED NUMBER: 03412720)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 237,147 215,809
Other debtors 3,000 3,000
240,147 218,809

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,035 9,788
Trade creditors 116,397 23,417
Taxation and social security 10,878 41,901
Other creditors 99,806 123,115
237,116 198,221

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 19,062 29,097

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
75 Ordinary A £1 75 75
25 Ordinary B £1 25 25
100 100