Passage Properties Ltd
Registered number: 00942104
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Property, plant & equipment 3 2,809,041 2,820,714
Investment in subsidiary 75 75
2,809,116 2,820,789
Current assets
Debtors 4 39,173 27,627
Cash at bank and in hand 93,732 18,207
132,905 45,834
Creditors: amounts falling due within one year 5 (245,136) (213,458)
Net current liabilities (112,231) (167,624)
Total assets less current liabilities 2,696,885 2,653,165
Creditors: amounts falling due after more than one year 6 (531,377) (626,151)
Net assets 2,165,508 2,027,014
Capital and reserves
Called up share capital 8,240 8,240
Capital redemption reserve 7,760 7,760
Profit and loss account 2,149,508 2,011,014
Shareholders' funds 2,165,508 2,027,014
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Segal
Director
Approved by the board on 29 August 2023
Passage Properties Ltd
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A small entities.
Turnover
Turnover comprises rent receivable and property management.
Tangible fixed assets
Depreciation is not provided on the freehold buildings, since the value of these assets is expected to increase over time.
Depreciation on motor vehicles is provided at 20% on the straight line method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Where profits are reduced by means of group relief, the tax charge is calculated on the lower figure.
Group accounts
The company is exempt under s399(2A) of the Companies Act 2006 from the requirements to prepare consolidated accounts as the group is a small group.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 3 3
3 Property, plant & equipment
Investment properties Motor vehicles Total
£ £ £
Cost
At 1 January 2022 2,785,693 58,367 2,844,060
At 31 December 2022 2,785,693 58,367 2,844,060
Depreciation
At 1 January 2022 - 23,346 23,346
Charge for the year - 11,673 11,673
At 31 December 2022 - 35,019 35,019
Net book value
At 31 December 2022 2,785,693 23,348 2,809,041
At 31 December 2021 2,785,693 35,021 2,820,714
4 Debtors 2022 2021
£ £
Trade debtors 16,893 18,524
Other debtors 22,280 9,103
39,173 27,627
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 20,134 6,624
Corporation tax 17,610 6,589
Other taxes and social security costs 16,843 16,258
Other creditors 190,549 183,987
245,136 213,458
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loan 531,377 626,151
7 Loans 2022 2021
£ £
Creditors include:
Instalments falling due for payment after more than five years 90,136 198,527
Secured bank loans 631,266 731,107
The bank loan is secured on the properties.
8 Other information
Passage Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
106 Islington High Street
London
N1 0EG
Passage Properties Ltd 00942104 false 2022-01-01 2022-12-31 2022-12-31 VT Final Accounts April 2022 N Segal No description of principal activity 00942104 2021-01-01 2021-12-31 00942104 core:WithinOneYear 2021-12-31 00942104 core:AfterOneYear 2021-12-31 00942104 core:ShareCapital 2021-12-31 00942104 core:RetainedEarningsAccumulatedLosses 2021-12-31 00942104 2022-01-01 2022-12-31 00942104 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 00942104 bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 00942104 bus:Director40 2022-01-01 2022-12-31 00942104 core:LandBuildings 2022-01-01 2022-12-31 00942104 core:Vehicles 2022-01-01 2022-12-31 00942104 countries:England 2022-01-01 2022-12-31 00942104 bus:FRS102 2022-01-01 2022-12-31 00942104 bus:FullAccounts 2022-01-01 2022-12-31 00942104 2022-12-31 00942104 core:WithinOneYear 2022-12-31 00942104 core:AfterOneYear 2022-12-31 00942104 core:ShareCapital 2022-12-31 00942104 core:RetainedEarningsAccumulatedLosses 2022-12-31 00942104 core:LandBuildings 2022-12-31 00942104 core:Vehicles 2022-12-31 00942104 2021-12-31 00942104 core:LandBuildings 2021-12-31 00942104 core:Vehicles 2021-12-31 iso4217:GBP xbrli:pure