Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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3,152 | 3,940 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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2,007,585 | 2,059,815 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (1,179,116) | (773,403) | ||
Total assets less current liabilities | (1,175,964) | (769,463) | ||
Creditors: amounts falling due after more than one year | 8 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Progress Land Limited (registered number:
Mr G R Fincham
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Progress Land Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ground Floor Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, United Kingdom. The principal place of business is 1 Fairmantle Street, Truro, Cornwall, TR1 2LP.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Notwithstanding the net liabilities of £1,215,360 (2022 - £864,063) the directors have continued to adopt the going concern basis of accounting. The directors, and other related companies, have confirmed their willingness to support the company for the foreseeable future (being not less than 12 months from approval of the financial statements), and are also expecting future growth sufficient to enable the company to meet its liabilities.
Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.
Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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:
Land and buildings |
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Fixtures and fittings |
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Office equipment |
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Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Fixtures and fittings | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 November 2022 |
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At 31 October 2023 |
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Accumulated depreciation | |||||||
At 01 November 2022 |
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Charge for the financial year |
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At 31 October 2023 |
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Net book value | |||||||
At 31 October 2023 |
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At 31 October 2022 |
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2023 | 2022 | ||
£ | £ | ||
Subsidiary undertakings |
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Investments in subsidiaries
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£ | |
Cost | |
At 01 November 2022 |
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At 31 October 2023 |
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Carrying value at 31 October 2023 |
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Carrying value at 31 October 2022 |
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2023 | 2022 | ||
£ | £ | ||
Work in progress |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed by Group undertakings |
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Amounts owed by directors |
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Prepayments |
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VAT recoverable |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to directors |
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Accruals |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and not yet paid | |||
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Transactions with the entity's directors
2023 | 2022 | ||
£ | £ | ||
At 1 November | 291 | 661 | |
Advances | 0 | 5,696 | |
Repayments | (291) | (6,066) | |
At 31 October | 0 | 291 |
Other related party transactions
During the period, loan accounts existed between the company and other companies in which the director(s) of Progress Land Limited are directors and/or shareholders.
These loans are interest free and repayable when the company is in a suitable financial position.
At the year end £2,723,799 (2022 - £2,402,872) was owed to these companies and is shown in other creditors.
At the year end £206,910 (2022 - £202,032) was owed by these companies and is shown in other debtors.