REGISTERED NUMBER: 06322180 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PROGRESSION PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

T Murphy

REGISTERED OFFICE:

143A Victoria Road

Scarborough

North Yorkshire

YO11 1SY

REGISTERED NUMBER:

06322180 (England and Wales)

ACCOUNTANTS:

Lloyd Dowson Limited

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

BANKERS:

Handelsbanken

2 Manor Court

Manor Garth

Eastfield

Scarborough

North Yorkshire

YO11 3TU

FIXED ASSETS

Tangible assets

4

1,714

3,134

Investment property

5

2,401,179

2,469,121

2,402,893

2,472,255

CURRENT ASSETS

Debtors

6

173,905

381,646

Cash at bank

64,762

8,082

238,667

389,728

CREDITORS

Amounts falling due within one year

7

263,669

354,903

NET CURRENT (LIABILITIES)/ASSETS

(25,002

)

34,825

TOTAL ASSETS LESS CURRENT LIABILITIES

2,377,891

2,507,080

CREDITORS

Amounts falling due after more than one year

8

(1,096,794

)

(1,216,935

)

PROVISIONS FOR LIABILITIES

(115,082

)

(143,841

)

NET ASSETS

1,166,015

1,146,304

CAPITAL AND RESERVES

Called up share capital

10

4

4

Fair value reserve

11

962,004

842,840

Retained earnings

204,007

303,460

SHAREHOLDERS' FUNDS

1,166,015

1,146,304

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

T Murphy - Director

1.	STATUTORY INFORMATION

Progression Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	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 as modified by the revaluation of certain assets.

Turnover

Income generated in the year relates to residential rentals, and is recognised as it falls due.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Computer equipment

-

Straight line (over 3 years)

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of income.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Pension costs and other post-retirement benefits

The company operates an auto-enrolment pension scheme. Contributions payable are charged to the statement of income in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

19,516

DEPRECIATION

At 1 January 2024

16,382

Charge for year

1,420

At 31 December 2024

17,802

NET BOOK VALUE

At 31 December 2024

1,714

At 31 December 2023

3,134

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

2,469,121

Disposals

(285,252

)

Revaluations

217,310

At 31 December 2024

2,401,179

NET BOOK VALUE

At 31 December 2024

2,401,179

At 31 December 2023

2,469,121

Fair value at 31 December 2024 is represented by:

£

Valuation in 2013

246,661

Valuation in 2015

128,000

Valuation in 2016

(24,271

)

Valuation in 2017

88,199

Valuation in 2018

170,959

Valuation in 2019

148,276

Valuation in 2020

116,593

Valuation in 2021

(39,587

)

Valuation in 2023

198,534

Valuation in 2024

217,310

Cost

1,150,505

2,401,179

If freehold investment properties had not been revalued they would have been included at the following historical cost:

31.12.24

31.12.23

£

£

Cost

1,150,505

1,345,393

Freehold investment properties were valued on an open market basis on 31 December 2024 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

56,561

25,432

Amounts owed by associates

107,318

160,836

Other debtors

10,026

195,378

173,905

381,646

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

46,621

17,000

Taxation and social security

18,595

14,083

Other creditors

198,453

323,820

263,669

354,903

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

1,096,794

1,216,935

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans

1,000,849

1,187,365

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

1,143,415

1,233,935

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

3

Ordinary A

£1

3

3

1

Ordinary B

£1

1

1

4

4

11.

RESERVES

Fair

value

reserve

£

At 1 January 2024

842,840

Movement on reserves

119,164

At 31 December 2024

962,004

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

£

T Murphy

Balance outstanding at start of year

-

8,484

Amounts repaid

-

(8,484

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-