Registered Number 07398986
PROGRESSIVE LETS LIMITED
Abbreviated Accounts
31 October 2016
Notes | 2016 | 2015 | |
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£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
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Tangible assets | 3 |
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Current assets | |||
Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
( |
( |
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Net current assets (liabilities) |
( |
( |
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Total assets less current liabilities |
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( |
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Total net assets (liabilities) |
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( |
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Capital and reserves | |||
Called up share capital | 4 |
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Profit and loss account |
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( |
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Shareholders' funds |
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( |
Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Operating leases
Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
Deferred Taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its financial liabilities.
Turnover policy
Tangible assets depreciation policy
Fixtures and fittings - 15% on written down value
Office equipment - 33% on cost
Intangible assets amortisation policy
Amortisation is provided at the following rates:
Goodwill - 5 years
£ | |
---|---|
Cost | |
At 1 November 2015 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
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At 31 October 2016 |
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Amortisation | |
At 1 November 2015 |
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Charge for the year |
|
On disposals |
|
At 31 October 2016 |
|
Net book values | |
At 31 October 2016 | 5,100 |
At 31 October 2015 | 6,800 |
£ | |
---|---|
Cost | |
At 1 November 2015 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 31 October 2016 |
|
Depreciation | |
At 1 November 2015 |
|
Charge for the year |
|
On disposals |
|
At 31 October 2016 |
|
Net book values | |
At 31 October 2016 | 11,182 |
At 31 October 2015 | 3,822 |