Progressive Property Assets Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 10612278

PROGRESSIVE PROPERTY ASSETS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

28 February 2026

PROGRESSIVE PROPERTY ASSETS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2026

CONTENTS	PAGE

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

PROGRESSIVE PROPERTY ASSETS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	M A Homer
	R F Moore

Registered office	Unit 10
	Office Village
	Hampton
	Peterborough
	PE7 8GX

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

PROGRESSIVE PROPERTY ASSETS LIMITED

STATEMENT OF FINANCIAL POSITION

28 February 2026

	2026	2025
Note	£	£

FIXED ASSETS

Investments	4	19,400,100	19,740,100

CURRENT ASSETS

Debtors	5	437,237	315,489
Cash at bank and in hand		575,962	566,990
		--------------	-----------
		1,013,199	882,479

CREDITORS: amounts falling due within one year	6	( 1,159,373)	( 1,740,601)
		--------------	--------------
NET CURRENT LIABILITIES		( 146,174)	( 858,122)
		---------------	---------------
TOTAL ASSETS LESS CURRENT LIABILITIES		19,253,926	18,881,978

CREDITORS: amounts falling due after more than one year	7	( 11,855,588)	( 11,863,079)

PROVISIONS	( 1,873,598)	( 1,958,598)
	---------------	---------------
NET ASSETS	5,524,740	5,060,301
	---------------	---------------

CAPITAL AND RESERVES

Called up share capital	200	200
Profit and loss account	5,524,540	5,060,101
	--------------	--------------
SHAREHOLDERS FUNDS	5,524,740	5,060,301
	--------------	--------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' 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, the statement of income and retained earnings has not been delivered.

For the year ending 28 February 2026 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

PROGRESSIVE PROPERTY ASSETS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

28 February 2026

These financial statements were approved by the board of directors and authorised for issue on 9 October 2026 , and are signed on behalf of the board by:

M A Homer

Director

Company registration number: 10612278

PROGRESSIVE PROPERTY ASSETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2026

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10, Office Village, Hampton, 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'.

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 are prepared on a going concern basis, which assumes that the company will continue to receive financial support from certain creditors and the directors. 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 may arise.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments

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

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

4. Investments

	Loans to group undertakings	Other investments other than loans	Total
	£	£	£
Cost
At 1 March 2025	100	19,740,000	19,740,100
Revaluations	–	( 340,000)	( 340,000)
	-----	---------------	---------------
At 28 February 2026	100	19,400,000	19,400,100
	-----	---------------	---------------
Impairment
At 1 March 2025 and 28 February 2026	–	–	–
	-----	---------------	---------------

Carrying amount
At 28 February 2026	100	19,400,000	19,400,100
	-----	---------------	---------------
At 28 February 2025	100	19,740,000	19,740,100
	-----	---------------	---------------

The fair value of the investment properties at 28 February 2026 has been arrived at on the basis of a valuation dated 3 March 2026, prepared by Savills (UK) Limited who are a RICS qualified chartered surveyor, which would also reflect the fair value of the investment property as at 28 February 2026.

5. Debtors

	2026	2025
	£	£
Trade debtors	14,850	19,000
Other debtors	422,387	296,489
	-----------	-----------
	437,237	315,489
	-----------	-----------

6. Creditors: amounts falling due within one year

	2026	2025
	£	£
Bank loans and overdrafts	–	10,000
Trade creditors	5,250	7,175
Social security and other taxes	2,709	–
Other creditors	1,151,414	1,723,426
	--------------	--------------
	1,159,373	1,740,601
	--------------	--------------

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

	2026	2025
	£	£
Bank loans and overdrafts	11,853,793	11,810,759
Other creditors	1,795	52,320
	---------------	---------------
	11,855,588	11,863,079
	---------------	---------------

8. Charges on assets

A debenture over the company's property has been provided to PRE Operations Limited as a security in respect of a loan of £11,853,793.