REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 DECEMBER 2022 |
FOR |
PATH INVESTMENTS (LONDON) LIMITED |
REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 DECEMBER 2022 |
FOR |
PATH INVESTMENTS (LONDON) LIMITED |
PATH INVESTMENTS (LONDON) LIMITED (REGISTERED NUMBER: 10211076) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 DECEMBER 2022 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PATH INVESTMENTS (LONDON) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 DECEMBER 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
www.michaelfiliou.com |
Salisbury House |
81 High Street |
Potters Bar |
Hertfordshire |
EN6 5AS |
PATH INVESTMENTS (LONDON) LIMITED (REGISTERED NUMBER: 10211076) |
ABRIDGED BALANCE SHEET |
30 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his 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. |
PATH INVESTMENTS (LONDON) LIMITED (REGISTERED NUMBER: 10211076) |
ABRIDGED BALANCE SHEET - continued |
30 DECEMBER 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
PATH INVESTMENTS (LONDON) LIMITED (REGISTERED NUMBER: 10211076) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Path Investments (London) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Turnover |
Turnover is rental income measured at fair value of rent received or receivable, excluding discounts, rebates, and value added tax, from property owned by the company. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is initially recognised at cost which includes purchase cost and any directly attributable expenditure. At the end of each period, the carrying value is adjusted to the fair value at that date. Fair value is determined by consideration of comparable market data such as rental yields, location, condition and nature of the property. The gains and losses are taken to profit and loss at the end of each period. |
Deferred tax is recognised in respect to any gains, and the amount included in profit and loss is net of any deferred trax provision. Deferred taxation provided on these gains are at the rate expected to apply when the property is sold. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
PATH INVESTMENTS (LONDON) LIMITED (REGISTERED NUMBER: 10211076) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 DECEMBER 2022 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 31 December 2021 |
and 30 December 2022 | 1 |
NET BOOK VALUE |
At 30 December 2022 | 1 |
At 30 December 2021 | 1 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: c/o Michael Filiou Ltd, Salisbury House, 81 High Street, Potters Bar, Hertfordshire EN6 5AS |
Nature of business: |
% |
Class of shares: | holding |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 31 December 2021 |
and 30 December 2022 |
NET BOOK VALUE |
At 30 December 2022 |
At 30 December 2021 |
The historical cost of the investment property is £3,372,782. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2022 | 2021 |
£ | £ |
Repayable by instalments |
Bank loan due more than 1 year | 1,206,754 | 1,214,409 |
PATH INVESTMENTS (LONDON) LIMITED (REGISTERED NUMBER: 10211076) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 DECEMBER 2022 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
The bank loan is secured against the leasehold investment property of the company in favour of the lender. The loan is repayable over the period 15 years from September 2020. Interest is chargeable on the amounts drawn under the facility at GBP Libor three months plus margin of 2.50% per annum. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
He controls the company by virtue of holding all 100% of the issued share capital of the company. |