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Company No: 09959966 (England and Wales)

PROGRESS LAND (TRISPEN) LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

PROGRESS LAND (TRISPEN) LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

PROGRESS LAND (TRISPEN) LIMITED

BALANCE SHEET

As at 31 October 2023
PROGRESS LAND (TRISPEN) LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Current assets
Debtors 3 26,901 33,852
Cash at bank and in hand 1,033 589
27,934 34,441
Creditors: amounts falling due within one year 4 ( 7,905) ( 6,877)
Net current assets 20,029 27,564
Total assets less current liabilities 20,029 27,564
Creditors: amounts falling due after more than one year 5 ( 39,388) ( 44,485)
Net liabilities ( 19,359) ( 16,921)
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account ( 19,459 ) ( 17,021 )
Total shareholders' deficit ( 19,359) ( 16,921)

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

Directors' responsibilities:

The financial statements of Progress Land (Trispen) Limited (registered number: 09959966) were approved and authorised for issue by the Board of Directors on 11 October 2024. They were signed on its behalf by:

Mr G R Fincham
Director
PROGRESS LAND (TRISPEN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
PROGRESS LAND (TRISPEN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

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.

General information and basis of accounting

Progress Land (Trispen) 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 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 £.

Going concern

Notwithstanding the net liabilities of £19,359 (2022 - £16,921) 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.

Work in progress

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. Costs includes all direct costs and an appropriate proportion of fixed and variable overheads.

Financial instruments

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Debtors

2023 2022
£ £
Other debtors 26,901 33,852

4. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 7,055 6,027
Accruals 850 850
7,905 6,877

5. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 39,388 44,485

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and not yet paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Other related party transactions

During the current and previous year loan accounts existed between Progress Land (Trispen) Limited and other companies in which the directors and shareholders are directors and shareholders.

The loans are interest free and are repayable when the companies are in a suitable financial position.

At the year end £26,799 (2022 - £33,752) was owed to Progress Land (Trispen) Limited and is shown in other debtors.