REGISTERED NUMBER: 16256895 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

17 FEBRUARY 2025 TO 30 SEPTEMBER 2025

FOR

PASSIVHAUS PROJECTS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs N I Tikari

T Tikari

REGISTERED OFFICE:

Langley House

53 Theobald Street

Borehamwood

WD6 4RT

REGISTERED NUMBER:

16256895 (England and Wales)

ACCOUNTANTS:

Accura Accountants Ltd

Langley House

53 Theobald Street

Borehamwood

WD6 4RT

CURRENT ASSETS

Stocks

1,753,212

Debtors

5

156,836

Cash at bank

1,468

1,911,516

CREDITORS

Amounts falling due within one year

6

383,058

NET CURRENT ASSETS

1,528,458

TOTAL ASSETS LESS CURRENT LIABILITIES

1,528,458

CREDITORS

Amounts falling due after more than one year

7

1,587,169

NET LIABILITIES

(58,711

)

CAPITAL AND RESERVES

Called up share capital

10

100

Retained earnings

11

(58,811

)

SHAREHOLDERS' FUNDS

(58,711

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2025 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.

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 5 May 2026 and were signed on its behalf by:

T Tikari - Director

Mrs N I Tikari - Director

1.	STATUTORY INFORMATION

Passivhaus Projects 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.

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.

Functional and presentation currency

The company's functional and presentation currency is £ sterling. Monetary amounts in these financial statements are rounded to the nearest £.

The company made a loss for the year of £58,811 and, at the balance sheet date, had net liabilities of £58,711. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern.

Notwithstanding this, the financial statements have been prepared on a going concern basis. This basis has been adopted because the directors consider that the company will continue to receive financial support from related group entities and or the directors as required, and that such support will be sufficient to enable the company to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements. Accordingly, the directors believe it is appropriate to prepare the financial statements on a going concern basis.

The financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stock of property is valued at the lower of cost and net realisable value.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, and loans to and from banks and related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Taxation

Taxation for the period 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Finance costs are recognised in the profit and loss in the year in which they are incurred.

Impairment

A review of indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversals at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the assets and generates cash inflows that are largely independent of the cash inflows from other assets or group of assets.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

1,748,935

Reclassification/transfer

(1,748,935

)

At 30 September 2025

-

NET BOOK VALUE

At 30 September 2025

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

156,836

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other creditors

383,058

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Bank loans (see note 8)

1,587,169

8.

LOANS

An analysis of the maturity of loans is given below:

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

1,587,169

9.	SECURED DEBTS

The following secured debts are included within creditors:

£

Bank loan

1,587,169

Bank loans are secured by way of debenture and legal charges held over properties belonging to the company.

The company's director, Mr Tahir Tikari has provided personal guarantees to the company's lenders.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1

100

11.

RESERVES

Retained

earnings

£

Deficit for the period

(58,811

)

At 30 September 2025

(58,811

)

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Metropolitan Projects Ltd.

This company is a 100% subsidiary of Metropolitan Projects Ltd, an entity under the control of Mrs N Tikari.