Company Registration No. 03961957 (England and Wales)
PATHBURNER VENTURES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
PATHBURNER VENTURES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PATHBURNER VENTURES LIMITED
BALANCE SHEET
AS AT 30 APRIL 2019
30 April 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,549
1,868
Current assets
Debtors
4
3,934
14,500
Cash at bank and in hand
116
1,148
4,050
15,648
Creditors: amounts falling due within one year
5
(21,073)
(31,226)
Net current liabilities
(17,023)
(15,578)
Total assets less current liabilities
(15,474)
(13,710)
Capital and reserves
Called up share capital
6
200
200
Profit and loss reserves
(15,674)
(13,910)
Total equity
(15,474)
(13,710)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 January 2020
P Kokkalis
Director
Company Registration No. 03961957
PATHBURNER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
- 2 -
1
Accounting policies
Company information
Pathburner Ventures Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Flat 4 Waynflete House, 76 High Street, Esher, Surrey, United Kingdom, KT10 9QS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention
.
The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date, the financial statements show that the company has liabilities in excess of assets of £15,474 (2018: £13,710) as a result of losses made to date. The financial statements have been prepared on a going concern basis as the director has confirmed that he will continue to support the company for the foreseeable future and meet the excess liabilities if the company is unable to do so.
true
1.3
Turnover
Turnover represents the amount derived from provision of services which fall within the company's principal activity. Turnover from rendering services is recognised when services are rendered, no matter when cash is received.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33.33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Debtors
Short term debtors are measured at transaction price, less any impairments. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
PATHBURNER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 3 -
1.7
Creditors
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average number of
employee
s (including director) employed by the company during the year was 2 (2018 - 2).
PATHBURNER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2018
4,306
Additions
457
At 30 April 2019
4,763
Depreciation and impairment
At 1 May 2018
2,438
Depreciation charged in the year
776
At 30 April 2019
3,214
Carrying amount
At 30 April 2019
1,549
At 30 April 2018
1,868
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
3,934
14,500
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
1,898
2,422
Other taxation and social security
2,250
1,362
Other creditors
16,925
27,442
21,073
31,226
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
200,000 Ordinary shares of 0.1p each
200
200
200
200
PATHBURNER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 5 -
7
Directors' transactions
Included within other debtors was an amount of £3,934 (2018: £6,708 credit balance) owed to the company by the director.