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Registration number: 04793827

Progression Sports Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

image-name
 

Progression Sports Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Progression Sports Limited

Company Information

Director

Mr Robert James Claisse

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Progression Sports Limited

(Registration number: 04793827)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

11,252

11,528

Current assets

 

Stocks

5

9,000

12,500

Debtors

6

148

2,543

Cash at bank and in hand

 

4,118

781

 

13,266

15,824

Creditors: Amounts falling due within one year

7

(36,415)

(38,676)

Net current liabilities

 

(23,149)

(22,852)

Total assets less current liabilities

 

(11,897)

(11,324)

Creditors: Amounts falling due after more than one year

7

(2,332)

(3,225)

Net liabilities

 

(14,229)

(14,549)

Capital and Reserves

 

Called up share capital

110

110

Retained Earnings

(14,339)

(14,659)

Shareholders' deficit

 

(14,229)

(14,549)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 September 2024
 

 

Progression Sports Limited

(Registration number: 04793827)
Balance Sheet as at 31 December 2023

.........................................
Mr Robert James Claisse
Director

   
     
 

Progression Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and wales .

The address of its registered office is:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF
United Kingdom

These financial statements were authorised for issue by the director on 26 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% Reducing balance

 

Progression Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Computer equipment

20% Reducing balance

Motor vehicles

20% Reducing balance

Plant & Machinery

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Progression Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Progression Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Administration and support

1

1

1

1

 

Progression Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

43,334

8,870

1,934

54,138

Additions

2,478

-

-

2,478

At 31 December 2023

45,812

8,870

1,934

56,616

Depreciation

At 1 January 2023

35,800

5,237

1,573

42,610

Charge for the year

1,938

726

90

2,754

At 31 December 2023

37,738

5,963

1,663

45,364

Carrying amount

At 31 December 2023

8,074

2,907

271

11,252

At 31 December 2022

7,534

3,633

361

11,528

5

Stocks

2023
£

2022
£

Other inventories

9,000

12,500

6

Debtors

Current

2023
£

2022
£

Trade Debtors

148

1,325

Other debtors

-

1,218

 

148

2,543

 

Progression Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

23,277

21,738

Trade Creditors

 

9,098

10,602

Social security and other taxes

 

59

-

Other payables

 

1,716

5,546

Accrued expenses

 

890

790

Deferred income

 

1,375

-

 

36,415

38,676

Due after one year

 

Loans and borrowings

8

2,332

3,225

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

2,332

3,225

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

2,332

3,225

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

-

46

Other borrowings

23,277

21,692

23,277

21,738