Pattersons Of Aberdeen Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC193788 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

FOR

PATTERSONS OF ABERDEEN LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

Chartered Accountants' Report

9

DIRECTORS:

Mr S J C Patterson

Mrs S Patterson

Mrs M Clark

Mr S J C Patterson

REGISTERED OFFICE:

19-25 Thistle Street

ABERDEEN

AB10 1UY

REGISTERED NUMBER:

SC193788 (Scotland)

ACCOUNTANTS:

Bain Henry Reid

Chartered Accountants

4 West Craibstone Street

Bon-Accord Square

ABERDEEN

AB11 6YL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

397,833

397,883

Investments

6

14,397

23,535

Investment property

7

400,000

444,646

812,230

866,064

CURRENT ASSETS

Stocks

157,341

154,708

Debtors

8

33,042

18,842

Cash at bank and in hand

528,717

592,183

719,100

765,733

CREDITORS

Amounts falling due within one year

9

110,065

115,473

NET CURRENT ASSETS

609,035

650,260

TOTAL ASSETS LESS CURRENT LIABILITIES

1,421,265

1,516,324

CAPITAL AND RESERVES

Called up share capital

4

4

Revaluation reserve

10

25,280

25,280

Fair value reserve

10

(308,291

)

(254,507

)

Retained earnings

1,704,272

1,745,547

SHAREHOLDERS' FUNDS

1,421,265

1,516,324

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 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 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 Board of Directors and authorised for issue on 19 October 2021 and were signed on its behalf by:

Mr S J C Patterson - Director

Mrs S Patterson - Director

1.	STATUTORY INFORMATION

Pattersons Of Aberdeen Limited 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 as modified by the revaluation of certain assets.

Significant judgements and estimates

COVID-19

Management has considered the consequences of COVID-19 and other events and conditions and has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern. COVID-19 has had a significant impact on turnover as a result of the lockdowns. However now that the shop is open for business again the directors are optimistic about the future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2000, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost

Government grants

Government grants in relation to tangible fixed assets are credited to profit or loss over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit or loss. Other non-capital grants are recognised when the company is entitled to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided (where material) on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2020 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2020

and 31 January 2021

41,500

AMORTISATION

At 1 February 2020

and 31 January 2021

41,500

NET BOOK VALUE

At 31 January 2021

-

At 31 January 2020

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 February 2020

and 31 January 2021

250,000

228,858

478,858

DEPRECIATION

At 1 February 2020

-

80,975

80,975

Charge for year

-

50

50

At 31 January 2021

-

81,025

81,025

NET BOOK VALUE

At 31 January 2021

250,000

147,833

397,833

At 31 January 2020

250,000

147,883

397,883

Cost or valuation at 31 January 2021 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2004

25,280

-

25,280

Cost

224,720

228,858

453,578

250,000

228,858

478,858

If Property had not been revalued it would have been included at the following historical cost:

2021

2020

£

£

Cost

224,720

224,720

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 February 2020

23,535

Revaluations

(9,138

)

At 31 January 2021

14,397

NET BOOK VALUE

At 31 January 2021

14,397

At 31 January 2020

23,535

Cost or valuation at 31 January 2021 is represented by:

Other

investments

£

Valuation in 2012

(164,519

)

Valuation in 2013

9,292

Valuation in 2014

13,973

Valuation in 2015

(4,527

)

Valuation in 2016

(2,911

)

Valuation in 2017

(1,417

)

Valuation in 2018

2,287

Valuation in 2019

(5,116

)

Valuation in 2020

(1,569

)

Valuation in 2021

(9,138

)

Cost

178,042

14,397

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2020

444,646

Revaluations

(44,646

)

At 31 January 2021

400,000

NET BOOK VALUE

At 31 January 2021

400,000

At 31 January 2020

444,646

Fair value at 31 January 2021 is represented by:

£

Valuation in 2015

(100,000

)

Valuation in 2021

(44,646

)

Cost

544,646

400,000

If investment property had not been revalued it would have been included at the following historical cost:

2021

2020

£

£

Cost

544,646

544,646

Investment property was valued on an open market basis on 31 January 2021 by the directors .

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

2,277

1,094

Other debtors

30,765

17,748

33,042

18,842

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

69

334

Trade creditors

23,345

35,689

Taxation and social security

12,338

17,443

Other creditors

74,313

62,007

110,065

115,473

10.

RESERVES

Fair

Revaluation

value

reserve

reserve

Totals

£

£

£

At 1 February 2020

25,280

(254,507

)

(229,227

)

Transfer to retained earnings

-

(53,784

)

(53,784

)

At 31 January 2021

25,280

(308,291

)

(283,011

)

11.	PENSION COMMITMENTS

The company operates a defined contribution scheme. Amounts outstanding at the year end relating to the defined contribution pension scheme totalled £250 (2020: £335) are included within trade creditors.

12.	RELATED PARTY DISCLOSURES

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pattersons Of Aberdeen Limited for the year ended 31 January 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Pattersons Of Aberdeen Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pattersons Of Aberdeen Limited and state those matters that we have agreed to state to the Board of Directors of Pattersons Of Aberdeen Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pattersons Of Aberdeen Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Pattersons Of Aberdeen Limited. You consider that Pattersons Of Aberdeen Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pattersons Of Aberdeen Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bain Henry Reid

Chartered Accountants

4 West Craibstone Street

Bon-Accord Square

ABERDEEN

AB11 6YL

19 October 2021