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Company No: 04451378 (England and Wales)

PROGRESSIVE INDEPENDENT ADVISERS LIMITED

Unaudited Financial Statements
For the financial period from 01 May 2023 to 31 March 2024
Pages for filing with the registrar

PROGRESSIVE INDEPENDENT ADVISERS LIMITED

Unaudited Financial Statements

For the financial period from 01 May 2023 to 31 March 2024

Contents

PROGRESSIVE INDEPENDENT ADVISERS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
PROGRESSIVE INDEPENDENT ADVISERS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 30.04.2023
£ £
Current assets
Debtors 3 101,297 92,191
Investments 4 1 1
Cash at bank and in hand 2 2
101,300 92,194
Net current assets 101,300 92,194
Total assets less current liabilities 101,300 92,194
Net assets 101,300 92,194
Capital and reserves
Called-up share capital 5 2 2
Profit and loss account 101,298 92,192
Total shareholders' funds 101,300 92,194

For the financial period ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Progressive Independent Advisers Limited (registered number: 04451378) were approved and authorised for issue by the Director on 15 November 2024. They were signed on its behalf by:

R F Chamberlayne
Director
PROGRESSIVE INDEPENDENT ADVISERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2023 to 31 March 2024
PROGRESSIVE INDEPENDENT ADVISERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2023 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Progressive Independent Advisers 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 Unit 9 The Granary, Steadings Business Centre Church Road, Maisemore, GL2 8EY, United Kingdom.

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

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The financial statements are presented for a period of less than 12 months to align the period end with a connected entity, therefore comparative information presented in the financial statements is not entirely comparable.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
01.05.2023 to
31.03.2024
Year ended
30.04.2023
Number Number
Monthly average number of persons employed by the Company during the period, including the director 0 0

3. Debtors

31.03.2024 30.04.2023
£ £
Amounts owed by connected companies 100,163 91,057
Other debtors 1,134 1,134
101,297 92,191

4. Current asset investments

31.03.2024 30.04.2023
£ £
Other investments – at cost less impairment 1 1

5. Called-up share capital

31.03.2024 30.04.2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2