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

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

PATRICK'S OF CAMELON LTD. - Company Information

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IRIS Accounts Production v21.1.0.652 SC370550 director 1.1.20 31.12.20 31.12.20 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC3705502019-12-31SC3705502020-12-31SC3705502020-01-012020-12-31SC3705502018-12-31SC3705502019-01-012019-12-31SC3705502019-12-31SC370550ns16:Scotland2020-01-012020-12-31SC370550ns15:PoundSterling2020-01-012020-12-31SC370550ns11:Director12020-01-012020-12-31SC370550ns11:PrivateLimitedCompanyLtd2020-01-012020-12-31SC370550ns11:SmallEntities2020-01-012020-12-31SC370550ns11:AuditExempt-NoAccountantsReport2020-01-012020-12-31SC370550ns11:SmallCompaniesRegimeForDirectorsReport2020-01-012020-12-31SC370550ns11:SmallCompaniesRegimeForAccounts2020-01-012020-12-31SC370550ns11:FullAccounts2020-01-012020-12-31SC37055012020-01-012020-12-31SC370550ns6:CurrentFinancialInstruments2020-12-31SC370550ns6:CurrentFinancialInstruments2019-12-31SC370550ns6:ShareCapital2020-12-31SC370550ns6:ShareCapital2019-12-31SC370550ns6:CapitalRedemptionReserve2020-12-31SC370550ns6:CapitalRedemptionReserve2019-12-31SC370550ns6:RetainedEarningsAccumulatedLosses2020-12-31SC370550ns6:RetainedEarningsAccumulatedLosses2019-12-31SC370550ns6:NetGoodwill2020-01-012020-12-31SC370550ns6:LandBuildings2020-01-012020-12-31SC370550ns6:PlantMachinery2020-01-012020-12-31SC370550ns6:NetGoodwill2019-12-31SC370550ns6:NetGoodwill2020-12-31SC370550ns6:NetGoodwill2019-12-31SC370550ns6:LandBuildings2019-12-31SC370550ns6:PlantMachinery2019-12-31SC370550ns6:LandBuildings2020-12-31SC370550ns6:PlantMachinery2020-12-31SC370550ns6:LandBuildings2019-12-31SC370550ns6:PlantMachinery2019-12-31SC370550ns6:CurrentFinancialInstrumentsns6:WithinOneYear2020-12-31SC370550ns6:CurrentFinancialInstrumentsns6:WithinOneYear2019-12-31
REGISTERED NUMBER: SC370550 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2020

for

Patrick's of Camelon Ltd.
Patrick's of Camelon Ltd. (Registered number: SC370550)






Contents of the Financial Statements
for the Year Ended 31 December 2020




Page

Balance Sheet 1

Notes to the Financial Statements 3


Patrick's of Camelon Ltd. (Registered number: SC370550)

Balance Sheet
31 December 2020

31.12.20 31.12.19
Notes £    £   
FIXED ASSETS
Intangible assets 4 225,000 250,000
Tangible assets 5 26,925 34,545
251,925 284,545

CURRENT ASSETS
Stocks 4,950 4,950
Debtors 6 2,007 3,089
Cash at bank and in hand 205,269 106,677
212,226 114,716
CREDITORS
Amounts falling due within one year 7 (67,900 ) (86,326 )
NET CURRENT ASSETS 144,326 28,390
TOTAL ASSETS LESS CURRENT
LIABILITIES
396,251
312,935

PROVISIONS FOR LIABILITIES (3,904 ) (4,715 )
NET ASSETS 392,347 308,220

CAPITAL AND RESERVES
Called up share capital 2 2
Capital redemption reserve 1 1
Retained earnings 392,344 308,217
392,347 308,220

The notes form part of these financial statements

Page 1 continued...
Patrick's of Camelon Ltd. (Registered number: SC370550)

Balance Sheet - continued
31 December 2020


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 29 June 2021 and were signed by:





Mr J Patrick Jnr - Director


The notes form part of these financial statements

Page 2
Patrick's of Camelon Ltd. (Registered number: SC370550)

Notes to the Financial Statements
for the Year Ended 31 December 2020

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 represents net invoiced sales of goods in respect of food, excluding value added tax. Sales are recognised at the point at which the goods are delivered.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 5% on cost and 4% on cost
Plant and machinery etc - 25% on reducing balance and 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. Cost is represented by purchase price.

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.


Page 3 continued...
Patrick's of Camelon Ltd. (Registered number: SC370550)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2020

2. ACCOUNTING POLICIES - continued
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 19 (2019 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2020
and 31 December 2020 500,000
AMORTISATION
At 1 January 2020 250,000
Charge for year 25,000
At 31 December 2020 275,000
NET BOOK VALUE
At 31 December 2020 225,000
At 31 December 2019 250,000

Page 4 continued...
Patrick's of Camelon Ltd. (Registered number: SC370550)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2020

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2020 8,855 168,719 177,574
Additions - 5,500 5,500
At 31 December 2020 8,855 174,219 183,074
DEPRECIATION
At 1 January 2020 4,104 138,925 143,029
Charge for year 433 12,687 13,120
At 31 December 2020 4,537 151,612 156,149
NET BOOK VALUE
At 31 December 2020 4,318 22,607 26,925
At 31 December 2019 4,751 29,794 34,545

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.20 31.12.19
£    £   
Other debtors 2,007 3,089

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.20 31.12.19
£    £   
Trade creditors 8,758 52,450
Taxation and social security 43,545 31,560
Other creditors 15,597 2,316
67,900 86,326

8. RELATED PARTY DISCLOSURES

The balance included within other creditors of £nil (2019: £34,211), relates to amounts due to a former director, Mr Robert Patrick.

Page 5