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Registered number: 11583740
The Path Financial Limited
Financial Statements
For The Year Ended 31 October 2023
Green Accountancy Limited
Chartered Certified Accountants
Windrush House
Windrush Park Road
Witney
Oxfordshire
OX29 7DX
Financial Statements
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—5
Page 1
Accountants' Report
Report to the directors on the preparation of the unaudited statutory accounts of The Path Financial Limited For The Year Ended 31 October 2023
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Path Financial Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of The Path Financial Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of The Path Financial Limited and state those matters that we have agreed to state to the directors of The Path Financial Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Path Financial Limited and its directors as a body for our work or for this report.
It is your duty to ensure that The Path Financial Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of The Path Financial Limited . You consider that The Path Financial Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of The Path Financial Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
30 July 2024
Green Accountancy Limited
Chartered Certified Accountants
Windrush House
Windrush Park Road
Witney
Oxfordshire
OX29 7DX
Page 1
Page 2
Balance Sheet
Registered number: 11583740
31 October 2023 31 October 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 6,132 8,026
6,132 8,026
CURRENT ASSETS
Debtors 5 192,189 107,184
Cash at bank and in hand 100,844 102,482
293,033 209,666
Creditors: Amounts Falling Due Within One Year 6 (129,638 ) (121,094 )
NET CURRENT ASSETS (LIABILITIES) 163,395 88,572
TOTAL ASSETS LESS CURRENT LIABILITIES 169,527 96,598
NET ASSETS 169,527 96,598
CAPITAL AND RESERVES
Called up share capital 7 276,260 276,260
Share premium account 498,380 498,380
Profit and Loss Account (605,113 ) (678,042 )
SHAREHOLDERS' FUNDS 169,527 96,598
Page 2
Page 3
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
David Macdonald
Director
30 July 2024
The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
The Path Financial Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11583740 . The registered office is The Watch Oak, Chain Lane, Battle, TN33 0YD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% straight line basis
3. Average Number of Employees
Average number of employees, including directors, during the year was: 19 (2022: 23)
19 23
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 November 2022 18,355
Additions 2,797
As at 31 October 2023 21,152
Depreciation
As at 1 November 2022 10,329
Provided during the period 4,691
As at 31 October 2023 15,020
Net Book Value
As at 31 October 2023 6,132
As at 1 November 2022 8,026
Page 4
Page 5
5. Debtors
31 October 2023 31 October 2022
£ £
Due within one year
Other debtors - Transact Balance 162,131 106,968
Rates Recoverable 1,140 -
Prepayments 28,918 216
192,189 107,184
6. Creditors: Amounts Falling Due Within One Year
31 October 2023 31 October 2022
£ £
Trade creditors 2,242 29,156
PAYE and social security 21,582 62,239
Subordinated Director's Loan - DM 19,200 19,200
Director's Loan Account - DM 40,000 -
Director's Loan Account - AB 25,000 -
Accruals 11,474 -
Pension contributions unpaid 10,140 10,499
129,638 121,094
7. Share Capital
31 October 2023 31 October 2022
£ £
Allotted, Called up and fully paid 276,260 276,260
Page 5