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REGISTERED NUMBER: 07466213 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PASSMEDICINE LIMITED

PASSMEDICINE LIMITED (REGISTERED NUMBER: 07466213)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PASSMEDICINE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Dr J M Arnold
Mrs N A Arnold





SECRETARY: Dr J M Arnold





REGISTERED OFFICE: 71-75 Shelton Street
Covent Garden
London
WC2H 9JQ





REGISTERED NUMBER: 07466213 (England and Wales)





ACCOUNTANTS: Michael Donnan & Co Limited
Oaktree Court Business Ctr
Mill Lane
Ness
Cheshire
CH64 8TP

PASSMEDICINE LIMITED (REGISTERED NUMBER: 07466213)

BALANCE SHEET
31 DECEMBER 2024

31/12/24 31/12/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 69,170 88,916
69,170 88,916

CURRENT ASSETS
Debtors 6 124,650 9,532
Cash at bank 3,795,211 2,258,362
3,919,861 2,267,894
CREDITORS
Amounts falling due within one year 7 78,439 75,715
NET CURRENT ASSETS 3,841,422 2,192,179
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,910,592

2,281,095

PROVISIONS FOR LIABILITIES 17,000 21,000
NET ASSETS 3,893,592 2,260,095

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 9 3,893,591 2,260,094
SHAREHOLDERS' FUNDS 3,893,592 2,260,095

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PASSMEDICINE LIMITED (REGISTERED NUMBER: 07466213)

BALANCE SHEET - continued
31 DECEMBER 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2025 and were signed on its behalf by:





Dr J M Arnold - Director


PASSMEDICINE LIMITED (REGISTERED NUMBER: 07466213)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Passmedicine Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Transactions are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PASSMEDICINE LIMITED (REGISTERED NUMBER: 07466213)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 2 ).

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 500,000
AMORTISATION
At 1 January 2024
and 31 December 2024 500,000
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

PASSMEDICINE LIMITED (REGISTERED NUMBER: 07466213)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2024 5,849 99,325 38,066 143,240
Additions - - 708 708
At 31 December 2024 5,849 99,325 38,774 143,948
DEPRECIATION
At 1 January 2024 3,843 19,006 31,475 54,324
Charge for year 502 16,064 3,888 20,454
At 31 December 2024 4,345 35,070 35,363 74,778
NET BOOK VALUE
At 31 December 2024 1,504 64,255 3,411 69,170
At 31 December 2023 2,006 80,319 6,591 88,916

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
£    £   
Tax recoverable 124,090 -
VAT 560 9,532
124,650 9,532

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
£    £   
Tax - 65,477
Social security and other taxes 34,252 -
Directors' current accounts 41,137 7,438
Accrued expenses 3,050 2,800
78,439 75,715

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/24 31/12/23
value: £    £   
1 Ordinary £1 1 1

PASSMEDICINE LIMITED (REGISTERED NUMBER: 07466213)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. RESERVES
Retained
earnings
£   

At 1 January 2024 2,260,094
Profit for the year 2,353,497
Dividends (720,000 )
At 31 December 2024 3,893,591