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REGISTERED NUMBER: 03891122 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

PASSWORD SERVICES
AIR CONDITIONING LIMITED

PASSWORD SERVICES
AIR CONDITIONING LIMITED (REGISTERED NUMBER: 03891122)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PASSWORD SERVICES
AIR CONDITIONING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: Mrs A Adams
R Schlanker
Mrs E Tovey





REGISTERED OFFICE: Unit H, Ryelands Business Centre
Ryelands Lane
Elmley Lovett
Droitwich
Worcestershire
WR9 0PT





REGISTERED NUMBER: 03891122 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
Black Country House
Rounds Green Road
Oldbury
West Midlands
B69 2DG

PASSWORD SERVICES
AIR CONDITIONING LIMITED (REGISTERED NUMBER: 03891122)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 366,850 238,484

CURRENT ASSETS
Stocks 181,383 193,199
Debtors 5 1,612,833 1,309,044
Cash at bank 749,009 636,180
2,543,225 2,138,423
CREDITORS
Amounts falling due within one year 6 851,243 1,010,435
NET CURRENT ASSETS 1,691,982 1,127,988
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,058,832

1,366,472

CREDITORS
Amounts falling due after more than
one year

7

(108,030

)

(145,833

)

PROVISIONS FOR LIABILITIES (68,000 ) (35,641 )
NET ASSETS 1,882,802 1,184,998

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,882,702 1,184,898
SHAREHOLDERS' FUNDS 1,882,802 1,184,998

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PASSWORD SERVICES
AIR CONDITIONING LIMITED (REGISTERED NUMBER: 03891122)

BALANCE SHEET - continued
31 JANUARY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2023 and were signed on its behalf by:





Mrs A Adams - Director


PASSWORD SERVICES
AIR CONDITIONING LIMITED (REGISTERED NUMBER: 03891122)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. STATUTORY INFORMATION

Password Services Air Conditioning Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2022 - 44 ) .

PASSWORD SERVICES
AIR CONDITIONING LIMITED (REGISTERED NUMBER: 03891122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 February 2022 72,297 6,572 58,063 756,520 893,452
Additions - - - 235,306 235,306
Disposals - - - (58,388 ) (58,388 )
At 31 January 2023 72,297 6,572 58,063 933,438 1,070,370
DEPRECIATION
At 1 February 2022 68,010 6,207 37,574 543,177 654,968
Charge for year 429 365 3,112 93,042 96,948
Eliminated on disposal - - - (48,396 ) (48,396 )
At 31 January 2023 68,439 6,572 40,686 587,823 703,520
NET BOOK VALUE
At 31 January 2023 3,858 - 17,377 345,615 366,850
At 31 January 2022 4,287 365 20,489 213,343 238,484

Included above are fixed assets with a net book value of £193,820 (2022: £242,055) which are held under hire purchase contracts.

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 626,415 515,568
Other debtors 71,241 65,017
Social security and other
taxes 10,921 -
Directors' loan accounts 345,539 344,547
Prepayments 448,958 242,317
1,503,074 1,167,449

Amounts falling due after more than one year:
Other debtors 109,759 141,595

Aggregate amounts 1,612,833 1,309,044

PASSWORD SERVICES
AIR CONDITIONING LIMITED (REGISTERED NUMBER: 03891122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 145,833 178,045
Hire purchase contracts (see note 8)
69,377

47,753
Trade creditors 256,740 253,967
Amounts owed to group undertakings 156 762
Corporation tax 207,632 44,960
Social security and other taxes - 47,668
VAT 48,373 123,580
Other creditors 1,969 2,069
Wages control 998 2,372
Accrued expenses 120,165 309,259
851,243 1,010,435

The hire purchase contracts are secured on the assets to which they relate.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years - 145,833
Hire purchase contracts (see note 8)
108,030

-
108,030 145,833

The hire purchase contracts are secured on the assets to which they relate.

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 69,377 47,753
Between one and five years 108,030 -
177,407 47,753

PASSWORD SERVICES
AIR CONDITIONING LIMITED (REGISTERED NUMBER: 03891122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 21,432 15,632
Between one and five years 70,222 62,530
In more than five years - 10,422
91,654 88,584

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 January 2023 and the period ended 31 January 2022:

2023 2022
£    £   
Mrs A Adams
Balance outstanding at start of year 247,419 247,419
Amounts advanced 550 -
Amounts repaid (658 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 247,311 247,419

R Schlanker
Balance outstanding at start of year 82,126 82,126
Amounts advanced 550 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 82,676 82,126

Mrs E Tovey
Balance outstanding at start of year 15,000 -
Amounts advanced 550 15,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,550 15,000

PASSWORD SERVICES
AIR CONDITIONING LIMITED (REGISTERED NUMBER: 03891122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. ULTIMATE CONTROLLING PARTY

The company's parent undertaking is Password Services (Holdings) Limited, which owns 100% of the issued ordinary share capital of the company.