Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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1,771,326 | 1,491,341 | |||
Current assets | ||||
Stocks | 7 |
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Debtors | ||||
- due within one year | 8 |
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- due after more than one year | 8 |
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Cash at bank and in hand | 9 |
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1,768,868 | 1,858,350 | |||
Creditors: amounts falling due within one year | 10 | (
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Net current assets | 805,288 | 946,615 | ||
Total assets less current liabilities | 2,576,614 | 2,437,956 | ||
Creditors: amounts falling due after more than one year | 11 | (
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Provision for liabilities | 12, 13 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 14 |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of Elder & Paton (Perth) Limited (registered number:
Mr P Paton
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Elder & Paton (Perth) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Arran Road, North Muirton, PH1 3DZ, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Prior period adjustments have been recognised in the comparative period ended 28 February 2023. Information in relation to the correction and restatement of opening balances of assets and equity are included at note 2.
Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Goodwill |
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Land and buildings |
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Plant and machinery etc. | 15 -
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under hire purchase contracts, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Non-financial assets
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.
Prior period adjustments have been recognised in the comparative period ended 28 February 2023. During the preparation of the period ended 29 February 2024 accounts, it was identified that two ordinary shares that were previously thought to have been converted into A & B shares had not been cancelled so the comparatives in the financial statements have been re-stated to introduce these shares.
As previously reported | Adjustment | As restated | ||||
Year ended 28 February 2023 | £ | £ | £ | |||
Debtors - due within one year | 670,128 | 2 | 670,130 | |||
Called-up share capital | 2 | 2 | 4 |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 March 2023 |
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At 29 February 2024 |
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Accumulated amortisation | |||
At 01 March 2023 |
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Charge for the financial year |
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At 29 February 2024 |
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Net book value | |||
At 29 February 2024 |
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At 28 February 2023 |
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Land and buildings | Plant and machinery etc. | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 March 2023 |
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Additions |
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At 29 February 2024 |
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Accumulated depreciation | |||||
At 01 March 2023 |
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Charge for the financial year |
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At 29 February 2024 |
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Net book value | |||||
At 29 February 2024 |
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At 28 February 2023 |
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Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 March 2023 |
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At 29 February 2024 |
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Carrying value at 29 February 2024 |
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Carrying value at 28 February 2023 |
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2024 | 2023 | ||
£ | £ | ||
Stocks |
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Work in progress |
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2024 | 2023 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Trade debtors |
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Amounts owed by connected persons (note 15) |
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Other debtors |
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Debtors: amounts falling due after more than one year | |||
Amounts owed by Group undertakings (note 15) |
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Amounts owed by related parties (note 15) |
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2024 | 2023 | ||
£ | £ | ||
Cash at bank and in hand |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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Also included in bank loans are amounts advanced to the company under the bounce back loan scheme of £10,183 (2023 - £9,932). This loan is covered by a government backed guarantee.
Net obligations under hire purchase contracts are secured over the related assets.
2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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Also included in bank loans are amounts advanced to the company under the bounce back loan scheme of £13,091 (2023 - £23,274). This loan is covered by a government backed guarantee.
Net obligations under hire purchase contracts are secured over the related assets.
Amounts repayable after more than 5 years are included in creditors falling due over one year:
2024 | 2023 | ||
£ | £ | ||
Bank loans (repayable by instalments) |
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2024 | 2023 | ||
£ | £ | ||
Deferred tax |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Statement of Income and Retained Earnings | (
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At the end of financial year | (
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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4 | 4 |
Transactions with related parties or connected persons
Amounts owed by connected persons
2024 | 2023 | ||
£ | £ | ||
Loan |
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Advances were made in this period to the shareholder totalling £172,938 and £160,370 was repaid. Interest of £2,122 was charged at HMRC's official interest rate of 2.25%. This loan is unsecured and has no fixed terms of repayment.
Amounts owed by related parties
2024 | 2023 | ||
£ | £ | ||
Other related parties |
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The balance noted above is a combination of trading and cash movements between related parties. This balance is unsecured and interest free.
Transactions with the entity’s director (or members of its governing body)
Amounts owed by director
2024 | 2023 | ||
£ | £ | ||
Loan |
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Advances were made in this period to the director totalling £111,687 and £120,696 was repaid. Interest of £3,484 was charged at HMRC's official interest rate of 2.25%. This loan is unsecured and has no fixed terms of repayment.