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Progressive Systems Maintenance Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2023

Registration number: 03951124

 

Progressive Systems Maintenance Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Progressive Systems Maintenance Limited

Balance Sheet

30 June 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

13,400

13,060

Cash at bank and in hand

 

50

364

 

13,450

13,424

Creditors: Amounts falling due within one year

5

(3,973)

(3,947)

Net assets

 

9,477

9,477

Capital and reserves

 

Called up share capital

6

60

60

Other reserves

40

40

Profit and loss account

9,377

9,377

Shareholders' funds

 

9,477

9,477

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: 03951124

 

Progressive Systems Maintenance Limited

Notes to the Unaudited 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 Systems 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 increasing prices and inflation 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.

 

Progressive Systems Maintenance Limited

Notes to the Unaudited 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 0 (2022 - 0).

 

Progressive Systems Maintenance Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

4

Debtors

2023
£

2022
£

Trade debtors

13,400

13,060

13,400

13,060

5

Creditors

2023
£

2022
£

Due within one year

Trade creditors

943

917

Taxation and social security

229

229

Other creditors

2,801

2,801

3,973

3,947

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

60

60

60

60