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Progressive Technology Solutions Limited

Financial Statements for the Year Ended 30 April 2024






Progressive Technology Solutions Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: M H Walcot
C J Walcot
T J Walcot



SECRETARY: M H Walcot



REGISTERED OFFICE: 4th Floor
Northumberland House
303-306 High Holborn
London
WC1V 7JZ



REGISTERED NUMBER: 05110124 (England and Wales)



ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA



BANKERS: Santander
21 Prescott Street
London
E1 8TN

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Progressive Technology Solutions Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Progressive Technology Solutions Limited for the year ended 30 April 2024 which comprise the Profit & Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Progressive Technology Solutions Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Progressive Technology Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Progressive Technology Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Progressive Technology Solutions Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Progressive Technology Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Progressive Technology Solutions Limited. You consider that Progressive Technology Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Progressive Technology Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






BPU Limited
Chartered Accountants


30 January 2025

Progressive Technology Solutions Limited (Registered number: 05110124)

Balance Sheet
30 April 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 3 117,592 199,162
Investments 4 201 201
117,793 199,363

CURRENT ASSETS
Debtors 5 1,383,535 1,571,472
Cash at bank and in hand 458,562 283,688
1,842,097 1,855,160
CREDITORS
Amounts falling due within one year 6 1,914,028 1,798,584
NET CURRENT (LIABILITIES)/ASSETS (71,931 ) 56,576
TOTAL ASSETS LESS CURRENT
LIABILITIES

45,862

255,939

PROVISIONS FOR LIABILITIES 29,500 50,000
NET ASSETS 16,362 205,939

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 16,262 205,839
SHAREHOLDERS' FUNDS 16,362 205,939

Progressive Technology Solutions Limited (Registered number: 05110124)

Balance Sheet - continued
30 April 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





M H Walcot - Director


Progressive Technology Solutions Limited (Registered number: 05110124)

Notes to the Financial Statements
for the Year Ended 30 April 2024


1. ACCOUNTING POLICIES

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

Turnover
Turnover generated from the company's principle activity of IT consultancy services represents the invoiced value of services, net of value added tax and trade discounts. The company recognises revenue in accordance with the terms of client agreements and this is dependent on the stage of completion of the service. Where the amount invoiced to clients in not equal to the revenue recognised, the difference is recoded either as accrued or deferred income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property improvement - 20% straight line
Computer software, accessories - 33% straight line
Computer hardware & office
equipment

-

33% straight line and 20% straight line
Motor vehicles - 20% straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & 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.

Progressive Technology Solutions Limited (Registered number: 05110124)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


1. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs
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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 20 ) .

3. TANGIBLE FIXED ASSETS
Computer
Leasehold Computer hardware &
property software, office Motor
improvement accessories equipment vehicles Totals
£ £ £ £ £
COST
At 1 May 2023 198,118 37,426 290,549 195,236 721,329
Additions - - 14,665 - 14,665
Disposals - - (131,561 ) - (131,561 )
At 30 April 2024 198,118 37,426 173,653 195,236 604,433
DEPRECIATION
At 1 May 2023 152,812 37,426 242,104 89,825 522,167
Charge for year 30,994 - 26,194 39,047 96,235
Eliminated on disposal - - (131,561 ) - (131,561 )
At 30 April 2024 183,806 37,426 136,737 128,872 486,841
NET BOOK VALUE
At 30 April 2024 14,312 - 36,916 66,364 117,592
At 30 April 2023 45,306 - 48,445 105,411 199,162

Progressive Technology Solutions Limited (Registered number: 05110124)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 May 2023
and 30 April 2024 201
NET BOOK VALUE
At 30 April 2024 201
At 30 April 2023 201

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 778,446 826,327
Other debtors, prepayments
& accrued income 605,089 745,145
1,383,535 1,571,472

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 123,689 104,630
Amounts owed to group undertakings 1,333,161 1,345,946
Taxes & social security costs 55,237 133,070
Other creditors & accruals 401,941 214,938
1,914,028 1,798,584

7. FINANCIAL COMMITMENTS

The company had total financial commitments of £193,592 (2023 - £216,375) at the balance sheet date.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company is Progressive Technology Solutions Holdings Limited.