REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 DECEMBER 2022 TO 31 DECEMBER 2023 |
FOR |
RS PROGRESS LTD. |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 DECEMBER 2022 TO 31 DECEMBER 2023 |
FOR |
RS PROGRESS LTD. |
RS PROGRESS LTD. (REGISTERED NUMBER: 12315627) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 1 December 2022 to 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
RS PROGRESS LTD. |
COMPANY INFORMATION |
for the Period 1 December 2022 to 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
RS PROGRESS LTD. (REGISTERED NUMBER: 12315627) |
BALANCE SHEET |
31 December 2023 |
31.12.23 | 30.11.22 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
RS PROGRESS LTD. (REGISTERED NUMBER: 12315627) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 1 December 2022 to 31 December 2023 |
1. | STATUTORY INFORMATION |
RS Progress Ltd. is a |
The company's accounting year end was changed to 31 December to align the reporting period with fellow group members; as a result, the comparatives are not entirely comparable. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis on the basis that the parent company has confirmed that it will continue to support the company, and is able to do so, for a period of at least 12 months and 1 day following the signing of the audit report. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents amounts charged to a fellow group undertaking under a services agreement. Turnover is calculated as an annualised service charge of £25,000 to be paid in equal monthly instalments, plus a recharge of costs which is recognised when rechargeable costs are incurred. |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. |
Financial instruments |
Basic Financial Instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
RS PROGRESS LTD. (REGISTERED NUMBER: 12315627) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 December 2022 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 30.11.22 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 30.11.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors & accruals |
6. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 30.11.22 |
£ | £ |
Within one year |
The minimum base line rental commitment is for £3,780 per month and is subject to one month's written notice. |
The rental fee is paid based on the number of desks being utilised, and therefore the operating lease commitment has been disclosed in accordance with this. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 30.11.22 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
RS PROGRESS LTD. (REGISTERED NUMBER: 12315627) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 December 2022 to 31 December 2023 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:- |
"Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed." |
9. | ULTIMATE PARENT PARTY |
The immediate parent company is RiverStone Group LLC, incorporated in USA, with registered office at 250 Commercial Street, Suite 5000, Manchester, NH 03101, USA. |
The ultimate parent company is Fairfax Financial Holdings Limited, incorporated in Canada, with registered office at 95 Wellington Street West, Suite 800, Toronto, Canada. This is the largest and smallest group for which consolidated accounts are produced. These consolidated accounts can be found on the company's website: www.fairfax.ca. |