Passing Trade Ltd - Accounts to registrar (filleted) - small 18.2

Unaudited Financial Statements for the Year Ended 31 July 2020

for

Passing Trade Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N McHugh

Mrs C McHugh

SECRETARY:

N McHugh

REGISTERED OFFICE:

Bridge House

2 Bridge Avenue

Maidenhead

Berkshire

SL6 1RR

REGISTERED NUMBER:

05750225 (England and Wales)

ACCOUNTANTS:

Peter Upton

Bridge House

2 Bridge Avenue

Maidenhead

Berkshire

SL6 1RR

CURRENT ASSETS

Debtors

5

23,842

22,575

Cash at bank

449

147

24,291

22,722

CREDITORS

Amounts falling due within one year

6

88,812

83,830

NET CURRENT LIABILITIES

(64,521

)

(61,108

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(64,521

)

(61,108

)

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

8

(64,522

)

(61,109

)

SHAREHOLDERS' FUNDS

(64,521

)

(61,108

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 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 24 April 2021 and were signed on its behalf by:

N McHugh - Director

1.	STATUTORY INFORMATION

Passing Trade Ltd 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.

Turnover

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

Tangible fixed assets

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

Office & sundry equipment

-

33% on cost

Financial instruments

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments, which are initially recognised at transaction value and subsequently measured at their settlement value.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Office &

sundry

equipment

£

COST

At 1 August 2019

and 31 July 2020

4,165

DEPRECIATION

At 1 August 2019

and 31 July 2020

4,165

NET BOOK VALUE

At 31 July 2020

-

At 31 July 2019

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade debtors

838

373

Deferred tax asset

23,004

22,202

23,842

22,575

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

VAT

125

20

Other creditors

167

126

Directors' loan accounts

88,520

83,684

88,812

83,830

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.20

31.7.19

value:

£

£

1

Ordinary shares

£1.00

1

1

8.

RESERVES

Retained

earnings

£

At 1 August 2019

(61,109

)

Deficit for the year

(3,413

)

At 31 July 2020

(64,522

)