Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-302024-07-30false2023-07-3155truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05150326 2023-07-31 2024-07-30 05150326 2022-07-31 2023-07-30 05150326 2024-07-30 05150326 2023-07-30 05150326 2022-07-31 05150326 c:Director1 2023-07-31 2024-07-30 05150326 d:Buildings d:ShortLeaseholdAssets 2023-07-31 2024-07-30 05150326 d:Buildings d:ShortLeaseholdAssets 2024-07-30 05150326 d:Buildings d:ShortLeaseholdAssets 2023-07-30 05150326 d:FurnitureFittings 2024-07-30 05150326 d:FurnitureFittings 2023-07-30 05150326 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-31 2024-07-30 05150326 d:OtherPropertyPlantEquipment 2023-07-31 2024-07-30 05150326 d:OwnedOrFreeholdAssets 2023-07-31 2024-07-30 05150326 d:PatentsTrademarksLicencesConcessionsSimilar 2024-07-30 05150326 d:PatentsTrademarksLicencesConcessionsSimilar 2023-07-30 05150326 d:Goodwill 2024-07-30 05150326 d:Goodwill 2023-07-30 05150326 d:CurrentFinancialInstruments 2024-07-30 05150326 d:CurrentFinancialInstruments 2023-07-30 05150326 d:Non-currentFinancialInstruments 2024-07-30 05150326 d:Non-currentFinancialInstruments 2023-07-30 05150326 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-30 05150326 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-30 05150326 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-30 05150326 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-30 05150326 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-07-30 05150326 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-30 05150326 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-07-30 05150326 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-30 05150326 d:ShareCapital 2024-07-30 05150326 d:ShareCapital 2023-07-30 05150326 d:SharePremium 2024-07-30 05150326 d:SharePremium 2023-07-30 05150326 d:RetainedEarningsAccumulatedLosses 2024-07-30 05150326 d:RetainedEarningsAccumulatedLosses 2023-07-30 05150326 c:OrdinaryShareClass1 2023-07-31 2024-07-30 05150326 c:OrdinaryShareClass1 2024-07-30 05150326 c:OrdinaryShareClass1 2023-07-30 05150326 c:OrdinaryShareClass2 2023-07-31 2024-07-30 05150326 c:OrdinaryShareClass2 2024-07-30 05150326 c:OrdinaryShareClass2 2023-07-30 05150326 c:OrdinaryShareClass3 2023-07-31 2024-07-30 05150326 c:OrdinaryShareClass3 2024-07-30 05150326 c:OrdinaryShareClass3 2023-07-30 05150326 c:FRS102 2023-07-31 2024-07-30 05150326 c:AuditExempt-NoAccountantsReport 2023-07-31 2024-07-30 05150326 c:FullAccounts 2023-07-31 2024-07-30 05150326 c:PrivateLimitedCompanyLtd 2023-07-31 2024-07-30 05150326 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-07-30 05150326 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-07-30 05150326 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2024-07-30 05150326 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2023-07-30 05150326 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2024-07-30 05150326 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2023-07-30 05150326 d:AcceleratedTaxDepreciationDeferredTax 2024-07-30 05150326 d:AcceleratedTaxDepreciationDeferredTax 2023-07-30 05150326 e:PoundSterling 2023-07-31 2024-07-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 05150326









PROGRESSIVE FURNITURE LTD
T/A House of Harmony

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JULY 2024

 
PROGRESSIVE FURNITURE LTD
 
T/A House of Harmony
REGISTERED NUMBER: 05150326

BALANCE SHEET
AS AT 30 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,613
1,613

Tangible assets
 5 
45,392
55,667

  
47,005
57,280

Current assets
  

Stocks
 6 
270,060
330,470

Debtors: amounts falling due within one year
 7 
297,121
374,262

Cash at bank and in hand
  
46,733
-

Current liabilities
  
613,914
704,732

Creditors: amounts falling due within one year
 8 
(476,788)
(510,187)

Net current assets
  
 
 
137,126
 
 
194,545

Total assets less current liabilities
  
184,131
251,825

Creditors: amounts falling due after more than one year
 9 
(31,767)
(75,561)

Provisions for liabilities
  

Deferred tax
 11 
(6,043)
(7,214)

Net assets
  
146,321
169,050


Capital and reserves
  

Called up share capital 
 12 
40,000
40,000

Share premium account
  
20,000
20,000

Profit and loss account
  
86,321
109,050

  
146,321
169,050


Page 1

 
PROGRESSIVE FURNITURE LTD
 
T/A House of Harmony
REGISTERED NUMBER: 05150326

BALANCE SHEET (CONTINUED)
AS AT 30 JULY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 April 2025.




