Company Registration No. 03961957 (England and Wales)
PATHBURNER VENTURES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
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 2020
30 April 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,302
1,549
Current assets
Debtors
4
9,029
3,934
Cash at bank and in hand
54
116
9,083
4,050
Creditors: amounts falling due within one year
5
(17,064)
(21,073)
Net current liabilities
(7,981)
(17,023)
Total assets less current liabilities
(5,679)
(15,474)
Capital and reserves
Called up share capital
6
200
200
Profit and loss reserves
(5,879)
(15,674)
Total equity
(5,679)
(15,474)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 13 February 2021
P Kokkalis
Director
Company Registration No. 03961957
PATHBURNER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 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 £
true
5,679
(2019: £15,474) 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.
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.
PATHBURNER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 3 -
1.6
Finacial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank
overdrafts
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
1.7
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.
1.8
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.
1.9
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
in the period
are included in profit or loss.
PATHBURNER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 4 -
2
Employees
The average number of
employee
s (including director) employed by the company during the year was
:
2020
2019
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2019
4,763
Additions
1,944
At 30 April 2020
6,707
Depreciation and impairment
At 1 May 2019
3,214
Depreciation charged in the year
1,191
At 30 April 2020
4,405
Carrying amount
At 30 April 2020
2,302
At 30 April 2019
1,549
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2020
2019
£
£
Computer equipment
499
-
499
-
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
9,029
3,934
PATHBURNER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 5 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank overdrafts
113
1,898
Other taxation and social security
2,800
2,250
Other creditors
14,151
16,925
17,064
21,073
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
200,000 Ordinary shares of 0.1p each
200
200
200
200
7
Directors' transactions
The loan is interest free and repayable on demand.
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
P Kokkalis
-
3,934
2,880
6,814
3,934
2,880
6,814