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Registration number: 12861898

Passmore & Chamberlain Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Passmore & Chamberlain Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 5

 

Passmore & Chamberlain Ltd

(Registration number: 12861898)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

135,000

150,000

Current assets

 

Debtors

5

523

2,200

Cash at bank and in hand

 

2,336

27,220

 

2,859

29,420

Creditors: Amounts falling due within one year

6

(87,135)

(92,799)

Net current liabilities

 

(84,276)

(63,379)

Total assets less current liabilities

 

50,724

86,621

Creditors: Amounts falling due after more than one year

6

(108,750)

(108,750)

Provisions for liabilities

(205)

(3,055)

Net liabilities

 

(58,231)

(25,184)

Capital and reserves

 

Called up share capital

100

100

Other reserves

875

13,025

Retained earnings

(59,206)

(38,309)

Shareholders' deficit

 

(58,231)

(25,184)

 

Passmore & Chamberlain Ltd

(Registration number: 12861898)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 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 29 May 2025 and signed on its behalf by:
 

.........................................
Mr B N Chamberlain
Director

 

Passmore & Chamberlain Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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.

Going concern

The financial statements have been prepared on a going concern basis despite the company having net liabilities. The company recives the support of the directors who are one of the main creditors having loaned the company £85,950 (2023 £90,200).

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable 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 deferred tax.

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.

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.

 

Passmore & Chamberlain Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

3

Staff numbers

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

4

Investment properties

2024
£

At 1 October 2023

150,000

Fair value adjustments

(15,000)

At 30 September 2024

135,000

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

 

Passmore & Chamberlain Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Debtors

2024
£

2023
£

Prepayments

315

288

Other debtors

208

1,912

523

2,200

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Other creditors

87,135

92,799

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

108,750

108,750

Creditors include a mortgage which is secured on the company's investment property of £108,750 (2023 - £108,750).

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

108,750

108,750