Company No: 10789789 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	2,016		2,520
Investments	4	2		2
		2,018		2,522
Current assets
Stocks	5	454,190		684,180
Debtors	6	1,372,001		1,479,881
Cash at bank and in hand		2,084		94,731
		1,828,275		2,258,792
Creditors: amounts falling due within one year	7	( 3,586,106)		( 3,634,869)
Net current liabilities		(1,757,831)		(1,376,077)
Total assets less current liabilities		(1,755,813)		(1,373,555)
Creditors: amounts falling due after more than one year	8	( 25,284)		( 32,340)
Net liabilities		( 1,781,097)		( 1,405,895)
Capital and reserves
Called-up share capital	9	90		90
Profit and loss account		( 1,781,187 )		( 1,405,985 )
Total shareholders' deficit		( 1,781,097)		( 1,405,895)

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 Land Limited (registered number: 10789789) 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

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 Land 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 the revaluation of freehold properties and to include investment properties and 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 £1,781,097 (2024 - £1,405,895) 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), and are also expecting future growth sufficient to enable the company to meet its liabilities.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of land in the ordinary course of the company’s activities.

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Tangible fixed 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.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Land and buildings	6 years straight line
Fixtures and fittings	20 % reducing balance
Office equipment	20 % reducing balance

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		5

3. Tangible assets

	Land and buildings		Fixtures and fittings		Office equipment		Total
	£		£		£		£
Cost
At 01 November 2024	684		1,856		4,298		6,838
At 31 October 2025	684		1,856		4,298		6,838
Accumulated depreciation
At 01 November 2024	684		1,096		2,538		4,318
Charge for the financial year	0		152		352		504
At 31 October 2025	684		1,248		2,890		4,822
Net book value
At 31 October 2025	0		608		1,408		2,016
At 31 October 2024	0		760		1,760		2,520

4. Fixed asset investments

	2025		2024
	£		£
Subsidiary undertakings	2		2

Investments in subsidiaries

	2025
	£
Cost
At 01 November 2024	2
At 31 October 2025	2
Carrying value at 31 October 2025	2
Carrying value at 31 October 2024	2

5. Stocks

	2025		2024
	£		£
Work in progress	454,190		684,180

6. Debtors

	2025		2024
	£		£
Amounts owed by Group undertakings	1,295,843		1,090,004
Prepayments and accrued income	1,726		206,236
VAT recoverable	0		3,307
Other debtors	74,432		180,334
	1,372,001		1,479,881

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	7,056		7,056
Trade creditors	4,426		4,209
Amounts owed to directors	383,235		383,235
Accruals	83,613		3,066
Other taxation and social security	57,918		0
Other creditors	3,049,858		3,237,303
	3,586,106		3,634,869

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

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

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and not yet paid
90 Ordinary shares of £ 1.00 each	90		90

10. Related party transactions

Other related party transactions

During the period, loan accounts existed between the company and other companies in which the director(s) of Progress Land Limited are directors and/or shareholders.

These loans are interest free and repayable when the company is in a suitable financial position.

At the year end £3,035,272 (2024 - £3,223,989) was owed to these companies and is shown in other creditors.

At the year end £74,342 (2024 - £180,244) was owed by these companies and is shown in other debtors.

The company has taken advantage of the exemption provided disclosing transactions with its wholly owed subsidiaries.