Silverfin false false 31/03/2025 01/04/2024 31/03/2025 Julian Glyn De Vere Moss 25/02/2016 Nicola Moss 17/04/2018 Lesley Margaret Stewart 17/04/2018 Paul Edwin Stewart 25/02/2016 06 October 2025 The principal activity of the company is letting of real estate. 10025905 2025-03-31 10025905 bus:Director1 2025-03-31 10025905 bus:Director2 2025-03-31 10025905 bus:Director3 2025-03-31 10025905 bus:Director4 2025-03-31 10025905 2024-03-31 10025905 core:CurrentFinancialInstruments 2025-03-31 10025905 core:CurrentFinancialInstruments 2024-03-31 10025905 core:Non-currentFinancialInstruments 2025-03-31 10025905 core:Non-currentFinancialInstruments 2024-03-31 10025905 core:ShareCapital 2025-03-31 10025905 core:ShareCapital 2024-03-31 10025905 core:RetainedEarningsAccumulatedLosses 2025-03-31 10025905 core:RetainedEarningsAccumulatedLosses 2024-03-31 10025905 core:Vehicles 2024-03-31 10025905 core:OfficeEquipment 2024-03-31 10025905 core:ComputerEquipment 2024-03-31 10025905 core:Vehicles 2025-03-31 10025905 core:OfficeEquipment 2025-03-31 10025905 core:ComputerEquipment 2025-03-31 10025905 core:CostValuation 2024-03-31 10025905 core:CostValuation 2025-03-31 10025905 core:MoreThanFiveYears 2025-03-31 10025905 core:MoreThanFiveYears 2024-03-31 10025905 2023-03-31 10025905 bus:OrdinaryShareClass1 2025-03-31 10025905 bus:OrdinaryShareClass2 2025-03-31 10025905 2024-04-01 2025-03-31 10025905 bus:FilletedAccounts 2024-04-01 2025-03-31 10025905 bus:SmallEntities 2024-04-01 2025-03-31 10025905 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 10025905 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 10025905 bus:Director1 2024-04-01 2025-03-31 10025905 bus:Director2 2024-04-01 2025-03-31 10025905 bus:Director3 2024-04-01 2025-03-31 10025905 bus:Director4 2024-04-01 2025-03-31 10025905 core:Vehicles 2024-04-01 2025-03-31 10025905 core:OfficeEquipment core:TopRangeValue 2024-04-01 2025-03-31 10025905 core:ComputerEquipment core:TopRangeValue 2024-04-01 2025-03-31 10025905 2023-04-01 2024-03-31 10025905 core:OfficeEquipment 2024-04-01 2025-03-31 10025905 core:ComputerEquipment 2024-04-01 2025-03-31 10025905 core:CurrentFinancialInstruments 2024-04-01 2025-03-31 10025905 core:Non-currentFinancialInstruments 2024-04-01 2025-03-31 10025905 core:MoreThanFiveYears 2024-04-01 2025-03-31 10025905 bus:OrdinaryShareClass1 2024-04-01 2025-03-31 10025905 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 10025905 bus:OrdinaryShareClass2 2024-04-01 2025-03-31 10025905 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10025905 (England and Wales)

# PATHGATE PROPERTIES LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

PATHGATE PROPERTIES LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

PATHGATE PROPERTIES LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 March 2025
PATHGATE PROPERTIES LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 25,731 |  | 32,597
Investment property | 5 | 2,125,000 |  | 2,850,000
Investments | 6 | 10 |  | 10
|  | 2,150,741 |  | 2,882,607
Current assets |  |  |  |
Debtors | 7 | 397,977 |  | 375,152
Cash at bank and in hand |  | 106,214 |  | 822
|  | 504,191 |  | 375,974
Creditors: amounts falling due within one year | 8 | ( 344,950) |  | ( 357,110)
Net current assets |  | 159,241 |  | 18,864
Total assets less current liabilities |  | 2,309,982 |  | 2,901,471
Creditors: amounts falling due after more than one year | 9 | ( 1,383,499) |  | ( 1,992,932)
Provision for liabilities | 10 | ( 73,342) |  | ( 61,650)
Net assets |  | 853,141 |  | 846,889
Capital and reserves |  |  |  |
Called-up share capital | 11 | 8,492 |  | 8,492
Profit and loss account | 13 | 844,649 |  | 838,397
Total shareholders' funds |  | 853,141 |  | 846,889

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Pathgate Properties Limited (registered number: 10025905) were approved and authorised for issue by the Board of Directors on 06 October 2025. They were signed on its behalf by:

Paul Edwin Stewart Director |

PATHGATE PROPERTIES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
PATHGATE PROPERTIES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

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.

