Registered Number:SC250073 |
For the year ended 31 May 2018
Scotland
Unaudited Financial Statements
For the year ended 31 May 2018
S W Paterson & Co. Ltd
Contents Page
1
Statement of Financial Position
2 to 3
Notes to the Financial Statements
S W Paterson & Co. Ltd
Statement of Financial Position
2017
2018
Property, plant and equipment |
315,331
344,540
2
315,331
344,540
223,021
204,715
3
Trade and other receivables |
119,906
26,322
4
121,519
Cash and cash equivalents |
333,275
564,312
464,446
Trade and other payables: amounts falling due within one |
year |
(244,752)
(271,632)
5
219,694
292,680
Net current assets
Total assets less current liabilities |
608,011
564,234
(33,737)
(33,218)
Provisions for liabilities |
574,274
Net assets
531,016
2
2
574,272
531,014
574,274
531,016
Shareholders' funds
For the year ended 31 May 2018 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 in accordance with Section 476 of the Companies Act 2006 |
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
Mr Colin Paterson Director |
These financial statements were approved and authorised for issue by the Board on 12 October 2018 and were signed by: |
The notes form part of these financial statements |
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For the year ended 31 May 2018
S W Paterson & Co. Ltd
Notes to the Financial Statements
Statutory Information
S W Paterson & Co. Ltd is a private limited company, limited by shares, domiciled in Scotland, registration number |
SC250073. |
Nessbreck
Harray
Orkney
KW17 2LQ
The presentation currency is £ sterling. |
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the |
Companies Act 2006. The financial statements have been prepared under the historical costs convention as |
modified by the revaluation of certain assets. |
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. |
Property, plant and equipment
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
Plant and machinery
Motor vehicles
Inventories
Stocks 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. |
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. 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. |
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For the year ended 31 May 2018
S W Paterson & Co. Ltd
Notes to the Financial Statements Continued
2. Property, plant and equipment |
Motor vehicles
720,961
2,200
585,817
132,944
13,500
-
13,500
-
132,944
599,317
2,200
734,461
Provision for depreciation and impairment |
376,421
2,030
321,214
53,177
Charge for year
42,709
42
29,373
13,294
419,130
2,072
350,587
66,471
66,473
248,730
128
315,331
79,767
264,603
170
344,540
2017
2018
204,715
223,021
4. Trade and other receivables |
2017
2018
12,726
107,922
13,596
11,984
119,906
26,322
5. Trade and other payables: amounts falling due within one year |
2017
2018
14,350
9,147
Taxation and social security |
20,134
18,379
237,148
217,226
271,632
244,752
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