BrightAccountsProduction v1.0.0 v1.0.0 2023-04-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is the supply and distribution of light engineering products. 27 March 2025 NI027558 2024-03-31 NI027558 2023-03-31 NI027558 2022-03-31 NI027558 2023-04-01 2024-03-31 NI027558 2022-04-01 2023-03-31 NI027558 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI027558 uk-curr:PoundSterling 2023-04-01 2024-03-31 NI027558 uk-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI027558 uk-bus:FullAccounts 2023-04-01 2024-03-31 NI027558 uk-bus:Director1 2023-04-01 2024-03-31 NI027558 uk-bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 NI027558 uk-bus:CompanySecretary1 2023-04-01 2024-03-31 NI027558 uk-bus:RegisteredOffice 2023-04-01 2024-03-31 NI027558 uk-bus:Agent1 2023-04-01 2024-03-31 NI027558 uk-bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI027558 uk-core:ShareCapital 2024-03-31 NI027558 uk-core:ShareCapital 2023-03-31 NI027558 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 NI027558 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI027558 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-03-31 NI027558 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI027558 uk-bus:FRS102 2023-04-01 2024-03-31 NI027558 uk-core:Buildings 2023-04-01 2024-03-31 NI027558 uk-core:PlantMachinery 2023-04-01 2024-03-31 NI027558 uk-core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI027558 uk-core:MotorVehicles 2023-04-01 2024-03-31 NI027558 uk-core:CurrentFinancialInstruments 2024-03-31 NI027558 uk-core:CurrentFinancialInstruments 2023-03-31 NI027558 uk-core:WithinOneYear 2024-03-31 NI027558 uk-core:WithinOneYear 2023-03-31 NI027558 uk-core:WithinOneYear 2024-03-31 NI027558 uk-core:WithinOneYear 2023-03-31 NI027558 uk-core:WithinOneYear 2024-03-31 NI027558 uk-core:WithinOneYear 2023-03-31 NI027558 uk-core:AfterOneYear 2024-03-31 NI027558 uk-core:AfterOneYear 2023-03-31 NI027558 uk-core:AfterOneYear 2024-03-31 NI027558 uk-core:AfterOneYear 2023-03-31 NI027558 uk-core:BetweenOneTwoYears 2024-03-31 NI027558 uk-core:BetweenOneTwoYears 2023-03-31 NI027558 uk-core:BetweenTwoFiveYears 2024-03-31 NI027558 uk-core:BetweenTwoFiveYears 2023-03-31 NI027558 uk-core:BetweenOneFiveYears 2024-03-31 NI027558 uk-core:BetweenOneFiveYears 2023-03-31 NI027558 uk-core:OtherMiscellaneousReserve 2023-03-31 NI027558 uk-core:OtherMiscellaneousReserve 2023-04-01 2024-03-31 NI027558 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 NI027558 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-03-31 NI027558 uk-core:OtherDeferredTax 2024-03-31 NI027558 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-03-31 NI027558 uk-core:OtherMiscellaneousReserve 2024-03-31 NI027558 2023-04-01 2024-03-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI027558
 
 
Extratec Progressive Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 March 2024



Extratec Progressive Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Gerard F McGuigan
Leonard P Holmes
 
 
Company Secretary Leonard P Holmes
 
 
Company Registration Number NI027558
 
 
Registered Office and Business Address 8 Harbour Court
Heron Road
Airport Road West
Belfast
BT3 9HB
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
 
Bankers Ulster Bank
  202-206 York Street
  Belfast
  BT15 1HY



Extratec Progressive Limited

CHARTERED ACCOUNTANTS REPORT
to the Board of Directors on the Compilation of the unaudited financial statements of Extratec Progressive Limited
for the financial year ended 31 March 2024
 
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 March 2024 as set out on pages  to 13 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the Board of Directors of Extratec Progressive Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 31 March 2024 your duty to ensure that Extratec Progressive 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 loss of Extratec Progressive Limited. You consider that Extratec Progressive Limited is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of Extratec Progressive Limited. For this reason, we have not verified the adequacy, 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.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
27 March 2025



Extratec Progressive Limited
Company Registration Number: NI027558
STATEMENT OF FINANCIAL POSITION
as at 31 March 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 5 91,515 124,229
───────── ─────────
 
Current Assets
Inventories 6 343,837 282,454
Receivables 7 504,681 693,149
Cash and cash equivalents 1,315 15,839
───────── ─────────
849,833 991,442
───────── ─────────
Payables: amounts falling due within one year 8 (926,485) (931,979)
───────── ─────────
Net Current (Liabilities)/Assets (76,652) 59,463
───────── ─────────
Total Assets less Current Liabilities 14,863 183,692
 
Payables:
amounts falling due after more than one year 9 (100,082) (116,599)
 
Provisions for liabilities 11 (3,790) (7,021)
───────── ─────────
Net (Liabilities)/Assets (89,009) 60,072
═════════ ═════════
 
Equity
Called up share capital 4 4
Retained earnings (89,013) 60,068
───────── ─────────
Equity attributable to owners of the company (89,009) 60,072
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 27 March 2025 and signed on its behalf by
           
           
           
________________________________          
Gerard F McGuigan          
Director          
           
           
           
________________________________
Leonard P Holmes
Director
           



Extratec Progressive Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2024

   
1. General Information
 
Extratec Progressive Limited is a company limited by shares incorporated in Northern Ireland. 8 Harbour Court, 5 Heron Road, Airport Road West, BT3 9HB, United Kingdom is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Short leasehold property - 10% Straight line
  Plant and machinery - 25% Reducing Balance
  Fixtures, fittings and equipment - 25% Reducing Balance
  Motor vehicles - 25% Straight Line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing
Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement.
 
