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REGISTERED NUMBER: 06322180 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PROGRESSION PROPERTIES LIMITED

PROGRESSION PROPERTIES LIMITED (REGISTERED NUMBER: 06322180)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROGRESSION PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: T Murphy



REGISTERED OFFICE: 143A Victoria Road
Scarborough
North Yorkshire
YO11 1SY



REGISTERED NUMBER: 06322180 (England and Wales)



ACCOUNTANTS: Lloyd Dowson Limited
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ



BANKERS: Handelsbanken
2 Manor Court
Manor Garth
Eastfield
Scarborough
North Yorkshire
YO11 3TU

PROGRESSION PROPERTIES LIMITED (REGISTERED NUMBER: 06322180)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,134 13,418
Investment property 5 2,469,121 2,244,655
2,472,255 2,258,073

CURRENT ASSETS
Debtors 6 381,646 506,766
Cash at bank 8,082 23,882
389,728 530,648
CREDITORS
Amounts falling due within one year 7 354,903 317,716
NET CURRENT ASSETS 34,825 212,932
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,507,080

2,471,005

CREDITORS
Amounts falling due after more than one
year

8

(1,216,935

)

(1,258,479

)

PROVISIONS FOR LIABILITIES (143,841 ) (123,013 )
NET ASSETS 1,146,304 1,089,513

CAPITAL AND RESERVES
Called up share capital 10 4 4
Fair value reserve 11 842,840 674,491
Retained earnings 303,460 415,018
SHAREHOLDERS' FUNDS 1,146,304 1,089,513

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PROGRESSION PROPERTIES LIMITED (REGISTERED NUMBER: 06322180)

BALANCE SHEET - continued
31 DECEMBER 2023


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

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 26 September 2024 and were signed by:





T Murphy - Director


PROGRESSION PROPERTIES LIMITED (REGISTERED NUMBER: 06322180)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Progression Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income generated in the year relates to residential rentals.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line (over 3 years)

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year 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 year 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the statement of income over the relevant period. The capital element of the future payments is treated as a liability.

PROGRESSION PROPERTIES LIMITED (REGISTERED NUMBER: 06322180)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The company operates an auto-enrolment pension scheme. Contributions payable to the company's pension scheme are charged to the statement of income in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 29,516
Disposals (10,000 )
At 31 December 2023 19,516
DEPRECIATION
At 1 January 2023 16,098
Charge for year 4,190
Eliminated on disposal (3,906 )
At 31 December 2023 16,382
NET BOOK VALUE
At 31 December 2023 3,134
At 31 December 2022 13,418

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 2,244,655
Revaluations 224,466
At 31 December 2023 2,469,121
NET BOOK VALUE
At 31 December 2023 2,469,121
At 31 December 2022 2,244,655

PROGRESSION PROPERTIES LIMITED (REGISTERED NUMBER: 06322180)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2013 246,661
Valuation in 2015 128,000
Valuation in 2016 (24,271 )
Valuation in 2017 88,199
Valuation in 2018 213,624
Valuation in 2019 157,206
Valuation in 2020 121,363
Valuation in 2021 (31,520 )
Valuation in 2023 224,466
Cost 1,345,393
2,469,121

If freehold investment properties had not been revalued they would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 1,345,393 1,345,393

Freehold investment properties were valued on an open market basis on 31 December 2023 by the directors. .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 25,432 27,932
Amounts owed by joint ventures 160,836 207,653
Other debtors 195,378 271,181
381,646 506,766

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 17,000 17,000
Taxation and social security 14,083 24,200
Other creditors 323,820 276,516
354,903 317,716

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 1,216,935 1,258,479

PROGRESSION PROPERTIES LIMITED (REGISTERED NUMBER: 06322180)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.12.23 31.12.22
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans 1,187,365 1,208,195

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 1,233,935 1,275,479

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
3 Ordinary A £1 3 3
1 Ordinary B £1 1 1
4 4

11. RESERVES
Fair
value
reserve
£   
At 1 January 2023 674,491
Fair value reserve transfer 168,349

At 31 December 2023 842,840

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
T Murphy
Balance outstanding at start of year 8,484 (569,904 )
Amounts advanced 33,825 598,048
Amounts repaid (103,572 ) (19,660 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (61,263 ) 8,484

PROGRESSION PROPERTIES LIMITED (REGISTERED NUMBER: 06322180)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. RELATED PARTY DISCLOSURES

At the year end the company was owed £160,836 (2022 - £207,653) by Scarborough Properties Ltd and Scarborough Property Solutions Limited both companies have Mr Thomas Murphy as a company director.