REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
for |
PROPERTY PATHWAYS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
for |
PROPERTY PATHWAYS LIMITED |
PROPERTY PATHWAYS LIMITED (REGISTERED NUMBER: 07265117) |
Contents of the Financial Statements |
for the year ended 31 July 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
PROPERTY PATHWAYS LIMITED |
Company Information |
for the year ended 31 July 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5th Floor |
Palladium House |
1-4 Argyll Street |
London |
W1F 7TA |
PROPERTY PATHWAYS LIMITED (REGISTERED NUMBER: 07265117) |
Statement of Financial Position |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Property, plant and equipment | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
PROPERTY PATHWAYS LIMITED (REGISTERED NUMBER: 07265117) |
Statement of Financial Position - continued |
31 July 2024 |
The financial statements were approved by the director and authorised for issue on |
PROPERTY PATHWAYS LIMITED (REGISTERED NUMBER: 07265117) |
Notes to the Financial Statements |
for the year ended 31 July 2024 |
1. | STATUTORY INFORMATION |
Property Pathways Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The accounts have been prepared on a going concern basis. As described in the profit and loss account and balance sheet the company made a profit for the year of £55,776 (2023: loss £(59,210)) and has net liabilities of £101,007 (2023: £156,783). The financial statements have been prepared on a going concern basis, which is dependent upon the continued support and funding from the shareholders for a period of at least twelve months from the approval date of these accounts and on that basis the directors consider the going concern basis to be appropriate. |
Turnover and revenue recognition |
Revenue is the total amount receivable, excluding value added tax, for services provided in the ordinary course of business. |
Revenue is recognised at the fair value of the consideration received or receivable for sale of services to external customers in the ordinary nature of the business. The fair value of the consideration takes into account trade discounts, settlement discounts and volume rebates. |
Revenue is shown net of Value Added Tax. |
Intangible assets |
Computer software is stated at cost less accumulated amortisation and accumulated impairment losses. Software is amortised over its estimated useful life of five years on a straight line basis. |
Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances. |
The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. |
PROPERTY PATHWAYS LIMITED (REGISTERED NUMBER: 07265117) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
3. | ACCOUNTING POLICIES - continued |
Property, plant and equipment |
Property, plant and equipment are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows; |
Fixtures and fittings | - 25% on reducing balance |
Office equipment | - 25% on reducing balance |
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life of three years. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. |
PROPERTY PATHWAYS LIMITED (REGISTERED NUMBER: 07265117) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has adopted section 11 of FRS 102 in respect of its basic financial instruments. |
Basic financial assets |
Trade and other debtors, cash and bank balances are initially recognised at transaction price and subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Basic financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Basic financial liabilities |
Trade and other creditors, directors' current accounts and accruals are initially recognised at transaction price and subsequently carried at amortised cost, using the effective interest rate method. |
Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PROPERTY PATHWAYS LIMITED (REGISTERED NUMBER: 07265117) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
5. | INTANGIBLE FIXED ASSETS |
Software |
Goodwill | development | Totals |
£ | £ | £ |
COST |
At 1 August 2023 |
and 31 July 2024 |
AMORTISATION |
At 1 August 2023 |
and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
6. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and | Office |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2023 |
and 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
PROPERTY PATHWAYS LIMITED (REGISTERED NUMBER: 07265117) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Loans due are unsecured and are due for repayment by July 2026. Interest is charged at 2.5%. |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Other creditors | 79,000 | 127,000 |
The loan payable to Ace Support Services Limited is secured by way of a fixed and a floating charge over the assets of the company. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1.00 | 800 | 800 |
12. | RELATED PARTY DISCLOSURES |
At the balance sheet date an amount of £79,000 was owed to Ace Support Services Limited, a company owned by a director with 25% shareholdings. |
This amount is secured by way of a fixed and floating charge over the assets of the company. |
During the year, Ace Support Services Limited charged the company £36,000 for office support fees. |
PROPERTY PATHWAYS LIMITED (REGISTERED NUMBER: 07265117) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr P J Sherrard. |
The ultimate controlling party is |