T PATERSON JEWELLERS LIMITED

Company Registration Number:
SC457647 (Scotland)

Unaudited statutory accounts for the year ended 31 January 2024

Period of accounts

Start date: 1 February 2023

End date: 31 January 2024

T PATERSON JEWELLERS LIMITED

Contents of the Financial Statements

for the Period Ended 31 January 2024

Balance sheet
Additional notes
Balance sheet notes

T PATERSON JEWELLERS LIMITED

Balance sheet

As at 31 January 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets: 3 330,000 360,000
Tangible assets: 4 92,537 9,165
Total fixed assets: 422,537 369,165
Current assets
Stocks: 5 603,339 551,651
Debtors: 6 1,800
Cash at bank and in hand: 18,488 120,918
Total current assets: 623,627 672,569
Creditors: amounts falling due within one year: 7 ( 159,430 ) ( 207,776 )
Net current assets (liabilities): 464,197 464,793
Total assets less current liabilities: 886,734 833,958
Total net assets (liabilities): 886,734 833,958
Capital and reserves
Called up share capital: 130 130
Profit and loss account: 886,604 833,828
Total Shareholders' funds: 886,734 833,958

The notes form part of these financial statements

T PATERSON JEWELLERS LIMITED

Balance sheet statements

For the year ending 31 January 2024 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 16 July 2024
and signed on behalf of the board by:

Name: Mr Derek S 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 2024

  • 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 over their estimated useful lives, as follows: Plant and machinery - 10% reducing balance Fixtures, fittings and equipment - 25% reducing balance

    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 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 7 7

T PATERSON JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 February 2023 600,000 600,000
Additions
Disposals
Revaluations
Transfers
At 31 January 2024 600,000 600,000
Amortisation
At 1 February 2023 240,000 240,000
Charge for year 30,000 30,000
On disposals
Other adjustments
At 31 January 2024 270,000 270,000
Net book value
At 31 January 2024 330,000 330,000
At 31 January 2023 360,000 360,000

T PATERSON JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 February 2023 30,924 0 30,924
Additions 2,868 111,092 113,960
Disposals
Revaluations
Transfers
At 31 January 2024 33,792 111,092 144,884
Depreciation
At 1 February 2023 21,759 0 21,759
Charge for year 2,815 27,773 30,588
On disposals
Other adjustments
At 31 January 2024 24,574 27,773 52,347
Net book value
At 31 January 2024 9,218 83,319 92,537
At 31 January 2023 9,165 0 9,165

T PATERSON JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

5. Stocks

2024 2023
£ £
Stocks 603,339 551,651
Total 603,339 551,651

T PATERSON JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

6. Debtors

2024 2023
£ £
Other debtors 1,800
Total 1,800

T PATERSON JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

7. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 7,388
Trade creditors 11,523 21,673
Taxation and social security 17,509 26,581
Accruals and deferred income 4,335 1,571
Other creditors 118,675 157,951
Total 159,430 207,776