| Patterson Irving Limited |
| Notes to the Accounts |
| for the year ended 31 March 2020 |
|
|
| 1 |
Accounting policies |
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|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, as applied to small entities by section 1A of the standard. |
|
|
Going concern basis |
|
The accounts have been prepared on the going concern basis. The director believes this basis to be appropriate since, although the company had net liabilities at the balance sheet date, it is assumed that the company's director and creditors will continue to provide such financial support to the company as is necessary for it to continue operating. |
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|
Turnover |
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Turnover represents fee income receivable, net of value added tax. |
|
|
Goodwill and amortisation |
|
Purchased goodwill is capitalised and amortised over its estimated useful life. The company's goodwill has now been fully amortised. |
|
|
Tangible fixed assets and depreciation |
|
Tangible fixed assets are measured at cost less accumulated depreciation. Depreciation has been provided at the following rate to write off the assets over their estimated useful lives: |
|
|
Equipment - |
25% p.a. on the reducing balance basis |
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|
| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of employees |
1 |
|
1 |
|
|
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|
|
|
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| 3 |
Intangible fixed assets |
| Goodwill |
| £ |
|
Cost |
|
At 1 April 2019 |
30,000 |
|
At 31 March 2020 |
30,000 |
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 April 2019 |
30,000 |
|
At 31 March 2020 |
30,000 |
|
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|
|
|
Net book value |
|
At 31 March 2020 and 31 March 2019 |
- |
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| 4 |
Tangible fixed assets |
|
|
|
|
|
|
Equipment |
| £ |
|
Cost |
|
At 1 April 2019 |
3,393 |
|
Additions |
1,575 |
|
At 31 March 2020 |
4,968 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2019 |
2,251 |
|
Charge for the year |
682 |
|
At 31 March 2020 |
2,933 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2020 |
2,035 |
|
At 31 March 2019 |
1,142 |
|
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| 5 |
Debtors |
2020 |
|
2019 |
| £ |
£ |
|
|
Corporation tax |
|
|
|
|
- |
|
9,074 |
|
Other debtors |
2,095 |
|
2,036 |
|
|
|
|
|
|
2,095 |
|
11,110 |
|
|
|
|
|
|
|
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| 6 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Bank overdraft |
- |
|
14,917 |
|
Trade creditors |
- |
|
508 |
|
Corporation tax |
|
|
|
|
10,045 |
|
- |
|
Other taxes |
19,702 |
|
6,807 |
|
Other creditors |
25,124 |
|
80,326 |
|
|
|
|
|
|
54,871 |
|
102,558 |
|
|
|
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| 7 |
Dividends |
|
|
Dividends paid have exceeded the company's distributable reserves at the balance sheet date and to that extent are potentially repayable to the company. |
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| 8 |
Controlling party |
|
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At 31 March 2020 the company was controlled by the director, Mr R Irving, since he owned the company's entire issued share capital. |
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| 9 |
Other information |
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Patterson Irving Limited is a private company limited by shares and incorporated in Scotland. Its registered office is Summit House, 4-5 Mitchell Street, Edinburgh EH6 7BD. |
