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Sage Accounts Production Advanced 2023 - FRS102_2023
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2023-12-31
03295252
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03295252
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COMPANY REGISTRATION NUMBER:
03295252
Period from 1 April 2023 to 31 December 2023
Officers and professional advisers |
1 |
|
|
Independent auditor's report to the members |
4 |
|
|
Statement of financial position |
8 |
|
|
Notes to the financial statements |
9 |
|
|
Officers and Professional Advisers |
|
The board of directors |
J M Whatmore |
|
Y I Moolla |
|
|
Registered office |
117-119 Zellig Custard Factory |
|
Gibb Street |
|
Digbeth |
|
Birmingham |
|
B9 4AA |
|
|
Auditor |
Muras Baker Jones Limited |
|
Chartered accountants & statutory auditor |
|
Regent House |
|
Bath Avenue |
|
Wolverhampton |
|
West Midlands |
|
WV1 4EG |
|
|
Bankers |
Lloyds Bank |
|
1 Legg Street |
|
Chelmsford |
|
Essex |
|
CM1 1JS |
|
|
Period from 1 April 2023 to 31 December 2023
The directors present their report and the financial statements of the company for the period ended
31 December 2023
.
Principal activities
The company ceased trading in 2015 when the trading activities were transferred to the parent company, Protean Software Limited.
Directors
The directors who served the company during the period were as follows:
J M Whatmore |
(Appointed
14 July 2023) |
Y I Moolla |
(Appointed
14 July 2023) |
N H Plumbley |
(Resigned
14 July 2023) |
S E Gueorguiev |
(Resigned
14 July 2023) |
C J Morgan |
(Resigned
14 July 2023) |
|
|
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
23 September 2024
and signed on behalf of the board by:
Independent Auditor's Report to the Members of
Protean Subco Limited |
|
Period from 1 April 2023 to 31 December 2023
Opinion
We have audited the financial statements of Protean Subco Limited (the 'company') for the period ended 31 December 2023 which comprise the statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its result for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: In planning and designing our audit tests we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management about their own identification and assessment of risks and irregularities. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK tax legislation and other laws and regulations identified as risk areas identified from our discussions with management. We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. After consideration of the above risks we then carried out audit procedures including the following: - specific tests in relation to material amounts and disclosures in the financial statements considered to be of high risk; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reading minutes of management meetings; - reviewing correspondence with H M Revenue & Customs; - inquiring of management and reviewing any correspondence with legal advisors concerning actual and potential litigation and claims; - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. There are inherent limitations in our audit procedures described above. The more removed that the laws and regulations are from financial transactions the less likely it is that we would be aware on non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Oliver Ross BSc(Hons) FCA |
(Senior Statutory Auditor) |
|
For and on behalf of |
Muras Baker Jones Limited |
Chartered accountants & statutory auditor |
Regent House |
Bath Avenue |
Wolverhampton |
West Midlands |
WV1 4EG |
|
23 September 2024
Statement of Financial Position |
|
31 December 2023
|
31 Dec 23 |
31 Mar 23 |
Note |
£ |
£ |
£ |
|
|
|
|
Current assets
Cash at bank and in hand |
71,673 |
|
4,320 |
|
|
|
|
Creditors: amounts falling due within one year |
4 |
71,573 |
|
4,220 |
|
-------- |
|
------- |
Net current assets |
|
100 |
100 |
|
|
---- |
---- |
Total assets less current liabilities |
|
100 |
100 |
|
|
---- |
---- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
|
|
---- |
---- |
Shareholders funds |
|
100 |
100 |
|
|
---- |
---- |
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the
board of directors
and authorised for issue on
23 September 2024
, and are signed on behalf of the board by:
Company registration number:
03295252
Notes to the Financial Statements |
|
Period from 1 April 2023 to 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 117-119 Zellig Custard Factory, Gibb Street, Digbeth, Birmingham, B9 4AA.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
4.
Creditors:
amounts falling due within one year
|
31 Dec 23 |
31 Mar 23 |
|
£ |
£ |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
71,573 |
4,220 |
|
-------- |
------- |
|
|
|
5.
Controlling party
The company is a wholly owned subsidiary of Protean Software Limited, a company registered in England and Wales.
The ultimate parent company in Shelby Topco Limited, a company registered in England and Wales.