Passage Properties Ltd
Registered number: 00942104
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Property, plant & equipment 3 2,838,618 2,809,041
Investment in subsidiary 75 75
2,838,693 2,809,116
Current assets
Debtors 4 65,694 39,173
Cash at bank and in hand 39,950 93,732
105,644 132,905
Creditors: amounts falling due within one year 5 (229,344) (245,136)
Net current liabilities (123,700) (112,231)
Total assets less current liabilities 2,714,993 2,696,885
Creditors: amounts falling due after more than one year 6 (439,377) (531,377)
Net assets 2,275,616 2,165,508
Capital and reserves
Called up share capital 8,240 8,240
Capital redemption reserve 7,760 7,760
Profit and loss account 2,259,616 2,149,508
Shareholders' funds 2,275,616 2,165,508
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Segal
Director
Approved by the board on 9 September 2024
Passage Properties Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A small entities.
Turnover
Turnover comprises rent receivable and property management.
Tangible fixed assets
Depreciation is not provided on the freehold buildings, since the value of these assets is expected to increase over time.
Depreciation on motor vehicles is provided at 20% on the straight line method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Where profits are reduced by means of group relief, the tax charge is calculated on the lower figure.
Group accounts
The company is exempt under s399(2A) of the Companies Act 2006 from the requirements to prepare consolidated accounts as the group is a small group.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Property, plant & equipment
Investment properties Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 2,785,693 - 58,367 2,844,060
Additions - 46,534 - 46,534
Disposals (5,284) - - (5,284)
At 31 December 2023 2,780,409 46,534 58,367 2,885,310
Depreciation
At 1 January 2023 - - 35,019 35,019
Charge for the year - - 11,673 11,673
At 31 December 2023 - - 46,692 46,692
Net book value
At 31 December 2023 2,780,409 46,534 11,675 2,838,618
At 31 December 2022 2,785,693 - 23,348 2,809,041
4 Debtors 2023 2022
£ £
Trade debtors 16,136 16,893
Amounts owed by group undertakings and undertakings in which the company has a participating interest 7,197 -
Other debtors 42,361 22,280
65,694 39,173
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 3,705 20,134
Corporation tax 13,625 17,610
Other taxes and social security costs 10,724 16,843
Other creditors 201,290 190,549
229,344 245,136
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loan 439,377 531,377
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years - 90,136
Secured bank loans 538,745 631,266
The bank loan is secured on the properties.
8 Other information
Passage Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
106 Islington High Street
London
N1 0EG
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