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COMPANY REGISTRATION NUMBER: 05454079
Progression Business Consultants Limited
Filleted Unaudited Financial Statements
5 April 2017
Progression Business Consultants Limited
Financial Statements
Year ended 5 April 2017
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
Progression Business Consultants Limited
Officers and Professional Advisers
Director
Mr N Stanton
Registered office
First Floor
2, City Road
Chester
Cheshire
CH1 3AE
Accountants
AGP
Chartered Accountants
First Floor
2 City Road
Chester
Cheshire
CH1 3AE
Progression Business Consultants Limited
Statement of Financial Position
5 April 2017
2017
2016
Note
£
£
£
Current assets
Debtors
5
3,308
Cash at bank and in hand
78
----
-------
3,386
Creditors: amounts falling due within one year
6
18,348
18,508
--------
--------
Net current liabilities
18,348
15,122
--------
--------
Total assets less current liabilities
( 18,348)
( 15,122)
--------
--------
Net liabilities
( 18,348)
( 15,122)
--------
--------
Capital and reserves
Called up share capital
7
1
1
Profit and loss account
( 18,349)
( 15,123)
--------
--------
Members deficit
( 18,348)
( 15,122)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 5 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 November 2017 , and are signed on behalf of the board by:
Mr N Stanton
Director
Company registration number: 05454079
Progression Business Consultants Limited
Notes to the Financial Statements
Year ended 5 April 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor, 2, City Road, Chester, Cheshire, CH1 3AE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The Balance Sheet is overdrawn, which has arisen due to a Loan from the Director. This does not give rise to any going concern issues.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 6 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
The company only has financial assets and financial liabiliites of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequnetly measured at their settlement value, with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Debtors
Short term debtors are measured at transation price,less any impairment. Loans receivable are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost, using the effective interest method.
4. Tangible assets
Equipment
Total
£
£
Cost
At 6 April 2016 and 5 April 2017
1,766
1,766
-------
-------
Depreciation
At 6 April 2016 and 5 April 2017
1,766
1,766
-------
-------
Carrying amount
At 5 April 2017
-------
-------
5. Debtors
2017
2016
£
£
Trade debtors
3,308
----
-------
6. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
4,906
Accruals and deferred income
600
600
Social security and other taxes
521
521
Director loan accounts
12,321
17,387
--------
--------
18,348
18,508
--------
--------
7. Called up share capital
Issued, called up and fully paid
2017
2016
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr N Stanton
( 17,387)
84,566
( 79,500)
( 12,321)
--------
--------
--------
--------
2016
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr N Stanton
( 13,584)
78,046
( 81,849)
( 17,387)
--------
--------
--------
--------
9. Related party transactions
The Company was under the control of the Director, Mr. N. Stanton during the current and previous year. Mr. Stanton is the only shareholder.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 6 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.

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