................................................
Mr C A Beale
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
PROGRESSIVE FURNITURE LTD

T/A House of Harmony
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2024

1.


General information

Progressive Furniture Ltd t/a House of Harmony is a private Company limited by shares, incorporated in England and Wales within the United Kingdom. The address of the registered office is Tennyson House, Cambridge Business Park, Cambridge, CB4 0WZ. This Company is not part of a group.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
PROGRESSIVE FURNITURE LTD

T/A House of Harmony
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2024

2.Accounting policies (continued)

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.


S/Term Leasehold Property
-
10%
straight line
Other fixed assets
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks and work in progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
PROGRESSIVE FURNITURE LTD

T/A House of Harmony
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2024

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
PROGRESSIVE FURNITURE LTD

T/A House of Harmony
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2024

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.13

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
PROGRESSIVE FURNITURE LTD

T/A House of Harmony
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2024

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

Page 7

 
PROGRESSIVE FURNITURE LTD

T/A House of Harmony
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2024

4.


Intangible assets




Goodwill
Other fixed assets
Total

£
£
£



Cost


At 31 July 2023
254,707
1,613
256,320



At 30 July 2024

254,707
1,613
256,320



Amortisation


At 31 July 2023
254,707
-
254,707



At 30 July 2024

254,707
-
254,707



Net book value



At 30 July 2024
-
1,613
1,613



At 30 July 2023
-
1,613
1,613




5.


Tangible fixed assets





S/Term Leasehold Property
Fixtures & fittings
Total

£
£
£



Cost


At 31 July 2023
107,012
39,602
146,614



At 30 July 2024

107,012
39,602
146,614



Depreciation


At 31 July 2023
53,407
37,540
90,947


Charge for the year on owned assets
9,863
412
10,275



At 30 July 2024

63,270
37,952
101,222



Net book value



At 30 July 2024
43,742
1,650
45,392



At 30 July 2023
53,605
2,062
55,667

Page 8

 
PROGRESSIVE FURNITURE LTD

T/A House of Harmony
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2024

6.


Stocks and work in progress

2024
2023
£
£

Work in progress
172,903
183,593

Finished goods and goods for resale
97,157
146,877

270,060
330,470



7.


Debtors

2024
2023
£
£


Trade debtors
44,561
44,091

Other debtors
203,727
242,592

Prepayments
20,119
37,275

Tax recoverable
28,714
50,304

297,121
374,262



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
17,560

Bank loans
-
6,125

Other loans
43,794
39,565

Trade creditors
70,183
85,537

Corporation tax
90,440
76,003

Other taxation and social security
107,715
95,405

Other creditors
154,698
176,971

Accruals
9,958
13,021

476,788
510,187



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
31,767
75,561


Included within creditors are secured debts amounting to £75,561 (2023 - £121,251).

Page 9

 
PROGRESSIVE FURNITURE LTD

T/A House of Harmony
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
6,125

Other loans
43,794
39,565


43,794
45,690

Amounts falling due 1-2 years

Other loans
31,767
43,794

Amounts falling due 2-5 years

Other loans
-
31,767

75,561
121,251



11.


Deferred taxation




2024
2023


£

£






At beginning of year
(7,214)
(6,201)


Charged to profit or loss
1,171
(1,013)



At end of year
(6,043)
(7,214)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(6,043)
(7,214)

Page 10

 
PROGRESSIVE FURNITURE LTD

T/A House of Harmony
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



26,000 (2023 - 26,000) Ordinary A shares of £1.00 each
26,000
26,000
10,000 (2023 - 10,000) Ordinary B shares of £1.00 each
10,000
10,000
4,000 (2023 -4,000) Ordinary C shares of £1.00 each
4,000
4,000

40,000

40,000



13.


Commitments under operating leases

At 30 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023

£
£


Not later than 1 year
2,941
2,941

Later than 1 year and not later than 5 years
16,339
19,281

19,280
22,222


14.


Related party transactions

At 31 July 2023 the director owed the Company £40,597. During the year they made repayments of £47,000 and paid expenses on the Company’s behalf of £120,405. They also withdrew amounts totalling £4,630 and the Company paid expenses on their behalf of £115,867. At 30 July 2024 £6,311 was owed by the Company. This loan is interest free and repayable on demand.
During the year the Company operated a loan with Mrs S Beale, a shareholder of the Company. The amount payable by Mrs S Beale to the Company at the year end was £45,379 (2023 - £46,247). This loan is interest free and repayable on demand. S455 tax has been provided for in full.
During the year the Company operated a loan with SGGC Developments Ltd, a Company under common control. The amount payable by SGGC Developments Ltd to the Company at the year end was £158,348 (2023 - £155,348). This loan is interest free and repayable on demand.


Page 11