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REGISTERED NUMBER: 02675431 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Progressive Products Limited

Progressive Products Limited (Registered number: 02675431)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Progressive Products Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: M J Mockler
T J Williams





SECRETARY: Mrs J T Mockler





REGISTERED OFFICE: Presteigne Industrial Estate
Presteigne
Powys
LD8 2UF





REGISTERED NUMBER: 02675431 (England and Wales)





ACCOUNTANTS: R J Francis & Co
Suites 1 & 2
Marshall Business Centre
Faraday Road
Hereford
Herefordshire
HR4 9NS

Progressive Products Limited (Registered number: 02675431)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 435,561 480,307

CURRENT ASSETS
Stocks 328,152 223,716
Debtors 5 78,600 19,726
Cash at bank and in hand 1,145,564 1,247,582
1,552,316 1,491,024
CREDITORS
Amounts falling due within one year 6 364,878 318,221
NET CURRENT ASSETS 1,187,438 1,172,803
TOTAL ASSETS LESS CURRENT LIABILITIES 1,622,999 1,653,110

CREDITORS
Amounts falling due after more than one
year

7

(9,200

)

(42,289

)

PROVISIONS FOR LIABILITIES (42,411 ) (50,503 )
NET ASSETS 1,571,388 1,560,318

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,570,388 1,559,318
1,571,388 1,560,318

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

Progressive Products Limited (Registered number: 02675431)

Balance Sheet - continued
31 March 2023


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 31 July 2023 and were signed on its behalf by:





M J Mockler - Director


Progressive Products Limited (Registered number: 02675431)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Progressive Products 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on cost and 2% on cost
Plant and machinery - 20% on cost
Motor vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Progressive Products Limited (Registered number: 02675431)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 389,180 43,906 443,281 - 876,367
Additions 14,314 - 45,430 5,545 65,289
Disposals - - (28,595 ) - (28,595 )
At 31 March 2023 403,494 43,906 460,116 5,545 913,061
DEPRECIATION
At 1 April 2022 174,676 43,906 177,478 - 396,060
Charge for year 16,471 - 82,769 - 99,240
Eliminated on disposal - - (17,800 ) - (17,800 )
At 31 March 2023 191,147 43,906 242,447 - 477,500
NET BOOK VALUE
At 31 March 2023 212,347 - 217,669 5,545 435,561
At 31 March 2022 214,504 - 265,803 - 480,307

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 78,600 19,726

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 31,354 44,000
Trade creditors 208,501 155,299
Taxation and social security 118,253 114,427
Other creditors 6,770 4,495
364,878 318,221

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 9,200 42,289