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Registered number: 11208865









PASSCON LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PASSCON LIMITED
REGISTERED NUMBER: 11208865

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
6,042
1,941

  
6,042
1,941

Creditors: amounts falling due within one year
 5 
(236,477)
(190,446)

Net current liabilities
  
 
 
(230,435)
 
 
(188,505)

Total assets less current liabilities
  
(230,435)
(188,505)

  

Net liabilities
  
(230,435)
(188,505)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(230,535)
(188,605)

  
(230,435)
(188,505)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
F Ewing
Director

Date: 14 September 2024

The notes on pages 2 to 3 form part of these financial statements.

Page 1

 
PASSCON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Passcon Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The registered office is 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14, 2DT.
The principal activity of the Company in the year under review was to support its immediate parent company, Passcon GmbH, in the United Kingdom marketplace.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

Due to the nature of the Company's activities, it is reliant on the support of its immediate parent company, Passcon GmbH, to fund operations. The director has received confirmation of financial support from Passcon GmbH for the foreseeable future as required. As a result the financial statements have been prepared on the going concern basis of accounting.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

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.

 
2.5

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.

Page 2

 
PASSCON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
1
1


4.


Debtors

2023
2022
£
£


Other debtors
6,042
1,941



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
19,358
3,617

Amounts owed to group undertakings
202,634
182,548

Accruals and deferred income
14,485
4,281

236,477
190,446



6.


Controlling party

The Companys' immediate parent undertaking is Passcon GmbH, a company incorporated in Germany. The Company's ultimate parent company is Gridiron Capital LLC.


7.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 16 September 2024 by Anthony Campbell (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 3