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Progressive Coatings Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2023

Registration number: 06192489

 

Progressive Coatings Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Progressive Coatings Limited

Balance Sheet

30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

35,980

26,896

Current assets

 

Stocks

7,399

4,783

Debtors

5

152,698

87,957

Cash at bank and in hand

 

84,427

87,167

 

244,524

179,907

Creditors: Amounts falling due within one year

6

(139,482)

(77,915)

Net current assets

 

105,042

101,992

Total assets less current liabilities

 

141,022

128,888

Creditors: Amounts falling due after more than one year

6

(20,796)

(16,479)

Provisions for liabilities

(19,000)

(17,000)

Net assets

 

101,226

95,409

Capital and reserves

 

Called up share capital

80

80

Profit and loss account

101,146

95,329

Shareholders' funds

 

101,226

95,409

 

Progressive Coatings Limited

Balance Sheet

30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 February 2024 and signed on its behalf by:
 

.........................................
P S Wood
Director

Company Registration Number: 06192489

 

Progressive Coatings Limited

Notes to the Financial Statements

Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and principal place of business is:
Unit 7 Cranmere Court
Lustleigh Close
Exeter
Devon
EX2 8PW

These financial statements were authorised for issue by the Board on 29 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The functional currency of Progressive Coatings Limited is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates.

Going concern

The directors have considered the impact of the uncertain potential economic crisis on the business. Taking all available information into account the directors have assessed the ability of the company to continue as a going concern, and consider the going concern assumption appropriate in preparing the financial statements.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of services to customers. In addition, an estimate is made of the costs and profits earned on contracts extant at the year end date and this work in progress is included in turnover.

Government grants

Government grants in respect of the Coronavirus Job Retention Scheme are recognised in the month to which the associated expense relates and is included in other operating income.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Progressive Coatings Limited

Notes to the Financial Statements

Year Ended 30 June 2023

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Plant and machinery

25% straight line

Stocks

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Progressive Coatings Limited

Notes to the Financial Statements

Year Ended 30 June 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Progressive Coatings Limited

Notes to the Financial Statements

Year Ended 30 June 2023

4

Tangible assets

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost

At 1 July 2022

48,234

2,200

50,434

Additions

22,858

-

22,858

Disposals

(13,882)

-

(13,882)

At 30 June 2023

57,210

2,200

59,410

Depreciation

At 1 July 2022

21,799

1,739

23,538

Charge for the year

13,330

444

13,774

Eliminated on disposal

(13,882)

-

(13,882)

At 30 June 2023

21,247

2,183

23,430

Carrying amount

At 30 June 2023

35,963

17

35,980

At 30 June 2022

26,435

461

26,896

5

Debtors

2023
£

2022
£

Trade debtors

126,121

33,471

Other debtors

26,577

54,486

152,698

87,957

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

13,002

7,674

Trade creditors

 

29,633

41,704

Corporation tax

 

10,000

10,000

Taxation and social security

 

29,222

4,270

Other creditors

 

57,625

14,267

 

139,482

77,915

 

Progressive Coatings Limited

Notes to the Financial Statements

Year Ended 30 June 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

20,796

16,479

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

13,002

7,674

2023
£

2022
£

Loans and borrowings due after one year

Hire purchase contracts

20,796

16,479

8

Parent and ultimate parent undertaking

The company's immediate parent is Progressive Holdings Limited, incorporated in England and Wales, the registered address of which is the same as disclosed in Note 1 to the accounts.