Registered number
11315696
Progress JJ Limited
Filleted Accounts
30 April 2024
Progress JJ Limited
Registered number: 11315696
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 56,486 69,623
Current assets
Stocks 440,079 159,247
Debtors 4 240,064 469,322
Cash at bank and in hand 420,575 310,336
1,100,718 938,905
Creditors: amounts falling due within one year 5 (520,694) (166,138)
Net current assets 580,024 772,767
Total assets less current liabilities 636,510 842,390
Creditors: amounts falling due after more than one year 6 (551,079) (818,997)
Net assets 85,431 23,393
Capital and reserves
Called up share capital 100 100
Profit and loss account 85,331 23,293
Shareholders' funds 85,431 23,393
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.
J Tighe
Director
Approved by the board on 1 November 2024
Progress JJ Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2023 77,297 15,113 92,410
Additions - 11,906 11,906
At 30 April 2024 77,297 27,019 104,316
Depreciation
At 1 May 2023 17,269 5,518 22,787
Charge for the year 19,167 5,876 25,043
At 30 April 2024 36,436 11,394 47,830
Net book value
At 30 April 2024 40,861 15,625 56,486
At 30 April 2023 60,028 9,595 69,623
4 Debtors 2024 2023
£ £
Trade debtors 19,684 173,114
Amounts owed by group undertakings and undertakings in which the company has a participating interest 194,403 290,879
Other debtors 25,977 5,329
240,064 469,322
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 170,615 -
Trade creditors 234,624 125,033
Taxation and social security costs 79,561 20,407
Other creditors 35,894 20,698
520,694 166,138
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 551,079 818,997
7 Other information
Progress JJ Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit Ht3 Westbrook Road
Trafford Park
Manchester
M17 1AY
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