REGISTERED NUMBER: 12315627 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

RS PROGRESS LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

L A Doherty

REGISTERED OFFICE:

The St Botolph Building

138 Houndsditch

London

EC3A 7AR

REGISTERED NUMBER:

12315627 (England and Wales)

AUDITORS:

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Tangible assets

4

36,362

-

CURRENT ASSETS

Debtors

5

310,869

130,164

Cash at bank

104,941

183,231

415,810

313,395

CREDITORS

Amounts falling due within one year

6

397,835

286,418

NET CURRENT ASSETS

17,975

26,977

TOTAL ASSETS LESS CURRENT LIABILITIES

54,337

26,977

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

54,336

26,976

SHAREHOLDERS' FUNDS

54,337

26,977

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:

L A Doherty - Director

1.	STATUTORY INFORMATION

RS Progress Ltd. 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.

The company's accounting year end was changed to 31 December during FY23 to align the reporting period with fellow group members; as a result, the comparatives are not entirely comparable.

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.

The financial statements have been prepared on the going concern basis on the basis that the fellow group company has confirmed that it will continue to support the company, and is able to do so, for a period of at least 12 months and 1 day following the signing of the audit report.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents amounts charged to a fellow group undertaking under a services agreement. Turnover is calculated as an annualised service charge of £25,000 to be paid in equal monthly instalments, plus a recharge of costs which is recognised when rechargeable costs are incurred.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost less any accumulated depreciation. Depreciation is provided at the following annual rates in order to write of the cost of the asset over its estimated useful life;

Computer equipment

- 3 years straight line

Financial instruments

Basic Financial Instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102.

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.

Research and development

Grant income in relation to research and development is recognised in the year for which the expenditure is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

45,466

At 31 December 2024

45,466

DEPRECIATION

Charge for year

9,104

At 31 December 2024

9,104

NET BOOK VALUE

At 31 December 2024

36,362

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed by group undertakings

-

13,058

Other debtors

310,869

117,106

310,869

130,164

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

-

11,030

Amounts owed to group undertakings

82,025

-

Taxation and social security

76,644

86,954

Other creditors & accruals

239,166

188,434

397,835

286,418

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

117,375

5,880

Between one and five years

549,664

-

667,039

5,880

On 9 January 2025, the company entered into a lease agreement for new office facilities in Belfast. Although the lease was formally signed after the reporting date, discussions and negotiations were substantially complete prior to the year-end, and the lease is considered to be a significant operational development for the business.

While the lease does not meet the criteria for recognition as an adjusting event under FRS 102 Section 32, the director considers the transaction to be material to the understanding of the company’s future operations. Accordingly, this disclosure is made to reflect the substance over form principle and to provide relevant information to users of the financial statements.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1

Ordinary

£1

1

1

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Rachel Lockwood (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-

"Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

10.	ULTIMATE PARENT COMPANY

The immediate parent company is RiverStone Group LLC, incorporated in USA, with registered office at 250 Commercial Street, Suite 5000, Manchester, NH 03101, USA.

The ultimate parent company is Fairfax Financial Holdings Limited, incorporated in Canada, with registered office at 95 Wellington Street West, Suite 800, Toronto, Canada. This is the largest group for which consolidated accounts are produced. These consolidated accounts can be found on the company's website: www.fairfax.ca.