Company Registration No. 05866114 (England and Wales)
Protea Investment Limited
Unaudited accounts
for the year ended 31 July 2023
Protea Investment Limited
Unaudited accounts
Contents
Protea Investment Limited
Company Information
for the year ended 31 July 2023
Company Number
05866114 (England and Wales)
Registered Office
103 High Street
Waltham Cross
EN8 7AN
Accountants
Heartwood Accountants Limited
103 High Street
Waltham Cross
Herts
EN87AN
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Protea Investment Limited for the year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Protea Investment Limited for the year ended
31 July 2023 as set out on pages
5 -
7 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 at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Protea Investment Limited, as a body, in accordance with the terms of our engagement letter dated 31 August 2020. Our work has been undertaken solely to prepare for your approval the accounts of Protea Investment Limited and state those matters that we have agreed to state to the Board of Directors of Protea Investment Limited, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Protea Investment Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Protea Investment Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Protea Investment Limited. You consider that Protea Investment 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 accounts of Protea Investment 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 accounts.
Heartwood Accountants Limited
Chartered Accountants
103 High Street
Waltham Cross
Herts
EN87AN
29 April 2024
Protea Investment Limited
Statement of financial position
as at 31 July 2023
Tangible assets
410,000
488,000
Cash at bank and in hand
89,367
97,167
Creditors: amounts falling due within one year
(74,390)
(72,000)
Net current assets
14,977
25,167
Total assets less current liabilities
424,977
513,167
Creditors: amounts falling due after more than one year
(331,599)
(567,788)
Net assets/(liabilities)
93,378
(54,621)
Called up share capital
1
1
Profit and loss account
93,377
(54,622)
Shareholders' funds
93,378
(54,621)
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 April 2024 and were signed on its behalf by
Thomas Snyman
Director
Company Registration No. 05866114
Protea Investment Limited
Notes to the Accounts
for the year ended 31 July 2023
Protea Investment Limited is a private company, limited by shares, registered in England and Wales, registration number 05866114. The registered office is 103 High Street, Waltham Cross, EN8 7AN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
33.3% straight line basis
Investment property is included at market fair value. Gains are recognised in the income statement.
4
Tangible fixed assets
Land & buildings
Computer equipment
Total
Cost or valuation
At valuation
At cost
At 1 August 2022
488,000
3,500
491,500
Revaluations
162,000
-
162,000
Disposals
(240,000)
-
(240,000)
At 31 July 2023
410,000
3,500
413,500
At 1 August 2022
-
3,500
3,500
At 31 July 2023
-
3,500
3,500
At 31 July 2023
410,000
-
410,000
At 31 July 2022
488,000
-
488,000
Protea Investment Limited
Notes to the Accounts
for the year ended 31 July 2023
5
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
1,390
-
Loans from directors
73,000
72,000
6
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
242,839
379,028
Loans from directors
88,760
188,760
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).