Acorah Software Products - Accounts Production 15.0.600 false true true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 SC623698 Mr William Flood Miss Antoinette Griffin iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC623698 2023-03-31 SC623698 2024-03-31 SC623698 2023-04-01 2024-03-31 SC623698 frs-core:CurrentFinancialInstruments 2024-03-31 SC623698 frs-core:SharePremium 2024-03-31 SC623698 frs-core:ShareCapital 2024-03-31 SC623698 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 SC623698 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC623698 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 SC623698 frs-bus:SmallEntities 2023-04-01 2024-03-31 SC623698 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 SC623698 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC623698 frs-bus:Director1 2023-04-01 2024-03-31 SC623698 frs-bus:Director2 2023-04-01 2024-03-31 SC623698 frs-countries:Scotland 2023-04-01 2024-03-31 SC623698 2022-03-31 SC623698 2023-03-31 SC623698 2022-04-01 2023-03-31 SC623698 frs-core:CurrentFinancialInstruments 2023-03-31 SC623698 frs-core:SharePremium 2023-03-31 SC623698 frs-core:ShareCapital 2023-03-31 SC623698 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: SC623698
Pathway Sports Management Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Glass Accountancy
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: SC623698
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 43,664 18,694
Cash at bank and in hand 149,179 19,188
192,843 37,882
Creditors: Amounts Falling Due Within One Year 5 (178,906 ) (57,182 )
NET CURRENT ASSETS (LIABILITIES) 13,937 (19,300 )
TOTAL ASSETS LESS CURRENT LIABILITIES 13,937 (19,300 )
NET ASSETS/(LIABILITIES) 13,937 (19,300 )
CAPITAL AND RESERVES
Called up share capital 6 105 105
Share premium account 2,352 2,352
Profit and Loss Account 11,480 (21,757 )
SHAREHOLDERS' FUNDS 13,937 (19,300)
For the year ending 31 March 2024 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
Mr William Flood
Director
09/08/2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Pathway Sports Management Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC623698 . The registered office is 1 C/O Glass Accountancy, Duddingston Yards, Duddingston Park South, EH15 3NT.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. The balance sheet is negative due to the tax accrual and the directors can confirm that the balance sheet is positive at the time of signing the accounts. The outlook for the next twelve months is that the company has positive cashflow and the balance sheet will be positive.
2.3. 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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
Page 2
Page 3
4. Debtors
2024 2023
£ £
Due within one year
Trade debtors 41,999 17,688
Other debtors 100 100
Other taxes and social security 931 800
Directors' loan accounts 634 106
43,664 18,694
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 382 9,310
Bank loans and overdrafts 2,929 3,846
Corporation tax 51,944 19,311
VAT 33,486 24,715
Net wages 165 -
Accruals and deferred income 90,000 -
178,906 57,182
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 105 105
Page 3