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S W PATERSON & CO. LIMITED - Company Information

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S W Paterson & Co. Ltd

Registered Number:SC250073

For the year ended 31 May 2019

Scotland

Unaudited Financial Statements

For the year ended 31 May 2019

S W Paterson & Co. Ltd

Contents Page

Statement of Financial Position

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Notes to the Financial Statements

As at 31 May 2019

S W Paterson & Co. Ltd

Statement of Financial Position

Registered Number :

SC250073

2018

2019

Notes

Fixed assets

Property, plant and equipment

355,938

315,331

355,938

315,331

Current assets

Inventories

204,715

208,644

Trade and other receivables

26,322

28,392

333,275

Cash and cash equivalents

351,292

588,328

564,312

Trade and other payables: amounts falling due within one

year

(271,632)

(267,124)

292,680

321,204

Net current assets

Total assets less current liabilities

677,142

608,011

(47,825)

(33,737)

Provisions for liabilities

629,317

Net assets

574,274

Capital and reserves

Called up share capital

Retained earnings

629,315

574,272

629,317

574,274

Shareholders' funds

For the year ended 31 May 2019 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006

The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section

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.

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

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Mr Colin Paterson Director

These financial statements were approved and authorised for issue by the Board on 26 November 2019 and were signed by:

The notes form part of these financial statements

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For the year ended 31 May 2019

S W Paterson & Co. Ltd

Notes to the Financial Statements

Statutory Information

S W Paterson & Co. Ltd is a private limited company, limited by shares, domiciled in Scotland, registration number

SC250073.

Registered address:

Nessbreck

Harray

Orkney

KW17 2LQ

The presentation currency is £ sterling.

1. Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A of Financial

Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the

Companies Act 2006. The financial statements have been prepared under the historical costs convention as

modified by the revaluation of certain assets.

Revenue recognition

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Property, plant and equipment

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Property improvements

10% Straight line

Plant and machinery

20% Reducing balance

25% Reducing balance

Motor vehicles

Inventories

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

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

Hire purchase and leasing commitments

Rentals payable under operating leases are charged against income on a straight line basis over the lease term. The finance element of the rental payment is charged to the profit and loss account on a method giving a constant rate of return on the balance outstanding.

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For the year ended 31 May 2019

S W Paterson & Co. Ltd

Notes to the Financial Statements Continued

2. Property, plant and equipment

Total

Motor vehicles

Plant and

machinery

Property

improvements

Cost or

valuation

At 01 June 2018

734,461

2,200

599,317

132,944

100,506

590

99,916

Additions

(2,200)

(41,250)

Disposals

(43,450)

At 31 May 2019

132,944

657,983

590

791,517

Provision for depreciation and impairment

At 01 June 2018

419,130

2,072

350,587

66,471

Charge for year

58,396

147

44,955

13,294

(41,947)

(2,072)

(39,875)

On disposal

At 31 May 2019

435,579

147

355,667

79,765

At 31 May 2019

Net book value

53,179

302,316

443

355,938

At 31 May 2018

66,473

248,730

128

315,331

3. Investments held as fixed assets

Breeding stock transferred to opening stock at 1/4/18. NO longer to use herd basis.

4. Inventories

2018

2019

Stocks

208,644

204,715

Cattle and crops in ground

5. Trade and other receivables

2018

2019

Trade debtors

15,013

12,726

Other debtors

13,379

13,596

26,322

28,392

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For the year ended 31 May 2019

S W Paterson & Co. Ltd

Notes to the Financial Statements Continued

6. Trade and other payables: amounts falling due within one year

2018

2019

Trade creditors

2,645

14,350

Taxation and social security

9,426

20,134

Other creditors

255,053

237,148

267,124

271,632

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