Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Steven Anthony Redhead 23/09/2019 27 May 2025 The principal activity of the Company is that of telecommunication activities and subletting a property. SC642265 2024-09-30 SC642265 bus:Director1 2024-09-30 SC642265 core:CurrentFinancialInstruments 2024-09-30 SC642265 core:CurrentFinancialInstruments 2023-09-30 SC642265 2023-09-30 SC642265 core:ShareCapital 2024-09-30 SC642265 core:ShareCapital 2023-09-30 SC642265 core:RetainedEarningsAccumulatedLosses 2024-09-30 SC642265 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC642265 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-09-30 SC642265 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-09-30 SC642265 bus:OrdinaryShareClass1 2024-09-30 SC642265 2023-10-01 2024-09-30 SC642265 bus:FilletedAccounts 2023-10-01 2024-09-30 SC642265 bus:SmallEntities 2023-10-01 2024-09-30 SC642265 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SC642265 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC642265 bus:Director1 2023-10-01 2024-09-30 SC642265 2022-10-01 2023-09-30 SC642265 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 SC642265 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC642265 (Scotland)

PROGRESSIVE TELECOM LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

PROGRESSIVE TELECOM LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

PROGRESSIVE TELECOM LTD

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
PROGRESSIVE TELECOM LTD

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Current assets
Debtors 3 7,523 5,939
Cash at bank and in hand 11,486 469
19,009 6,408
Creditors: amounts falling due within one year 4 ( 13,864) ( 7,593)
Net current assets/(liabilities) 5,145 (1,185)
Total assets less current liabilities 5,145 (1,185)
Net assets/(liabilities) 5,145 ( 1,185)
Capital and reserves
Called-up share capital 5 100 100
Profit and loss account 5,045 ( 1,285 )
Total shareholder's funds/(deficit) 5,145 ( 1,185)

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Progressive Telecom Ltd (registered number: SC642265) were approved and authorised for issue by the Director on 27 May 2025. They were signed on its behalf by:

Steven Anthony Redhead
Director
PROGRESSIVE TELECOM LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PROGRESSIVE TELECOM LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Progressive Telecom Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Davidson House Campus 1, Aberdeen Innovation Park, Balgownie Road, Aberdeen, AB22 8GT, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sub lease of property. Rent is recognised in the period that it relates to.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Debtors

2024 2023
£ £
Amounts owed by related parties 1,341 1,712
Other debtors 6,182 4,227
7,523 5,939

4. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,377 1,631
Taxation and social security 3,320 909
Other creditors 6,167 5,053
13,864 7,593

5. Called-up share capital

2024 2023
£ £
Allotted, called-up and not yet paid
100 Ordinary shares of £ 1.00 each 100 100

6. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Directors Loan Account 100 100

The above is treated as an interest free loan, with no fixed repayment terms.

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts due to / (from) company under common control (1,341) (1,712)

This balance is treated as a loan which is interest free and has no fixed repayment terms.

During the year sales of £36,850 (2023: £26,158) were made to the related party. In addition, the related party paid costs on behalf of the company of £371 (2023: £11,270). The related party is a company under common control.