George Paton Sales Limited SC620593 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is an electrical sales agent. Digita Accounts Production Advanced 6.30.9574.0 true SC620593 2023-03-01 2024-02-29 SC620593 2024-02-29 SC620593 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC620593 core:ShareCapital 2024-02-29 SC620593 core:CurrentFinancialInstruments 2024-02-29 SC620593 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 SC620593 core:FurnitureFittingsToolsEquipment 2024-02-29 SC620593 core:MotorVehicles 2024-02-29 SC620593 bus:SmallEntities 2023-03-01 2024-02-29 SC620593 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC620593 bus:FilletedAccounts 2023-03-01 2024-02-29 SC620593 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 SC620593 bus:RegisteredOffice 2023-03-01 2024-02-29 SC620593 bus:CompanySecretaryDirector1 2023-03-01 2024-02-29 SC620593 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC620593 core:ComputerEquipment 2023-03-01 2024-02-29 SC620593 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 SC620593 core:MotorCars 2023-03-01 2024-02-29 SC620593 core:MotorVehicles 2023-03-01 2024-02-29 SC620593 countries:Scotland 2023-03-01 2024-02-29 SC620593 2023-02-28 SC620593 core:FurnitureFittingsToolsEquipment 2023-02-28 SC620593 core:MotorVehicles 2023-02-28 SC620593 2022-03-01 2023-02-28 SC620593 2023-02-28 SC620593 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC620593 core:ShareCapital 2023-02-28 SC620593 core:CurrentFinancialInstruments 2023-02-28 SC620593 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 SC620593 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-02-28 SC620593 core:CurrentFinancialInstruments core:PreviouslyStatedAmount 2023-02-28 SC620593 core:FurnitureFittingsToolsEquipment 2023-02-28 SC620593 core:MotorVehicles 2023-02-28 SC620593 core:PreviouslyStatedAmount 2023-02-28 iso4217:GBP xbrli:pure

Registration number: SC620593

George Paton Sales Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

George Paton Sales Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

George Paton Sales Limited

(Registration number: SC620593)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

28,976

49,815

Current assets

 

Debtors

5

33,820

48,186

Cash at bank and in hand

 

-

8,621

 

33,820

56,807

Creditors: Amounts falling due within one year

6

(28,051)

(30,699)

Net current assets

 

5,769

26,108

Net assets

 

34,745

75,923

Capital and reserves

 

Called up share capital

100

100

Retained earnings

34,645

75,823

Shareholders' funds

 

34,745

75,923

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 November 2024 and signed on its behalf by:
 

.........................................
George Wilson Paton
Company secretary and director

 

George Paton Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
14-15 Main Street
Longniddry
East Lothian
EH32 0NF

These financial statements were authorised for issue by the Board on 6 November 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 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.

Tax

The tax expense for the period comprises current 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.

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.

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.

 

George Paton Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Motor cars

25% reducing balance

Computer equipment

33.33% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

George Paton Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 directors) during the year, was 6 (2023 - 6).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

7,224

84,606

91,830

Disposals

-

(18,738)

(18,738)

At 29 February 2024

7,224

65,868

73,092

Depreciation

At 1 March 2023

6,006

36,009

42,015

Charge for the year

785

9,514

10,299

Eliminated on disposal

-

(8,198)

(8,198)

At 29 February 2024

6,791

37,325

44,116

Carrying amount

At 29 February 2024

433

28,543

28,976

At 28 February 2023

1,218

48,597

49,815

5

Debtors

Current

2024
£

2023
£

Trade debtors

32,361

48,186

Other debtors

1,459

-

 

33,820

48,186

 

George Paton Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

3,265

-

Taxation and social security

 

17,579

25,141

Other creditors

 

7,160

5,472

Directors loan

 

47

86

 

28,051

30,699

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

3,265

-