Registration number:
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Proteus Sports and Racing Cars Limited
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Proteus Sports and Racing Cars Limited
(Registration number: 06713712)
Abbreviated Balance Sheet at 31 March 2015
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2015 |
2014 |
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Fixed assets |
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Intangible fixed assets |
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Tangible fixed assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Approved by the Board on
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1
Proteus Sports and Racing Cars Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
Accounting policies |
Basis of preparation
Going concern
The financial statements have been prepared on a going concern basis despite the net liabilities in the balance sheet. The directors feel this is appropriate due to the support that continues to be offered by both the directors personally and ultimate parent company, Hevelius Holdings Limited.
Turnover
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
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Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Plant and tooling |
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Office and workshop equipment |
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Motor vehicles |
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Fixed asset investments
Stock
Proteus Sports and Racing Cars Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
Operating leases
Fixed assets |
Intangible assets
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Tangible assets
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Investments
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Total
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Cost |
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At 1 April 2014 |
116,653 |
275,146 |
10,788 |
402,587 |
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At 31 March 2015 |
116,653 |
275,146 |
10,788 |
402,587 |
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Depreciation |
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At 1 April 2014 |
56,237 |
70,197 |
- |
126,434 |
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Charge for the year |
11,665 |
14,304 |
- |
25,969 |
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At 31 March 2015 |
67,902 |
84,501 |
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152,403 |
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Net book value |
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At 31 March 2015 |
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At 31 March 2014 |
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Share capital |
Allotted, called up and fully paid shares
2015 |
2014 |
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No. |
£ |
No. |
£ |
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Related party transactions |
Directors' advances and credits |
2015 |
2015 |
2014 |
2014 |
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Mr N J Forsyth |
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120,383 |
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