REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PROGRESS PROPERTIES UK LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
PROGRESS PROPERTIES UK LIMITED (REGISTERED NUMBER: 05263221) |
BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant & machinery | - |
Fixtures and fittings | - |
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 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Additions |
Revaluations | 1,556,979 |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loan |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loan |
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 |
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 | 2,671,890 |
Profit for the year | - |
Property revaluation | (1,556,979 | ) | 1,556,979 | - |
Deferred tax adjustments | 389,245 | (389,245 | ) | - |
At 31 December 2023 | 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. |