Registered number
11067203
Progress Estates Ltd
Unaudited Filleted Accounts
30 November 2023
Progress Estates Ltd
Registered number: 11067203
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Current assets
Stocks 251,827 251,827
Debtors 3 5,948 6,008
Cash at bank and in hand 786 20
258,561 257,855
Creditors: amounts falling due within one year 4 (180,286) (180,286)
Net current assets 78,275 77,569
Total assets less current liabilities 78,275 77,569
Creditors: amounts falling due after more than one year 5 (121,334) (119,528)
Net liabilities (43,059) (41,959)
Capital and reserves
Called up share capital 10 10
Profit and loss account (43,069) (41,969)
Shareholder's funds (43,059) (41,959)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
KM Knight
Director
Approved by the board on 13 August 2024
Progress Estates Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
The company had no turnover in the period.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Debtors 2023 2022
£ £
Other debtors 5,948 6,008
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 169,454 169,454
Other creditors 10,832 10,832
180,286 180,286
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,045 20,251
Participator loan 102,289 99,277
121,334 119,528
6 Controlling party
The company was controlled by Progress Richmond Group Ltd whose directors are also the company directors.
7 Other information
Progress Estates Ltd is a private company limited by shares and incorporated in England. Its registered office is:
20-22 Wenlock Road, London, England, N1 7GU
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