Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-04-01falseManagement consultancy activities.11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10830442 2023-04-01 2023-12-31 10830442 2022-04-01 2023-03-31 10830442 2023-12-31 10830442 2023-03-31 10830442 c:Director1 2023-04-01 2023-12-31 10830442 d:Buildings 2023-04-01 2023-12-31 10830442 d:Buildings 2023-12-31 10830442 d:Buildings 2023-03-31 10830442 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2023-12-31 10830442 d:ComputerEquipment 2023-04-01 2023-12-31 10830442 d:ComputerEquipment 2023-12-31 10830442 d:ComputerEquipment 2023-03-31 10830442 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2023-12-31 10830442 d:OwnedOrFreeholdAssets 2023-04-01 2023-12-31 10830442 d:CurrentFinancialInstruments 2023-12-31 10830442 d:CurrentFinancialInstruments 2023-03-31 10830442 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10830442 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10830442 d:ShareCapital 2023-12-31 10830442 d:ShareCapital 2023-03-31 10830442 d:RetainedEarningsAccumulatedLosses 2023-12-31 10830442 d:RetainedEarningsAccumulatedLosses 2023-03-31 10830442 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 10830442 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 10830442 c:FRS102 2023-04-01 2023-12-31 10830442 c:AuditExempt-NoAccountantsReport 2023-04-01 2023-12-31 10830442 c:FullAccounts 2023-04-01 2023-12-31 10830442 c:PrivateLimitedCompanyLtd 2023-04-01 2023-12-31 10830442 2 2023-04-01 2023-12-31 10830442 6 2023-04-01 2023-12-31 10830442 e:PoundSterling 2023-04-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 10830442









PASSAIC SERVICES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
PASSAIC SERVICES LIMITED
REGISTERED NUMBER: 10830442

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
31 March
2023
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
65,342
409

Investments
 5 
1,787,018
1,554,463

  
1,852,360
1,554,872

Current assets
  

Debtors: amounts falling due within one year
 6 
657,530
207,704

Cash at bank and in hand
 7 
3,467,632
2,597,687

  
4,125,162
2,805,391

Creditors: amounts falling due within one year
 8 
(4,597,107)
(3,070,872)

Net current liabilities
  
 
 
(471,945)
 
 
(265,481)

Total assets less current liabilities
  
1,380,415
1,289,391

  

Net assets
  
1,380,415
1,289,391


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,380,315
1,289,291

  
1,380,415
1,289,391


Page 1

 
PASSAIC SERVICES LIMITED
REGISTERED NUMBER: 10830442
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 period 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 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 on 1 October 2024.




B L Green
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PASSAIC SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Passaic Services Limited is a company incorporated in England and Wales.
The principal activity of the company is that of holding/making investments.

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

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.5

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.

Page 3

 
PASSAIC SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Computer equipment
-
33%
straight line.

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.

 
2.6

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

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.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

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.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Page 4

 
PASSAIC SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the period was 1 (2023 - 1).

Page 5

 
PASSAIC SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Tangible fixed assets







Freehold property
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
-
475
475


Additions
65,052
-
65,052



At 31 December 2023

65,052
475
65,527



Depreciation


At 1 April 2023
-
66
66


Charge for the period on owned assets
-
119
119



At 31 December 2023

-
185
185



Net book value



At 31 December 2023
65,052
290
65,342



At 31 March 2023
-
409
409


5.


Fixed asset investments








Listed investments

£



Cost or valuation


At 1 April 2023
1,554,463


Additions
492,624


Disposals
(287,400)


Revaluations
27,331



At 31 December 2023
1,787,018





6.


Debtors

Page 6

 
PASSAIC SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
31 December
31 March
2023
2023
£
£


Other debtors
657,530
207,704

657,530
207,704



7.


Cash and cash equivalents

31 December
31 March
2023
2023
£
£

Cash at bank and in hand
3,467,632
2,597,687

3,467,632
2,597,687



8.


Creditors: Amounts falling due within one year

31 December
31 March
2023
2023
£
£

Other loans
5,000
5,000

Trade creditors
13
212

Corporation tax
148,963
-

Other creditors
4,439,881
3,062,410

Accruals and deferred income
3,250
3,250

4,597,107
3,070,872


Page 7

 
PASSAIC SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Financial instruments

31 December
31 March
2023
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
5,254,650
4,152,150




Financial assets measured at fair value through profit or loss comprise cash at bank and listed investments.

Page 8

 
PASSAIC SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Related party transactions

At the balance sheet date the company was owed £528,184 (2023: £179,151) by the director of the company.
At the balance sheet date the company owed £4,429,018 (2023: £3,050,791) to companies under common control.

 
Page 9