Company registration number 13227327 (England and Wales)
PRODUCTION PARK PROGRESS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PRODUCTION PARK PROGRESS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PRODUCTION PARK PROGRESS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
6,273,568
6,273,568
Current assets
-
-
Creditors: amounts falling due within one year
4
(5,877,027)
(6,012,168)
Net current liabilities
(5,877,027)
(6,012,168)
Net assets
396,541
261,400
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
396,540
261,399
Total equity
396,541
261,400

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 11 July 2024 and are signed on its behalf by:
L Brooks
Director
Company registration number 13227327 (England and Wales)
PRODUCTION PARK PROGRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Production Park Progress Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 53 Lidgate Crescent, Langthwaite Business Park, South Kirkby, Pontefract, West Yorkshire, WF9 3NR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the fair value of investment properties. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

PRODUCTION PARK PROGRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
6,273,568

The last valuation of the property was undertaken in September 2020 by an external valuer Colliers International. The directors are satisfied that this valuation was appropriate as at 31 December 2023.

 

 

4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
5,068,217
5,614,967
Corporation tax
-
0
47,429
Other taxation and social security
24,850
24,350
Other creditors
783,960
325,422
5,877,027
6,012,168
PRODUCTION PARK PROGRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Neil Baldwin
Statutory Auditor:
BHP LLP
Date of audit report:
11 July 2024
6
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
2023
2022
£
£
Other related parties
500,000
500,000
7
Parent company

The company's immediate parent company is Production Park Limited, a company registered in England and Wales. The company's registered office is Unit 53 Lidgate Crescent, South Kirkby, Pontefract, England WF9 3NR.

 

The company's ultimate parent company is Production Park Holdings Limited, a company registered in England and Wales. Copies of the group accounts can be obtained from the company's registered office Unit 53 Lidgate Crescent, South Kirkby, Pontefract, England WF9 3NR.

 

The ultimate controlling parties are Mr A Brooks, Mr B Brooks and Mr L Brooks by virtue of their shareholdings in Production Park Holdings Limited.

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