Company registration number 04559176 (England and Wales)
PASSFIELD PARK LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
PASSFIELD PARK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PASSFIELD PARK LIMITED
BALANCE SHEET
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Cash at bank and in hand
641
223
Creditors: amounts falling due within one year
3
(415,197)
(391,280)
Net current liabilities
(414,556)
(391,057)
Creditors: amounts falling due after more than one year
4
(11,575)
(15,115)
Net liabilities
(426,131)
(406,172)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(426,231)
(406,272)
Total equity
(426,131)
(406,172)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 March 2024
Mr J Y Bailey
Director
Company Registration No. 04559176
PASSFIELD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
- 2 -
1
Accounting policies
Company information
Passfield Park Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lime Court, Pathfields Business Park, South Molton, Devon, United Kingdom, EX36 3LH.
The company became a wholly owned subsidiary of The Stepping Stone Group Limited on 15 January 2018.
1.1
Accounting convention
The company ceased trading on 29 June 2021 and the financial statements have been prepared on a basis other than that of the going concern basis. The basis includes, where applicable, writing the company's assets down to net realisable value.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of the ultimate parent company, The Stepping Stone Group Limited, which are publicly available. The Stepping Stone Group Limited is a company registered in England and Wales. The company's registered office is Lime Court, Pathfields Business Park, South Molton, Devon, EX36 3LH.
1.2
Reporting period
The financial statements are presented for the period from 30 June 2021 to 30 June 2022.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
PASSFIELD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PASSFIELD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.7
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
2021
Number
Number
Total
1
1
PASSFIELD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 5 -
3
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
4,099
4,510
Trade creditors
7,858
2,125
Amounts owed to group undertakings
379,072
354,192
Taxation and social security
2,682
4,464
Other creditors
21,486
25,989
415,197
391,280
Amounts owed to group undertakings are subject to an annual charge of interest at 4% over base per annum in accordance with inter- group loan agreements. All inter- group loans are repayable on demand and shown within creditors due within one year.
4
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
11,575
15,115
5
Loans and overdrafts
2022
2021
£
£
Bank loans
15,674
19,625
Payable within one year
4,099
4,510
Payable after one year
11,575
15,115
Bank loans of £15,674 relates to a Business Bounce Back Loan, with monthly repayments due until May 2026.
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Emphasis of matter - Going concern
We draw your attention to note 1.1 in the financial statements, which indicates that the financial statements have been prepared on the basis that company is no longer a going concern as the company ceased to trade on 29 June 2021.
Our opinion is not modified in respect of this matter.
PASSFIELD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
6
Audit report information
(Continued)
- 6 -
The senior statutory auditor was Claire Clift and the auditor was Azets Audit Services.
7
Financial commitments, guarantees and contingent liabilities
As at 30 June 2022, there were guarantees, contingent liabilities and capital commitments of £Nil (2021; £Nil).
8
Related party transactions
During the year, rent of £Nil (2021: £7,200) has been received from a director.
9
Parent company
The company's ultimate parent company is The Stepping Stone Group Limited. The address of the registered office of the parent company and from which copies of the accounts can be obtained is Lime Court, Pathfields Business Park, South Molton, Devon EX36 3LH. The principle place of business of the parent company is Sunindale, Hilliers Lane, Worth, Wells, Somerset BA5 1LP.
The company's ultimate controlling party is Mr J Y Bailey.