##### General information and basis of accounting

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 £.

##### Going concern

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.

##### Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings 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.

##### Taxation

Current tax
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.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided
on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation,
less estimated residual value, of each asset over its expected useful life, as follows:

Vehicles | 25 % reducing balance
Office equipment | 5 years straight line
Computer equipment | 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

##### Impairment of assets

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 Income and Retained Earnings as described below.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by the directors, on an open market value for existing use basis.

##### Fixed asset investments

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.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

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.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
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.

##### Ordinary share capital

The ordinary share capital of the Company is presented as equity.

##### Dividends

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.

#### 2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
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 £2,125,000 (2024: £2,850,000). 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.

#### 3. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 4 |  | 4

#### 4. Tangible assets

| Vehicles |  | Office equipment |  | Computer equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 April 2024 | 59,165 |  | 3,740 |  | 1,359 |  | 64,264
Additions | 0 |  | 0 |  | 1,375 |  | 1,375
At 31 March 2025 | 59,165 |  | 3,740 |  | 2,734 |  | 65,639
Accumulated depreciation |  |  |  |  |  |  |
At 01 April 2024 | 26,568 |  | 3,740 |  | 1,359 |  | 31,667
Charge for the financial year | 8,149 |  | 0 |  | 92 |  | 8,241
At 31 March 2025 | 34,717 |  | 3,740 |  | 1,451 |  | 39,908
Net book value |  |  |  |  |  |  |
At 31 March 2025 | 24,448 |  | 0 |  | 1,283 |  | 25,731
At 31 March 2024 | 32,597 |  | 0 |  | 0 |  | 32,597

#### 5. Investment property

| Investment property
| £
Valuation |
As at 01 April 2024 | 2,850,000
Fair value movement | 165,000
Disposals | (890,000)
As at 31 March 2025 | 2,125,000

Valuation

The fair value is determined annually by the directors, on an open market value for existing use basis.

#### 6. Fixed asset investments

| Investments in joint ventures |  | Total
| £ |  | £
Cost or valuation before impairment |  |  |
At 01 April 2024 | 10 |  | 10
At 31 March 2025 | 10 |  | 10
Carrying value at 31 March 2025 | 10 |  | 10
Carrying value at 31 March 2024 | 10 |  | 10

#### 7. Debtors

| 2025 |  | 2024
| £ |  | £
Amounts owed by Group undertakings | 235,000 |  | 253,650
Amounts owed by directors | 131,357 |  | 88,070
Prepayments | 27,787 |  | 31,403
Other debtors | 3,833 |  | 2,029
| 397,977 |  | 375,152

#### 8. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 10,440 |  | 10,183
Amounts owed to directors | 238,561 |  | 284,620
Accruals | 29,540 |  | 39,701
Taxation and social security | 36,125 |  | 16,304
Obligations under finance leases and hire purchase contracts | 30,284 |  | 6,302
| 344,950 |  | 357,110

The obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

#### 9. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 2,656 |  | 13,091
Other loans (secured) | 1,380,843 |  | 1,949,557
Obligations under finance leases and hire purchase contracts | 0 |  | 30,284
| 1,383,499 |  | 1,992,932

The mortgages are secured with fixed and floating charges against the investment properties to which they relate. The obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

| 2025 |  | 2024
| £ |  | £
Other loans (secured) | 1,380,843 |  | 1,949,557

The mortgages are secured with fixed and floating charges against the investment properties held by the company.

#### 10. Deferred tax

| 2025 |  | 2024
| £ |  | £
At the beginning of financial year | ( 61,650) |  | ( 26,408)
Charged to the Statement of Income and Retained Earnings | ( 11,692) |  | ( 35,242)
At the end of financial year | ( 73,342) |  | ( 61,650)

#### 11. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
4,246 Ordinary shares of £ 1.00 each | 4,246 |  | 4,246
4,246 Ordinary A shares of £ 1.00 each | 4,246 |  | 4,246
| 8,492 |  | 8,492

#### 12. Related party transactions

At the year end, a director was owed £238,561 (2024: £284,620 ) by the company. There is no set repayment date.
At the year end, a director owed the company £131,357 (2024: £88,070). 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 £235,000 (2024: £253,650 ) by a company in which Pathgate Properties Limited has a participating interest. During the year, the company received £24,000 in respect of the loan.

#### 13. Profit and loss account

| 2025 |  | 2024
| £ |  | £
Profit and loss account - distributable | 610,409 |  | 623,265
Profit and loss account - non distributable | 234,240 |  | 215,132
| 844,649 |  | 838,397

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.