S W Paterson & Co. Ltd,Ltd - Accounts

S W Paterson & Co. Ltd,Ltd - Accounts

S W PATERSON & CO. LIMITED - Company Information

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2015-06-01 true false Private Limited Company SC250073 2016-05-31 SC250073 2015-06-01 2016-05-31 SC250073 2015-05-31 SC250073 2014-06-01 2015-05-31 SC250073 uk-bus:Director1 2015-06-01 2016-05-31 SC250073 uk-gaap:ImprovementsOrDevelopmentAssets 2015-06-01 2016-05-31 SC250073 uk-gaap:PlantMachinery 2015-06-01 2016-05-31 SC250073 uk-gaap:CommercialMotorVehicles 2015-06-01 2016-05-31 SC250073 uk-gaap:WithinOneYear 2016-05-31 SC250073 uk-gaap:WithinOneYear 2015-05-31 SC250073 uk-gaap:AfterOneYear 2016-05-31 SC250073 uk-gaap:AfterOneYear 2015-05-31 iso4217:GBP
S W Paterson & Co. Ltd
For the year ended 31 May 2016
Unaudited Abbreviated Report and Financial Statements
Scotland
Registered Number: SC250073
2
Contents Page
S W Paterson & Co. Ltd
For the year ended 31 May 2016
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 2016
SC250073
Registered Number :
£
£
2016
Notes
2015
Fixed assets
Tangible assets
2
386,652
409,747
386,652
409,747
Current assets
Stocks
257,819
214,785
Debtors
37,571
33,971
Cash at bank and in hand
107,635
82,576
356,391
377,966
Creditors: amounts falling due within one year
3
(212,424)
(210,760)
165,542
145,631
Net current assets
Total assets less current liabilities
532,283
575,289
Creditors: amounts falling due after more than one year
4
(48,683)
-
(36,671)
(33,792)
Provisions for liabilities
495,612
Net assets
492,814
Capital and reserves
Called up share capital
-
2
Profit and loss account
495,612
492,812
495,612
492,814
Shareholders funds
For the year ended 31 May 2016 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: 16 November 2016
Mr Colin Paterson Director
Signed on behalf of the board of directors
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4
Notes to the Abbreviated Financial Statements
S W Paterson & Co. Ltd
For the year ended 31 May 2016
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.
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5
Notes to the Abbreviated Financial Statements
S W Paterson & Co. Ltd
For the year ended 31 May 2016
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
£
693,847
At 01 June 2015
26,600
Additions
At 31 May 2016
720,447
Depreciation
284,100
At 01 June 2015
49,695
Charge for year
333,795
At 31 May 2016
Net book values
At 31 May 2016
386,652
409,747
At 31 May 2015
2016
3 Creditors: amounts falling due within one year
£
£
2015
-
38,586
Bank loans and overdrafts (secured)
2015
2016
4 Creditors due after more than one year
£
£
-
48,683
Bank loans and overdrafts (secured)
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