PATHFINDER EXECUTION LIMITED - Period Ending 2016-12-31

Registration number: NI602462

PATHFINDER EXECUTION LIMITED

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

SP McKeown & Co Ltd
Chartered Certified Accountant
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

PATHFINDER EXECUTION LIMITED

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 11

PATHFINDER EXECUTION LIMITED

Company Information

Directors

Mr Saiid Ordibehesht Mr Gary O'Sullivan

Registered office

5 Lower Catherine Street Newry County Down BT35 6BE

Bankers

Ulster Bank Newry

Accountants

SP McKeown & Co Ltd Chartered Certified Accountant 5 Lower Catherine Street Newry Co Down BT35 6BE

Page 1

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 2016

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 2016 as set out on pages 3 to 11 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
http://www.accaglobal.com/gb/en/discover/public-value/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 profit 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.

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

SP McKeown & Co Ltd
Chartered Certified Accountant
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

12 April 2017

Page 2

PATHFINDER EXECUTION LIMITED

Statement of Comprehensive Income for the Year Ended 31 December 2016

	Note	2016 £	2015 £
Profit for the year		5,739	914
Total comprehensive income for the year		5,739	914

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 3

PATHFINDER EXECUTION LIMITED

(Registration number: NI602462)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	4	831	1,052
Current assets
Debtors	5	18,058	3,079
Cash at bank and in hand		10,969	11,001
		29,027	14,080
Creditors: Amounts falling due within one year	6	(14,815)	(5,828)
Net current assets		14,212	8,252
Net assets		15,043	9,304
Capital and reserves
Called up share capital		100	100
Profit and loss account		14,943	9,204
Total equity		15,043	9,304

For the financial year ending 31 December 2016 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 accounts for the year in question in accordance with section 476; and
•	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 Board on 12 April 2017 and signed on its behalf by:
 

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

Mr Saiid Ordibehesht

Director

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 4

PATHFINDER EXECUTION LIMITED

Statement of Changes in Equity for the Year Ended 31 December 2016

	Share capital £	Profit and loss account £	Total £
At 1 January 2016	100	9,204	9,304
Profit for the year	-	5,739	5,739
Total comprehensive income	-	5,739	5,739
At 31 December 2016	100	14,943	15,043

	Share capital £	Profit and loss account £	Total £
At 1 January 2015	100	8,290	8,390
Profit for the year	-	914	914
Total comprehensive income	-	914	914
At 31 December 2015	100	9,204	9,304

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 5

PATHFINDER EXECUTION LIMITED

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in Northern Ireland.

The address of its registered office is:
5 Lower Catherine Street
Newry
County Down
BT35 6BE

The principal place of business is:
7 Hopetoun Crescent
Edinburgh
EH7 4AY
Scotland

These financial statements were authorised for issue by the Board on 12 April 2017.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Page 6

PATHFINDER EXECUTION LIMITED

Notes to the Financial Statements for the Year Ended 31 December 2016

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2015 - 3).

Page 7

PATHFINDER EXECUTION LIMITED

Notes to the Financial Statements for the Year Ended 31 December 2016

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2016	2,962	2,962
At 31 December 2016	2,962	2,962
Depreciation
At 1 January 2016	1,910	1,910
Charge for the year	221	221
At 31 December 2016	2,131	2,131
Carrying amount
At 31 December 2016	831	831
At 31 December 2015	1,052	1,052

5

Debtors

	2016 £	2015 £
Other debtors	18,058	3,079
Total current trade and other debtors	18,058	3,079

Details of non-current trade and other debtors

£1,950 (2015 -£1,950) of Rental Deposit is classified as non current.

£100 (2015 -£100) of Share Capital is classified as non current.

6

Creditors

	Note	2016 £	2015 £
Due within one year
Trade creditors		5,275	-
Other creditors		9,540	5,828
		14,815	5,828

7	Related party transactions

Summary of transactions with other related parties

Page 8

PATHFINDER EXECUTION LIMITED

Notes to the Financial Statements for the Year Ended 31 December 2016

Pathfinder Execution Limited (Ireland) is a company registered in the Republic of Ireland, with common directors and shareholders
 During the year a number of intercompany transactions between Pathfinder Execution (UK) and Pathfinder Execution (Ireland) occured, resulting in an amount due from Pathfinder Execution (Ireland) of £8,827.73, which relates to the trade creditors and Expenses & Salaries control accounts.
 

8	Transition to FRS 102

Balance Sheet at 1 January 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Capital and reserves
Called up share capital		100	-	-	100
Total equity		100	-	-	100

Page 9

PATHFINDER EXECUTION LIMITED

Notes to the Financial Statements for the Year Ended 31 December 2016

Balance Sheet at 31 December 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Capital and reserves
Called up share capital		100	-	-	100
Total equity		100	-	-	100

Page 10

PATHFINDER EXECUTION LIMITED

Notes to the Financial Statements for the Year Ended 31 December 2016

Profit and Loss Account for the year ended 31 December 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Turnover		-	-	-	-
Operating profit/(loss)		-	-	-	-
Profit/(loss) before tax		-	-	-	-
Profit/(loss) for the financial year		-	-	-	-

Page 11