PATHFINDER EXECUTION LIMITED - Period Ending 2020-12-31
PATHFINDER EXECUTION LIMITED - Period Ending 2020-12-31
Registration number:
PATHFINDER EXECUTION LIMITED
for the Year Ended 31 December 2020
PATHFINDER EXECUTION LIMITED
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
PATHFINDER EXECUTION LIMITED
Company Information
Directors |
Mr Gary O'Sullivan Rory Colfer |
Registered office |
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Bankers |
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Accountants |
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PATHFINDER EXECUTION LIMITED
Directors' Report for the Year Ended 31 December 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is IT & Business Consultants
Going concern
The company has ceased to trade on 31 December 2020 and the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, ' break up basis', writing the company’s assets are written down to net realisable value. No provision has been made for the future costs of terminating the business, all such costs were committed at the reporting date.
Important non adjusting events after the financial period
Company ceased to trade on the 31st December 2020 and will be doing a voluntary strike off after the 31st December 2020
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
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Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
PATHFINDER EXECUTION LIMITED
for the Year Ended 31 December 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PATHFINDER EXECUTION LIMITED for the year ended 31 December 2020 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of PATHFINDER EXECUTION LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of PATHFINDER EXECUTION LIMITED and state those matters that we have agreed to state to the Board of Directors of PATHFINDER EXECUTION LIMITED, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PATHFINDER EXECUTION LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that PATHFINDER EXECUTION LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of PATHFINDER EXECUTION LIMITED. You consider that PATHFINDER EXECUTION LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of PATHFINDER EXECUTION LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountants, Registered Auditors and Tax Advisors
Newry
Co Down
BT35 6BE
PATHFINDER EXECUTION LIMITED
(Registration number: NI602462)
Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
687 |
23,551 |
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Shareholders' funds |
787 |
23,651 |
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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PATHFINDER EXECUTION LIMITED
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
Northern Ireland
The principal place of business is:
Second Floor
44 Charlotte Square
Edinburgh
EH2 4HQ
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
PATHFINDER EXECUTION LIMITED
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% reducing balance basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
PATHFINDER EXECUTION LIMITED
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
PATHFINDER EXECUTION LIMITED
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2020 |
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Disposals |
( |
( |
At 31 December 2020 |
- |
- |
Depreciation |
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At 1 January 2020 |
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Eliminated on disposal |
( |
( |
At 31 December 2020 |
- |
- |
Carrying amount |
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At 31 December 2020 |
- |
- |
At 31 December 2019 |
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Debtors |
2020 |
2019 |
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Other debtors |
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Less non-current portion |
( |
( |
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Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
( |
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PATHFINDER EXECUTION LIMITED
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
Summary of transactions with other related parties
Non adjusting events after the financial period |
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