Registration number: 13275429

Assetpass Ltd

(Registration number: 13275429)
Balance Sheet as at 31 March 2025

	Note	2025 £	(As restated) 2024 £
Fixed assets
Intangible assets	4	285,573	107,724
Tangible assets	5	3,832	2,090
		289,405	109,814
Current assets
Debtors	6	154,914	94,195
Cash at bank and in hand		503,210	260,142
		658,124	354,337
Creditors: Amounts falling due within one year	7	(49,685)	(24,245)
Net current assets		608,439	330,092
Total assets less current liabilities		897,844	439,906
Deferred tax assets		101,725	-
Net assets		999,569	439,906
Capital and reserves
Called up share capital		3,573	3,257
Share premium reserve		1,312,594	684,637
Retained earnings		(316,598)	(247,988)
Shareholders' funds		999,569	439,906

For the financial year ending 31 March 2025 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 and 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 23 December 2025 and signed on its behalf by:
 

I Crowley
Director

Assetpass Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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:
85 First Floor
Great Portland Street
London
W1W 7LT

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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

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

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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 and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Assetpass Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class	Depreciation method and rate
Computer equipment	25% reducing balance

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Trademarks, patents and licenses	10% straight line

Assetpass Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 3).

Assetpass Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Intangible assets

	Trademarks, patents and licenses  £	Internally generated software development costs  £	Total £
Cost
At 1 April 2024	-	107,724	107,724
Additions acquired separately	782	177,085	177,867
At 31 March 2025	782	284,809	285,591
Amortisation
Amortisation charge	18	-	18
At 31 March 2025	18	-	18
Carrying amount
At 31 March 2025	764	284,809	285,573
At 31 March 2024	-	107,724	107,724

5

Tangible assets

	Computer equipment  £	Total £
Cost
At 1 April 2024	2,787	2,787
Additions	2,463	2,463
At 31 March 2025	5,250	5,250
Depreciation
At 1 April 2024	697	697
Charge for the year	721	721
At 31 March 2025	1,418	1,418
Carrying amount
At 31 March 2025	3,832	3,832
At 31 March 2024	2,090	2,090

6

Debtors

	Note	2025 £	(As restated) 2024 £
Receivables from related parties	8	128,272	66,487
Prepayments		557	-
Other debtors		26,085	27,708
		154,914	94,195

Assetpass Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Creditors

	2025 £	(As restated) 2024 £
Due within one year
Taxation and social security	23,544	23,544
Accruals and deferred income	26,141	701
	49,685	24,245

8

Related party transactions

Summary of transactions with other related parties

At 31 March 2025, the company was owed £128,272 by (2024: £66,487) its directors. Interest of £1,434 (2024: £Nil) was charged on this balance and there are no fixed repayment terms.

9

Prior Period Adjustment

Nature of the Adjustment
During the year ended 31 March 2025, the company identified that certain transactions in the previous financial year had been incorrectly classified as cost of sales in the profit and loss account. These amounts, totalling £71,556, related to personal expenditure and should have been recorded as drawings through the director's loan account. Furthermore, S455 tax of £23,544 should have been charged in respect of the resultant overdrawn director's loan account. This misclassification has been corrected by restating the comparative figures.

Impact on Opening Balances
The opening balance of retained earnings at 1 April 2024 has been increased by £71,556, and the opening balance of the director's loan account has been increased by £71,556 to reflect the reclassification of personal expenditure to the director's loan account. The opening balance of corporation tax payable has been increased by £23,544, and the opening balance of other debtors has been increased by £23,544 to reflect the charge of S455 tax payable on the overdrawn director's loan account.