Progression Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06322180 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

PROGRESSION PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

T Murphy

REGISTERED OFFICE:

143A Victoria Road

Scarborough

North Yorkshire

YO11 1SY

REGISTERED NUMBER:

06322180 (England and Wales)

ACCOUNTANTS:

Lloyd Dowson Limited

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

BANKERS:

Handelsbanken

2 Manor Court

Manor Garth

Eastfield

Scarborough

North Yorkshire

YO11 3TU

FIXED ASSETS

Tangible assets

4

17,923

18,759

Investments

5

100

100

Investment property

6

2,490,668

2,953,500

2,508,691

2,972,359

CURRENT ASSETS

Debtors

7

273,723

251,403

Cash at bank

53,192

4,031

326,915

255,434

CREDITORS

Amounts falling due within one year

8

710,390

1,246,840

NET CURRENT LIABILITIES

(383,475

)

(991,406

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,125,216

1,980,953

CREDITORS

Amounts falling due after more than one year

9

(1,549,771

)

(1,447,869

)

PROVISIONS FOR LIABILITIES

(70,202

)

(70,202

)

NET ASSETS

505,243

462,882

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

505,239

462,878

505,243

462,882

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

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

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 May 2022 and were signed by:

T Murphy - Director

1.	STATUTORY INFORMATION

Progression Properties 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 as modified by the revaluation of certain assets.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

Straight line (over 3 years), 25% on reducing balance and 20% on reducing balance

Government grants

Grants relating to revenue are recognised in the Statement of Income on a systematic basis over the accounting periods in which the company recognises the related costs for which the grant is intended to compensate.

Grants that are received in respect of expenses or losses already incurred by the company are recognised in the Statement of Income in the accounting period in which the grant becomes receivable.

Grants to fund capital assets are initially recognised as a liability in the Statement of Financial Position and are not deducted from the carrying value of an asset. These grants are subsequently released as income in the Statement of Income on a systematic basis over the useful economic life of the relevant assets.

Business rates relief obtained due to COVID-19 is classed as an absent cost and the profit and loss charge has been reduced for the period of the relief.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

35,741

Additions

5,240

At 31 December 2020

40,981

DEPRECIATION

At 1 January 2020

16,982

Charge for year

6,076

At 31 December 2020

23,058

NET BOOK VALUE

At 31 December 2020

17,923

At 31 December 2019

18,759

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2020

and 31 December 2020

27,840

DEPRECIATION

At 1 January 2020

10,778

Charge for year

4,265

At 31 December 2020

15,043

NET BOOK VALUE

At 31 December 2020

12,797

At 31 December 2019

17,062

5.	FIXED ASSET INVESTMENTS

Interest

in joint

venture

£

COST

At 1 January 2020

and 31 December 2020

100

NET BOOK VALUE

At 31 December 2020

100

At 31 December 2019

100

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2020

2,953,500

Additions

54,304

Disposals

(638,500

)

Revaluations

121,364

At 31 December 2020

2,490,668

NET BOOK VALUE

At 31 December 2020

2,490,668

At 31 December 2019

2,953,500

Fair value at 31 December 2020 is represented by:

£

Valuation in 2013

246,661

Valuation in 2015

128,000

Valuation in 2016

(24,271

)

Valuation in 2017

88,199

Valuation in 2018

213,624

Valuation in 2019

157,206

Valuation in 2020

121,363

Cost

1,559,886

2,490,668

If freehold investment properties had not been revalued they would have been included at the following historical cost:

31.12.20

31.12.19

£

£

Cost

1,559,886

2,144,081

Freehold investment properties were valued on an open market basis on 31 December 2020 by the directors. .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

14,275

11,654

Amounts owed by joint ventures

171,331

132,932

Other debtors

88,117

106,817

273,723

251,403

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

19,814

433,526

Hire purchase contracts

9,378

9,378

Trade creditors

7,562

18,013

Taxation and social security

1,792

5,792

Other creditors

671,844

780,131

710,390

1,246,840

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans

1,546,973

1,441,237

Hire purchase contracts

2,798

6,632

1,549,771

1,447,869

31.12.20

31.12.19

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

1,458,649

1,441,237

10.	RELATED PARTY DISCLOSURES

During the period the company traded on normal commercial terms with and loaned money to its joint venture company. At 31 December 2020, the company was owed £131,331 by the joint venture company (31 December 2019 - £132,932 owed by the joint venture company). This loan is interest free and repayable on demand.