Company registration number SC075276 (Scotland)
P. J. PATTULLO & COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
P. J. PATTULLO & COMPANY LIMITED
COMPANY INFORMATION
Directors
Mrs A J Pattullo
Mr D G Pattullo
Mrs P M Pattullo
Mr J D Pattullo
(Appointed 6 April 2023)
Secretary
Mrs P M Pattullo
Company number
SC075276
Registered office
Pitskelly
Carnoustie
ANGUS
Scotland
DD7 7RH
Accountants
MMG Chartered Accountants
Chapelshade House
78-84 Bell Street
Dundee
Scotland
DD1 1RQ
P. J. PATTULLO & COMPANY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
P. J. PATTULLO & COMPANY LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF P. J. PATTULLO & COMPANY LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P. J. Pattullo & Company Limited for the year ended 31 January 2024 set out on pages 2 to 8 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of P. J. Pattullo & Company Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of P. J. Pattullo & Company Limited and state those matters that we have agreed to state to the Board of Directors of P. J. Pattullo & Company Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P. J. Pattullo & Company Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that P. J. Pattullo & Company Limited 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 loss of P. J. Pattullo & Company Limited. You consider that P. J. Pattullo & Company Limited 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 P. J. Pattullo & Company Limited. 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.

MMG Chartered Accountants
29 October 2024
Chapelshade House
78-84 Bell Street
Dundee
Scotland
DD1 1RQ
P. J. PATTULLO & COMPANY LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
137,887
107,123
Current assets
Stocks
23,218
32,466
Debtors
4
225,397
243,007
Cash at bank and in hand
-
0
28,116
248,615
303,589
Creditors: amounts falling due within one year
5
(230,009)
(247,277)
Net current assets
18,606
56,312
Total assets less current liabilities
156,493
163,435
Creditors: amounts falling due after more than one year
6
(6,449)
(12,966)
Provisions for liabilities
(24,384)
(12,197)
Net assets
125,660
138,272
Capital and reserves
Called up share capital
7
10,000
10,000
Profit and loss reserves
115,660
128,272
Total equity
125,660
138,272
P. J. PATTULLO & COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
Mr D G Pattullo
Director
Company registration number SC075276 (Scotland)
P. J. PATTULLO & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information

P. J. Pattullo & Company Limited is a private company limited by shares incorporated in Scotland. The registered office is Pitskelly, Carnoustie, ANGUS, Scotland, DD7 7RH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property improvements
10% on cost
Implements
25% on reducing balance
Computers
33% on reducing balance
Motor vehicles
25% on reducing balance
Solar Panels
25% on reducing balance
Biomass boiler
10% on reducing balance

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.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

P. J. PATTULLO & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and 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.

Classification of financial liabilities

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 liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

P. J. PATTULLO & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
3
P. J. PATTULLO & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
3
Tangible fixed assets
Property improvements
Implements
Computers
Motor vehicles
Solar Panels
Biomass boiler
Total
£
£
£
£
£
£
£
Cost
At 1 February 2023
46,166
124,922
853
117,054
19,000
23,665
331,660
Additions
-
0
4,200
-
0
-
0
46,247
-
0
50,447
At 31 January 2024
46,166
129,122
853
117,054
65,247
23,665
382,107
Depreciation and impairment
At 1 February 2023
43,766
110,581
656
35,845
15,200
18,489
224,537
Depreciation charged in the year
600
2,034
66
8,138
6,525
2,320
19,683
At 31 January 2024
44,366
112,615
722
43,983
21,725
20,809
244,220
Carrying amount
At 31 January 2024
1,800
16,507
131
73,071
43,522
2,856
137,887
At 31 January 2023
2,400
14,341
197
81,209
3,800
5,176
107,123
P. J. PATTULLO & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
3,250
-
0
Other debtors
222,147
243,007
225,397
243,007
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,338
22,947
Trade creditors
917
3,462
Corporation tax
-
0
12,496
Other taxation and social security
10,466
4,358
Other creditors
214,288
204,014
230,009
247,277
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
6,449
12,966
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
10,000
10,000
10,000
10,000
8
ULTIMATE CONTROLLING PARTY

The company is wholly owned and controlled by the directors.

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