Progressive Property Ventures LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC361197

PROGRESSIVE PROPERTY VENTURES LLP

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2025

PROGRESSIVE PROPERTY VENTURES LLP

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

Contents	Page

Designated members and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

PROGRESSIVE PROPERTY VENTURES LLP

DESIGNATED MEMBERS AND PROFESSIONAL ADVISERS

Designated members	R F Moore
	M A Homer

Registered office	Progressive House
	9 Office Village
	Forder Way
	Cygnet Park
	Peterborough
	PE7 8GX

Accountants	Wilkins Southworth
	Chartered Certified Accountants
	10-12 High Street
	Barnes
	London
	SW13 9LW

PROGRESSIVE PROPERTY VENTURES LLP

STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025		2024
Note	£	£	£

FIXED ASSETS

Tangible assets	5	349,760	346,586
Investments	6	452,000	452,000
		----------	----------
		801,760	798,586

CURRENT ASSETS

Debtors	7	2,332,471	2,954,458
Cash at bank and in hand		1,465,077	1,038,605
		-------------	-------------
		3,797,548	3,993,063

CREDITORS: amounts falling due within one year	8	( 3,778,648)		( 4,043,498)
		-------------		-------------
NET CURRENT ASSETS/(LIABILITIES)			18,900	( 50,435)
			----------	----------
TOTAL ASSETS LESS CURRENT LIABILITIES			820,660	748,151

CREDITORS: amounts falling due after more than one year	9	( 164,406)	( 352,421)
		----------	----------
NET ASSETS		656,254	395,730
		----------	----------

REPRESENTED BY:

LOANS AND OTHER DEBTS DUE TO MEMBERS

Other amounts	10	656,254	395,730
		----------	----------

MEMBERS' OTHER INTERESTS

Other reserves	–	–
	----------	----------
	656,254	395,730
	----------	----------

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members	10	656,254	395,730
Members' other interests		–	–
		----------	----------
		656,254	395,730
		----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the income statement has not been delivered.

PROGRESSIVE PROPERTY VENTURES LLP

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2025

For the year ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the members and authorised for issue on 28 November 2025 , and are signed on their behalf by:

M A Homer

Designated Member

Registered number: OC361197

PROGRESSIVE PROPERTY VENTURES LLP

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Progressive House, 9 Office Village, Forder Way, Cygnet Park, Peterborough, PE7 8GX.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the partnership will continue to receive financial support from the partners and certain creditors. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount and to provide for any further liabilities that might arise.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the income statement and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and Fittings	-	Over 3 years
Motor Vehicles	-	Over 3 years
Equipment	-	Over 3 years

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 98 (2024: 104 ).

5.	Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2024	87,021	705,772	90,747	883,540
Additions	–	123,409	6,670	130,079
Disposals	–	( 218,777)	–	( 218,777)
	---------	----------	---------	----------
At 31 March 2025	87,021	610,404	97,417	794,842
	---------	----------	---------	----------
Depreciation
At 1 April 2024	76,122	383,876	76,956	536,954
Charge for the year	10,050	69,864	10,142	90,056
Disposals	–	( 181,928)	–	( 181,928)
	---------	----------	---------	----------
At 31 March 2025	86,172	271,812	87,098	445,082
	---------	----------	---------	----------
Carrying amount
At 31 March 2025	849	338,592	10,319	349,760
	---------	----------	---------	----------
At 31 March 2024	10,899	321,896	13,791	346,586
	---------	----------	---------	----------

6.	Investments

	Other investments other than loans
	£
Cost
At 1 April 2024 and 31 March 2025	452,000
	----------
Impairment
At 1 April 2024 and 31 March 2025	–
	----------

Carrying amount
At 31 March 2025	452,000
	----------
At 31 March 2024	452,000
	----------

7.	Debtors

	2025	2024
	£	£
Trade debtors	52,899	14,451
Other debtors	2,279,572	2,940,007
	-------------	-------------
	2,332,471	2,954,458
	-------------	-------------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	–	100,000
Trade creditors	239,379	274,570
Accruals and deferred income	3,448,289	3,287,097
Social security and other taxes	73,821	248,865
Obligations under finance leases and hire purchase contracts	17,159	116,194
Pension Control	–	13,508
Other creditors	–	3,264
	-------------	-------------
	3,778,648	4,043,498
	-------------	-------------

9. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	–	170,856
Other creditors	164,406	181,565
	----------	----------
	164,406	352,421
	----------	----------

10.	Loans and other debts due to members

	2025	2024
	£	£
Amounts owed to members in respect of profits	656,254	395,730
	----------	----------

11.	Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Later than 1 year and not later than 5 years	194,352	339,626
	----------	----------