Inventories
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Pensions
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.
 
Research and development
Research expenditure is written off to the Income Statement in the year in which it is incurred.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Going concern
 
As at 31 March 2024 the company had a deficiency of assets of £89,009. The company is reliant on the support of its directors.
       
4. Employees
 
The average monthly number of employees, including directors, during the financial year was 18, (2023 - 18).
 
  2024 2023
  Number Number
 
Administration 16 16
Directors 2 2
  ───────── ─────────
  18 18
  ═════════ ═════════
             
5. Property, plant and equipment
  Short Plant and Fixtures, Motor Total
  leasehold machinery fittings and vehicles  
  property   equipment    
  £ £ £ £ £
Cost
At 1 April 2023 28,484 186,867 9,114 95,847 320,312
Disposals - (99,065) - - (99,065)
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 28,484 87,802 9,114 95,847 221,247
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2023 28,484 163,175 4,424 - 196,083
Charge for the financial year - 5,710 1,173 23,962 30,845
On disposals - (97,196) - - (97,196)
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 28,484 71,689 5,597 23,962 129,732
  ───────── ───────── ───────── ───────── ─────────
Carrying amount
At 31 March 2024 - 16,113 3,517 71,885 91,515
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 March 2023 - 23,692 4,690 95,847 124,229
  ═════════ ═════════ ═════════ ═════════ ═════════
           
5.1. Property, plant and equipment continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2024   2023  
  Carrying Depreciation Carrying Depreciation
  amount charge amount charge
  £ £ £ £
 
Plant and machinery 74,654 24,885 99,539 1,231
  ═════════ ═════════ ═════════ ═════════
       
6. Inventories 2024 2023
  £ £
 
Raw materials 343,837 282,454
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Receivables 2024 2023
  £ £
 
Trade receivables 499,869 634,064
Other debtors - 44,716
Prepayments and accrued income 4,812 14,369
  ───────── ─────────
  504,681 693,149
  ═════════ ═════════
       
8. Payables 2024 2023
Amounts falling due within one year £ £
 
Bank overdrafts 50,579 83,078
Bank loans 10,204 9,952
Net obligations under finance leases
and hire purchase contracts 7,873 7,873
Trade payables 366,586 365,394
Taxation and social security costs (Note 10) 20,932 32,241
Directors' current accounts 124,407 8,168
Other creditors 334,513 419,001
Accruals:
Pension accrual 6,641 1,522
Other accruals 4,750 4,750
  ───────── ─────────
  926,485 931,979
  ═════════ ═════════
 
At 31 March 2024 Ulster Bank Limited had one fixed and floating charge over all property and undertakings by Extratec Progressive Limited.
       
9. Payables 2024 2023
Amounts falling due after more than one year £ £
 
Bank loans 12,231 22,435
Finance leases and hire purchase contracts 87,851 94,164
  ───────── ─────────
  100,082 116,599
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 8) 60,783 93,030
Repayable between one and two years 9,952 9,952
Repayable between two and five years 2,279 12,483
  ───────── ─────────
  73,014 115,465
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 7,873 7,873
Repayable between one and five years 87,851 94,164
  ───────── ─────────
  95,724 102,037
  ═════════ ═════════
       
10. Taxation and social security 2024 2023
  £ £
 
Payables:
VAT 12,342 17,899
PAYE / NI 8,590 14,342
  ───────── ─────────
  20,932 32,241
  ═════════ ═════════
         
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 7,021 7,021 4,903
Charged to profit and loss (3,231) (3,231) 2,118
  ───────── ───────── ─────────
At financial year end 3,790 3,790 7,021
  ═════════ ═════════ ═════════
   
12. Pension costs - defined contribution
 
The company operates a defined contribution pension scheme in respect of its employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £20,401 (2023 - £19,700 ).
Unpaid contributions outstanding at 31 March 2024 amounted to £6,641 (31 March 2023 - £1,522).
           
13. Related party transactions
 
The directors of Extratec Progressive Limited are Trustee's of a pension scheme in the name of Extratec Progressive Limited Retirement Benefit Scheme. This pension fund owns units 8 and 17 Heron Court, Heron Road, Airport Road West, Belfast, BT3 9HD. Extratec Progressive Limited rents these units from Extratec Progressive Limited Retirement Benefit Scheme.
   
14. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.