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Registered Number: 10836922
England and Wales

 

 

 

PASSION LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 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 Passion Limited for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and 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, we are subject to its ethical and other professional requirements which are detailed at http://icaew.com/regulations.

This report is made solely to the Board of Directors of Passion Limited, as a body, in accordance with the terms of our engagement letter dated 06 February 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Passion Limited and state those matters that we have agreed to state to the Board of Directors of Passion Limited, as a body, in this report in accordance with AAF 2/10 as detailed at http://icaew.com/compilation.To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Passion Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Passion Limited 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 Passion Limited. You consider that Passion Limited 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 financial statements of Passion Limited. 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.



....................................................
P and Co (Partners) LLP
18 Ensign Street
London
E1 8PA
25 February 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 148,191    191,359 
148,191    191,359 
Current assets      
Stocks 4 6,162    6,371 
Debtors 5 201   
Cash at bank and in hand 36,067    23,519 
42,430    29,890 
Creditors: amount falling due within one year 6 (427,456)   (445,833)
Net current assets (385,026)   (415,943)
 
Total assets less current liabilities (236,835)   (224,584)
Net assets (236,835)   (224,584)
 

Capital and reserves
     
Profit and loss account (236,835)   (224,584)
Shareholders' funds (236,835)   (224,584)
 


For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 24 February 2025 and were signed on its behalf by:


-------------------------------
Depeng KONG
Director
2
General Information
Passion Limited is a private company, limited by shares, registered in England and Wales, registration number 10836922, registration address 57 Booth Street West, Manchester, M15 6PQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies. The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 15 years Straight Line
Plant and Machinery 25% Reducing Balance
Fixtures and Fittings 25% 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 18 (2023 : 39).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Fixtures and Fittings   Total
  £   £   £   £
At 01 July 2023 10,859    143,701    82,011    236,571 
Additions     2,259    2,259 
Disposals      
At 30 June 2024 10,859    143,701    84,270    238,830 
Depreciation
At 01 July 2023 121    30,928    14,163    45,212 
Charge for year 60    28,193    17,174    45,427 
On disposals      
At 30 June 2024 181    59,121    31,337    90,639 
Net book values
Closing balance as at 30 June 2024 10,678    84,580    52,933    148,191 
Opening balance as at 01 July 2023 10,738    112,773    67,848    191,359 


4.

Stocks

2024
£
  2023
£
Stocks 6,162    6,371 
6,162    6,371 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Prepayments & Accrued Income 201   
201   

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 23,090    19,241 
PAYE & Social Security 781    1,841 
Accrued Expenses 88,476    110,306 
Other Creditors 18,664    31,295 
Directors' Current Accounts 260,973    256,973 
VAT 35,472    26,177 
427,456    445,833 

3