Progress Productions Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 08293958 (England and Wales)
Progress Productions Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Progress Productions Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
79,913
103,188
Current assets
Work in progress
2,272
5,618
Debtors
4
606,219
470,399
Cash at bank and in hand
694,834
1,063,146
1,303,325
1,539,163
Creditors: amounts falling due within one year
5
(333,136)
(620,425)
Net current assets
970,189
918,738
Total assets less current liabilities
1,050,102
1,021,926
Creditors: amounts falling due after more than one year
6
(8,030)
(14,936)
Provisions for liabilities
(12,634)
(16,250)
Net assets
1,029,438
990,740
Capital and reserves
Called up share capital
8
1,334
1,334
Share premium account
59,666
59,666
Profit and loss reserves
968,438
929,740
Total equity
1,029,438
990,740
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Progress Productions Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 27 September 2024 and are signed on its behalf by:
G C Veiga
Director
Company Registration No. 08293958
Progress Productions Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information
Progress Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors believe that the company will have sufficient funds to settle all of it's liabilities as they fall due for at least 12 months from signing the financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25-33% straight line
Motor vehicles
20-25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Work in progress
Work in progress represents unbilled third-party direct costs and is valued at the lower of cost and net realisable value.
Progress Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Progress Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
15
34
Progress Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
3
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2023
150,703
Additions
3,553
At 31 December 2023
154,256
Depreciation and impairment
At 1 January 2023
47,515
Depreciation charged in the year
26,828
At 31 December 2023
74,343
Carrying amount
At 31 December 2023
79,913
At 31 December 2022
103,188
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
388,094
68,400
Amounts owed by related undertakings
124,877
347,818
Other debtors
438
3,670
Prepayments and accrued income
92,810
50,511
606,219
470,399
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
56,250
Trade creditors
95,725
73,601
Amounts owed to related undertakings
101,725
52,306
Corporation tax
20,447
168,908
Other taxation and social security
81,448
51,396
Other creditors
14,298
9,471
Accruals and deferred income
19,493
208,493
333,136
620,425
Progress Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
8,030
14,936
7
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
ACAs
12,634
16,250
2023
Movements in the year:
£
Liability at 1 January 2023
16,250
Credit to profit or loss
(3,616)
Liability at 31 December 2023
12,634
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,334
1,334
1,334
1,334
Each share has been prescribed full voting rights.
Progress Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
27,000
54,000
Between two and five years
27,000
27,000
81,000
10
Related party transactions
During the year, the company made sales of £nil (2022: £38,318) to Done and Dusted Productions Limited and purchases of £165,143 (2022: £97,518) from Done and Dusted Productions Limited, a company incorporated in England and Wales, in which S Pizey is a director. During the year dividends of 75,000 (2022: £nil) were paid to Done and Dusted Productions Limited. At the balance sheet date, an amount of £176,725 (2022: £52,306) was owed to Done and Dusted Productions Limited from Progress Productions Limited.
During the year, the company made sales of £13,029 (2022: £5,224,149) to Birmingham Ceremonies Limited, a company related by common ownership. At the balance sheet date, there were no balances due in respect of these amounts.
During the year, the company made sales of £361,959 (2022: £389,466) to Done and Dusted Middle East FZ LLC, a company related by common ownership. Also during the year, the company made purchases of £nil (2022: £114,624) to Done and Dusted Middle East, At the balance sheet date, £124,887 (2022: £347,818) was owed by Done and Dusted Middle East to Progress Productions Limited.
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