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REGISTERED NUMBER: SC422646 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

K & I PATERSON LTD.

K & I PATERSON LTD. (REGISTERED NUMBER: SC422646)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 11

K & I PATERSON LTD.

COMPANY INFORMATION
for the Year Ended 31 August 2023







DIRECTORS: K I Paterson
I Paterson
Mrs C Paterson
Mrs S Paterson





REGISTERED OFFICE: The Crossroads
Lumphanan
By Banchory
Aberdeenshire
AB31 4RH





REGISTERED NUMBER: SC422646 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

K & I PATERSON LTD. (REGISTERED NUMBER: SC422646)

STATEMENT OF FINANCIAL POSITION
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 204,014 177,536
Investment property 6 37,305 37,305
241,319 214,841

CURRENT ASSETS
Stocks 24,906 24,185
Debtors 7 41,516 28,814
Cash at bank and in hand 111,225 113,199
177,647 166,198
CREDITORS
Amounts falling due within one year 8 172,564 195,435
NET CURRENT ASSETS/(LIABILITIES) 5,083 (29,237 )
TOTAL ASSETS LESS CURRENT LIABILITIES 246,402 185,604

CREDITORS
Amounts falling due after more than one year 9 (96,458 ) (84,389 )

PROVISIONS FOR LIABILITIES (32,236 ) (18,886 )
NET ASSETS 117,708 82,329

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 117,608 82,229
SHAREHOLDERS' FUNDS 117,708 82,329

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps 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 Sections 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.

K & I PATERSON LTD. (REGISTERED NUMBER: SC422646)

STATEMENT OF FINANCIAL POSITION - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2024 and were signed on its behalf by:





Mrs C Paterson - Director


K & I PATERSON LTD. (REGISTERED NUMBER: SC422646)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

K & I Paterson Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.

Freehold property- 2% on cost
Improvements to property- 10% reducing balance
Plant and machinery- 25% reducing balance
Fixtures and fittings- 25% reducing balance
Motor vehicles- 25% reducing balance
Computer equipment- 33% reducing balance

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


K & I PATERSON LTD. (REGISTERED NUMBER: SC422646)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued
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.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.

Basic financial liabilities
Basic financial liabilities, which include trade and other creditors and bank loans, are measured at transaction price.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 66,580
AMORTISATION
At 1 September 2022
and 31 August 2023 66,580
NET BOOK VALUE
At 31 August 2023 -
At 31 August 2022 -

K & I PATERSON LTD. (REGISTERED NUMBER: SC422646)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 September 2022 56,063 96,249 86,085
Additions - 2,892 10,779
Disposals - (2,128 ) (8,300 )
At 31 August 2023 56,063 97,013 88,564
DEPRECIATION
At 1 September 2022 6,728 51,032 47,641
Charge for year 1,121 4,855 10,548
Eliminated on disposal - (337 ) (6,915 )
At 31 August 2023 7,849 55,550 51,274
NET BOOK VALUE
At 31 August 2023 48,214 41,463 37,290
At 31 August 2022 49,335 45,217 38,444

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2022 7,697 96,782 6,359 349,235
Additions 931 60,824 1,713 77,139
Disposals (1,069 ) (34,414 ) - (45,911 )
At 31 August 2023 7,559 123,192 8,072 380,463
DEPRECIATION
At 1 September 2022 5,319 56,501 4,478 171,699
Charge for year 662 19,443 949 37,578
Eliminated on disposal (777 ) (24,799 ) - (32,828 )
At 31 August 2023 5,204 51,145 5,427 176,449
NET BOOK VALUE
At 31 August 2023 2,355 72,047 2,645 204,014
At 31 August 2022 2,378 40,281 1,881 177,536

K & I PATERSON LTD. (REGISTERED NUMBER: SC422646)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2022 62,691
Additions 52,998
Disposals (16,999 )
Transfer to ownership (22,693 )
At 31 August 2023 75,997
DEPRECIATION
At 1 September 2022 31,179
Charge for year 16,534
Eliminated on disposal (10,696 )
Transfer to ownership (17,757 )
At 31 August 2023 19,260
NET BOOK VALUE
At 31 August 2023 56,737
At 31 August 2022 31,512

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022
and 31 August 2023 37,305
NET BOOK VALUE
At 31 August 2023 37,305
At 31 August 2022 37,305

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2017 11,240
Valuation in 2020 (11,240 )
Cost 37,305
37,305

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 21,337 21,771
Other debtors 20,179 7,043
41,516 28,814

K & I PATERSON LTD. (REGISTERED NUMBER: SC422646)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 14,371 15,180
Hire purchase contracts (see note 10) 15,245 13,101
Trade creditors 20,270 53,739
Taxation and social security 32,615 24,456
Other creditors 90,063 88,959
172,564 195,435

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 56,030 66,517
Hire purchase contracts (see note 10) 40,428 17,872
96,458 84,389

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 11,557

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 15,245 13,101
Between one and five years 40,428 17,872
55,673 30,973

Non-cancellable operating leases
2023 2022
£    £   
Within one year 433 577
Between one and five years - 433
433 1,010

K & I PATERSON LTD. (REGISTERED NUMBER: SC422646)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 70,401 81,697

A standard security applies over the property known as The Crossroads Hotel, Lumphanan in favour of the Bank of Scotland plc. There is also a floating charge which covers all the property or undertaking of the company.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
70 Ordinary £1 70 70
30 Ordinary B £1 30 30
100 100

13. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 17,928 -

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2023 and 31 August 2022:

2023 2022
£    £   
K I Paterson
Balance outstanding at start of year (26,940 ) (22,828 )
Amounts advanced 12,903 2,008
Amounts repaid (14 ) (6,120 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (14,051 ) (26,940 )

Mrs C Paterson
Balance outstanding at start of year (38,166 ) (33,785 )
Amounts advanced 14,543 1,739
Amounts repaid - (6,120 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (23,623 ) (38,166 )

K & I PATERSON LTD. (REGISTERED NUMBER: SC422646)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

I Paterson
Balance outstanding at start of year (826 ) (2,222 )
Amounts advanced 207 1,437
Amounts repaid (190 ) (41 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (809 ) (826 )

Mrs S Paterson
Balance outstanding at start of year (2,525 ) (4,007 )
Amounts advanced 27 1,482
Amounts repaid (228 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,726 ) (2,525 )

The loans are interest free and there are no fixed repayment terms.

15. ULTIMATE CONTROLLING PARTY

I Paterson and S Paterson are deemed to be the ultimate controlling parties.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
K & I PATERSON LTD.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of K & I Paterson Ltd. for the year ended 31 August 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of K & I Paterson Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of K & I Paterson Ltd. and state those matters that we have agreed to state to the Board of Directors of K & I Paterson Ltd., as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that K & I Paterson Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of K & I Paterson Ltd.. You consider that K & I Paterson Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of K & I Paterson Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


5 February 2024