PATHFINDING (SEV) LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07467098 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

FOR

PATHFINDING (SEV) LIMITED

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

to

4

FIXED ASSETS

Investment property

4

31,620

31,620

CURRENT ASSETS

Debtors

5

414

5,086

Cash at bank

2,567

2,394

2,981

7,480

CREDITORS

Amounts falling due within one year

6

(63,455

)

(63,907

)

NET CURRENT LIABILITIES

(60,474

)

(56,427

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(28,854

)

(24,807

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(28,954

)

(24,907

)

(28,854

)

(24,807

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 April 2021 and were signed by:

J C Fretwell - Director

1.	STATUTORY INFORMATION

PATHFINDING (SEV) LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

07467098

Registered office:

C/o DPC Accountants

Stone House

Stone Road Business Park

Stoke on Trent

Staffordshire

ST4 6SR

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company's balance sheet shows negative shareholders funds of £28,854. However, the

company is supported by Pathfinding (Commercial) Limited, a fellow Subsidiary.The director has

confirmed the company will not call in the loan for the next 12 months.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate.Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue from the service provided is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2019

and 31 October 2020

31,620

NET BOOK VALUE

At 31 October 2020

31,620

At 31 October 2019

31,620

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

366

4,478

Other debtors

48

608

414

5,086

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Amounts owed to group undertakings

63,317

63,315

Taxation and social security

138

592

63,455

63,907

7.	RELATED PARTY DISCLOSURES

Transactions with directors are under normal market conditions and/or not material.

The company has taken advantage of the exemption from the disclosures required by paragraph 33.1A of Financial Reporting Standard 102 regarding transactions between fellow group companies.

8.	POST BALANCE SHEET EVENTS

There were no material events up to the date of approval of the financial statements by the board.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Pathfinding Limited, a companyregistered in England & Wales..