Progressive Hire Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10661287 (England and Wales)

PROGRESSIVE HIRE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J P Addley

Mrs L M O'Connell

S Addley

REGISTERED OFFICE:

Hilden Park House

79 Tonbridge Road

Hildenborough

Tonbridge

Kent

TN11 9BH

REGISTERED NUMBER:

10661287 (England and Wales)

ACCOUNTANTS:

Hilden Park Accountants Limited

Hilden Park House

79 Tonbridge Road

Hildenborough

Tonbridge

Kent

TN11 9BH

FIXED ASSETS

Tangible assets

4

681,198

662,325

CURRENT ASSETS

Debtors

591,122

342,373

CREDITORS

Amounts falling due within one year

663,374

367,228

NET CURRENT LIABILITIES

(72,252

)

(24,855

)

TOTAL ASSETS LESS CURRENT LIABILITIES

608,946

637,470

CREDITORS

Amounts falling due after more than one year

92,473

195,027

NET ASSETS

516,473

442,443

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

516,472

442,442

516,473

442,443

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2021 and were signed on its behalf by:

J P Addley - Director

1.	STATUTORY INFORMATION

Progressive Hire 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.

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

-

20% on reducing balance

Taxation

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

810,291

Additions

204,182

Disposals

(24,659

)

At 31 March 2020

989,814

DEPRECIATION

At 1 April 2019

147,966

Charge for year

171,239

Eliminated on disposal

(10,589

)

At 31 March 2020

308,616

NET BOOK VALUE

At 31 March 2020

681,198

At 31 March 2019

662,325

Assets held under HP agreements originally cost £350,522 (2019: £350,522) and have a net book value of £274,994 (2019: £343,742). Depreciation charged for the year was £68,748 (2019: £6,780).

5.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J P Addley.