IRIS Accounts Production v24.3.0.553 06972338 director 1.8.23 31.7.24 31.7.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh069723382023-07-31069723382024-07-31069723382023-08-012024-07-31069723382022-07-31069723382022-08-012023-07-31069723382023-07-3106972338ns15:EnglandWales2023-08-012024-07-3106972338ns14:PoundSterling2023-08-012024-07-3106972338ns10:Director12023-08-012024-07-3106972338ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3106972338ns10:SmallEntities2023-08-012024-07-3106972338ns10:AuditExempt-NoAccountantsReport2023-08-012024-07-3106972338ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3106972338ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3106972338ns10:FullAccounts2023-08-012024-07-3106972338ns10:RegisteredOffice2023-08-012024-07-3106972338ns5:CurrentFinancialInstruments2024-07-3106972338ns5:CurrentFinancialInstruments2023-07-3106972338ns5:Non-currentFinancialInstruments2024-07-3106972338ns5:Non-currentFinancialInstruments2023-07-3106972338ns5:ShareCapital2024-07-3106972338ns5:ShareCapital2023-07-3106972338ns5:SharePremium2024-07-3106972338ns5:SharePremium2023-07-3106972338ns5:CapitalRedemptionReserve2024-07-3106972338ns5:CapitalRedemptionReserve2023-07-3106972338ns5:RetainedEarningsAccumulatedLosses2024-07-3106972338ns5:RetainedEarningsAccumulatedLosses2023-07-3106972338ns5:PlantMachinery2023-08-012024-07-3106972338ns5:MotorVehicles2023-08-012024-07-3106972338ns5:ComputerEquipment2023-08-012024-07-3106972338ns5:PlantMachinery2023-07-3106972338ns5:MotorVehicles2023-07-3106972338ns5:ComputerEquipment2023-07-3106972338ns5:PlantMachinery2024-07-3106972338ns5:MotorVehicles2024-07-3106972338ns5:ComputerEquipment2024-07-3106972338ns5:PlantMachinery2023-07-3106972338ns5:MotorVehicles2023-07-3106972338ns5:ComputerEquipment2023-07-3106972338ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3106972338ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-31
REGISTERED NUMBER: 06972338 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

PROGRESS ENGINEERING LIMITED

PROGRESS ENGINEERING LIMITED (REGISTERED NUMBER: 06972338)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROGRESS ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTOR: D J Cottam





REGISTERED OFFICE: Unit G
36 Normandy Way
Walker Lines Industrial Estate
BODMIN
Cornwall
PL31 1EX





REGISTERED NUMBER: 06972338 (England and Wales)





ACCOUNTANTS: TC Group
The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG

PROGRESS ENGINEERING LIMITED (REGISTERED NUMBER: 06972338)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 217,659 193,640

CURRENT ASSETS
Stocks 6 172,156 316,225
Debtors 7 652,924 584,504
Cash at bank and in hand 644,645 720,173
1,469,725 1,620,902
CREDITORS
Amounts falling due within one year 8 257,258 422,614
NET CURRENT ASSETS 1,212,467 1,198,288
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,430,126

1,391,928

CREDITORS
Amounts falling due after more than one
year

9

(2,027

)

-

PROVISIONS FOR LIABILITIES (44,803 ) (41,965 )
NET ASSETS 1,383,296 1,349,963

CAPITAL AND RESERVES
Called up share capital 60 60
Share premium 102,525 102,525
Capital redemption reserve 5 5
Retained earnings 1,280,706 1,247,373
SHAREHOLDERS' FUNDS 1,383,296 1,349,963

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 ENGINEERING LIMITED (REGISTERED NUMBER: 06972338)

BALANCE SHEET - continued
31 JULY 2024


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 Profit and Loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 November 2024 and were signed by:





D J Cottam - Director


PROGRESS ENGINEERING LIMITED (REGISTERED NUMBER: 06972338)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Progress Engineering 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be readily measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates Value Added Tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Motor vehicles - 33% on cost
Computer equipment - 20% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, 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 ENGINEERING LIMITED (REGISTERED NUMBER: 06972338)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

3. 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2023 - 34 ) .

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023 1,038,084 54,395 52,420 1,144,899
Additions 120,413 - 3,181 123,594
Disposals (245,119 ) - (28,750 ) (273,869 )
At 31 July 2024 913,378 54,395 26,851 994,624
DEPRECIATION
At 1 August 2023 900,314 5,808 45,137 951,259
Charge for year 71,099 18,132 3,905 93,136
Eliminated on disposal (238,712 ) - (28,718 ) (267,430 )
At 31 July 2024 732,701 23,940 20,324 776,965
NET BOOK VALUE
At 31 July 2024 180,677 30,455 6,527 217,659
At 31 July 2023 137,770 48,587 7,283 193,640

6. STOCKS
2024 2023
£    £   
Stocks 98,931 104,474
Work-in-progress 73,225 211,751
172,156 316,225

7. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 641,229 543,326
Other debtors 5,736 29,316
Prepayments 5,959 11,345
652,924 583,987

PROGRESS ENGINEERING LIMITED (REGISTERED NUMBER: 06972338)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

7. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Other debtors - 517

Aggregate amounts 652,924 584,504

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 106,376 227,872
Tax 9,331 85,727
Social security and other taxes 17,321 24,818
VAT 100,501 65,061
Other creditors 3,546 3,033
Deferred grants less than 1yr 640 -
Director's current account 686 2,070
Accrued expenses 18,857 14,033
257,258 422,614

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Deferred grants over 1 year 2,027 -