Year Ended
Registration number:
Progressive Maintenance Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Progressive Maintenance Limited
Balance Sheet
30 June 2023
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2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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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:
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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
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Company Registration Number: 07088484
Progressive Maintenance Limited
Notes to the Financial Statements
Year Ended 30 June 2023
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:
These financial statements were authorised for issue by the
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
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Progressive Maintenance Limited
Notes to the Financial Statements
Year Ended 30 June 2023
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost |
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At 1 July 2022 |
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Additions |
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Disposals |
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At 30 June 2023 |
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Depreciation |
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At 1 July 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Progressive Maintenance Limited
Notes to the Financial Statements
Year Ended 30 June 2023
Creditors |
2023 |
2022 |
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Due within one year |
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Hire purchase contracts |
10,235 |
11,490 |
Trade creditors |
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Corporation tax |
13,320 |
43,000 |
Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Due after one year |
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Hire purchase contracts |
17,713 |
9,913 |
The hire purchase contract creditors are secured against the assets to which they relate.
Parent and ultimate parent undertaking |
The company's immediate parent is