T PATERSON JEWELLERS LIMITED

Company Registration Number:
SC457647 (Scotland)

Unaudited statutory accounts for the year ended 31 January 2023

Period of accounts

Start date: 1 February 2022

End date: 31 January 2023

T PATERSON JEWELLERS LIMITED

Contents of the Financial Statements

for the Period Ended 31 January 2023

Balance sheet
Additional notes
Balance sheet notes

T PATERSON JEWELLERS LIMITED

Balance sheet

As at 31 January 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets: 3 360,000 390,000
Tangible assets: 4 9,165 11,639
Total fixed assets: 369,165 401,639
Current assets
Stocks: 5 551,651 474,530
Cash at bank and in hand: 120,918 149,050
Total current assets: 672,569 623,580
Creditors: amounts falling due within one year: 6 ( 207,776 ) ( 291,959 )
Net current assets (liabilities): 464,793 331,621
Total assets less current liabilities: 833,958 733,260
Total net assets (liabilities): 833,958 733,260
Capital and reserves
Called up share capital: 130 130
Profit and loss account: 833,828 733,130
Total Shareholders' funds: 833,958 733,260

The notes form part of these financial statements

T PATERSON JEWELLERS LIMITED

Balance sheet statements

For the year ending 31 January 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 13 October 2023
and signed on behalf of the board by:

Name: Mr D Paterson
Status: Director

The notes form part of these financial statements

T PATERSON JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

    Tangible fixed assets depreciation policy

    Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:Plant and machinery - 10% reducing balanceFixtures, fittings and equipment - 25% reducing balance

    Intangible fixed assets amortisation policy

    Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:Goodwill - over 20 years

    Valuation information and policy

    Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

T PATERSON JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 7 6

T PATERSON JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 February 2022 600,000 600,000
Additions
Disposals
Revaluations
Transfers
At 31 January 2023 600,000 600,000
Amortisation
At 1 February 2022 210,000 210,000
Charge for year 30,000 30,000
On disposals
Other adjustments
At 31 January 2023 240,000 240,000
Net book value
At 31 January 2023 360,000 360,000
At 31 January 2022 390,000 390,000

T PATERSON JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 February 2022 30,629 30,629
Additions 295 295
Disposals
Revaluations
Transfers
At 31 January 2023 30,924 30,924
Depreciation
At 1 February 2022 18,990 18,990
Charge for year 2,769 2,769
On disposals
Other adjustments
At 31 January 2023 21,759 21,759
Net book value
At 31 January 2023 9,165 9,165
At 31 January 2022 11,639 11,639

T PATERSON JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2023

5. Stocks

2023 2022
£ £
Stocks 551,651 474,530
Total 551,651 474,530

T PATERSON JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 21,673 31,637
Taxation and social security 26,581 50,472
Accruals and deferred income 1,571 1,375
Other creditors 157,951 208,475
Total 207,776 291,959