PATHFINDING (COMMERCIAL) LIMITED Small abbreviated accounts

PATHFINDING (COMMERCIAL) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 06901852

PATHFINDING (COMMERCIAL) LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

31 October 2016

PATHFINDING (COMMERCIAL) LIMITED

ABBREVIATED BALANCE SHEET

31 October 2016

		2016		2015
Note		£	£	£
Fixed assets	2
Tangible assets			3,978,389	3,020,663
			------------	------------

Current assets

Stocks	5,779,151		7,439,767
Debtors	1,189,376		1,233,973
Cash at bank and in hand	13,889		3,370
	------------		------------
	6,982,416		8,677,110
Creditors: Amounts falling due within one year	( 2,591,193)		( 2,532,175)
	------------		------------
Net current assets		4,391,223	6,144,935
		------------	------------
Total assets less current liabilities		8,369,612	9,165,598

Creditors: Amounts falling due after more than one year	( 9,619,154)	( 9,793,776)
	------------	------------
	( 1,249,542)	( 628,178)
	------------	------------

Capital and reserves

Called up equity share capital	3	100	100
Profit and loss account		( 1,249,642)	( 628,278)
		------------	---------
Deficit		( 1,249,542)	( 628,178)
		------------	---------

For the year ended 31 October 2016 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 abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved and signed by the director and authorised for issue on 24 July 2017 .

Mr J Fretwell Director

Company Registration Number: 06901852

PATHFINDING (COMMERCIAL) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 31 OCTOBER 2016

1. Accounting policies

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & Machinery-20% Reducing balance

Investment properties

Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Going concern

The company's balance sheet shows negative shareholders funds of £1,249,642. However, the company is supported by directors loans of £8,239,754 which the director has confirmed he will not call in the loan for the next 12 months.

2. Fixed assets

	Tangible Assets
	£

Cost

At 1 November 2015	3,020,663
Additions	958,266
	------------
At 31 October 2016	3,978,929
	------------

Depreciation

Charge for year	540
	----
At 31 October 2016	540
	----

Net book value

At 31 October 2016	3,978,389
	------------

At 31 October 2015	3,020,663
	------------

3. Share capital

Allotted, called up and fully paid:

	2016		2015
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

4. Ultimate parent company

The director considers Pathfinding Limited, a company registered in England and Wales, to be the ultimate parent undertaking by virtue of their 100% shareholding in the company.