Patton Wallpapers (Coleraine) Limited NI029191 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of retailing wallpaper, paints and soft furnishings Digita Accounts Production Advanced 6.30.9574.0 true NI029191 2023-01-01 2023-12-31 NI029191 2023-12-31 NI029191 bus:OrdinaryShareClass1 2023-12-31 NI029191 core:CurrentFinancialInstruments 2023-12-31 NI029191 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI029191 core:FurnitureFittingsToolsEquipment 2023-12-31 NI029191 core:LandBuildings 2023-12-31 NI029191 core:MotorVehicles 2023-12-31 NI029191 bus:SmallEntities 2023-01-01 2023-12-31 NI029191 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI029191 bus:FullAccounts 2023-01-01 2023-12-31 NI029191 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI029191 bus:RegisteredOffice 2023-01-01 2023-12-31 NI029191 bus:Director1 2023-01-01 2023-12-31 NI029191 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 NI029191 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI029191 core:FurnitureFittings 2023-01-01 2023-12-31 NI029191 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI029191 core:LandBuildings 2023-01-01 2023-12-31 NI029191 core:MotorVehicles 2023-01-01 2023-12-31 NI029191 countries:NorthernIreland 2023-01-01 2023-12-31 NI029191 2022-12-31 NI029191 core:FurnitureFittingsToolsEquipment 2022-12-31 NI029191 core:LandBuildings 2022-12-31 NI029191 core:MotorVehicles 2022-12-31 NI029191 2022-01-01 2022-12-31 NI029191 2022-12-31 NI029191 bus:OrdinaryShareClass1 2022-12-31 NI029191 core:CurrentFinancialInstruments 2022-12-31 NI029191 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 NI029191 core:FurnitureFittingsToolsEquipment 2022-12-31 NI029191 core:LandBuildings 2022-12-31 NI029191 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI029191

Patton Wallpapers (Coleraine) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Patton Wallpapers (Coleraine) Limited

(Registration number: NI029191)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

131,740

156,205

Current assets

 

Stocks

5

96,569

102,007

Debtors

6

63,305

348,101

Cash at bank and in hand

 

817,958

656,872

 

977,832

1,106,980

Creditors: Amounts falling due within one year

7

(100,523)

(204,415)

Net current assets

 

877,309

902,565

Total assets less current liabilities

 

1,009,049

1,058,770

Provisions for liabilities

-

(1,982)

Net assets

 

1,009,049

1,056,788

Capital and reserves

 

Called up share capital

9

10,000

10,000

Share premium reserve

20,000

20,000

Retained earnings

979,049

1,026,788

Shareholders' funds

 

1,009,049

1,056,788

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Patton Wallpapers (Coleraine) Limited

(Registration number: NI029191)
Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 February 2024
 

.........................................
Mr Michael David Patton
Director

 

Patton Wallpapers (Coleraine) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: Bushmills Road, Coleraine, County Londonderry, BT52 2BP.

These financial statements were authorised for issue by the director on 9 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of the goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts. Revenue from the sale of goods is recognised at the point of delivery and customer acceptance. Revenue from the rendering of services is recognised on completion of the service provision, at which point the Company has generated a right to consideration.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Patton Wallpapers (Coleraine) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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:

Asset class

Depreciation method and rate

Leasehold land and buildings

4% straight line basis

Fixtures and fittings

20% straight line basis

Motor vehicles

20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

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.

 

Patton Wallpapers (Coleraine) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2022 - 7).

 

Patton Wallpapers (Coleraine) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

542,661

171,951

16,377

730,989

At 31 December 2023

542,661

171,951

16,377

730,989

Depreciation

At 1 January 2023

421,670

146,169

6,944

574,783

Charge for the year

14,192

8,387

1,887

24,466

At 31 December 2023

435,862

154,556

8,831

599,249

Carrying amount

At 31 December 2023

106,799

17,395

7,546

131,740

At 31 December 2022

120,991

25,781

9,433

156,205

Included within the net book value of land and buildings above is £106,799 (2022 - £120,991) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

96,569

102,007

6

Debtors

Current

2023
£

2022
£

Trade debtors

58,875

45,991

Prepayments

4,430

2,110

Other debtors

-

300,000

 

63,305

348,101

 

Patton Wallpapers (Coleraine) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

5,152

26,891

Taxation and social security

46,760

45,033

Accruals and deferred income

16,484

21,734

Other creditors

32,127

110,757

100,523

204,415

8

Related party transactions

At the year end the Company owed the director £11,775 (2022: £63,581). No interest has been charged on the outstanding balance.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

20,000

20,000

20,000

20,000