Company Registration No. 11945811 (England and Wales)
Passage Projects Ltd
Unaudited accounts
for the year ended 30 April 2024
Passage Projects Ltd
Unaudited accounts
Contents
Passage Projects Ltd
Company Information
for the year ended 30 April 2024
Director
Mr Martin Yacine Bouzida
Company Number
11945811 (England and Wales)
Registered Office
Mainyard Studios
80 Ruckholt Road
London
E10 5UB
England
Accountants
Accounts and Legal Consultants Ltd
Suite 1-3, The Hop Exchange
24 Southwark Street
London
SE1 1TY
Passage Projects Ltd
Accountants' report
Accountants' report to the director of Passage Projects Ltd on the preparation of the unaudited statutory accounts for the year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Passage Projects Ltd for the year ended
30 April 2024 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Passage Projects Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Passage Projects Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Passage Projects Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Passage Projects Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Passage Projects Ltd. You consider that Passage Projects Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Passage Projects 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 accounts.
Accounts and Legal Consultants Ltd
Suite 1-3, The Hop Exchange
24 Southwark Street
London
SE1 1TY
15 January 2025
Passage Projects Ltd
Statement of financial position
as at 30 April 2024
Tangible assets
1,452
2,027
Cash at bank and in hand
133,184
85,855
Creditors: amounts falling due within one year
(6,389)
(3,679)
Net current assets
135,542
123,186
Total assets less current liabilities
136,994
125,213
Creditors: amounts falling due after more than one year
-
(6,011)
Net assets
136,994
119,202
Called up share capital
1,000
1,000
Profit and loss account
135,994
118,202
Shareholders' funds
136,994
119,202
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 24 January 2025 and were signed on its behalf by
Mr Martin Yacine Bouzida
Director
Company Registration No. 11945811
Passage Projects Ltd
Notes to the Accounts
for the year ended 30 April 2024
Passage Projects Ltd is a private company, limited by shares, registered in England and Wales, registration number 11945811. The registered office is Mainyard Studios, 80 Ruckholt Road, London, E10 5UB, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Interest income is recognised in profit or loss using the effective interest method.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% Reducing Balance
Short term debtors are measured at transaction price, less any impairment. Loans receivables 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.
Passage Projects Ltd
Notes to the Accounts
for the year ended 30 April 2024
Short term trade 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.
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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates
4
Tangible fixed assets
Computer equipment
Amounts falling due within one year
Accrued income and prepayments
8,747
19,265
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
4,910
432
Passage Projects Ltd
Notes to the Accounts
for the year ended 30 April 2024
7
Creditors: amounts falling due after more than one year
2024
2023
Amounts owed to group undertakings and other participating interests
-
6,011
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
9
Transactions with related parties
The company has taken advantage of exemption, under the terms of the 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 in the group.
At the reporting period end, the following amounts were owed to related parties. These are disclosed in Other Creditors.
Passage Projects (SG) £527.05 ( 2023: £6,011 )
10
Average number of employees
During the year the average number of employees was 2 (2023: 2).