Progess Tech Limited Accounts


Progess Tech Limited FILLETED ACCOUNTS COVER
Progess Tech Limited
Company No. 08116254
Information for Filing with The Registrar
30 June 2018
Progess Tech Limited DIRECTORS REPORT REGISTRAR
The Director presents her report and the accounts for the year ended 30 June 2018.
Principal activities
The principal activity of the company during the year under review was IT consultancy services.
Director
The Director who served at any time during the year was as follows:
N. Honnegowda
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
N. Honnegowda
Director
28 February 2019
Progess Tech Limited BALANCE SHEET REGISTRAR
at
30 June 2018
Company No.
08116254
Notes
2018
2017
£
£
Fixed assets
Tangible assets
2
452565
452565
Current assets
Debtors
3
5,4004,727
Cash at bank and in hand
54,17690,142
59,57694,869
Creditors: Amount falling due within one year
4
(7,938)
(34,076)
Net current assets
51,63860,793
Total assets less current liabilities
52,09061,358
Net assets
52,09061,358
Capital and reserves
Called up share capital
11
Profit and loss account
5
52,08961,357
Total equity
52,09061,358
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 June 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 28 February 2019
And signed on its behalf by:
N. Honnegowda
Director
Progess Tech Limited NOTES TO THE ACCOUNTS REGISTRAR
for the year ended 30 June 2018
1
Accounting policies
Basis of preparation
The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Intangible fixed assets
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
20% Reducing balance basis
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.
No depreciation is provided in respect of investment properties.
Investments
Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other 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.
Foreign currencies
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).
Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
2
Tangible fixed assets
Plant and machinery
Total
£
£
Cost or revaluation
At 1 July 2017
1,8361,836
At 30 June 2018
1,8361,836
Depreciation
At 1 July 2017
1,2711,271
Charge for the year
113113
At 30 June 2018
1,3841,384
Net book values
At 30 June 2018
452452
At 30 June 2017
565565
3
Debtors
2018
2017
£
£
Trade debtors
5,4004,727
5,4004,727
4
Creditors:
amounts falling due within one year
2018
2017
£
£
Corporation tax
2,54416,430
Other taxes and social security
1,063915
Loans from directors
3,52516,731
Other creditors
807-
Accruals and deferred income
(1)
-
7,93834,076
5
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
6
Dividends
2018
2017
£
£
Dividends for the period:
Dividends paid in the period
20,000
47,000
20,00047,000
Dividends by type:
Equity dividends
20,00047,000
20,000
47,000
7
Related party disclosures
Name of related party
Mrs Namratha Honnegowda
Description of relationship between the parties
Director and 100% shareholder of the company.
Description of transaction and general amounts involved
During the year, the director, Mrs Namratha Honnegowda, was paid gross salaries of £2,875 and dividends of £20,000 from the company in the ordinary course of the business.
Controlling parties
Immediate controlling party
Mrs Namratha Honnegowda
Ultimate controlling party
Mrs Namratha Honnegowda
8
Additional information
Its registered number is:
08116254
Its registered office is:
7 Woodstock Avenue
Slough
SL3 7LJ
Progess Tech Limited0811625430 June 201801 July 2017false28 February 2019BTCSoftware AP Solution 2018 5.4.045.4.04true081162542017-07-012018-06-30081162542018-06-30081162542017-06-3008116254core:WithinOneYear2018-06-3008116254core:WithinOneYear2017-06-3008116254core:ShareCapital2018-06-3008116254core:ShareCapital2017-06-3008116254core:RetainedEarningsAccumulatedLosses2018-06-3008116254core:RetainedEarningsAccumulatedLosses2017-06-3008116254core:PlantMachinery2017-07-012018-06-3008116254core:PlantMachinery2017-07-01081162542017-07-0108116254core:PlantMachinery2018-06-3008116254core:PlantMachinery2017-06-3008116254core:RetainedEarningsAccumulatedLosses2017-07-012018-06-30081162542016-07-012017-06-3008116254bus:AllOrdinaryShares2017-07-012018-06-3008116254core:EntityWithJointControlOrSignificantInfluence12017-07-012018-06-3008116254bus:RegisteredOffice2017-07-012018-06-3008116254bus:SmallEntities2017-07-012018-06-3008116254bus:FullAccounts2017-07-012018-06-3008116254bus:AuditExempt-NoAccountantsReport2017-07-012018-06-3008116254bus:Director12017-07-012018-06-3008116254bus:PrivateLimitedCompanyLtd2017-07-012018-06-30iso4217:GBP