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REGISTERED NUMBER: 05263221 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PROGRESS PROPERTIES UK LIMITED

PROGRESS PROPERTIES UK LIMITED (REGISTERED NUMBER: 05263221)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROGRESS PROPERTIES UK LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: B P Geaney
S M Green





REGISTERED OFFICE: 2 Progress Way
Binley Industrial Estate
Binley
Coventry
West Midlands
CV3 2NT





REGISTERED NUMBER: 05263221 (England and Wales)






PROGRESS PROPERTIES UK LIMITED (REGISTERED NUMBER: 05263221)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 26,889 26,741
Investment property 5 6,500,000 4,408,833
6,526,889 4,435,574

CURRENT ASSETS
Debtors 6 945,921 1,168,661
Cash at bank and in hand 19,859 413,300
965,780 1,581,961
CREDITORS
Amounts falling due within one year 7 314,606 429,827
NET CURRENT ASSETS 651,174 1,152,134
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,178,063

5,587,708

CREDITORS
Amounts falling due after more than one year 8 (2,829,684 ) (2,838,929 )

PROVISIONS FOR LIABILITIES (393,354 ) (76,886 )
NET ASSETS 3,955,025 2,671,893

CAPITAL AND RESERVES
Called up share capital 3 3
Fair value reserve 10 1,398,393 230,659
Retained earnings 10 2,556,629 2,441,231
SHAREHOLDERS' FUNDS 3,955,025 2,671,893

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PROGRESS PROPERTIES UK LIMITED (REGISTERED NUMBER: 05263221)

BALANCE SHEET - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2024 and were signed on its behalf by:





B P Geaney - Director


PROGRESS PROPERTIES UK LIMITED (REGISTERED NUMBER: 05263221)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Progress Properties UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The principle accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

Investment property
Investment property is valued on an open market basis and shown at its most recent valuation. Any aggregate surplus or deficit arising from changes in market value is recognised in the profit and loss and subsequently transferred to fair value reserve.

Financial instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PROGRESS PROPERTIES UK LIMITED (REGISTERED NUMBER: 05263221)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
Plant & and
machinery fittings Totals
£    £    £   
COST
At 1 January 2023 27,652 24,911 52,563
Additions - 4,893 4,893
At 31 December 2023 27,652 29,804 57,456
DEPRECIATION
At 1 January 2023 4,580 21,242 25,822
Charge for year 3,461 1,284 4,745
At 31 December 2023 8,041 22,526 30,567
NET BOOK VALUE
At 31 December 2023 19,611 7,278 26,889
At 31 December 2022 23,072 3,669 26,741

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 4,408,833
Additions 534,188
Revaluations 1,556,979
At 31 December 2023 6,500,000
NET BOOK VALUE
At 31 December 2023 6,500,000
At 31 December 2022 4,408,833

PROGRESS PROPERTIES UK LIMITED (REGISTERED NUMBER: 05263221)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2021 307,545
Valuation in 2023 1,556,979
Cost 4,635,476
6,500,000

In the opinion of the directors, the value of the investment property on an open market basis for existing use was not significantly different from the valuation currently shown.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 42,756 -
Other debtors 903,165 1,168,661
945,921 1,168,661

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loan 69,730 69,730
Taxation and social security 13,563 238,473
Other creditors 231,313 121,624
314,606 429,827

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loan 2,829,684 2,838,929

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - more than 5 years 2,620,490 2,629,735

PROGRESS PROPERTIES UK LIMITED (REGISTERED NUMBER: 05263221)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loan 2,899,414 2,908,659

The bank holds a debenture including a fixed and floating charge over all property and assets.

10. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 2,441,231 230,659 2,671,890
Profit for the year 1,283,132 - 1,283,132
Property revaluation (1,556,979 ) 1,556,979 -
Deferred tax adjustments 389,245 (389,245 ) -
At 31 December 2023 2,556,629 1,398,393 3,955,022

Retained earnings
Retained earnings represent cumulative retained profits and losses from incorporation.

Fair value reserve
This reserve represents cumulative adjustments to the carrying value of investment properties.

11. CONTROLLING INTERESTS

The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.

12. POST BALANCE SHEET EVENTS

During the year the company incurred major expenditure on extensive Freehold improvements in the form of a new office and administrative resources. The costs have been identified in the uplift in the freehold value but further costs have been incurred in 2024. The development costs in total were approximately £1.05m. A freehold valuation has been undertaken indicating a Freehold Asset carrying value in the region of £7.5m as at september 2024. The revaluation reserve has reflected this uplift in asset valuation.