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REGISTERED NUMBER: 03891122 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

PASSWORD SERVICES
AIR CONDITIONING LIMITED

PASSWORD SERVICES
AIR CONDITIONING LIMITED (REGISTERED NUMBER: 03891122)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PASSWORD SERVICES
AIR CONDITIONING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: C Flanagan
M Anderton





REGISTERED OFFICE: Unit H, Ryelands Business Centre
Ryelands Lane
Elmley Lovett
Droitwich
Worcestershire
WR9 0PT





REGISTERED NUMBER: 03891122 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
Black Country House
Rounds Green Road
Oldbury
West Midlands
B69 2DG

PASSWORD SERVICES
AIR CONDITIONING LIMITED (REGISTERED NUMBER: 03891122)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 437,738 366,850

CURRENT ASSETS
Stocks 218,522 181,383
Debtors 5 1,840,990 1,612,833
Cash at bank 1,505,318 749,009
3,564,830 2,543,225
CREDITORS
Amounts falling due within one year 6 1,534,244 851,243
NET CURRENT ASSETS 2,030,586 1,691,982
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,468,324

2,058,832

CREDITORS
Amounts falling due after more than
one year

7

(153,971

)

(108,030

)

PROVISIONS FOR LIABILITIES (102,400 ) (68,000 )
NET ASSETS 2,211,953 1,882,802

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,211,853 1,882,702
SHAREHOLDERS' FUNDS 2,211,953 1,882,802

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

PASSWORD SERVICES
AIR CONDITIONING LIMITED (REGISTERED NUMBER: 03891122)

BALANCE SHEET - continued
31 JANUARY 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





M Anderton - Director


PASSWORD SERVICES
AIR CONDITIONING LIMITED (REGISTERED NUMBER: 03891122)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Password Services Air Conditioning Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2023 - 48 ) .

PASSWORD SERVICES
AIR CONDITIONING LIMITED (REGISTERED NUMBER: 03891122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 February 2023 72,297 6,572 58,063 933,438 1,070,370
Additions - - - 251,910 251,910
Disposals - - - (191,733 ) (191,733 )
At 31 January 2024 72,297 6,572 58,063 993,615 1,130,547
DEPRECIATION
At 1 February 2023 68,439 6,572 40,686 587,823 703,520
Charge for year - - 2,606 102,947 105,553
Eliminated on disposal - - - (116,264 ) (116,264 )
At 31 January 2024 68,439 6,572 43,292 574,506 692,809
NET BOOK VALUE
At 31 January 2024 3,858 - 14,771 419,109 437,738
At 31 January 2023 3,858 - 17,377 345,615 366,850

Included above are fixed assets with a net book value of £323,163 (2023: £193,820) which are held under hire purchase contracts.

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,052,720 626,415
Other debtors 57,334 71,241
Social security and other
taxes 39,785 10,921
Directors' loan accounts 394,142 345,539
Prepayments 171,784 448,958
1,715,765 1,503,074

Amounts falling due after more than one year:
Other debtors 125,225 109,759

Aggregate amounts 1,840,990 1,612,833

PASSWORD SERVICES
AIR CONDITIONING LIMITED (REGISTERED NUMBER: 03891122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 145,833
Hire purchase contracts (see note 8)
130,380

69,377
Trade creditors 398,519 256,740
Amounts owed to group undertakings 150 156
Corporation tax 211,181 207,632
VAT 164,800 48,373
Other creditors 11,927 1,969
Wages control 1,005 998
Accrued expenses 616,282 120,165
1,534,244 851,243

The hire purchase contracts are secured on the assets to which they relate.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8)
153,971

108,030

The hire purchase contracts are secured on the assets to which they relate.

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 130,380 69,377
Between one and five years 153,971 108,030
284,351 177,407

PASSWORD SERVICES
AIR CONDITIONING LIMITED (REGISTERED NUMBER: 03891122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 21,432 21,432
Between one and five years 48,789 70,222
70,221 91,654

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
Mrs A N Adams
Balance outstanding at start of year 247,311 247,419
Amounts advanced 29,600 550
Amounts repaid - (658 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 276,911 247,311

R Schlanker
Balance outstanding at start of year 82,676 82,126
Amounts advanced 12,600 550
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 95,276 82,676

Mrs E Tovey
Balance outstanding at start of year 15,550 15,000
Amounts advanced 6,403 550
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 21,953 15,550

PASSWORD SERVICES
AIR CONDITIONING LIMITED (REGISTERED NUMBER: 03891122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. ULTIMATE CONTROLLING PARTY

The company's parent undertaking is Password Services (Holdings) Limited, which owns 100% of the issued ordinary share capital of the company.