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Unaudited Financial Statements for the Year Ended 31 March 2022

for

Progressive Memory Limited

Progressive Memory Limited (Registered number: 02438456)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Progressive Memory Limited

Company Information
for the Year Ended 31 March 2022







DIRECTORS: S Galvin
Mrs J.S. Galvin





SECRETARY: Mrs J.S. Galvin





REGISTERED OFFICE: 8 Meadow View
Marlow
Buckinghamshire
SL7 3PA





REGISTERED NUMBER: 02438456 (England and Wales)





ACCOUNTANTS: Peter Upton
Chartered Accountant
PO Box 782
Maidenhead
Berks
SL6 1FR

Progressive Memory Limited (Registered number: 02438456)

Balance Sheet
31 March 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,371 4,713

CURRENT ASSETS
Debtors 5 3,229 4,479
Cash at bank 2,848 3,119
6,077 7,598
CREDITORS
Amounts falling due within one year 6 4,650 6,475
NET CURRENT ASSETS 1,427 1,123
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,798

5,836

PROVISIONS FOR LIABILITIES 8 628 860
NET ASSETS 5,170 4,976

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 5,070 4,876
SHAREHOLDERS' FUNDS 5,170 4,976

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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.

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 Board of Directors and authorised for issue on 12 August 2022 and were signed on its behalf by:





S Galvin - Director


Progressive Memory Limited (Registered number: 02438456)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Progressive Memory 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.

Revenue recognition
Revenue - described as turnover - is the value of work performed during the year with respect to services and the value of goods provided to customers during the year both of which are net of VAT.

Tangible fixed assets
Depreciation is charged on assets at a rate of 25% per annum of their net book value.

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.

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 1 (2021 - 1 ) .

Progressive Memory Limited (Registered number: 02438456)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

4. TANGIBLE FIXED ASSETS
Office &
Plant and sundry
machinery equipment Totals
£    £    £   
COST
At 1 April 2021 4,592 40,162 44,754
Additions - 1,115 1,115
At 31 March 2022 4,592 41,277 45,869
DEPRECIATION
At 1 April 2021 4,347 35,694 40,041
Charge for year 61 1,396 1,457
At 31 March 2022 4,408 37,090 41,498
NET BOOK VALUE
At 31 March 2022 184 4,187 4,371
At 31 March 2021 245 4,468 4,713

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors 3,229 4,479

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Tax 278 -
VAT 548 1,274
Directors' current accounts 2,824 4,201
Accrued expenses 1,000 1,000
4,650 6,475

7. FINANCIAL INSTRUMENTS

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments, which are initially recognised at transaction value and subsequently measured at their settlement value.

8. PROVISIONS FOR LIABILITIES
31.3.22 31.3.21
£    £   
Deferred tax 628 860

Deferred
tax
£   
Balance at 1 April 2021 860
Deferred tax (232 )
Balance at 31 March 2022 628

Progressive Memory Limited (Registered number: 02438456)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.3.22 31.3.21
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Retained
earnings
£   

At 1 April 2021 4,876
Profit for the year 194
At 31 March 2022 5,070

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S Galvin & J Galvin.