Registered number
14897062
Progressive IT Ltd
Filleted Accounts
31 May 2024
Progressive IT Ltd
Registered number: 14897062
Balance Sheet
as at 31 May 2024
Notes 2024
£
Fixed assets
Tangible assets 3 1,024
Current assets
Debtors 4 11,760
Cash at bank and in hand 62,739
74,499
Creditors: amounts falling due within one year 5 (33,224)
Net current assets 41,275
Net assets 42,299
Capital and reserves
Share premium 2
Profit and loss account 42,297
Shareholders' funds 42,299
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Terry
Director
Approved by the board on 23 October 2024
Progressive IT Ltd
Notes to the Accounts
for the period from 26 May 2023 to 31 May 2024
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024
Number
Average number of persons employed by the company 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 1,365
At 31 May 2024 1,365
Depreciation
Charge for the period 341
At 31 May 2024 341
Net book value
At 31 May 2024 1,024
4 Debtors 2024
£
Trade debtors 11,760
5 Creditors: amounts falling due within one year 2024
£
Taxation and social security costs 23,480
Director's account 349
Accruals 1,200
VAT owed 8,195
33,224
6 Other information
Progressive IT Ltd is a private company limited by shares and incorporated in England. Its registered office is:
20 Wenlock Road
London
England
N1 7GU
Progressive IT Ltd 14897062 false 2023-05-26 2024-05-31 2024-05-31 VT Final Accounts April 2024 G Terry No description of principal activity 14897062 2023-05-26 2024-05-31 14897062 bus:PrivateLimitedCompanyLtd 2023-05-26 2024-05-31 14897062 bus:AuditExemptWithAccountantsReport 2023-05-26 2024-05-31 14897062 bus:Director40 2023-05-26 2024-05-31 14897062 1 2023-05-26 2024-05-31 14897062 2 2023-05-26 2024-05-31 14897062 countries:England 2023-05-26 2024-05-31 14897062 bus:FRS102 2023-05-26 2024-05-31 14897062 bus:FilletedAccounts 2023-05-26 2024-05-31 14897062 2024-05-31 14897062 core:WithinOneYear 2024-05-31 14897062 core:SharePremium 2024-05-31 14897062 core:RetainedEarningsAccumulatedLosses 2024-05-31 14897062 2023-05-25 iso4217:GBP xbrli:pure