S W Paterson & Co Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC250073 (Scotland)

Unaudited Financial Statements for the Year Ended 31 May 2022

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

439,754

378,577

CURRENT ASSETS

Stocks

269,100

262,139

Debtors

5

82,373

26,692

Investments

6

1,370

1,370

Cash at bank

213,561

439,205

566,404

729,406

CREDITORS

Amounts falling due within one year

7

309,283

280,490

NET CURRENT ASSETS

257,121

448,916

TOTAL ASSETS LESS CURRENT LIABILITIES

696,875

827,493

PROVISIONS FOR LIABILITIES

80,893

66,196

NET ASSETS

615,982

761,297

CAPITAL AND RESERVES

Called up share capital

-

2

Retained earnings

615,982

761,295

615,982

761,297

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 21 November 2022 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.

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 3 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2021

801,645

Additions

163,368

Disposals

(45,590

)

At 31 May 2022

919,423

DEPRECIATION

At 1 June 2021

423,068

Charge for year

95,900

Eliminated on disposal

(39,299

)

At 31 May 2022

479,669

NET BOOK VALUE

At 31 May 2022

439,754

At 31 May 2021

378,577

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Trade debtors

66,541

16,346

Other debtors

15,832

10,346

82,373

26,692

6.	CURRENT ASSET INVESTMENTS

31.5.22

31.5.21

£

£

Unlisted investments

1,370

1,370

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Bank loans and overdrafts

1,176

-

Trade creditors

9,359

7,865

Taxation and social security

767

701

Other creditors

297,981

271,924

309,283

280,490