Progress Plant Limited 01765935 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of the hiring of plant and supply of building materials to the construction industry. Digita Accounts Production Advanced 6.30.9574.0 true true 01765935 2023-01-01 2023-12-31 01765935 2023-12-31 01765935 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-12-31 01765935 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2023-12-31 01765935 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 01765935 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 01765935 core:CurrentFinancialInstruments 2023-12-31 01765935 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01765935 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 01765935 core:FurnitureFittingsToolsEquipment 2023-12-31 01765935 core:MotorVehicles 2023-12-31 01765935 core:OtherPropertyPlantEquipment 2023-12-31 01765935 bus:SmallEntities 2023-01-01 2023-12-31 01765935 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01765935 bus:FullAccounts 2023-01-01 2023-12-31 01765935 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01765935 bus:RegisteredOffice 2023-01-01 2023-12-31 01765935 bus:Director5 2023-01-01 2023-12-31 01765935 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-01-01 2023-12-31 01765935 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2023-01-01 2023-12-31 01765935 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01765935 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 01765935 core:MotorVehicles 2023-01-01 2023-12-31 01765935 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 01765935 core:PlantMachinery 2023-01-01 2023-12-31 01765935 countries:EnglandWales 2023-01-01 2023-12-31 01765935 2022-12-31 01765935 core:FurnitureFittingsToolsEquipment 2022-12-31 01765935 core:MotorVehicles 2022-12-31 01765935 core:OtherPropertyPlantEquipment 2022-12-31 01765935 2022-01-01 2022-12-31 01765935 2022-12-31 01765935 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-12-31 01765935 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2022-12-31 01765935 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 01765935 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 01765935 core:CurrentFinancialInstruments 2022-12-31 01765935 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 01765935 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 01765935 core:FurnitureFittingsToolsEquipment 2022-12-31 01765935 core:MotorVehicles 2022-12-31 01765935 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01765935

Progress Plant Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Progress Plant Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Progress Plant Limited

(Registration number: 01765935)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,714,436

3,830,414

Current assets

 

Stocks

27,058

30,155

Debtors

5

536,139

586,545

Cash at bank and in hand

 

225,660

245,721

 

788,857

862,421

Creditors: Amounts falling due within one year

6

(2,837,438)

(2,626,262)

Net current liabilities

 

(2,048,581)

(1,763,841)

Total assets less current liabilities

 

1,665,855

2,066,573

Creditors: Amounts falling due after more than one year

6

(914,253)

(1,764,814)

Net assets

 

751,602

301,759

Capital and reserves

 

Called up share capital

7

1,536

1,536

Retained earnings

750,066

300,223

Shareholders' funds

 

751,602

301,759

For the financial year ending 31 December 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 March 2024 and signed on its behalf by:
 

.........................................
Mr S Phillips
Director

 

Progress Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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 is:
33 Ravensbridge Drive
Leicester
LE4 0BX

These financial statements were authorised for issue by the Board on 4 March 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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the hire and sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Progress Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Fixtures, fittings and equipment

Over 3 to 10 years straight line basis

Motor vehicles

Over 4 years straight line basis

Plant and machinery

Over 1 to 3 years straight line basis & 17% per annum reducing balance basis

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Progress Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 16).

4

Tangible assets

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost

At 1 January 2023

118,880

458,732

6,922,034

7,499,646

Additions

-

17,000

1,054,879

1,071,879

Disposals

-

(173,755)

(1,039,761)

(1,213,516)

At 31 December 2023

118,880

301,977

6,937,152

7,358,009

Depreciation

At 1 January 2023

116,778

402,575

3,149,879

3,669,232

Charge for the year

741

17,115

699,109

716,965

Eliminated on disposal

-

(173,755)

(568,869)

(742,624)

At 31 December 2023

117,519

245,935

3,280,119

3,643,573

Carrying amount

At 31 December 2023

1,361

56,042

3,657,033

3,714,436

At 31 December 2022

2,102

56,157

3,772,155

3,830,414

5

Debtors

2023
£

2022
£

Trade debtors

476,090

526,676

Prepayments

60,049

59,869

536,139

586,545

 

Progress Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

2,369,970

2,116,829

Trade creditors

 

363,648

349,178

Taxation and social security

 

87,176

38,711

Accruals and deferred income

 

6,514

10,881

Other creditors

 

10,130

110,663

 

2,837,438

2,626,262

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

914,253

1,764,814

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary 'A' shares of £0.01 each

90,000

900

90,000

900

Ordinary 'B' shares of £0.04 each

15,900

636

15,900

636

 

105,900

1,536

105,900

1,536

 

Progress Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

914,253

1,764,814

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

1,372,262

1,067,867

Other borrowings

997,708

1,048,962

2,369,970

2,116,829