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Company No: 10024975 (England and Wales)

# PROGRESS DEVELOPMENTS SOUTH WEST LIMITED

### Unaudited Financial Statements
For the financial year ended 31 October 2025
Pages for filing with the registrar

PROGRESS DEVELOPMENTS SOUTH WEST LIMITED

## Unaudited Financial Statements

For the financial year ended 31 October 2025

Contents

PROGRESS DEVELOPMENTS SOUTH WEST LIMITED

## BALANCE SHEET

As at 31 October 2025
PROGRESS DEVELOPMENTS SOUTH WEST LIMITED

## BALANCE SHEET (continued)

As at 31 October 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Current assets |  |  |  |
Stocks | 3 | 67,367 |  | 0
Debtors | 4 | 24,800 |  | 0
Cash at bank and in hand |  | 82,713 |  | 775
|  | 174,880 |  | 775
Creditors: amounts falling due within one year | 5 | ( 653,477) |  | ( 469,791)
Net current liabilities |  | (478,597) |  | (469,016)
Total assets less current liabilities |  | (478,597) |  | (469,016)
Creditors: amounts falling due after more than one year | 6 | ( 25,284) |  | ( 32,340)
Net liabilities |  | ( 503,881) |  | ( 501,356)
Capital and reserves |  |  |  |
Called-up share capital | 7 | 99 |  | 99
Profit and loss account |  | ( 503,980 ) |  | ( 501,455 )
Total shareholders' deficit |  | ( 503,881) |  | ( 501,356)

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

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Progress Developments South West Limited (registered number: 10024975) were approved and authorised for issue by the Board of Directors on 21 July 2026. They were signed on its behalf by:

Mr G R Fincham Director |

PROGRESS DEVELOPMENTS SOUTH WEST LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2025
PROGRESS DEVELOPMENTS SOUTH WEST LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Progress Developments South West Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is First Floor Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, United Kingdom. The principal place of business is 1 Fairmantle Street, Truro, Cornwall, TR1 2LP.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

Notwithstanding the net liabilities of £503,881 (2024 - £501,356) the directors have continued to adopt the going concern basis of accounting. The directors, and other related companies, have confirmed their willingness to support the company for the foreseeable future (being not less than 12 months from approval of the financial statements). As stated in note 9, the company has exercised the option held in work in progress after the year end and is due to receive a profit for selling the land that exceeds the retained deficit of the company.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 3 |  | 3

#### 3. Stocks

| 2025 |  | 2024
| £ |  | £
Work in progress | 67,367 |  | 0

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Amounts owed by Group undertakings | 5,600 |  | 0
Other debtors | 19,200 |  | 0
| 24,800 |  | 0

#### 5. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 7,056 |  | 7,056
Trade creditors | 1,228 |  | 1,141
Amounts owed to directors | 163,434 |  | 163,434
Accruals and deferred income | 326,400 |  | 36,199
Other creditors | 155,359 |  | 261,961
| 653,477 |  | 469,791

#### 6. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 25,284 |  | 32,340

#### 7. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
99 Ordinary shares of £ 1.00 each | 99 |  | 99

#### 8. Related party transactions

Transactions with the entity's directors

| 2025 |  | 2024
| £ |  | £
Director | 19,200 |  | 0

Advances made to the director during the year ended 31 October 2025 totalled £19,200. As at 31 October 2025, the amount due to the company was £19,200.

Other related party transactions

During the current and previous period, loan accounts existed between the company and other companies in which the director(s) of Progress Developments South West Limited are directors.
These loans are interest free and repayable when the company is in a suitable financial position.
At the year end £155,359 (2024 - £261,961) was owed to these companies and is shown in other creditors and £5,600 (2024 - £Nil) was owed by these companies and is shown in other debtors.