Registered number
07361823
PROGRESSIVE DESIGN (LONDON) LIMITED
Filleted Accounts
30 September 2024
JR HEUNG & CO.
Chartered Certified Accountants
38 Greenway
Totteridge
London
N20 8ED
1152A-24
PROGRESSIVE DESIGN (LONDON) LIMITED
Registered number: 07361823
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 42,106 64,790
Current assets
Stocks & Work in Progress 231,347 222,531
Debtors 4 70,980 71,441
Cash at bank and in hand 113,527 163,712
415,854 457,684
Creditors: amounts falling due within one year 5 (106,185) (137,004)
Net current assets 309,669 320,680
Total assets less current liabilities 351,775 385,470
Creditors: amounts falling due after more than one year 6 (199,442) (260,655)
Provisions for liabilities (10,527) (12,310)
Net assets 141,806 112,505
Capital and reserves
Called up share capital 5,000 5,000
Profit and loss account 136,806 107,505
Shareholder's funds 141,806 112,505
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr. M B Juncu
Director
Approved by the board on 29 January 2025
PROGRESSIVE DESIGN (LONDON) LIMITED
Notes to the Accounts
for the year ended 30 September 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:
Motor Vehicles 25% p.a on reducing balance
Fixtures, fittings and equipment 20% p.a on straight line
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 4
3 Tangible fixed assets
Fixtures, Fittings & Equipment Motor vehicles Total
£ £ £
Cost
At 1 October 2023 27,099 101,133 128,232
Additions 2,215 - 2,215
Disposals - (31,520) (31,520)
At 30 September 2024 29,314 69,613 98,927
Depreciation
At 1 October 2023 19,769 43,673 63,442
Charge for the year 3,054 11,872 14,926
On disposals - (21,547) (21,547)
At 30 September 2024 22,823 33,998 56,821
Net book value
At 30 September 2024 6,491 35,615 42,106
At 30 September 2023 7,330 57,460 64,790
4 Debtors 2024 2023
£ £
Trade debtors 70,980 71,441
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 83,463 123,782
Other creditors 22,722 13,222
106,185 137,004
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 115,882 177,095
Directors Loan 83,560 83,560
199,442 260,655
7 Controlling party
The company is controlled by M B Juncu by virtue of having ownership of 100% of the issued share capital in the company.
8 Other information
PROGRESSIVE DESIGN (LONDON) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
7 CARRINGTON CLOSE
BOREHAMWOOD
WD6 2HB
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