Progressive Motorsport Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 05983953 (England and Wales)

Progressive Motorsport Limited

Unaudited Financial Statements for the Year Ended 31 October 2025

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

8

DIRECTOR:

H A Haynes

SECRETARY:

M Lawrence

REGISTERED OFFICE:

Chandos House

School Lane

Buckingham

Buckinghamshire

MK18 1HD

REGISTERED NUMBER:

05983953 (England and Wales)

ACCOUNTANTS:

Tearle & Carver Limited

Chandos House

School Lane

Buckingham

Buckinghamshire

MK18 1HD

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Progressive Motorsport Limited for the year ended 31 October 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Progressive Motorsport Limited in accordance with the terms of our engagement letter dated 1 July 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Progressive Motorsport Limited and state those matters that we have agreed to state to the director of Progressive Motorsport Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Progressive Motorsport Limited and its director for our work or for this report.

It is your duty to ensure that Progressive Motorsport Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Progressive Motorsport Limited. You consider that Progressive Motorsport Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Progressive Motorsport Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Tearle & Carver Limited

Chandos House

School Lane

Buckingham

Buckinghamshire

MK18 1HD

Date: .............................................

FIXED ASSETS

Intangible assets

4

4,641

6,187

Tangible assets

5

103,260

100,070

107,901

106,257

CURRENT ASSETS

Debtors

6

132,298

102,844

Cash at bank and in hand

208,832

92,469

341,130

195,313

CREDITORS

Amounts falling due within one year

7

257,331

105,706

NET CURRENT ASSETS

83,799

89,607

TOTAL ASSETS LESS CURRENT
LIABILITIES

191,700

195,864

CAPITAL AND RESERVES

Called up share capital

8

16

Retained earnings

191,684

195,848

SHAREHOLDERS' FUNDS

191,700

195,864

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 July 2026 and were signed by:

H A Haynes - Director

1.	STATUTORY INFORMATION

Progressive Motorsport Limited 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.

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.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 13 (2024 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 November 2024

and 31 October 2025

11,000

AMORTISATION

At 1 November 2024

4,813

Charge for year

1,546

At 31 October 2025

6,359

NET BOOK VALUE

At 31 October 2025

4,641

At 31 October 2024

6,187

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

COST

At 1 November 2024

15,090

139,848

-

19,573

174,511

Additions

-

2,972

26,632

17,741

47,345

Disposals

-

(24,676

)

-

(24,676

)

At 31 October 2025

15,090

118,144

26,632

37,314

197,180

DEPRECIATION

At 1 November 2024

-

59,100

-

15,341

74,441

Charge for year

-

17,357

6,658

5,846

29,861

Eliminated on disposal

-

(10,382

)

-

(10,382

)

At 31 October 2025

-

66,075

6,658

21,187

93,920

NET BOOK VALUE

At 31 October 2025

15,090

52,069

19,974

16,127

103,260

At 31 October 2024

15,090

80,748

-

4,232

100,070

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

82,984

(2,099

)

Other debtors

39,910

96,924

Prepayments

9,404

8,019

132,298

102,844

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade creditors

23,153

41,163

VAT

59,666

16,798

Other creditors

134,382

10,700

Directors' current accounts

34,365

31,280

Accruals and deferred income

5,765

257,331

105,706

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

4

Ordinary A

£1

4

2

Ordinary B

£1

2

5

Ordinary C

£1

5

Ordinary D

£1

5

16

9.	RELATED PARTY DISCLOSURES

Included in other creditors is an amount due to Dave Ward and Howden Haynes, the directors. At the year end, the amount owed to Dave Ward was £27,704.86 (2024: £26,139.86) and Howden Haynes is £6,659.86 (2024:£5,139.86).

10.	ULTIMATE CONTROLLING PARTY

The directors consider that there is no ultimate controlling party.