Registered number
07987138
Progressive Earth Limited
Unaudited Filleted Accounts
31 March 2022
Progressive Earth Limited
Registered number: 07987138
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 - 1,560
Tangible assets 4 41,916 24,280
41,916 25,840
Current assets
Stocks 48,235 28,780
Debtors 5 9,116 40,989
Cash at bank and in hand 56,335 20,031
113,686 89,800
Creditors: amounts falling due within one year 6 (29,674) (27,985)
Net current assets 84,012 61,815
Net assets 125,928 87,655
Capital and reserves
Called up share capital 2 2
Profit and loss account 125,926 87,653
Shareholder's funds 125,928 87,655
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mel Travis
Director
Approved by the board on 1 September 2022
Progressive Earth Limited
Notes to the Accounts
for the year ended 31 March 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 and 5 years
Fixtures, fittings, tools and equipment over 4 and 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 4 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2021 15,600
At 31 March 2022 15,600
Amortisation
At 1 April 2021 14,040
Provided during the year 1,560
At 31 March 2022 15,600
Net book value
At 31 March 2022 -
At 31 March 2021 1,560
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2021 - 24,776 34,216 58,992
Additions 23,356 5,329 - 28,685
At 31 March 2022 23,356 30,105 34,216 87,677
Depreciation
At 1 April 2021 - 11,433 23,279 34,712
Charge for the year - 3,120 7,929 11,049
At 31 March 2022 - 14,553 31,208 45,761
Net book value
At 31 March 2022 23,356 15,552 3,008 41,916
At 31 March 2021 - 13,343 10,937 24,280
5 Debtors 2022 2021
£ £
Trade debtors 1,103 3,669
Other debtors 8,013 37,320
9,116 40,989
6 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 5,968 7,937
Taxation and social security costs 23,706 20,048
29,674 27,985
7 Controlling party
The company is controlled by Melanie Barker.
8 Other information
Progressive Earth Limited is a private company limited by shares and incorporated in England. Its registered office is:
50 Hoyland Road
Hoyland Common
Barnsley
South Yorkshire
S74 0PB
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