Progressly Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 13800736

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Investment Properties	4		767,577		629,625

			767,577		629,625
CURRENT ASSETS
Cash at bank and in hand		898		6,570

		898		6,570
Creditors: Amounts Falling Due Within One Year	5	(533,198 )		(404,373 )

NET CURRENT ASSETS (LIABILITIES)			(532,300 )		(397,803 )

TOTAL ASSETS LESS CURRENT LIABILITIES			235,277		231,822

Creditors: Amounts Falling Due After More Than One Year	6		(231,723 )		(231,723 )

NET ASSETS			3,554		99

CAPITAL AND RESERVES
Called up share capital	7		100		100
Profit and Loss Account			3,454		(1 )

SHAREHOLDERS' FUNDS			3,554		99

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Progressly Limited

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Taranjit Mundra

Director

16/05/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Progressly Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13800736 . The registered office is 9 Fulmar Close, Mickleover, Derby, Derbyshire, DE3 9XH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.5. Financial Instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other

creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial

recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the

case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred

beyond normal business terms, then it is measured at the present value of future payments discounted at a market

rate of instrument for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Progressly Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2023: NIL)

4. Investment Property

	2024
	£
Fair Value
As at 1 January 2024	629,625
Additions	137,952

As at 31 December 2024	767,577

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2024	2023
	£	£
Cost	767,577	629,625

5. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Corporation tax	810	-
Commercial credit card	273	246
Accruals and deferred income	1,000	820
Directors' loan accounts	9,289	6,889
Amounts owed to parent undertaking	521,826	396,418

	533,198	404,373

Amounts owed to parent undertaking relates to investment capital advanced by the company’s parent company. The parent

has confirmed its intention to continue to support the company.

6. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Mortgage loan	231,723	231,723

The company has an interest only mortgage with Paragon Bank attracting an interest rate of 5.75% fixed for five years. The mortgage is repayable after a term of eleven years.

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Progressly Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	100	100

8. Related Party Transactions

During the year ended 31 December 2024, the company received loans of £131,908 (2023: £164,422) and repaid £6,500 (2023: £nil). As at 31 December 2024 the company owed £521,826 (2023: £396,418) to Munco International Limited. The company is a wholly owned subsidiary of Munco International Limited.Munco International Limited does not prepare consolidated financial statements on the grounds that it qualifies as a small group.

During the year ended 31 December 2024, the company received loans of £2,400 (2023: £6,889) and repaid £nil (2023: £nil). As at 31 December 2024 the company owed £9,289 (2023: £6,889) to Taranjit Mundra, a director. The loan is interest free is repayable on demand.

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