Progressive Maintenance Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 07088484 (England and Wales)

Progressive Maintenance Limited

Abbreviated Unaudited Accounts

for the Year Ended 30 June 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

PS Wood

AJ Bassett

RJ Fox

K Richards

CJ Curtis

SECRETARY:

PS Wood

REGISTERED OFFICE:

Unit 7 Cranmere Court

Lustleigh Close

Exeter

Devon

EX2 8PW

REGISTERED NUMBER:

07088484 (England and Wales)

ACCOUNTANTS:

Haines Watts Exeter LLP

3 Southernhay West

Exeter

Devon

EX1 1JG

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

46,435

47,663

46,435

47,663

CURRENT ASSETS

Debtors

225,758

75,790

Cash at bank

50,065

130,079

275,823

205,869

CREDITORS

Amounts falling due within one year

4

(380,792

)

(183,682

)

NET CURRENT (LIABILITIES)/ASSETS

(104,969

)

22,187

TOTAL ASSETS LESS CURRENT
LIABILITIES

(58,534

)

69,850

CREDITORS

Amounts falling due after more than one
year

4

(15,308

)

(21,721

)

PROVISIONS FOR LIABILITIES

(6,387

)

(9,533

)

NET (LIABILITIES)/ASSETS

(80,229

)

38,596

CAPITAL AND RESERVES

Called up share capital

5

100

Profit and loss account

(80,329

)

38,496

SHAREHOLDERS' FUNDS

(80,229

)

38,596

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 11 January 2017 and were signed on
its behalf by:

AJ Bassett - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sales of services

to customers. In addition, an estimate is made of the costs and profits earned on contracts extant at

the year end date and this work in progress is included in turnover.

Goodwill

Goodwill is the difference between the fair value of consideration paid for an acquired entity and the

aggregate of the fair value of the entity's identifiable assets and liabilities.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a

straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full

financial year following the acquisition and in other periods if events or changes in circumstances

indicate that the carrying value may not be recoverable.

Tangible fixed assets

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

Motor vehicles

-

25% straight line

Hire purchase commitments

Assets held under finance leases, which are leases where substantially all the risks and rewards of

ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible

fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital

elements of future obligations under the leases are included as liabilities in the balance sheet. The

interest element of the rental obligation is charged to the profit and loss account over the period of

the lease. Assets held under hire purchase agreements are capitalised as tangible fixed assets and

are depreciated over the shorter of the lease term and their useful lives. The capital element of future

finance payments is included within creditors. Finance charges are allocated to accounting periods

over the length of the contract.

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 the profit and loss account in the period to which they

relate.

Work in progress

Work in progress is valued at the lower of year end contract value and net realisable value. Contract

value includes all direct costs and an appropriate proportion of fixed and variable overheads and a

proportion of profit on the contracts earned by the year end. Contract work in progress is included

under trade debtors.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is

any contract that evidences a residual interest in the assets of the company after deducting all of its

liabilities. Where shares are issued, any component that creates a financial liability of the company is

presented as a liability in the balance sheet. The corresponding dividends relating to the liability

component are charged as interest expense in the profit and loss account.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

and 30 June 2016

10,000

AMORTISATION

At 1 July 2015

and 30 June 2016

10,000

NET BOOK VALUE

At 30 June 2016

-

At 30 June 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

58,093

Additions

14,500

At 30 June 2016

72,593

DEPRECIATION

At 1 July 2015

10,430

Charge for year

15,728

At 30 June 2016

26,158

NET BOOK VALUE

At 30 June 2016

46,435

At 30 June 2015

47,663

4.

CREDITORS

Creditors include an amount of £ 33,649 (2015 - £ 38,125 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100

6.	INTERCOMPANY GUARANTEE

There is a cross company guarantee in place between the company, the rest of the group companies

and Progressive Systems Limited; a company under common control and management. This

guarantee acts as a security over each company's overdraft facility.