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Registration number: 01765935

Progress Plant Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2025

Progress Plant Limited

Contents

Balance Sheet | 1
Notes to the Unaudited Financial Statements | 2 to 6

Progress Plant Limited

(Registration number: 01765935)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 5,577,061 | 4,830,237
Current assets |  |  |
Stocks |  | 11,730 | 12,391
Debtors | 5 | 792,832 | 761,550
Cash at bank and in hand |  | 465,295 | 129,604
|  | 1,269,857 | 903,545
Creditors: Amounts falling due within one year | 6 | (2,634,261) | (2,580,495)
Net current liabilities |  | (1,364,404) | (1,676,950)
Total assets less current liabilities |  | 4,212,657 | 3,153,287
Creditors: Amounts falling due after more than one year | 6 | (2,497,234) | (1,882,852)
Net assets |  | 1,715,423 | 1,270,435
Capital and reserves |  |  |
Called up share capital | 7 | 1,536 | 1,536
Retained earnings |  | 1,713,887 | 1,268,899
Shareholders' funds |  | 1,715,423 | 1,270,435

For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 May 2026

......................................... Mr S Phillips Director

Progress Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
33 Ravensbridge Drive
Leicester
LE4 0BX

These financial statements were authorised for issue by the director on 20 May 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the hire and sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Progress Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Depreciation

Depreciation is charged so as to write off the cost of assets. Over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Fixtures, fittings and equipment | Over 3 to 10 years straight line basis
Motor vehicles | Over 4 years straight line basis
Plant and machinery | Over 1 to 3 years straight line basis & 17% per annum reducing balance basis

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Progress Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 19 (2024 - 17).

4 | Tangible assets

| Fixtures, fittings and equipment £ | Motor vehicles £ | Plant and machinery £ | Total £
Cost
At 1 January 2025 | 120,344 | 343,427 | 7,997,390 | 8,461,161
Additions | 8,663 | 78,520 | 1,856,873 | 1,944,056
Disposals | - | (118,977) | (740,933) | (859,910)
At 31 December 2025 | 129,007 | 302,970 | 9,113,330 | 9,545,307
Depreciation
At 1 January 2025 | 118,229 | 272,549 | 3,240,146 | 3,630,924
Charge for the year | 1,184 | 36,037 | 908,089 | 945,310
Eliminated on disposal | - | (100,581) | (507,407) | (607,988)
At 31 December 2025 | 119,413 | 208,005 | 3,640,828 | 3,968,246
Carrying amount
At 31 December 2025 | 9,594 | 94,965 | 5,472,502 | 5,577,061
At 31 December 2024 | 2,115 | 70,878 | 4,757,244 | 4,830,237

In the opinion of the directors the value of plant and machinery at the year end is estimated to be £6.1m, in excess of the net book value by £627,498.

Progress Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

5 | Debtors

| 2025 £ | 2024 £
Trade debtors | 729,566 | 708,855
Prepayments | 63,266 | 52,695
| 792,832 | 761,550

6 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 8 | 2,208,405 | 2,134,660
Trade creditors |  | 373,897 | 399,874
Taxation and social security |  | 41,458 | 29,767
Accruals and deferred income |  | 4,214 | 10,576
Other creditors |  | 6,287 | 5,618
|  | 2,634,261 | 2,580,495

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 8 | 2,497,234 | 1,882,852

7 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary A shares of £0.01 each | 153,600 | 1,536 | 153,600 | 1,536

Progress Plant Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

8 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Hire purchase contracts | 2,497,234 | 1,882,852

Current loans and borrowings

| 2025 £ | 2024 £
Hire purchase contracts | 1,313,697 | 1,154,451
Other borrowings | 894,708 | 980,209
| 2,208,405 | 2,134,660