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REGISTERED NUMBER: SC198453 (Scotland)















Unaudited Financial Statements for the Year Ended 30 September 2023

for

Steven R Paterson Ltd

Steven R Paterson Ltd (Registered number: SC198453)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Steven R Paterson Ltd

Company Information
for the Year Ended 30 September 2023







DIRECTORS: Mrs E Tait
S Tait





SECRETARY: Mrs F J G Ross





REGISTERED OFFICE: 10 Crowness Road
Hatston Industrial Estate
Kirkwall
Orkney
KW15 1RG





REGISTERED NUMBER: SC198453 (Scotland)





ACCOUNTANTS: Accounts Direct
Daisybrae
Newburgh
Ellon
Aberdeenshire
AB41 6AJ

Steven R Paterson Ltd (Registered number: SC198453)

Balance Sheet
30 September 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 306,158 377,226
Investments 5 75 75
306,233 377,301

CURRENT ASSETS
Stocks 591,347 491,204
Debtors 6 328,815 587,294
Cash at bank and in hand 448,722 290,030
1,368,884 1,368,528
CREDITORS
Amounts falling due within one year 7 264,716 373,355
NET CURRENT ASSETS 1,104,168 995,173
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,410,401

1,372,474

PROVISIONS FOR LIABILITIES 31,444 31,590
NET ASSETS 1,378,957 1,340,884

CAPITAL AND RESERVES
Called up share capital 175,000 175,000
Retained earnings 1,203,957 1,165,884
1,378,957 1,340,884

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

Steven R Paterson Ltd (Registered number: SC198453)

Balance Sheet - continued
30 September 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 23 February 2024 and were signed on its behalf by:





Mrs E Tait - Director


Steven R Paterson Ltd (Registered number: SC198453)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Steven R 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.

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.

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 has been fully amortised in the current year.

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.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 10% on cost

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 balance sheet date.


Steven R Paterson Ltd (Registered number: SC198453)

Notes to the Financial Statements - continued
for the Year Ended 30 September 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 balance sheet 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.

Pension costs and other post-retirement benefits
The company participates in the Plumbers Pensions Scheme - a multi-employer defined benefit plan, for some of its employees. The director is unable to confirm the company's share of the underlying assets and liabilities of this plan and therefore the plan is accounted for as a defined contribution scheme. This plan is closed to future employees. The company made no further contributions in the year.

All other qualifying employees are being offered the money purchase scheme operated under the autoenrolment regulations. The company contributes the minimum statutory level of 3% of qualifying earnings.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 31 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2022 205,000 982,877 1,187,877
Additions - 7,693 7,693
Disposals - (19,650 ) (19,650 )
At 30 September 2023 205,000 970,920 1,175,920
DEPRECIATION
At 1 October 2022 90,890 719,761 810,651
Charge for year 4,100 68,576 72,676
Eliminated on disposal - (13,565 ) (13,565 )
At 30 September 2023 94,990 774,772 869,762
NET BOOK VALUE
At 30 September 2023 110,010 196,148 306,158
At 30 September 2022 114,110 263,116 377,226

Steven R Paterson Ltd (Registered number: SC198453)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 October 2022
and 30 September 2023 75
NET BOOK VALUE
At 30 September 2023 75
At 30 September 2022 75

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 287,659 569,326
Other debtors 41,156 17,968
328,815 587,294

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Hire purchase contracts - 16,890
Trade creditors 192,089 156,694
Taxation and social security 64,237 117,686
Other creditors 8,390 82,085
264,716 373,355