Company Registration No. 03109611 (England and Wales)
PROGRESS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
PROGRESS LIMITED
COMPANY INFORMATION
Directors
R Philpot
J N Mendelsohn
J Gerber
R Angell
Company number
03109611
Registered office
145-157 St. John Street
London
EC1V 4PY
Auditor
Haines Watts (Westbury) LLP
145-157 St. John Street
London
EC1V 4PY
Business address
3rd Floor
11 Tufton Street
London
SW1P 3QB
Bankers
Barclays Bank Plc
Westminster Branch
2 Victoria Street
London
SW1H 0ND
PROGRESS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PROGRESS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
3,144
Current assets
Debtors
4
39,334
30,136
Cash at bank and in hand
137,331
215,528
176,665
245,664
Creditors: amounts falling due within one year
5
(43,871)
(143,391)
Net current assets
132,794
102,273
Total assets less current liabilities
132,794
105,417
Capital and reserves
Profit and loss reserves
132,794
105,417

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 26 September 2018 and are signed on its behalf by:
R Angell
Director
Company Registration No. 03109611
PROGRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
Company information

Progress Limited is a private company limited by shares incorporated in England and Wales. The registered office is 145-157 St. John Street, London, EC1V 4PY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for subscriptions and donations net of VAT.

 

Subscription income is treated as trading turnover and spread over a 12 month period from the month of receipt.

 

Major donations are received a quarter in advance and are treated as other income.

 

This treatment is in line with other think tanks and similar not-for-profit organisations.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PROGRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PROGRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 9 (2016 - 6).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017 and 31 December 2017
43,033
Depreciation and impairment
At 1 January 2017
39,889
Depreciation charged in the year
3,144
At 31 December 2017
43,033
Carrying amount
At 31 December 2017
-
At 31 December 2016
3,144
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
22,728
9,151
Other debtors
16,606
20,985
39,334
30,136
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
9,831
15,622
Corporation tax
8,619
11,487
Other taxation and social security
6,297
5,715
Other creditors
19,124
110,567
43,871
143,391
PROGRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006 :

The auditor's report was unqualified.

The senior statutory auditor was Mr Keith Graham.
The auditor was Haines Watts (Westbury) LLP.
7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2017
2016
£
£
-
28,000
8
Control

The company is under the control of R Angell, R Philpot, J Mendelsohn and Gerber.

2017-12-31 2017-01-01 false CCH Software CCH Accounts Production 2018.220 No description of principal activity This audit opinion is unqualified R Philpot J N Mendelsohn J Gerber R Angell Chalfen Secretaries Limited 2018-09-27 03109611 2017-01-01 2017-12-31 03109611 bus:Director1 2017-01-01 2017-12-31 03109611 bus:Director2 2017-01-01 2017-12-31 03109611 bus:Director3 2017-01-01 2017-12-31 03109611 bus:Director5 2017-01-01 2017-12-31 03109611 bus:Director4 2017-01-01 2017-12-31 03109611 bus:CompanySecretary1 2017-01-01 2017-12-31 03109611 bus:RegisteredOffice 2017-01-01 2017-12-31 03109611 bus:Agent1 2017-01-01 2017-12-31 03109611 2017-12-31 03109611 2016-12-31 03109611 core:OtherPropertyPlantEquipment 2016-12-31 03109611 core:CurrentFinancialInstruments 2017-12-31 03109611 core:CurrentFinancialInstruments 2016-12-31 03109611 core:RetainedEarningsAccumulatedLosses 2017-12-31 03109611 core:RetainedEarningsAccumulatedLosses 2016-12-31 03109611 core:FurnitureFittings 2017-01-01 2017-12-31 03109611 core:OtherPropertyPlantEquipment 2016-12-31 03109611 core:OtherPropertyPlantEquipment 2017-12-31 03109611 core:OtherPropertyPlantEquipment 2017-01-01 2017-12-31 03109611 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 03109611 bus:FRS102 2017-01-01 2017-12-31 03109611 bus:Audited 2017-01-01 2017-12-31 03109611 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 03109611 bus:AbbreviatedAccounts 2017-01-01 2017-12-31 xbrli:pure xbrli:shares iso4217:GBP