Path Property Investment Limited - Period Ending 2020-06-30

Path Property Investment Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Path Property Investment Limited

Company Information

Director

Mr P Thorarinsson

Registered office

18 Clover Court Seven Sisters Road London N4 2AH

Accountants

Peplows Limited Chartered Accountants 1st Floor, 3 & 4 Cranmere Court Lustleigh Close Matford Business Park Exeter Devon EX2 8PW

Path Property Investment Limited

(Registration number: 10254434)
Balance Sheet as at 30 June 2020

	Note	2020  £	2019  £
Fixed assets
Investment property	4	50,000	50,000
Current assets
Debtors	5	999	2,308
Cash at bank and in hand		2,889	16,165
		3,888	18,473
Creditors: Amounts falling due within one year	6	(47,650)	(56,051)
Net current liabilities		(43,762)	(37,578)
Total assets less current liabilities		6,238	12,422
Creditors: Amounts falling due after more than one year	6	(25,062)	(27,360)
Provisions for liabilities		477	(1,309)
Net liabilities		(18,347)	(16,247)
Capital and reserves
Called up share capital		100	100
Other reserves		(8,232)	(8,232)
Profit and loss account		(10,215)	(8,115)
Total equity		(18,347)	(16,247)

Path Property Investment Limited

(Registration number: 10254434)
Balance Sheet as at 30 June 2020

For the financial year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 for issue by the director on 29 June 2021
 

.........................................

Mr P Thorarinsson
Director

Path Property Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
18 Clover Court
Seven Sisters Road
London
N4 2AH

These financial statements were authorised for issue by the director on 29 June 2021.

2	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.

The financial statements are presented in Sterling and rounded to the nearest full £.

Going concern

The financial statements have been prepared on a going concern basis as the company continues to have the support of it's director.

The directors have considered the impact of COVID-19 and do not consider it to have a material impact on the balances included within the financial statements. In addition, the directors do not consider it to cast any significant doubt upon the company's ability to continue to trade as a going concern.

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 rent is received from a tenant.

Path Property Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

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.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2019 - 1).

Path Property Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

4	Investment properties

	2020 £
At 1 July	50,000
At 30 June	50,000

There has been no valuation of investment property by an independent valuer.

5

Debtors

	2020 £	2019 £
Other debtors	999	2,308
	999	2,308

Path Property Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Loans and borrowings	7	44,865	54,731
Accruals and deferred income		2,785	1,320
		47,650	56,051

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	7	25,062	27,360

7	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Bank borrowings	2,164	2,030
Other borrowings	42,701	52,701
	44,865	54,731

	2020 £	2019 £
Non-current loans and borrowings
Bank borrowings	25,062	27,360

Path Property Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

Bank borrowings

The bank loan is secured by way of a fixed charge against the company's investment property.

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

9	Related party transactions

Key management personnel

The director

Summary of transactions with key management

The director has loaned money to the company.

At the year end, the amount owed to the director by the company is £42,701 (£52,701 - 2019).
 This is an interest free loan which is repayable on demand.