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REGISTERED NUMBER: SC608475 (Scotland)












Financial Statements

for the Year Ended 30 September 2023

for

Passive Fire Protection Specialists
Limited

Passive Fire Protection Specialists
Limited (Registered number: SC608475)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Passive Fire Protection Specialists
Limited

Company Information
for the Year Ended 30 September 2023







DIRECTOR: C C McSkeane





SECRETARY:





REGISTERED OFFICE: 9 Spiersbridge Way
Thornliebank
Galsgow
G46 8NG





REGISTERED NUMBER: SC608475 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Passive Fire Protection Specialists
Limited (Registered number: SC608475)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 32,910 3,874

CURRENT ASSETS
Debtors 4 186,684 134,983
Cash at bank and in hand 144,809 1,797
331,493 136,780
CREDITORS
Amounts falling due within one year 5 218,947 150,912
NET CURRENT ASSETS/(LIABILITIES) 112,546 (14,132 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

145,456

(10,258

)

CREDITORS
Amounts falling due after more than one
year

6

21,667

31,667
NET ASSETS/(LIABILITIES) 123,789 (41,925 )

RESERVES
Retained earnings 7 123,789 (41,925 )
123,789 (41,925 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Fire Protection Specialists
Limited (Registered number: SC608475)

Balance Sheet - continued
30 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 director and authorised for issue on 23 August 2024 and were signed by:





C C McSkeane - Director


Passive Fire Protection Specialists
Limited (Registered number: SC608475)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. 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
The directors continue to be satisfied that the company has adequate resources to continue in operation for the next 12 months. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

The Coronavirus outbreak has created great uncertainty and many challenges in all companies. In order to protect our business, we have taken prompt action to minimise costs across the company. While the impact of COVID-19 is still uncertain and the final impact on the company cannot be accurately predicted, the directors have reviewed their projections and believe that they will be able to trade through the current difficult climate.

Revenue
Revenue represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Passive Fire Protection Specialists
Limited (Registered number: SC608475)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

1. ACCOUNTING POLICIES - continued

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 4 ).

3. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2022 2,688 - 2,566 5,254
Additions 3,610 23,752 1,674 29,036
At 30 September 2023 6,298 23,752 4,240 34,290
DEPRECIATION
At 1 October 2022
and 30 September 2023 535 - 845 1,380
NET BOOK VALUE
At 30 September 2023 5,763 23,752 3,395 32,910
At 30 September 2022 2,153 - 1,721 3,874

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 50,754 8,281
Amounts recoverable on contract - 120,000
Other debtors 135,930 6,702
186,684 134,983

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 19,634 26,102
Taxation and social security 155,832 69,329
Other creditors 33,481 45,481
218,947 150,912

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 21,667 31,667

Passive Fire Protection Specialists
Limited (Registered number: SC608475)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

7. RESERVES
Retained
earnings
£   

At 1 October 2022 (41,925 )
Profit for the year 165,714
At 30 September 2023 123,789