Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31No description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-06-01false22falsetruefalse 13138746 2023-06-01 2024-05-31 13138746 2022-06-01 2023-05-31 13138746 2024-05-31 13138746 2023-05-31 13138746 c:Director1 2023-06-01 2024-05-31 13138746 c:Director2 2023-06-01 2024-05-31 13138746 c:RegisteredOffice 2023-06-01 2024-05-31 13138746 d:CurrentFinancialInstruments 2024-05-31 13138746 d:CurrentFinancialInstruments 2023-05-31 13138746 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 13138746 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 13138746 d:ShareCapital 2024-05-31 13138746 d:ShareCapital 2023-05-31 13138746 d:RetainedEarningsAccumulatedLosses 2024-05-31 13138746 d:RetainedEarningsAccumulatedLosses 2023-05-31 13138746 c:FRS102 2023-06-01 2024-05-31 13138746 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 13138746 c:FullAccounts 2023-06-01 2024-05-31 13138746 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 13138746 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure
Company registration number: 13138746







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024


PATHWAY (MARTELLO) LIMITED






































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PATHWAY (MARTELLO) LIMITED
 


 
COMPANY INFORMATION


Directors
S C Philpot 
M P Ruckwood 




Registered number
13138746



Registered office
Centrum House
36 Station road

Egham

Surrey

TW20 9LF




Trading Address
Milewood House
Hightown Hill

Ringwood

Hampshire

BH24 3HE






Accountants
Menzies LLP
Chartered Accountants

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


PATHWAY (MARTELLO) LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 4


 


PATHWAY (MARTELLO) LIMITED
REGISTERED NUMBER:13138746



STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
2,114,926
5,029,843

Debtors: amounts falling due within one year
 4 
2,310,019
1,489,024

Cash at bank and in hand
  
1,789
43,737

  
4,426,734
6,562,604

Creditors: amounts falling due within one year
 5 
(5,265,568)
(7,217,894)

Net current liabilities
  
 
 
(838,834)
 
 
(655,290)

Total assets less current liabilities
  
(838,834)
(655,290)

  

Net liabilities
  
(838,834)
(655,290)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(838,934)
(655,390)

  
(838,834)
(655,290)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S C Philpot
Director

Date: 8 April 2025

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 


PATHWAY (MARTELLO) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Pathway (Martello) Limited is a private company, limited by shares, registered in England and Wales. The company's registered office address and principle place of business can be found on the Company Information page.
The presentational currency of the financial statements is the Pound Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date of 31 May 2024, the company shows a deficiency of total assets over liabilities of £838,834 (2023: £655,290). Due to the ongoing support of the directors, and expectation regarding future trading performance, the company expects to meet its liabilities as they fall due, the company has prepared its financial statements on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.5

Stocks

Work in progress on property developments are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each reporting date, work in progress are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 2

 


PATHWAY (MARTELLO) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Debtors

2024
2023
£
£


Other debtors
2,308,101
1,488,009

Prepayments and accrued income
1,918
1,015

2,310,019
1,489,024



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
4,675,924

Trade creditors
27,142
24,115

Other creditors
2,870,969
2,350,537

Accruals and deferred income
2,367,457
167,318

5,265,568
7,217,894


Page 3

 


PATHWAY (MARTELLO) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

The following liabilities were secured:

2024
2023
£
£



Bank loans
-
4,675,924

-
4,675,924

Details of security provided:

Bank loans are secured by way of legal charge over the work in progress property development of the company. Loans are repayable upon completion of the work in progress project.


6.


Related party transactions

Included in debtors is £2,302,385 (2023 - £1,484,671) of funding provided to related party businesses in which the directors have a controlling interest.
Included in creditors is £407,826 (2023 - £135,000) of funding received from related party businesses in which the directors have a controlling interest.

 
Page 4