Progressive Property Investments Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00445945 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR

PROGRESSIVE PROPERTY INVESTMENTS LTD

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

1

1,636

Investments

5

2,601,135

2,601,135

2,601,136

2,602,771

CURRENT ASSETS

Debtors

6

11,634

44,806

Cash at bank

253,175

5,374

264,809

50,180

CREDITORS

Amounts falling due within one year

7

2,167,103

1,931,761

NET CURRENT LIABILITIES

(1,902,294

)

(1,881,581

)

TOTAL ASSETS LESS CURRENT LIABILITIES

698,842

721,190

PROVISIONS FOR LIABILITIES

90,288

90,288

NET ASSETS

608,554

630,902

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

608,254

630,602

608,554

630,902

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2022 and were signed on its behalf by:

M F Lister - Director

1.	STATUTORY INFORMATION

Progressive Property Investments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

00445945

Registered office:

5 Brooklands Road

Sale

M33 3SD

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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

The turnover shown in the profit and loss account represents rent and service charges demanded during the year.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings - 20% straight line

Financial instruments

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 October 2020

and 30 September 2021

48,768

DEPRECIATION

At 1 October 2020

47,132

Charge for year

1,635

At 30 September 2021

48,767

NET BOOK VALUE

At 30 September 2021

1

At 30 September 2020

1,636

5.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 October 2020

and 30 September 2021

2,601,135

NET BOOK VALUE

At 30 September 2021

2,601,135

At 30 September 2020

2,601,135

The investment property was valued by McConnells Chartered Surveyors on 19th May 2014 at

£625,000 (excluding the effect of the development expenditure to date). The historical cost of the property thus valued is £2,149,697.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

11,115

16,468

Other debtors

519

28,338

11,634

44,806

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

-

6,506

Amounts owed to group undertakings

-

1,860,599

Taxation and social security

-

390

Other creditors

2,167,103

64,266

2,167,103

1,931,761

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2021 and 30 September 2020:

2021

2020

£

£

S Bentley

Balance outstanding at start of year

2,666

-

Amounts advanced

-

2,666

Amounts repaid

(2,666

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

2,666

K R Scott Harrison

Balance outstanding at start of year

667

-

Amounts advanced

-

667

Amounts repaid

(667

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

667

M F Lister

Balance outstanding at start of year

2,656

-

Amounts advanced

-

2,656

Amounts repaid

(2,656

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

2,656

9.	RELATED PARTY DISCLOSURES

At the balance sheet date, balances were owed to companies related by virtue of common control. These balances are interest-free and repayable upon demand.

2021

2020

Owed to:

£

£

Belfast Properties Limited

-

882,559

A S & D Properties Limited

-

978,040

Owed by:

Herclose Investments Limited

212

212