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REGISTERED NUMBER: 12726671 (England and Wales)




















Financial Statements

for the Year Ended 31 July 2023

for

PASSIVE REAL ESTATES LTD

PASSIVE REAL ESTATES LTD (REGISTERED NUMBER: 12726671)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PASSIVE REAL ESTATES LTD

Company Information
for the Year Ended 31 July 2023







DIRECTOR: A Rahimsalehi





REGISTERED OFFICE: 143 Station Road
Hampton
Middlesex
TW12 2AL





REGISTERED NUMBER: 12726671 (England and Wales)





ACCOUNTANTS: Alvis & Company (Accountants) Limited
143 Station Road
Hampton
Middlesex
TW12 2AL

PASSIVE REAL ESTATES LTD (REGISTERED NUMBER: 12726671)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 10,791 16,186
Tangible assets 5 - 442
Investment property 6 200,000 191,201
210,791 207,829

CURRENT ASSETS
Debtors 7 4,991 1,694
Cash at bank 5,800 1,469
10,791 3,163
CREDITORS
Amounts falling due within one year 8 (94,637 ) (216,026 )
NET CURRENT LIABILITIES (83,846 ) (212,863 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

126,945

(5,034

)

CREDITORS
Amounts falling due after more than one
year

9

(139,991

)

-

PROVISIONS FOR LIABILITIES (1,672 ) -
NET LIABILITIES (14,718 ) (5,034 )

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 (14,818 ) (5,134 )
SHAREHOLDERS' FUNDS (14,718 ) (5,034 )

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

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

The director acknowledges his 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.

PASSIVE REAL ESTATES LTD (REGISTERED NUMBER: 12726671)

Balance Sheet - continued
31 July 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 November 2023 and were signed by:





A Rahimsalehi - Director


PASSIVE REAL ESTATES LTD (REGISTERED NUMBER: 12726671)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Passive Real Estates Ltd 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 as modified by the revaluation of certain assets.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Business Know How are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - Straight line over 3 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

PASSIVE REAL ESTATES LTD (REGISTERED NUMBER: 12726671)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 August 2022
and 31 July 2023 26,976
AMORTISATION
At 1 August 2022 10,790
Charge for year 5,395
At 31 July 2023 16,185
NET BOOK VALUE
At 31 July 2023 10,791
At 31 July 2022 16,186

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 August 2022
and 31 July 2023 1,328
DEPRECIATION
At 1 August 2022 886
Charge for year 442
At 31 July 2023 1,328
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 442

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 191,201
Revaluations 8,799
At 31 July 2023 200,000
NET BOOK VALUE
At 31 July 2023 200,000
At 31 July 2022 191,201

PASSIVE REAL ESTATES LTD (REGISTERED NUMBER: 12726671)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

6. INVESTMENT PROPERTY - continued

Fair value at 31 July 2023 is represented by:
£   
Valuation in 2023 8,799
Cost 191,201
200,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Other debtors 4,991 1,694

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Taxation and social security 162 843
Other creditors 94,475 215,183
94,637 216,026

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans 139,991 -

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 139,991 -

10. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Mortgage 139,991 -

The mortgage provided by Together Commercial Finance Limited is secured against the property known as 38 Beckenham Avenue, Birmingham, B44 0QY by way of a fixed and floating charge and contains a negative pledge.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
100 Ordinary £1 100 100

PASSIVE REAL ESTATES LTD (REGISTERED NUMBER: 12726671)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

12. RESERVES
Retained
earnings
£   

At 1 August 2022 (5,134 )
Deficit for the year (9,684 )
At 31 July 2023 (14,818 )

Reserves include the net of tax amount of £7,127 which is not distributable. This relates to the unrealised revaluation of the investment property and the deferred tax effects.

13. GOING CONCERN

The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.