Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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Investments | 6 |
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2,882,607 | 2,743,473 | |||
Current assets | ||||
Debtors | 7 |
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Cash at bank and in hand |
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375,974 | 452,877 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 18,864 | 120,185 | ||
Total assets less current liabilities | 2,901,471 | 2,863,658 | ||
Creditors: amounts falling due after more than one year | 9 | (
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Provision for liabilities | 10 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 11 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Pathgate Properties Limited (registered number:
Paul Edwin Stewart
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Pathgate Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5th Floor, Salt Quay House 4 North East Quay, Sutton Harbour, Plymouth, PL4 0BN, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Vehicles |
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Office equipment |
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Computer equipment |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Associates and Joint Ventures are held at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
The valuation of the company’s freehold and investment property is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market. The carrying value at year end is £2,850,000 (2023: £2,700,000).
The properties are included in the balance sheet at directors' valuation. The directors believe that this valuation is not materially different from the value that would be applied by an independent professional valuer.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Vehicles | Office equipment | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 April 2023 |
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At 31 March 2024 |
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Accumulated depreciation | |||||||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||||||
At 31 March 2024 |
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At 31 March 2023 |
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Investment property | |
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Valuation | |
As at 01 April 2023 |
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Fair value movement | 150,000 |
As at 31 March 2024 |
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Valuation
The fair value is determined annually by the directors, on an open market value for existing use basis.
Investments in joint ventures | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 April 2023 |
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 31 March 2023 |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed by Group undertakings |
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Amounts owed by directors |
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Prepayments |
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VAT recoverable |
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Other taxation and social security |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Amounts owed to directors |
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Accruals |
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Corporation tax |
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Obligations under finance leases and hire purchase contracts (secured) |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Other loans (secured) |
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Obligations under finance leases and hire purchase contracts (secured) |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2024 | 2023 | ||
£ | £ | ||
Other loans (secured) |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
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(Charged)/credited to the Profit and Loss Account | (
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At the end of financial year | (
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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8,492 | 8,492 |
At the year end, a director was owed £284,620 (2023: £271,449 ) by the company. There is no set repayment date.
At the year end, a director owed the company £88,070 (2023: £106,011). Interest is charged on the overdrawn balance at the HMRC approved rate. There is no set repayment date.
At the year end, the company was owed £253,650 (2023: £329,650 ) by a company in which Pathgate Properties Limited has a participating interest.
2024 | 2023 | ||
£ | £ | ||
Profit and loss account - distributable | 623,265 | 738,352 | |
Profit and loss account - non distributable | 215,132 | 100,499 | |
838,397 | 838,851 |
Profit and loss account - distributable
This reserve relates to the aggregate of distributable profits and losses generated to date.
Profit and loss account - non distributable
This reserve relates to the aggregate of fair value adjustments in respect of the investment properties, less the deferred tax charges on those fair value movements.