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Registration number: 11511627

Passmore Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Passmore Developments Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Passmore Developments Limited

(Registration number: 11511627)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

5,645

9,139

Investment property

5

180,000

171,795

 

185,645

180,934

Current assets

 

Debtors

6

261,289

177,599

Cash at bank and in hand

 

75,737

3,463

 

337,026

181,062

Creditors: Amounts falling due within one year

7

(111,135)

(39,554)

Net current assets

 

225,891

141,508

Total assets less current liabilities

 

411,536

322,442

Creditors: Amounts falling due after more than one year

7

(114,178)

(119,722)

Provisions for liabilities

(3,512)

(2,285)

Net assets

 

293,846

200,435

Capital and reserves

 

Called up share capital

100

100

Other reserves

6,302

-

Retained earnings

287,444

200,335

Shareholders' funds

 

293,846

200,435

 

Passmore Developments Limited

(Registration number: 11511627)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 March 2025 and signed on its behalf by:
 

.........................................
Mrs C R Passmore
Director

 

Passmore Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Coach House
Cranhams Lane
Cirencester
Gloucestershire
GL7 1TZ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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 and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Passmore Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Passmore Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

9,600

1,290

8,700

19,590

Additions

-

1,575

-

1,575

Disposals

-

-

(8,700)

(8,700)

At 31 August 2024

9,600

2,865

-

12,465

Depreciation

At 1 September 2023

4,777

644

5,030

10,451

Charge for the year

1,206

193

-

1,399

Eliminated on disposal

-

-

(5,030)

(5,030)

At 31 August 2024

5,983

837

-

6,820

Carrying amount

At 31 August 2024

3,617

2,028

-

5,645

At 31 August 2023

4,823

646

3,670

9,139

 

Passmore Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Investment properties

2024
£

At 1 September 2023

171,795

Fair value adjustments

8,205

At 31 August 2024

180,000

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Trade debtors

32,195

40,656

Other debtors

229,094

136,943

 

261,289

177,599

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,556

5,514

Trade creditors

 

885

130

Taxation and social security

 

94,123

19,890

Other creditors

 

10,571

14,020

 

111,135

39,554

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

114,178

119,722

 

Passmore Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,556

5,514

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

114,178

119,722

9

Related party transactions

Intercompany transactions

Passmore Developments Limited have an inter-company loan with Cotswold Meat Company Limited. Both companies share the same board of directors.

At the balance sheet date the amount owed from/(to) Cotswold Meat Company Limited was £55,000 (2023: (£10,000)).


Passmore Developments Limited have an inter-company loan with Bailey & Passmore Properties Limited. N Passmore is a director of both companies.

At the balance sheet date the amount owed from Bailey & Passmore Properties Limited was £70,500 (2023: £12,000).


Passmore Developments Limited have an inter-company loan with Sprayitrite Limited. N Passmore is a director of both companies.

At the balance sheet date the amount owed from Sprayitrite Limited was £102,000 (2023: £90,000).


Passmore Developments Limited have an inter-company loan with Passmore & Chamerlain Limited. N Passmore is a director of both companies.

At the balance sheet date the amount owed to Passmore & Chamerlain Limited was £nil (2023: £2,000).