IRIS Accounts Production v23.3.1.45 04435249 Board of Directors 1.6.22 31.5.23 31.5.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure044352492022-05-31044352492023-05-31044352492022-06-012023-05-31044352492021-05-31044352492021-06-012022-05-31044352492022-05-3104435249ns16:EnglandWales2022-06-012023-05-3104435249ns15:PoundSterling2022-06-012023-05-3104435249ns11:Director12022-06-012023-05-3104435249ns11:PrivateLimitedCompanyLtd2022-06-012023-05-3104435249ns11:SmallEntities2022-06-012023-05-3104435249ns11:AuditExempt-NoAccountantsReport2022-06-012023-05-3104435249ns11:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-3104435249ns11:SmallCompaniesRegimeForAccounts2022-06-012023-05-3104435249ns11:FullAccounts2022-06-012023-05-3104435249ns11:Director22022-06-012023-05-3104435249ns11:CompanySecretary12022-06-012023-05-3104435249ns11:RegisteredOffice2022-06-012023-05-3104435249ns6:CurrentFinancialInstruments2023-05-3104435249ns6:CurrentFinancialInstruments2022-05-3104435249ns6:ShareCapital2023-05-3104435249ns6:ShareCapital2022-05-3104435249ns6:FurtherSpecificReserve1ComponentTotalEquity2023-05-3104435249ns6:FurtherSpecificReserve1ComponentTotalEquity2022-05-3104435249ns6:RetainedEarningsAccumulatedLosses2023-05-3104435249ns6:RetainedEarningsAccumulatedLosses2022-05-3104435249ns6:FurnitureFittings2022-06-012023-05-3104435249ns6:FurnitureFittings2022-05-3104435249ns6:FurnitureFittings2023-05-3104435249ns6:FurnitureFittings2022-05-3104435249ns6:CostValuation2022-05-3104435249ns6:AdditionsToInvestments2023-05-3104435249ns6:RevaluationsIncreaseDecreaseInInvestments2023-05-3104435249ns6:CostValuation2023-05-3104435249ns6:DeferredTaxation2022-05-3104435249ns6:DeferredTaxation2022-06-012023-05-3104435249ns6:DeferredTaxation2023-05-31
REGISTERED NUMBER: 04435249 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Levelpath Limited

Levelpath Limited (Registered number: 04435249)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Levelpath Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: Mrs S Ling
C A J Ling





SECRETARY: S C Ling





REGISTERED OFFICE: Brookfield Cottage
Blagdon Hill
Taunton
Somerset
TA3 7SL





REGISTERED NUMBER: 04435249 (England and Wales)

Levelpath Limited (Registered number: 04435249)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,865 2,488
Investments 5 331,610 335,297
Investment property 6 385,000 385,000
718,475 722,785

CURRENT ASSETS
Debtors 7 - 2,800
Cash at bank 14,152 25,541
14,152 28,341
CREDITORS
Amounts falling due within one year 8 43,968 49,320
NET CURRENT LIABILITIES (29,816 ) (20,979 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

688,659

701,806

PROVISIONS FOR LIABILITIES 9 3,556 4,806
NET ASSETS 685,103 697,000

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 15,164 20,491
Retained earnings 669,839 676,409
SHAREHOLDERS' FUNDS 685,103 697,000

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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 27 November 2023 and were signed on its behalf by:





Mrs S Ling - Director


Levelpath Limited (Registered number: 04435249)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Levelpath 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 as modified by the revaluation of certain assets.

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.
Fixtures and fittings - 25% on reducing balance

Investment property and listed investments
Investment property and listed investments are shown at their most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.

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.

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 2 (2022 - 1 ) .

Levelpath Limited (Registered number: 04435249)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 June 2022
and 31 May 2023 5,350
DEPRECIATION
At 1 June 2022 2,862
Charge for year 623
At 31 May 2023 3,485
NET BOOK VALUE
At 31 May 2023 1,865
At 31 May 2022 2,488

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 June 2022 335,297
Additions 2,890
Revaluations (6,577 )
At 31 May 2023 331,610
NET BOOK VALUE
At 31 May 2023 331,610
At 31 May 2022 335,297

Cost or valuation at 31 May 2023 is represented by:

Other
investments
£   
Valuation in 2023 (3,687 )
Valuation in 2022 (14,731 )
Valuation in 2021 40,028
Cost 310,000
331,610

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 385,000
NET BOOK VALUE
At 31 May 2023 385,000
At 31 May 2022 385,000

Levelpath Limited (Registered number: 04435249)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

6. INVESTMENT PROPERTY - continued

The directors review the valuation of the Investment property at the end of each year. Where the value has changed materially, the property is revalued in the accounts, otherwise, the value remains the same as the previous year.

The historical cost of the investment property at the year end was £651,730 (2022- £651,730).

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 2,800

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Corporation tax 9,222 23
VAT 1,802 1,337
Directors' current accounts 27,783 42,784
Accruals and deferred income 5,161 5,176
43,968 49,320

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 3,556 4,806

Deferred
tax
£   
Balance at 1 June 2022 4,806
Provided during year (1,250 )
Balance at 31 May 2023 3,556

The deferred tax provision represents the potential deferred tax due on the revaluation of the listed investment held by the company. There is no deferred tax provision on the investment property as the carrying value is below cost.

10. RELATED PARTY DISCLOSURES

Included in the company's profit and loss account for the year ended 31 May 2023 are £10,000 of management charges receivable from Loadace limited. Mrs Ling is also a director of that company.

At the year end, there was a balance due to the director, Mrs S Ling of £27,783 (2022: £42,784).

11. ULTIMATE CONTROLLING PARTY

The company was under the control of Mrs S J Ling throughout the period.