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REGISTERED NUMBER: OC361197
PROGRESSIVE PROPERTY VENTURES LLP
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
PROGRESSIVE PROPERTY VENTURES LLP
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
PAGE
Designated members and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
PROGRESSIVE PROPERTY VENTURES LLP
DESIGNATED MEMBERS AND PROFESSIONAL ADVISERS
Designated members
R F Moore
M A Homer
Registered office
Progressive House
9 Office Village
Forder Way
Cygnet Park
Peterborough
PE7 8GX
Accountants
Wilkins Southworth
Chartered Certified Accountants
10-12 High Street
Barnes
London
SW13 9LW
PROGRESSIVE PROPERTY VENTURES LLP
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
5
371,453
194,424
Investments
6
452,000
452,000
----------
----------
823,453
646,424
CURRENT ASSETS
Debtors
7
2,813,859
1,361,738
Cash at bank and in hand
1,135,617
1,497,744
-------------
-------------
3,949,476
2,859,482
CREDITORS: amounts falling due within one year
8
( 3,971,828)
( 3,058,793)
-------------
-------------
NET CURRENT LIABILITIES
( 22,352)
( 199,311)
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
801,101
447,113
CREDITORS: amounts falling due after more than one year
9
( 496,634)
( 409,703)
----------
----------
NET ASSETS
304,467
37,410
----------
----------
REPRESENTED BY:
LOANS AND OTHER DEBTS DUE TO MEMBERS
Other amounts
10
304,467
37,410
----------
---------
MEMBERS' OTHER INTERESTS
Other reserves
----------
---------
304,467
37,410
----------
---------
TOTAL MEMBERS' INTERESTS
Loans and other debts due to members
10
304,467
37,410
Members' other interests
----------
---------
304,467
37,410
----------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the income statement has not been delivered.
PROGRESSIVE PROPERTY VENTURES LLP
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
For the year ending 31 December 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the members and authorised for issue on 20 November 2024 , and are signed on their behalf by:
M A Homer
Designated Member
Registered number: OC361197
PROGRESSIVE PROPERTY VENTURES LLP
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Progressive House, 9 Office Village, Forder Way, Cygnet Park, Peterborough, PE7 8GX.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the partnership will continue to receive financial support from the partners and certain creditors. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount and to provide for any further liabilities that might arise.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the income statement and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings
-
Over 3 years
Motor Vehicles
-
Over 3 years
Equipment
-
Over 3 years
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 105 (2022: 95 ).
5.
Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
83,623
460,777
73,066
617,466
Additions
3,398
244,995
17,085
265,478
---------
----------
---------
----------
At 31 December 2023
87,021
705,772
90,151
882,944
---------
----------
---------
----------
Depreciation
At 1 January 2023
59,016
300,986
63,040
423,042
Charge for the year
13,850
63,249
11,350
88,449
---------
----------
---------
----------
At 31 December 2023
72,866
364,235
74,390
511,491
---------
----------
---------
----------
Carrying amount
At 31 December 2023
14,155
341,537
15,761
371,453
---------
----------
---------
----------
At 31 December 2022
24,607
159,791
10,026
194,424
---------
----------
---------
----------
6.
Investments
Other investments other than loans
£
Cost
At 1 January 2023 and 31 December 2023
452,000
----------
Impairment
At 1 January 2023 and 31 December 2023
----------
Carrying amount
At 31 December 2023
452,000
----------
At 31 December 2022
452,000
----------
7.
Debtors
2023
2022
£
£
Trade debtors
18,045
24,690
Other debtors
2,795,814
1,337,048
-------------
-------------
2,813,859
1,361,738
-------------
-------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
100,000
100,000
Trade creditors
253,098
535,314
Accruals and deferred income
3,214,198
2,031,130
Social security and other taxes
389,042
340,567
Obligations under finance leases and hire purchase contracts
3,733
Pension Control
11,757
11,449
Other creditors
40,333
-------------
-------------
3,971,828
3,058,793
-------------
-------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
198,875
309,203
Other creditors
297,759
100,500
----------
----------
496,634
409,703
----------
----------
10.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
304,467
37,410
----------
---------
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
375,944
521,218
----------
----------