Registered number
02732191
Progressive Systems (UK) Limited
Filleted Accounts
31 July 2024
Progressive Systems (UK) Limited
Registered number: 02732191
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 22,470 27,395
Current assets
Stocks 21,000 10,000
Debtors 4 112,713 118,964
Cash at bank and in hand 48,967 51,013
182,680 179,977
Creditors: amounts falling due within one year 5 (99,768) (94,090)
Net current assets 82,912 85,887
Total assets less current liabilities 105,382 113,282
Creditors: amounts falling due after more than one year 6 (9,778) (2,654)
Net assets 95,604 110,628
Capital and reserves
Called up share capital 100 100
Profit and loss account 95,504 110,528
Shareholders' funds 95,604 110,628
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 members have 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.
Mrs L F Stewart
Director
Approved by the board on 31 August 2024
Progressive Systems (UK) Limited
Notes to the Accounts
for the year ended 31 July 2024
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
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings over 10 years
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 28,460 16,358 32,108 76,926
Additions 1,050 - - 1,050
At 31 July 2024 29,510 16,358 32,108 77,976
Depreciation
At 1 August 2023 6,085 14,718 28,728 49,531
Charge for the year 2,950 1,020 2,005 5,975
At 31 July 2024 9,035 15,738 30,733 55,506
Net book value
At 31 July 2024 20,475 620 1,375 22,470
At 31 July 2023 22,375 1,640 3,380 27,395
4 Debtors 2024 2023
£ £
Trade debtors 11,109 17,373
Amounts owed by group undertakings and undertakings in which the company has a participating interest 101,604 101,591
112,713 118,964
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 36,901 31,569
Taxation and social security costs 27,526 37,169
Other creditors 35,341 25,352
99,768 94,090
6 Creditors: amounts falling due after one year 2024 2023
£ £
Directors loan account 9,778 2,654
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 9,600 9,600
8 Controlling party
The company is controlled by the director.
9 Other information
Progressive Systems (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5 Hope Mill Business Centre
Hope Mill Lane
Brimscombe
Stroud
Glos
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