IRIS Accounts Production v23.3.1.45 06201387 Board of Directors 1.10.22 30.9.23 30.9.23 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh062013872022-09-30062013872023-09-30062013872022-10-012023-09-30062013872021-09-30062013872021-10-012022-09-30062013872022-09-3006201387ns10:Originalns15:EnglandWales2022-10-012023-09-3006201387ns14:PoundSterlingns10:Original2022-10-012023-09-3006201387ns10:Originalns10:Director12022-10-012023-09-3006201387ns10:Original2022-10-012023-09-3006201387ns10:Original2023-09-3006201387ns10:Originalns10:PrivateLimitedCompanyLtd2022-10-012023-09-3006201387ns10:Originalns10:SmallEntities2022-10-012023-09-3006201387ns10:Originalns10:AuditExempt-NoAccountantsReport2022-10-012023-09-3006201387ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-10-012023-09-3006201387ns10:SmallCompaniesRegimeForAccountsns10:Original2022-10-012023-09-3006201387ns10:Originalns10:FullAccounts2022-10-012023-09-3006201387ns10:Originalns10:OrdinaryShareClass12022-10-012023-09-3006201387ns10:Originalns10:Director22022-10-012023-09-3006201387ns10:CompanySecretary1ns10:Original2022-10-012023-09-3006201387ns10:Originalns10:RegisteredOffice2022-10-012023-09-3006201387ns10:Original2022-09-3006201387ns10:Originalns5:CurrentFinancialInstruments2023-09-3006201387ns10:Originalns5:CurrentFinancialInstruments2022-09-3006201387ns10:Originalns5:Non-currentFinancialInstruments2023-09-3006201387ns10:Originalns5:Non-currentFinancialInstruments2022-09-3006201387ns5:ShareCapitalns10:Original2023-09-3006201387ns5:ShareCapitalns10:Original2022-09-3006201387ns10:Originalns5:SharePremium2023-09-3006201387ns10:Originalns5:SharePremium2022-09-3006201387ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2023-09-3006201387ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2022-09-3006201387ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-09-3006201387ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-09-300620138712022-10-012023-09-3006201387ns10:Original2021-10-012022-09-3006201387ns10:Original2022-09-3006201387ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-09-3006201387ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-09-3006201387ns5:Securedns10:Original2023-09-3006201387ns5:Securedns10:Original2022-09-3006201387ns10:Originalns10:OrdinaryShareClass12023-09-3006201387ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2022-09-30
REGISTERED NUMBER: 06201387 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2023

FOR

PASSDOWN PROPERTY COMPANY LIMITED

PASSDOWN PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 06201387)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PASSDOWN PROPERTY COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2023







DIRECTORS: R A Dickinson
F O Moore





SECRETARY: Prima Secretary Limited





REGISTERED OFFICE: 25 St Thomas Street
Winchester
Hampshire
SO23 9HJ





REGISTERED NUMBER: 06201387 (England and Wales)





ACCOUNTANTS: Martin and Company
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ

PASSDOWN PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 06201387)

BALANCE SHEET
30TH SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 11,959,148 11,959,148

CURRENT ASSETS
Debtors 5 65,589 112,843
Investments 6 1,669,233 1,511,824
Cash at bank 991,676 618,120
2,726,498 2,242,787
CREDITORS
Amounts falling due within one year 7 814,139 1,488,885
NET CURRENT ASSETS 1,912,359 753,902
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,871,507

12,713,050

CREDITORS
Amounts falling due after more than one
year

8

(737,500

)

-

PROVISIONS FOR LIABILITIES (166,608 ) (114,142 )
NET ASSETS 12,967,399 12,598,908

CAPITAL AND RESERVES
Called up share capital 10 6,320 6,320
Share premium 9,160,235 9,160,235
Fair value reserve 11 447,075 482,841
Retained earnings 3,353,769 2,949,512
SHAREHOLDERS' FUNDS 12,967,399 12,598,908

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 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.

PASSDOWN PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 06201387)

BALANCE SHEET - continued
30TH SEPTEMBER 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 Board of Directors and authorised for issue on 19th January 2024 and were signed on its behalf by:





R A Dickinson - Director


PASSDOWN PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 06201387)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


1. STATUTORY INFORMATION

Passdown Property Company 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced rents, excluding value added tax. Rental income is recognised in the period to which it relates.

Investment property
Investment property is included at fair value. Any aggregate surplus or deficit arising from changes in fair value are recognised in the income statement. Deferred taxation is provided on any gains at the rate expected to apply when the property is sold.

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.

Investments
Current asset listed investments are measured at fair value through income and expenditure. The fair value was determined by reference to the middle market price at the relevant year end date. Unlisted investments are recognised at cost.

3. EMPLOYEES AND DIRECTORS

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

PASSDOWN PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 06201387)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st October 2022
and 30th September 2023 11,959,148
NET BOOK VALUE
At 30th September 2023 11,959,148
At 30th September 2022 11,959,148

Fair value at 30th September 2023 is represented by:
£   
Valuation in 2017 57,851
Valuation in 2021 538,250
Cost 11,363,047
11,959,148

The fair value of the investment property has been arrived at on the basis of a valuation carried out at each reporting date by the Directors. The valuation was made on an open market value basis by reference to market evidence of similar properties.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 29,144 66,992
Other debtors 36,445 45,851
65,589 112,843

6. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Listed investments 1,659,926 1,502,517
Unlisted investments 9,307 9,307
1,669,233 1,511,824

Market value of listed investments at 30th September 2023 - £1,659,926, original cost £1,395,770 (2022 market value £1,502,517, original cost £1,317,727).

PASSDOWN PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 06201387)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,000 737,500
Trade creditors 720 11,966
Taxation and social security 81,972 89,242
Other creditors 681,447 650,177
814,139 1,488,885

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 737,500 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 787,500 737,500

The bank mortgage is secured by a legal charge over 29 Springfield Lyons Approach, Chelmsford Business Park, CM2 5LB and eight other let residential properties owned by the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
6,320 Ordinary £1 6,320 6,320

11. RESERVES
Fair
value
reserve
£   
At 1st October 2022 482,841
Deferred tax on fair value gain (35,766 )

At 30th September 2023 447,075