Registered number
13376256
Progress in Practice
Filleted Accounts
31 May 2024
Progress in Practice
Registered number: 13376256
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,481 1,249
Current assets
Stocks 10,260 10,260
Debtors 4 20,761 18,878
Cash at bank and in hand 833 10,087
31,854 39,225
Creditors: amounts falling due within one year 5 (21,933) (25,897)
Net current assets 9,921 13,328
Net assets 12,402 14,577
Capital and reserves
Called up share capital 100 100
Profit and loss account 12,302 14,477
Shareholder's funds 12,402 14,577
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
H Dixon
Director
Approved by the board on 4 October 2024
Progress in Practice
Notes to the Accounts
for the year ended 31 May 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:
Fixtures, fittings, tools and equipment 25% reducing balance
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
Plant and machinery etc
£
Cost
At 1 June 2023 2,763
Additions 2,059
At 31 May 2024 4,822
Depreciation
At 1 June 2023 1,514
Charge for the year 827
At 31 May 2024 2,341
Net book value
At 31 May 2024 2,481
At 31 May 2023 1,249
4 Debtors 2024 2023
£ £
Trade debtors 20,761 18,878
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 73 -
Taxation and social security costs 21,371 9,132
Other creditors 489 16,765
21,933 25,897
6 Other information
Progress in Practice is a private company limited by shares and incorporated in England. Its registered office is:
Suite 2 Stanley House
19-23 Crofts Bank Road
Urmston
M41 0TZ
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