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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2013-06-01 true false Private Limited Company SC250073 2014-05-31 SC250073 2013-06-01 2014-05-31 SC250073 2013-05-31 SC250073 2012-06-01 2013-05-31 SC250073 uk-bus:Director1 2013-06-01 2014-05-31 SC250073 uk-gaap:ImprovementsOrDevelopmentAssets 2013-06-01 2014-05-31 SC250073 uk-gaap:PlantMachinery 2013-06-01 2014-05-31 SC250073 uk-gaap:CommercialMotorVehicles 2013-06-01 2014-05-31 SC250073 uk-gaap:WithinOneYear 2014-05-31 SC250073 uk-gaap:WithinOneYear 2013-05-31 SC250073 uk-gaap:AfterOneYear 2014-05-31 SC250073 uk-gaap:AfterOneYear 2013-05-31 iso4217:GBP
S W Paterson & Co. Ltd
For the year ended 31 May 2014
Unaudited Abbreviated Report and Financial Statements
Scotland
Registered Number: SC250073
2
Contents Page
S W Paterson & Co. Ltd
For the year ended 31 May 2014
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 2014
SC250073
Registered Number :
£
£
2014
Notes
2013
Fixed assets
Tangible assets
2
472,397
483,412
472,397
483,412
Current assets
Stocks
259,529
242,535
Debtors
163,591
27,015
Cash at bank and in hand
186,619
91,034
456,169
514,154
Creditors: amounts falling due within one year
3
(106,218)
(152,779)
407,936
303,390
Net current assets
Total assets less current liabilities
775,787
891,348
Creditors: amounts falling due after more than one year
4
(471,550)
(284,000)
(35,367)
(23,507)
Provisions for liabilities
456,420
Net assets
396,291
Capital and reserves
Called up share capital
2
2
Profit and loss account
456,418
396,289
456,420
396,291
Shareholders funds
For the year ended 31 May 2014 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: 06 November 2014
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 2014
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 2014
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
£
673,341
At 01 June 2013
51,500
Additions
(37,600)
Disposals
At 31 May 2014
687,241
Depreciation
189,929
At 01 June 2013
(25,278)
Disposals
50,193
Charge for year
214,844
At 31 May 2014
Net book values
At 31 May 2014
472,397
483,412
At 31 May 2013
2014
3 Creditors: amounts falling due within one year
£
£
2013
61,415
60,639
Bank loans and overdrafts (secured)
2013
2014
4 Creditors due after more than one year
£
£
284,000
156,455
Bank loans and overdrafts (secured)
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