Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 09498188 Mr Eric Plane N7 Properties Ltd Office 25a Ivy Road, Norwich, Norfolk, England, NR5 8BF true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09498188 2022-12-31 09498188 2023-12-31 09498188 2023-01-01 2023-12-31 09498188 frs-core:CurrentFinancialInstruments 2023-12-31 09498188 frs-core:Non-currentFinancialInstruments 2023-12-31 09498188 frs-core:FurnitureFittings 2023-12-31 09498188 frs-core:FurnitureFittings 2023-01-01 2023-12-31 09498188 frs-core:FurnitureFittings 2022-12-31 09498188 frs-core:ShareCapital 2023-12-31 09498188 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 09498188 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09498188 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 09498188 frs-bus:SmallEntities 2023-01-01 2023-12-31 09498188 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09498188 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09498188 1 2023-01-01 2023-12-31 09498188 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-01-01 2023-12-31 09498188 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31 09498188 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 09498188 frs-bus:Director1 2023-01-01 2023-12-31 09498188 frs-countries:EnglandWales 2023-01-01 2023-12-31 09498188 2021-12-31 09498188 2022-12-31 09498188 2022-01-01 2022-12-31 09498188 frs-core:CurrentFinancialInstruments 2022-12-31 09498188 frs-core:Non-currentFinancialInstruments 2022-12-31 09498188 frs-core:ShareCapital 2022-12-31 09498188 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 09498188 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31
Registered number: 09498188
Passmore Property Rentals Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Steve Pye & Co.
Chartered Certified Accountants
Unit 8 Home Farm
Norwich Road
Marsham, Norwich
Norfolk
NR10 5PQ
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 09498188
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,467 2,200
Investment Properties 5 1,575,000 1,575,000
1,576,467 1,577,200
CURRENT ASSETS
Debtors 6 13,599 -
Cash at bank and in hand 3,964 1,854
17,563 1,854
Creditors: Amounts Falling Due Within One Year 7 (11,737 ) -
NET CURRENT ASSETS (LIABILITIES) 5,826 1,854
TOTAL ASSETS LESS CURRENT LIABILITIES 1,582,293 1,579,054
Creditors: Amounts Falling Due After More Than One Year 8 (1,375,532 ) (1,375,558 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (24,700 ) (14,414 )
NET ASSETS 182,061 189,082
CAPITAL AND RESERVES
Called up share capital 9 200 200
Fair Value Reserve 10 105,300 130,000
Income Statement 76,561 58,882
SHAREHOLDERS' FUNDS 182,061 189,082
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Eric Plane
Director
13 September 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Passmore Property Rentals Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09498188 . The registered office is Office 25a Ivy Road, Henderson Business Centre, Norwich, Norfolk, NR5 8BF.  
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Significant judgements and estimations
In the application of the copmany's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant.  Actual results may differ from these estimates.  The estimates and underliyng assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.  The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rents received. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% reducing balance
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.6. Financial Instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
...CONTINUED
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2.6. Financial Instruments - continued
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 January 2023 2,200
As at 31 December 2023 2,200
Depreciation
As at 1 January 2023 -
Provided during the period 733
As at 31 December 2023 733
...CONTINUED
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Page 5
Net Book Value
As at 31 December 2023 1,467
As at 1 January 2023 2,200
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 and 31 December 2023 1,575,000
Revaluations -
As at 31 December 2023 1,575,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
£ £
Cost 1,445,000 1,445,000
6. Debtors
2023 2022
£ £
Due within one year
Other debtors 13,599 -
13,599 -
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 4,000 -
Accruals and deferred income 6,220 -
Director's loan account 1,517 -
11,737 -
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 1,207,750 1,215,750
Amounts owed to group undertakings 167,782 159,808
1,375,532 1,375,558
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200 200
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10. Reserves
Fair Value Reserve
£
As at 1 January 2023 130,000
Transfer to profit and loss (24,700 )
As at 31 December 2023 105,300
11. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Mr Eric Charles Plane . Mr Eric Charles Plane was incorporated in England. Copies of the group accounts may be obtained from the secretary, Office 25a Ivy Road, Norwich, Norfolk, England, NR5 8BF . The ultimate controlling party is N7 Properties Ltd who controls 100% of the shares of Passmore Property Rentals Limited .
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