Progress Land (1) Limited - Period Ending 2020-10-31

Progress Land (1) Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

Progress Land (1) Limited

Company Information

Directors

Mr M Buxton Mr G R Fincham Mr G P Turbott

Registered office

Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Accountants

Francis Clark LLP Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Progress Land (1) Limited

Balance Sheet

31 October 2020

	Note	2020 £	2019 £
Current assets
Work in progress	4	648	648
Debtors	5	43,942	2
Cash at bank and in hand		4,988	3
		49,578	653
Creditors: Amounts falling due within one year	6	(1,691)	(1,010)
Total assets less current liabilities		47,887	(357)
Creditors: Amounts falling due after more than one year	6	(50,000)	-
Net liabilities		(2,113)	(357)
Capital and reserves
Called up share capital		3	3
Profit and loss account		(2,116)	(360)
Total equity		(2,113)	(357)

Progress Land (1) Limited

Balance Sheet

31 October 2020

For the financial year ending 31 October 2020 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 April 2021 and signed on its behalf by:
 

......................................... Mr G R Fincham Director

Company Registration Number: 11180971

Progress Land (1) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ground Floor
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

The principal place of business is:
1 Fairmantle Street
Truro
Cornwall
TR1 2LP

These financial statements were authorised for issue by the Board on 12 April 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102, including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors, having made all necessary enquiries and given due consideration to the current operational and financial conditions and future outlook, are satisfied that the company will continue to meet its liabilities as they fall due and that the going concern basis of preparation remains appropriate for the foreseeable future being no less that 12 months from the date of approval of these accounts. basis.

Progress Land (1) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2020

Key sources of estimation uncertainty

The directors are satisfied, having considered the current financial position and performance of the company in light of the ongoing Covid-19 challenges that the going concern assessment (which is a critical accounting judgement) remains appropriate. In making this assessment, the directors have taken account (from the date of approval of these financial statements) of possible changes in income levels, in order to determine when, and to what extent any further cost management measures may need to be implemented.

Work in progress

Work in progress is valued at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Costs include all direct costs and an appropriate proportion of fixed and variable overheads.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2019 - 3).

4	Work in progress

	2020 £	2019 £
Work in progress	648	648

Progress Land (1) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2020

5

Debtors

	2020 £	2019 £
Other debtors	43,942	2
	43,942	2

6

Creditors

Creditors: amounts falling due within one year

	2020 £	2019  £
Due within one year
Trade creditors	841	-
Other creditors	-	1,010
Accrued expenses	850	-
	1,691	1,010

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	7	50,000	-

7	Loans and borrowings

	2020 £	2019 £
Loans and borrowings due after one year
Bank borrowings	50,000	-

8	Share capital

Allotted, called up and not fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary of £1 each	3	3	3	3

Progress Land (1) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2020

9	Related party transactions

Summary of transactions with other related parties

During the year loans existed between Progress Land (1) Limited and other companies in which the directors 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 the amount owed to Progress Land (1) Limited and shown in other debtors was £43,940 (2019: £1,010 creditor).