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REGISTERED NUMBER: NI656463 (Northern Ireland)












Pathway Wealth Management Limited

Unaudited Financial Statements for the Year Ended 31st October 2023






Pathway Wealth Management Limited (Registered number: NI656463)






Contents of the Financial Statements
for the year ended 31st October 2023




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Pathway Wealth Management Limited

Company Information
for the year ended 31st October 2023







Director: Mr D Dunlop





Registered office: 85B Main Street
Moira
Craigavon
Armagh
BT67 0LH





Registered number: NI656463 (Northern Ireland)





Accountants: Exchange Accountants Limited
Chartered Certified Accountants
Oakmont House
2 Queens Road
Lisburn
BT27 4TZ

Pathway Wealth Management Limited (Registered number: NI656463)

Balance Sheet
31st October 2023

2023 2022
Notes £    £   
Fixed assets
Intangible assets 4 1,051,317 746,721
Tangible assets 5 127,896 99
1,179,213 746,820

Current assets
Debtors 6 72 64
Cash at bank and in hand 6,307 120,848
6,379 120,912
Creditors
Amounts falling due within one year 7 (313,646 ) (211,017 )
Net current liabilities (307,267 ) (90,105 )
Total assets less current liabilities 871,946 656,715

Creditors
Amounts falling due after more than one
year

8

(790,651

)

(527,548

)
Net assets 81,295 129,167

Capital and reserves
Called up share capital 10 21 21
Retained earnings 81,274 129,146
Shareholders' funds 81,295 129,167

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Pathway Wealth Management Limited (Registered number: NI656463)

Balance Sheet - continued
31st October 2023


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 director and authorised for issue on 29th July 2024 and were signed by:





Mr D Dunlop - Director


Pathway Wealth Management Limited (Registered number: NI656463)

Notes to the Financial Statements
for the year ended 31st October 2023

1. Statutory information

Pathway Wealth Management Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% Straight line

Pathway Wealth Management Limited (Registered number: NI656463)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legal enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Pathway Wealth Management Limited (Registered number: NI656463)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

2. Accounting policies - continued

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.

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.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3. Employees and directors

The average number of employees during the year was 5 (2022 - 4 ) .

Pathway Wealth Management Limited (Registered number: NI656463)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

4. Intangible fixed assets
Goodwill
£   
Cost
At 1st November 2022 996,319
Additions 449,142
At 31st October 2023 1,445,461
Amortisation
At 1st November 2022 249,598
Amortisation for year 144,546
At 31st October 2023 394,144
Net book value
At 31st October 2023 1,051,317
At 31st October 2022 746,721

5. Tangible fixed assets
Freehold Computer
property equipment Totals
£    £    £   
Cost
At 1st November 2022 - 5,784 5,784
Additions 127,896 - 127,896
At 31st October 2023 127,896 5,784 133,680
Depreciation
At 1st November 2022 - 5,685 5,685
Charge for year - 99 99
At 31st October 2023 - 5,784 5,784
Net book value
At 31st October 2023 127,896 - 127,896
At 31st October 2022 - 99 99

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Prepayments and accrued income 72 64

Pathway Wealth Management Limited (Registered number: NI656463)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 10,648 10,648
Other loans (see note 9) 142,544 96,319
Corporation tax 53,540 55,690
Social security and other taxes (1,817 ) -
Pension commitments 51 80
Other creditors 90,000 20,000
Directors' current accounts 16,047 25,747
Accruals and deferred income 2,633 2,533
313,646 211,017

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans (see note 9) 15,830 25,638
Other loans (see note 9) 774,821 501,910
790,651 527,548

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 299,241 146,620

9. Loans

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,648 10,648
Other loans 142,544 96,319
153,192 106,967

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,648 10,648
Other loans - 1-2 years 142,544 96,311
153,192 106,959

Amounts falling due between two and five years:
Bank loans - 2-5 years 5,182 14,990
Other loans - 2-5 years 333,036 258,979
338,218 273,969

Amounts falling due in more than five years:

Pathway Wealth Management Limited (Registered number: NI656463)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

9. Loans - continued
2023 2022
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Other loans more 5yrs instal 299,241 146,620

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
950 Ordinary A 1p 10 10
950 Ordinary B 1p Sh ares 10 10
50 Ordinary C 1p 1 1
21 21