Progress Developments South West Limited - Period Ending 2017-10-31

Progress Developments South West Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 October 2017

Registration number: 10024975

Progress Developments South West Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

Progress Developments South West Limited

Company Information

Directors

Mr G R Fincham Mr M J Buxton Mr G Turbott

Registered office

Ground Floor Blackbrook Gate 1 Blackrook Business Park Taunton Somerset TA1 2PX

Accountants

Francis Clark LLP Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Page 1

Progress Developments South West Limited

Balance Sheet

31 October 2017

	Note	2017 £	2016 £
Current assets
Work in progress	3	1,104,307	52,909
Debtors	4	19,919	-
Cash at bank and in hand		211,370	68
		1,335,596	52,977
Creditors: Amounts falling due within one year	5	(962,983)	(54,349)
Total assets less current liabilities		372,613	(1,372)
Creditors: Amounts falling due after more than one year	5	(400,000)	-
Net liabilities		(27,387)	(1,372)
Capital and reserves
Called up share capital		99	1
Profit and loss account		(27,486)	(1,373)
Total equity		(27,387)	(1,372)

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

Progress Developments South West Limited

Balance Sheet

31 October 2017

For the financial year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 July 2018 and signed on its behalf by:
 

......................................... Mr G R Fincham Director

Company Registration Number: 10024975

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Progress Developments South West Limited

Notes to the Financial Statements

Year Ended 31 October 2017

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Ground Floor Blackbrook Gate 1
Blackrook Business Park
Taunton
Somerset
TA1 2PX

The principal place of business is:
1 Fairmantle Street
Truro
Cornwall
TR1 2LP

These financial statements were authorised for issue by the Board on 17 July 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 and Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 4

Progress Developments South West Limited

Notes to the Financial Statements

Year Ended 31 October 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Work in progress

	2017 £	2016 £
Work in progress	1,104,307	52,909

4

Debtors

	31 October 2017  £
Other debtors	19,886
Called up share capital not paid	33
	19,919

Page 5

Progress Developments South West Limited

Notes to the Financial Statements

Year Ended 31 October 2017

5

Creditors

Creditors: amounts falling due within one year

	31 October 2017  £	31 October 2016  £
Due within one year
Trade creditors	54,184	-
Other creditors	883,999	53,369
Accrued expenses	24,800	980
	962,983	54,349

Creditors: amounts falling due after more than one year

	Note	2017 £	2016 £
Due after one year
Loans and borrowings	6	400,000	-

Loans and borrowings due in periods over one year comprises a loan on which the lender has a legal charge over the freehold properties at 60 and 62 Falmouth Road, Cornwall, TR1 2HR.

6	Loans and borrowings

	2017 £	2016 £
Loans and borrowings due after one year
Other borrowings	400,000	-

Page 6

Progress Developments South West Limited

Notes to the Financial Statements

Year Ended 31 October 2017

7	Related party transactions

Key management personnel

During the current and previous period, loan accounts existed between the company and the directors.

These loans are interest free and repayable when the company is in a suitable financial position.

At the year end £600,294 (2016: £359) was owed to the directors and is shown in other creditors.

Summary of transactions with other related parties

During the current and previous period, loan accounts existed between the company and other companies in which the director(s) of Progress Developments South West Limited are directors.

These loans are interest free and repayable when the company is in a suitable financial position.

At the year end £283,705 (2016: £53,010) was owed to these companies and is shown in other creditors.
 

8	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	66	66	1	1

Allotted, called up and not fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 (2016 - £0) each	33	33	-	-

New shares allotted

During the year 98 Ordinary shares having an aggregate nominal value of £98 were allotted for an aggregate consideration of £98.

Page 7