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Company No: 14451260 (England and Wales)

PROGRESSION SERVICES LTD

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

PROGRESSION SERVICES LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

PROGRESSION SERVICES LTD

BALANCE SHEET

As at 31 July 2024
PROGRESSION SERVICES LTD

BALANCE SHEET (continued)

As at 31 July 2024
Note 31.07.2024 31.07.2023
£ £
Fixed assets
Tangible assets 3 3,958 739
3,958 739
Current assets
Debtors 4 26,880 10,906
Cash at bank and in hand 74,236 43,470
101,116 54,376
Creditors: amounts falling due within one year 5 ( 45,241) ( 23,926)
Net current assets 55,875 30,450
Total assets less current liabilities 59,833 31,189
Provision for liabilities ( 990) ( 185)
Net assets 58,843 31,004
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account 58,842 31,003
Total shareholder's funds 58,843 31,004

For the financial year ending 31 July 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 Progression Services Ltd (registered number: 14451260) were approved and authorised for issue by the Director on 27 November 2024. They were signed on its behalf by:

Mr A J Smith
Director
PROGRESSION SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
PROGRESSION SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

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

General information and basis of accounting

Progression Services Ltd (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 Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom. The principal place of business is Cottage 2 Follaton House, Plymouth Road, Totnes, Devon, TQ9 5NE.

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 Balance Sheet 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.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Revenue from services is recognised as they are delivered.

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 Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost , net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

Year ended
31.07.2024
Period from
30.10.2022 to
31.07.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 8 4

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 August 2023 0 1,109 1,109
Additions 1,818 3,556 5,374
At 31 July 2024 1,818 4,665 6,483
Accumulated depreciation
At 01 August 2023 0 370 370
Charge for the financial year 600 1,555 2,155
At 31 July 2024 600 1,925 2,525
Net book value
At 31 July 2024 1,218 2,740 3,958
At 31 July 2023 0 739 739

4. Debtors

31.07.2024 31.07.2023
£ £
Trade debtors 26,880 10,290
Other debtors 0 616
26,880 10,906

5. Creditors: amounts falling due within one year

31.07.2024 31.07.2023
£ £
Trade creditors 0 925
Amounts owed to director 1,005 0
Accruals 2,575 2,050
Taxation and social security 40,950 19,648
Other creditors 711 1,303
45,241 23,926

6. Called-up share capital

31.07.2024 31.07.2023
£ £
Allotted, called-up and fully-paid
1 Ordinary shares share of £ 1.00 1 1

7. Financial commitments

Other financial commitments

31.07.2024 31.07.2023
£ £
Commitments in respect of rental agreements 52,272 0

8. Ultimate controlling party

Parent Company:

Progression Family Group Ltd
Sigma House, Oak View Close, Edginswell Park, Torquay, TQ2 7FF

Incorporated in England and Wales.