Company registration number 05971603 (England and Wales)
PASSION PROPERTY (A) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PASSION PROPERTY (A) LIMITED
COMPANY INFORMATION
Director
Mr P Seaton
Company number
05971603
Registered office
15 Theed Street
London
SE1 8ST
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
PASSION PROPERTY (A) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
PASSION PROPERTY (A) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
4,673,000
4,935,000
Current assets
Debtors
4
7,339
9,278
Cash at bank and in hand
7,508
10,799
14,847
20,077
Creditors: amounts falling due within one year
5
(28,194)
(66,705)
Net current liabilities
(13,347)
(46,628)
Total assets less current liabilities
4,659,653
4,888,372
Creditors: amounts falling due after more than one year
6
(3,927,498)
(3,858,055)
Provisions for liabilities
(143,330)
(209,000)
Net assets
588,825
821,317
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
9
588,823
821,315
Total equity
588,825
821,317
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
Mr P Seaton
Director
Company registration number 05971603 (England and Wales)
PASSION PROPERTY (A) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
2
1,399,999
1,400,001
Year ended 31 March 2023:
Loss and total comprehensive income
-
(578,684)
(578,684)
Balance at 31 March 2023
2
821,315
821,317
Year ended 31 March 2024:
Loss and total comprehensive income
-
(232,492)
(232,492)
Balance at 31 March 2024
2
588,823
588,825
PASSION PROPERTY (A) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Passion Property (A) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Theed Street, London, SE1 8ST.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
During truethe period the company made a loss of £232,492 (2023: £578,684) and had liabilities of £3,927,498 (2023: £3,858,055) due to group undertakings however, the directors have confirmed the intention, ability and willingness of the parent undertaking, to maintain its financial support to enable the company to meet its liabilities as they fall due.
1.3
Turnover
Turnover represents rental income receivable. Rent is receivable in advance and deferred each month, and is accounted for when it relates to the current period.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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 debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
PASSION PROPERTY (A) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
PASSION PROPERTY (A) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Investment property
2024
£
Fair value
At 1 April 2023
4,935,000
Revaluations
(262,000)
At 31 March 2024
4,673,000
The fair value of the investment property has been arrived at on the basis of reference to market evidence of transaction prices for similar properties. The directors consider this valuation to be appropriate as at 31 March 2024.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,730
480
Other debtors
5,609
8,798
7,339
9,278
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,026
2,575
Corporation tax
7,401
21,151
Other creditors
12,767
42,979
28,194
66,705
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
3,927,498
3,858,055
PASSION PROPERTY (A) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Security
1. First Legal Charge dated 3 February 2023 over the leasehold property known as Pelham house, 120-126 High Street, Hornchurch, RM12 4UL.
2. Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future, and First Floating Charge over all assets and undertaking both present and future dated 3 February 2023.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Profit and loss reserves
Included within profit and loss reserves is an amount of £429,670 (2023: £758,000) relating to unrealised revaluation gains on investment properties.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Luke Metson
Statutory Auditor:
Gravita Audit II Limited
Date of audit report:
17 January 2025
11
Parent company
The immediate parent company is The Passion Property Group Limited, a company registered in England and Wales, and the ultimate parent company is BATS Holdings Limited, a company registered in England and Wales. The registered offices are 15 Theed Street, London, SE1 8ST.
BATS Holdings Limited and its subsidiary companies form a small group and are therefore exempt from the requirement to prepare consolidated financial statements.