Patrick's of Camelon Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC370550 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Patrick's of Camelon Ltd.

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

275,000

300,000

Tangible assets

5

46,796

53,834

321,796

353,834

CURRENT ASSETS

Stocks

4,950

4,950

Debtors

6

3,595

2,879

Cash at bank and in hand

103,087

97,454

111,632

105,283

CREDITORS

Amounts falling due within one year

7

(86,260

)

(110,780

)

NET CURRENT ASSETS/(LIABILITIES)

25,372

(5,497

)

TOTAL ASSETS LESS CURRENT LIABILITIES

347,168

348,337

PROVISIONS FOR LIABILITIES

(6,560

)

(8,525

)

NET ASSETS

340,608

339,812

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

340,606

339,810

340,608

339,812

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 April 2019 and were signed on its behalf by:

R Patrick - Director

1.	STATUTORY INFORMATION

Patrick's of Camelon Ltd. is a private company, limited by shares, domiciled in Scotland, registration number SC370550.

The registered office is Unit 5 Gateway Business Park, Beancross Road, Grangemouth, Stirlingshire, FK3 8WX.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

5% on cost and 4% on cost

Plant and machinery

-

25% on reducing balance and 20% on cost

Fixtures and fittings

-

20% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs

of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed

assets are depreciated to nil value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable

that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions

are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is

determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an

outflow with respect to any one item included in the same class of obligations may be small.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2017 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2018

and 31 December 2018

500,000

AMORTISATION

At 1 January 2018

200,000

Charge for year

25,000

At 31 December 2018

225,000

NET BOOK VALUE

At 31 December 2018

275,000

At 31 December 2017

300,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2018

8,855

148,806

9,442

167,103

Additions

-

8,157

-

8,157

At 31 December 2018

8,855

156,963

9,442

175,260

DEPRECIATION

At 1 January 2018

3,236

102,392

7,641

113,269

Charge for year

434

13,580

1,181

15,195

At 31 December 2018

3,670

115,972

8,822

128,464

NET BOOK VALUE

At 31 December 2018

5,185

40,991

620

46,796

At 31 December 2017

5,619

46,414

1,801

53,834

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Other debtors

3,595

2,879

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

36,809

2,324

Taxation and social security

26,836

34,865

Other creditors

22,615

73,591

86,260

110,780