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Registered number: 04220119
PATHWAY INTERMEDIATES LTD
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 30 NOVEMBER 2013
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PATHWAY INTERMEDIATES LTD
REGISTERED NUMBER: 04220119
ABBREVIATED BALANCE SHEET
AS AT 30 NOVEMBER 2013
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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PROVISIONS FOR LIABILITIES
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 November 2013 and of its profit for the period in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
 Page 1
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PATHWAY INTERMEDIATES LTD
ABBREVIATED BALANCE SHEET (continued)
AS AT 30 NOVEMBER 2013
The abbreviated accounts, which 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, were approved and authorised for issue by the board and were signed on its behalf on 12 August 2014.
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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PATHWAY INTERMEDIATES LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 30 NOVEMBER 2013
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective April 2008).
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Investments held as fixed assets are shown at cost less provision for impairment.
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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Page 3
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PATHWAY INTERMEDIATES LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 30 NOVEMBER 2013
1.ACCOUNTING POLICIES (continued)
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and loss account.
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Development costs are capitalised within intangible assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipated life of the benefits arising from the completed product or project.
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Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to the Profit and loss account.
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Page 4
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PATHWAY INTERMEDIATES LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 30 NOVEMBER 2013
2.TANGIBLE FIXED ASSETS
3.FIXED ASSET INVESTMENTS
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At 1 June 2012 and 30 November 2013
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Participating interests
The company has a 30% shareholding in Pathway Intermediates International, a company incorporated in South Korea. The financial statements for the year ended 31st December 2013 show a profit of £304,800 (2012 - £132,800) and the aggregate value of capital and reserves at this date are £497,400 (2012 - £176,800).
4.DEBTORS
Debtors include £22,000 (2012 - £7,530) falling due after more than one year.
Page 5
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PATHWAY INTERMEDIATES LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 30 NOVEMBER 2013
5.CREDITORS:
Amounts falling due within one year
The obligations under hire purchase agreements are secured against the assets to which they relate.
6.CREDITORS:
Amounts falling due after more than one year
The obligations under hire purchase agreements are secured against the assets to which they relate.
7.SHARE CAPITAL
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Allotted, called up and fully paid
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2,000 Ordinary Shares shares of £1 each
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8.DIRECTORS' BENEFITS: ADVANCES, CREDIT AND GUARANTEES
During the period, there were loan accounts for each director. At the end of the period Dr David Garnett and Dr Robin Jones owed the company £17,087 and £17,106 respectively (2012: £2,250 and £2,921 debit balances respectively). The maximum amount due to the company by each of the directors during the period was £242,500. Total net payments to the directors in the period amounted to £19,337 for Dr David Garnett and £20,027 for Dr Robin Jones.
Interest is charged on the loan accounts at a rate of 4% per annum.
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