S W Paterson & Co. Ltd,Ltd - Accounts

S W Paterson & Co. Ltd,Ltd - Accounts

S W PATERSON & CO. LIMITED - Company Information

Print Friendly Version

2014-06-01 true false Private Limited Company SC250073 2015-05-31 SC250073 2014-06-01 2015-05-31 SC250073 2014-05-31 SC250073 2013-06-01 2014-05-31 SC250073 uk-bus:Director1 2014-06-01 2015-05-31 SC250073 uk-gaap:ImprovementsOrDevelopmentAssets 2014-06-01 2015-05-31 SC250073 uk-gaap:PlantMachinery 2014-06-01 2015-05-31 SC250073 uk-gaap:CommercialMotorVehicles 2014-06-01 2015-05-31 SC250073 uk-gaap:WithinOneYear 2015-05-31 SC250073 uk-gaap:WithinOneYear 2014-05-31 SC250073 uk-gaap:AfterOneYear 2015-05-31 SC250073 uk-gaap:AfterOneYear 2014-05-31 iso4217:GBP
S W Paterson & Co. Ltd
For the year ended 31 May 2015
Unaudited Abbreviated Report and Financial Statements
Scotland
Registered Number: SC250073
2
Contents Page
S W Paterson & Co. Ltd
For the year ended 31 May 2015
1
Balance Sheet
2 to 3
Notes to the Abbreviated Financial Statements
3
Abbreviated Balance Sheet
S W Paterson & Co. Ltd
As at 31 May 2015
SC250073
Registered Number :
£
£
2015
Notes
2014
Fixed assets
Tangible assets
2
409,747
472,397
409,747
472,397
Current assets
Stocks
242,535
257,819
Debtors
27,015
37,571
Cash at bank and in hand
82,576
186,619
377,966
456,169
Creditors: amounts falling due within one year
3
(152,779)
(212,424)
303,390
165,542
Net current assets
Total assets less current liabilities
575,289
775,787
Creditors: amounts falling due after more than one year
4
(284,000)
(48,683)
(33,792)
(35,367)
Provisions for liabilities
492,814
Net assets
456,420
Capital and reserves
Called up share capital
2
2
Profit and loss account
492,812
456,418
492,814
456,420
Shareholders funds
For the year ended 31 May 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
2) The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Date approved by the board: 01 December 2015
Mr Colin Paterson Director
Signed on behalf of the board of directors
1 of 3
4
Notes to the Abbreviated Financial Statements
For the year ended 31 May 2015
S W Paterson & Co. Ltd
1 Accounting Policies
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a method giving a constant rate of return on the balance outstanding.
Deferred taxation
Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.Deferred tax assets are only recognised if it is more likely than not that they will be recovered either against future taxable profits or against the reversal of other deferred tax liabilities.
Dividends
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved
by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Property Improvements
10% Straight line
Plant and Machinery
20% Reducing balance
Motor Vehicles
25% Reducing balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and
rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets
and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
2 of 3
5
Notes to the Abbreviated Financial Statements
For the year ended 31 May 2015
S W Paterson & Co. Ltd
Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2 Tangible fixed assets
Tangible fixed
assets
Cost or valuation
£
687,241
At 01 June 2014
6,606
Additions
At 31 May 2015
693,847
Depreciation
214,844
At 01 June 2014
69,256
Charge for year
284,100
At 31 May 2015
Net book values
At 31 May 2015
409,747
472,397
At 31 May 2014
2015
3 Creditors: amounts falling due within one year
£
£
2014
38,586
61,415
Bank loans and overdrafts (secured)
2014
2015
4 Creditors due after more than one year
£
£
48,683
284,000
Bank loans and overdrafts (secured)
3 of 3