Caseware UK (AP4) 2016.0.181 2016.0.181 2018-03-312018-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruedriving schoolfalse2017-04-01 08336233 2017-04-01 2018-03-31 08336233 2016-04-01 2017-03-31 08336233 2018-03-31 08336233 2017-03-31 08336233 c:Director1 2017-04-01 2018-03-31 08336233 c:RegisteredOffice 2017-04-01 2018-03-31 08336233 d:FurnitureFittings 2017-04-01 2018-03-31 08336233 d:FurnitureFittings 2018-03-31 08336233 d:FurnitureFittings 2017-03-31 08336233 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 08336233 d:OfficeEquipment 2017-04-01 2018-03-31 08336233 d:OfficeEquipment 2018-03-31 08336233 d:OfficeEquipment 2017-03-31 08336233 d:OfficeEquipment d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 08336233 d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 08336233 d:Goodwill 2017-04-01 2018-03-31 08336233 d:Goodwill 2018-03-31 08336233 d:Goodwill 2017-03-31 08336233 d:CurrentFinancialInstruments 2018-03-31 08336233 d:CurrentFinancialInstruments 2017-03-31 08336233 d:Non-currentFinancialInstruments 2018-03-31 08336233 d:Non-currentFinancialInstruments 2017-03-31 08336233 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 08336233 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 08336233 d:Non-currentFinancialInstruments d:AfterOneYear 2018-03-31 08336233 d:Non-currentFinancialInstruments d:AfterOneYear 2017-03-31 08336233 d:ShareCapital 2018-03-31 08336233 d:ShareCapital 2017-03-31 08336233 d:SharePremium 2018-03-31 08336233 d:SharePremium 2017-03-31 08336233 d:RetainedEarningsAccumulatedLosses 2018-03-31 08336233 d:RetainedEarningsAccumulatedLosses 2017-03-31 08336233 c:FRS102 2017-04-01 2018-03-31 08336233 c:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 08336233 c:FullAccounts 2017-04-01 2018-03-31 08336233 c:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 08336233 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2017-04-01 2018-03-31 08336233 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2018-03-31 08336233 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2017-03-31 08336233 d:WithinOneYear 2018-03-31 08336233 d:WithinOneYear 2017-03-31 08336233 d:BetweenOneFiveYears 2018-03-31 08336233 d:BetweenOneFiveYears 2017-03-31 iso4217:GBP xbrli:pure

Registered number: 08336233









PASSEXPRESS LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

 
PASSEXPRESS LTD
 
 
COMPANY INFORMATION


Director
Mr G Mills 




Registered number
08336233



Registered office
7 The Close

Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
PASSEXPRESS LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PASSEXPRESS LTD
FOR THE YEAR ENDED 31 MARCH 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Passexpress Ltd for the year ended 31 March 2018 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the director of Passexpress Ltd in accordance with the terms of our engagement letter dated 22 July 2013Our work has been undertaken solely to prepare for your approval the financial statements of Passexpress Ltd and state those matters that we have agreed to state to the director of Passexpress Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Passexpress Ltd and its director for our work or for this report. 

It is your duty to ensure that Passexpress Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Passexpress Ltd. You consider that Passexpress Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Passexpress Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
13 November 2018
Page 7

 
PASSEXPRESS LTD
REGISTERED NUMBER: 08336233

BALANCE SHEET
AS AT 31 MARCH 2018

2018
2017
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
3,750

Tangible assets
 5 
2,825
2,812

  
2,825
6,562

Current assets
  

Debtors: amounts falling due within one year
 6 
77,606
50,103

Cash at bank and in hand
  
16,059
58,566

  
93,665
108,669

Creditors: amounts falling due within one year
 7 
(49,186)
(48,509)

Net current assets
  
 
 
44,479
 
 
60,160

Total assets less current liabilities
  
47,304
66,722

Creditors: amounts falling due after more than one year
 8 
(21,409)
(28,215)

Provisions for liabilities
  

Deferred tax
  
(536)
(534)

  
 
 
(536)
 
 
(534)

Net assets
  
25,359
37,973


Capital and reserves
  

Called up share capital 
  
100
100

Share premium account
  
29,951
29,951

Profit and loss account
  
(4,692)
7,922

  
25,359
37,973


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 8

 
PASSEXPRESS LTD
REGISTERED NUMBER: 08336233
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr G Mills
Director

Date: 13 November 2018

The notes on pages 10 to 15 form part of these financial statements.

Page 9

 
PASSEXPRESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

1.


General information

The Company is a private United Kingdom company limited by shares.It is both incorporated and domiciled in England and Wales, registration number 08336233.  The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ. The principal place of business is London.
The company's principle activity during the year was the provision of driving tuition.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Intangible assets

Franchise Fee
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 10

 
PASSEXPRESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.


Fixtures and fittings
-
25% reducing balance
Office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.6

Operating leases

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

 
2.7

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 11

 
PASSEXPRESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2017 - 2).

Page 12

 
PASSEXPRESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

4.


Intangible assets




Franchise Fee

£



Cost


At 1 April 2017
25,000



At 31 March 2018

25,000



Amortisation


At 1 April 2017
21,250


Charge for the year
3,750



At 31 March 2018

25,000



Net book value



At 31 March 2018
-



At 31 March 2017
3,750

Page 13

 
PASSEXPRESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2017
1,819
3,887
5,706


Additions
450
1,494
1,944


Disposals
-
(1,560)
(1,560)



At 31 March 2018

2,269
3,821
6,090



Depreciation


At 1 April 2017
1,187
1,707
2,894


Charge for the year on owned assets
271
672
943


Disposals
-
(573)
(573)



At 31 March 2018

1,458
1,806
3,264



Net book value



At 31 March 2018
811
2,015
2,826



At 31 March 2017
633
2,179
2,812


6.


Debtors

2018
2017
£
£


Other debtors
72,364
43,685

Prepayments and accrued income
5,242
6,418

77,606
50,103


Page 14

 
PASSEXPRESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

7.


Creditors: Amounts falling due within one year

2018
2017
£
£

Bank loans
6,655
6,157

Other taxation and social security
24,283
30,399

Other creditors
4,173
-

Accruals and deferred income
14,075
11,953

49,186
48,509


The director, Mr G Mills, has provided a personal guarantee for the bank loan.


8.


Creditors: Amounts falling due after more than one year

2018
2017
£
£

Bank loans
21,409
28,215

21,409
28,215


The director, Mr G Mills, has provided a personal guarantee for the bank loan.


9.


Commitments under operating leases

At 31 March 2018 the Company had future minimum lease payments under non-cancellable operating leases as follows:

2018
2017
£
£


Not later than 1 year
47,472
19,272

Later than 1 year and not later than 5 years
67,252
46,574

114,724
65,846


10.


Transactions with directors

As at 1 April 2017, the balance on the directors loan account was £34,234 overdrawn. During the year the company made payments on behalf of the director, totalling £20,603, and the director advanced the company £8,719. Interest of £956 was charged by the company in respect of the director's overdrawn loan balance. Interest was charged at a rate of 2.5%. The balance on the loan account as at 31 March 2018 was £47,074, as included within other debtors note 6 above.

 
Page 15