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OWN TRUE PATH LTD

Registered Number
12702066
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

OWN TRUE PATH LTD
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

LEE, Carolyn Anne
LEE, Gareth Nicholas

Registered Address

9 Kingfisher Close
Hutton
Brentwood
CM13 2NB

Registered Number

12702066 (England and Wales)
OWN TRUE PATH LTD
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets47,4199,243
7,4199,243
Current assets
Debtors5531-
Cash at bank and on hand1,3409,426
1,8719,426
Creditors amounts falling due within one year6(5,040)(2,561)
Net current assets (liabilities)(3,169)6,865
Total assets less current liabilities4,25016,108
Provisions for liabilities7(1,410)(1,756)
Net assets2,84014,352
Capital and reserves
Called up share capital32
Profit and loss account2,83714,350
Shareholders' funds2,84014,352
The financial statements were approved and authorised for issue by the Board of Directors on 4 March 2025, and are signed on its behalf by:
LEE, Carolyn Anne
Director
LEE, Gareth Nicholas
Director

Registered Company No. 12702066
OWN TRUE PATH LTD
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
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.
Revenue from rendering of services
Revenue 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.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment5
2.Average number of employees

20242023
Average number of employees during the year00
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 July 2310,91910,919
Additions400400
At 30 June 2411,31911,319
Depreciation and impairment
At 01 July 231,6761,676
Charge for year2,2242,224
At 30 June 243,9003,900
Net book value
At 30 June 247,4197,419
At 30 June 239,2439,243
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables450-
Prepayments and accrued income81-
Total531-
6.Creditors: amounts due within one year

2024

2023

££
Taxation and social security2,2201,798
Other creditors2,780763
Accrued liabilities and deferred income40-
Total5,0402,561
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)1,4101,756
Total1,4101,756