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REGISTERED NUMBER: 10261635 (England and Wales)









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

PASSAGEWAYS (UK) LTD

PASSAGEWAYS (UK) LTD (REGISTERED NUMBER: 10261635)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 7


PASSAGEWAYS (UK) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTOR: Mr P Chadha





REGISTERED OFFICE: First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE





REGISTERED NUMBER: 10261635 (England and Wales)





AUDITORS: Seymour Taylor Limited, Statutory Auditor
First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE

PASSAGEWAYS (UK) LTD (REGISTERED NUMBER: 10261635)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,200 5,715
Investments 5 1 -
3,201 5,715

CURRENT ASSETS
Debtors 6 366,400 375,915
Cash at bank 52,680 82,298
419,080 458,213
CREDITORS
Amounts falling due within one year 7 1,106,108 780,888
NET CURRENT LIABILITIES (687,028 ) (322,675 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(683,827

)

(316,960

)

CREDITORS
Amounts falling due after more than one
year

8

(736,508

)

(610,097

)

PROVISIONS FOR LIABILITIES (608 ) -
NET LIABILITIES (1,420,943 ) (927,057 )

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings (1,420,944 ) (927,058 )
SHAREHOLDERS' FUNDS (1,420,943 ) (927,057 )

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 9 February 2024 and were signed by:





Mr P Chadha - Director


PASSAGEWAYS (UK) LTD (REGISTERED NUMBER: 10261635)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021


1. STATUTORY INFORMATION

Passageways (UK) Limited is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office is First Floor North, 40 Oxford Road, High Wycombe, Buckinghamshire, HP11 2EE. The registered number is 10261635.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

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.

Going concern
Although at the statement of financial position date the company had net current liabilities amounting to £1,423,536 (2020: £932,772) and net liabilities of £1,420,943 (2020: £927,057), the company is able to rely on the support of its ultimate parent company in relation to ongoing financing and confirmation that the creditor due to the Group of £736,508 is not payable for the next 12 months. In addition, the company's income levels have consistently increased since the statement of financial position date and profitability has increased.

Based on information available at the date of approval, including the agreed funding support by the ultimate parent company which it has confirmed is ongoing, the Director believes that the company company continues to be a going concern and the financial statements are prepared on this basis.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A
These financial statements for the year ended 31 December 2021 are the first that are prepared in accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with FRS 105, the date of transition to FRS 102 Section 1A is 1 January 2020.

No transitional adjustments were required to equity or profit or loss for the period

Preparation of consolidated financial statements
The financial statements contain information about Passageways (UK) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.
Plant and machinery etc - straight line - 25%

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any subsequent impairments.

PASSAGEWAYS (UK) LTD (REGISTERED NUMBER: 10261635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 to its financial statements.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the statement of financial position. Finance costs and gains or losses relating to financial liabilities are included in the income statement. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2020 - 12 ) .

PASSAGEWAYS (UK) LTD (REGISTERED NUMBER: 10261635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2021
and 31 December 2021 10,056
DEPRECIATION
At 1 January 2021 4,341
Charge for year 2,515
At 31 December 2021 6,856
NET BOOK VALUE
At 31 December 2021 3,200
At 31 December 2020 5,715

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 1
At 31 December 2021 1
NET BOOK VALUE
At 31 December 2021 1

6. DEBTORS
2021 2020
£    £   
Amounts falling due within one year:
Trade debtors 240,088 357,155
Other debtors 20,094 18,760
260,182 375,915

Amounts falling due after more than one year:
Amounts owed by group undertakings 106,218 -

Aggregate amounts 366,400 375,915

PASSAGEWAYS (UK) LTD (REGISTERED NUMBER: 10261635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 111,493 82,795
Taxation and social security 277,053 234,944
Other creditors 717,562 463,149
1,106,108 780,888

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Amounts owed to group undertakings 736,508 610,097

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
1 Ordinary shares £1 1 1

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Joanne Kingsnorth (Senior Statutory Auditor)
for and on behalf of Seymour Taylor Limited, Statutory Auditor

11. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies not included in the statement of financial position amount to £nil (2020 - £6,163), which relates to operating lease commitments.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

2021 2020
£    £   
Mr P Stark
Balance outstanding at start of year 3,130 -
Amounts advanced 1,000 3,130
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,130 3,130

The loan is interest free and repayable on demand. The loan was repaid in March 2022.

PASSAGEWAYS (UK) LTD (REGISTERED NUMBER: 10261635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


13. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company and controlling party is Passageways Inc., a company incorporated in the United States of America. Group accounts that include Passageways (UK) Limited can be obtained from 333 N Alabama St, Suite 300, Indianapolis, IN 46204.