Progressive Financial Planning Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03761061 (England and Wales)

Financial Statements for the Year Ended 31 March 2021

for

Progressive Financial Planning Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

4

DIRECTORS:

Mr I K Runcie

Mr D R Brown

SECRETARY:

Mr I K Runcie

REGISTERED OFFICE:

4 Cromwell Court

New Street

Aylesbury

Buckinghamshire

HP20 2PB

REGISTERED NUMBER:

03761061 (England and Wales)

FIXED ASSETS

Tangible assets

4

26,102

5,158

CURRENT ASSETS

Work in progress

23,345

16,825

Debtors

5

25,001

17,939

Cash at bank

209,278

150,688

257,624

185,452

CREDITORS

Amounts falling due within one year

6

(112,212

)

(91,488

)

NET CURRENT ASSETS

145,412

93,964

TOTAL ASSETS LESS CURRENT LIABILITIES

171,514

99,122

PROVISIONS FOR LIABILITIES

(4,959

)

(980

)

NET ASSETS

166,555

98,142

CAPITAL AND RESERVES

Called up share capital

20,600

20,600

Retained earnings

145,955

77,542

SHAREHOLDERS' FUNDS

166,555

98,142

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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.

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 Board of Directors and authorised for issue on 7 May 2021 and were signed on its behalf by:

Mr I K Runcie - Director

1.	STATUTORY INFORMATION

Progressive Financial Planning 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

The turnover shown in the profit and loss account represents amounts invoiced during the year.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on a normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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.

Pensions

The company makes contributions on behalf of the directors to a personal pension scheme and the pension charge represents the amounts paid by the company to the fund in respect of the period.

Fixed assets

All fixed assets are initially recorded at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2020

47,907

-

47,907

Additions

-

31,133

31,133

At 31 March 2021

47,907

31,133

79,040

DEPRECIATION

At 1 April 2020

42,749

-

42,749

Charge for year

2,406

7,783

10,189

At 31 March 2021

45,155

7,783

52,938

NET BOOK VALUE

At 31 March 2021

2,752

23,350

26,102

At 31 March 2020

5,158

-

5,158

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

17,012

13,082

Other debtors

7,989

4,857

25,001

17,939

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

29,960

4,830

Taxation and social security

73,320

80,009

Other creditors

8,932

6,649

112,212

91,488