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

REGISTERED NUMBER: 06011508 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

PROGRESSIVE STEPS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs K J Henebury

E J Henebury

SECRETARY:

Mrs K J Henebury

REGISTERED OFFICE:

1 Cardale Park, Beckwith Head Road

Harrogate

North Yorkshire

HG3 1RY

REGISTERED NUMBER:

06011508 (England and Wales)

ACCOUNTANTS:

Morrell Middleton

Wellington House

Aviator Court

Clifton Moor

York

North Yorkshire

YO30 4UZ

FIXED ASSETS

Intangible assets

4

11,323

14,154

Tangible assets

5

158,649

24,715

169,972

38,869

CURRENT ASSETS

Stocks

-

700

Debtors

6

326,909

385,880

Cash at bank

124,628

15,745

451,537

402,325

CREDITORS

Amounts falling due within one year

7

264,903

190,038

NET CURRENT ASSETS

186,634

212,287

TOTAL ASSETS LESS CURRENT LIABILITIES

356,606

251,156

CREDITORS

Amounts falling due after more than one year

8

(86,863

)

(111,394

)

PROVISIONS FOR LIABILITIES

-

(5,645

)

NET ASSETS

269,743

134,117

CAPITAL AND RESERVES

Called up share capital

50

50

Retained earnings

269,693

134,067

269,743

134,117

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 15 September 2022 and were signed on its behalf by:

Mrs K J Henebury - Director

1.	STATUTORY INFORMATION

Progressive Steps 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

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

Fixtures and fittings

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 34 (2020 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2021

and 31 December 2021

66,300

98,334

164,634

AMORTISATION

At 1 January 2021

52,146

98,334

150,480

Charge for year

2,831

-

2,831

At 31 December 2021

54,977

98,334

153,311

NET BOOK VALUE

At 31 December 2021

11,323

-

11,323

At 31 December 2020

14,154

-

14,154

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2021

91,915

113,596

205,511

Additions

33,401

140,195

173,596

At 31 December 2021

125,316

253,791

379,107

DEPRECIATION

At 1 January 2021

67,200

113,596

180,796

Charge for year

11,623

28,039

39,662

At 31 December 2021

78,823

141,635

220,458

NET BOOK VALUE

At 31 December 2021

46,493

112,156

158,649

At 31 December 2020

24,715

-

24,715

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

-

3,500

Directors' loan accounts

141,011

175,329

S.455 Tax Recoverable

45,898

57,051

Prepayments

140,000

150,000

326,909

385,880

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Payments on account

-

17,121

Trade creditors

62,865

6,098

Tax

89,987

98,147

Social security and other taxes

37,315

12,127

Bank Loan

24,736

25,510

Hire Purchase Creditor

-

1,875

Accrued expenses

50,000

29,160

264,903

190,038

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Debts of £88,779 (2019-£122,758) within creditors are secured by a fixed and floating charge over the company's assets, of these £21,552 are included within creditors are due within one year (2019- £40,889)

9.	FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENCIES

The company had outstanding commitments of £252,525 in respect of operating leases at 31 December 2020 (2019- £191,301).

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There were no advances to the directors during the year. The outstanding balance at the year end which is payable on demand and classified in debtors, was £141,011 (2020-£175,543)

11.	RELATED PARTY DISCLOSURES

The only related party transactions to disclose relate to the loan referred to above.