Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falsedriving school33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08336233 2023-04-01 2024-03-31 08336233 2022-04-01 2023-03-31 08336233 2024-03-31 08336233 2023-03-31 08336233 c:Director1 2023-04-01 2024-03-31 08336233 d:FurnitureFittings 2023-04-01 2024-03-31 08336233 d:FurnitureFittings 2024-03-31 08336233 d:FurnitureFittings 2023-03-31 08336233 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08336233 d:OfficeEquipment 2023-04-01 2024-03-31 08336233 d:OfficeEquipment 2024-03-31 08336233 d:OfficeEquipment 2023-03-31 08336233 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08336233 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08336233 d:CurrentFinancialInstruments 2024-03-31 08336233 d:CurrentFinancialInstruments 2023-03-31 08336233 d:Non-currentFinancialInstruments 2024-03-31 08336233 d:Non-currentFinancialInstruments 2023-03-31 08336233 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08336233 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08336233 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 08336233 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08336233 d:ShareCapital 2024-03-31 08336233 d:ShareCapital 2023-03-31 08336233 d:SharePremium 2024-03-31 08336233 d:SharePremium 2023-03-31 08336233 d:RetainedEarningsAccumulatedLosses 2024-03-31 08336233 d:RetainedEarningsAccumulatedLosses 2023-03-31 08336233 c:OrdinaryShareClass1 2023-04-01 2024-03-31 08336233 c:OrdinaryShareClass1 2024-03-31 08336233 c:OrdinaryShareClass2 2023-04-01 2024-03-31 08336233 c:OrdinaryShareClass2 2024-03-31 08336233 c:FRS102 2023-04-01 2024-03-31 08336233 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08336233 c:FullAccounts 2023-04-01 2024-03-31 08336233 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08336233 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 08336233 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 08336233 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 08336233 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08336233









PASSEXPRESS LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
PASSEXPRESS LTD
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 8


 
PASSEXPRESS LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PASSEXPRESS LTD
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Passexpress Ltd for the year ended 31 March 2024 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the director of Passexpress Ltd in accordance with the terms of our engagement letter dated 25 September 2019Our work has been undertaken solely to prepare for your approval the financial statements of Passexpress Ltd and state those matters that we have agreed to state to the director of Passexpress Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Passexpress Ltd and its director for our work or for this report. 

It is your duty to ensure that Passexpress Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Passexpress Ltd. You consider that Passexpress Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Passexpress Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
18 September 2024
Page 1

 
PASSEXPRESS LTD
REGISTERED NUMBER: 08336233

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
1,628
2,024

  
1,628
2,024

Current assets
  

Debtors: amounts falling due within one year
 5 
80,913
80,994

Cash at bank and in hand
  
7,587
59,142

  
88,500
140,136

Creditors: amounts falling due within one year
 6 
(78,375)
(47,922)

Net current assets
  
 
 
10,125
 
 
92,214

Total assets less current liabilities
  
11,753
94,238

Creditors: amounts falling due after more than one year
 7 
(45,833)
(67,833)

Provisions for liabilities
  

Deferred tax
  
-
(384)

  
 
 
-
 
 
(384)

Net (liabilities)/assets
  
(34,080)
26,021


Capital and reserves
  

Called up share capital 
 8 
100
100

Share premium account
  
29,951
29,951

Profit and loss account
  
(64,131)
(4,030)

  
(34,080)
26,021


Page 2

 
PASSEXPRESS LTD
REGISTERED NUMBER: 08336233
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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 on 18 September 2024.




................................................
Mr G Mills
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
PASSEXPRESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is a private United Kingdom company limited by shares.It is both incorporated and domiciled in England and Wales, registration number 08336233.  The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ. The principal place of business is London.
The company's principle activity during the year was the provision of driving tuition.

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

The financial statements have been prepared on a going concern basis. The director is satisfied that the company is a going concern as he has been working with advisers on ways to restructure the cost base of the company. The company is benefiting from this restructure post year end.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.


Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
PASSEXPRESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Pensions

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.

Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 5

 
PASSEXPRESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
2,210
4,699
6,909


Additions
49
98
147



At 31 March 2024

2,259
4,797
7,056



Depreciation


At 1 April 2023
2,021
2,864
4,885


Charge for the year on owned assets
60
483
543



At 31 March 2024

2,081
3,347
5,428



Net book value



At 31 March 2024
178
1,450
1,628



At 31 March 2023
189
1,835
2,024

Page 6

 
PASSEXPRESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Other debtors
79,738
80,018

Prepayments and accrued income
1,175
976

80,913
80,994



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
22,000
22,000

Trade creditors
288
-

Other taxation and social security
48,598
17,739

Accruals and deferred income
7,489
8,183

78,375
47,922



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
45,833
67,833

45,833
67,833



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



51 Ordinary A shares of £1.00 each
51
51
49 Ordinary B shares of £1.00 each
49
49

100

100


Page 7

 
PASSEXPRESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Financial commitments

The company had total financial commitments, guarantees and contingencies which are not included in the balance sheet amounting to £6,000 (2023: £20,400).


10.


Transactions with directors

As at 1 April 2023, the balance on the director's loan account was £55,315 overdrawn. During the year the company made payments on behalf of the director, totalling £31,000, and the director advanced the company £28,220. Interest of £1,322 (2023: £1,141) was charged by the company in respect of the overdrawn balances. Interest was charged at a rate of 2.25%. The balance on the loan account as at 31 March 2024 was £58,095 overdrawn, as included within other debtors note 5 above and is repayable on demand.

 
Page 8