S W Paterson & Co Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC250073 (Scotland)

Unaudited Financial Statements for the Year Ended 31 May 2020

for

S W Paterson & Co Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C S Paterson

SECRETARY:

Mrs F J G Ross

REGISTERED OFFICE:

Nessbreck

Harray

Orkney

KW17 2LQ

REGISTERED NUMBER:

SC250073 (Scotland)

ACCOUNTANTS:

Accounts Direct

Daisybrae

Newburgh

Ellon

Aberdeenshire

AB41 6AJ

FIXED ASSETS

Tangible assets

4

305,947

355,938

CURRENT ASSETS

Stocks

197,393

208,644

Debtors

5

13,321

28,392

Cash at bank

503,713

351,292

714,427

588,328

CREDITORS

Amounts falling due within one year

6

270,715

267,124

NET CURRENT ASSETS

443,712

321,204

TOTAL ASSETS LESS CURRENT LIABILITIES

749,659

677,142

PROVISIONS FOR LIABILITIES

47,825

47,825

NET ASSETS

701,834

629,317

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

701,832

629,315

701,834

629,317

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 22 December 2020 and were signed by:

C S Paterson - Director

1.	STATUTORY INFORMATION

S W Paterson & Co Ltd is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company

Information page.

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.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 10% on cost

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2019

791,517

Additions

2,518

Disposals

(9,860

)

At 31 May 2020

784,175

DEPRECIATION

At 1 June 2019

435,579

Charge for year

50,853

Eliminated on disposal

(8,204

)

At 31 May 2020

478,228

NET BOOK VALUE

At 31 May 2020

305,947

At 31 May 2019

355,938

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Trade debtors

3,702

15,013

Other debtors

9,619

13,379

13,321

28,392

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Trade creditors

244,321

2,645

Taxation and social security

25,394

9,426

Other creditors

1,000

255,053

270,715

267,124