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Registered number: 11188269










SOUTH PASS UK LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
SOUTH PASS UK LIMITED
 

CONTENTS



Page
Balance Sheet
1
Notes to the Financial Statements
2 - 5


 
SOUTH PASS UK LIMITED
REGISTERED NUMBER: 11188269

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
160,268
160,268

  
160,268
160,268

Current assets
  

Debtors: amounts falling due within one year
 5 
2,176,764
6,358,289

  
2,176,764
6,358,289

Creditors: amounts falling due within one year
 6 
(6,721,785)
(6,473,294)

Net current liabilities
  
 
 
(4,545,021)
 
 
(115,005)

  

Net (liabilities)/assets
  
(4,384,753)
45,263


Capital and reserves
  

Called up share capital 
  
25,100
25,100

Profit and loss account
  
(4,409,853)
20,163

  
(4,384,753)
45,263


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 June 2025.


P Beaumont
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
SOUTH PASS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The company is a private company limited by shares, and is incorporated in England and Wales. The address of its registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared the accounts on a going concern basis. The directors note the current
liabilities position of the company and have reviewed likely future developments. They remain of the
opinion that the company will not have to cease trading as a result of inadequate financial resources,
or any other foreseeable event, within a period of at least 12 months from the date of the approval of
these accounts. This basis is considered appropriate as the ultimate parent company has confirmed
that it will provide support to enable to company to meet their forecast liabilities as they fall due.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 2

 
SOUTH PASS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable 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.

 
2.8

Creditors

Short-term 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.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.
Page 3

 
SOUTH PASS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.




3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 4).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 October 2023
160,268



At 30 September 2024
160,268





5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
2,069,118
6,255,997

Corporation tax receivable
107,646
102,292

2,176,764
6,358,289


During the year, the company made a specific provision of £3,865,660 (2023 - £Nil) against a loan due from a group undertaking.

Page 4

 
SOUTH PASS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
6,718,207
6,471,410

Accruals and deferred income
3,578
1,884

6,721,785
6,473,294



7.


Controlling party

The smallest group for which consolidated financial statements are prepared which include the results of this company is that governed by Terradace Holdings Limited, and its registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW. 


8.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 26 June 2025 by David Jones MSc FCA (Senior Statutory Auditor) on behalf of Old Mill Audit Limited.

 
Page 5