Progressive Maintenance Limited 07088484 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is roofing activities. Digita Accounts Production Advanced 6.30.9574.0 true false true 07088484 2022-07-01 2023-06-30 07088484 2023-06-30 07088484 core:RetainedEarningsAccumulatedLosses 2023-06-30 07088484 core:ShareCapital 2023-06-30 07088484 core:CurrentFinancialInstruments 2023-06-30 07088484 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 07088484 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 07088484 core:FurnitureFittingsToolsEquipment 2023-06-30 07088484 core:MotorVehicles 2023-06-30 07088484 bus:SmallEntities 2022-07-01 2023-06-30 07088484 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 07088484 bus:FullAccounts 2022-07-01 2023-06-30 07088484 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 07088484 bus:RegisteredOffice 2022-07-01 2023-06-30 07088484 bus:Director1 2022-07-01 2023-06-30 07088484 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 07088484 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 07088484 core:MotorVehicles 2022-07-01 2023-06-30 07088484 core:OfficeEquipment 2022-07-01 2023-06-30 07088484 1 2022-07-01 2023-06-30 07088484 countries:EnglandWales 2022-07-01 2023-06-30 07088484 2022-06-30 07088484 core:FurnitureFittingsToolsEquipment 2022-06-30 07088484 core:MotorVehicles 2022-06-30 07088484 2021-07-01 2022-06-30 07088484 2022-06-30 07088484 core:RetainedEarningsAccumulatedLosses 2022-06-30 07088484 core:ShareCapital 2022-06-30 07088484 core:CurrentFinancialInstruments 2022-06-30 07088484 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 07088484 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 07088484 core:FurnitureFittingsToolsEquipment 2022-06-30 07088484 core:MotorVehicles 2022-06-30 iso4217:GBP xbrli:pure

Progressive Maintenance Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2023

Registration number: 07088484

 

Progressive Maintenance Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Progressive Maintenance Limited

Balance Sheet

30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

54,835

34,162

Current assets

 

Debtors

5

114,658

389,137

Cash at bank and in hand

 

124,419

105,387

 

239,077

494,524

Creditors: Amounts falling due within one year

6

(155,687)

(360,435)

Net current assets

 

83,390

134,089

Total assets less current liabilities

 

138,225

168,251

Creditors: Amounts falling due after more than one year

6

(17,713)

(9,913)

Provisions for liabilities

(24,000)

(19,000)

Net assets

 

96,512

139,338

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

96,412

139,238

Shareholders' funds

 

96,512

139,338

 

Progressive Maintenance 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: 07088484

 

Progressive Maintenance 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.

Basis of preparation

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

The functional currency of Progressive Maintenance 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.

 

Progressive Maintenance Limited

Notes to the Financial Statements

Year Ended 30 June 2023

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.

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

Office equipment

20% straight line

Stocks

Work in progress is valued at the lower of year end contract value and net realisable value. Contract value includes all direct costs and an appropriate proportion of fixed and variable overheads and a proportion of profit on the contracts earned by the year end. Contract work in progress is included under trade debtors.

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 Maintenance Limited

Notes to the Financial Statements

Year Ended 30 June 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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 6 (2022 - 7).

 

Progressive Maintenance Limited

Notes to the Financial Statements

Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 July 2022

835

113,207

114,042

Additions

-

51,686

51,686

Disposals

-

(29,500)

(29,500)

At 30 June 2023

835

135,393

136,228

Depreciation

At 1 July 2022

728

79,152

79,880

Charge for the year

107

30,906

31,013

Eliminated on disposal

-

(29,500)

(29,500)

At 30 June 2023

835

80,558

81,393

Carrying amount

At 30 June 2023

-

54,835

54,835

At 30 June 2022

107

34,055

34,162

5

Debtors

2023
 £

2022
 £

Trade debtors

76,359

312,859

Other debtors

38,299

76,278

114,658

389,137

 

Progressive Maintenance Limited

Notes to the Financial Statements

Year Ended 30 June 2023

6

Creditors

2023
 £

2022
 £

Due within one year

Hire purchase contracts

10,235

11,490

Trade creditors

52,252

183,682

Corporation tax

13,320

43,000

Social security and other taxes

13,167

24,666

Other creditors

43,999

81,202

Accrued expenses

22,714

16,395

155,687

360,435

Due after one year

Hire purchase contracts

17,713

9,913

The hire purchase contract creditors are secured against the assets to which they relate.

7

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.