REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2023 |
for |
Levelpath Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Levelpath Limited (Registered number: 04435249) |
Balance Sheet |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
Levelpath Limited (Registered number: 04435249) |
Notes to the Financial Statements |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Levelpath Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
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 |
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 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 June 2022 |
Additions |
Revaluations | ( |
) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
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 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
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 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Corporation tax |
VAT | 1,802 | 1,337 |
Directors' current accounts | 27,783 | 42,784 |
Accruals and deferred income |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 3,556 | 4,806 |
Deferred |
tax |
£ |
Balance at 1 June 2022 |
Provided during year | ( |
) |
Balance at 31 May 2023 |
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. |