Registered number
08391361
Pater Ltd
Filleted Accounts
29 February 2024
Pater Ltd
Registered number: 08391361
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 24,248 182,878
Current assets
Stocks 52,000 52,000
Debtors 4 1,192 37,101
Cash at bank and in hand 155,971 89,028
209,163 178,129
Creditors: amounts falling due within one year 5 (102,550) (160,981)
Net current assets 106,613 17,148
Total assets less current liabilities 130,861 200,026
Creditors: amounts falling due after more than one year 6 (14,273) (98,009)
Provisions for liabilities (4,682) -
Net assets 111,906 102,017
Capital and reserves
Called up share capital 1 1
Profit and loss account 111,905 102,016
Shareholder's funds 111,906 102,017
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Martin
Director
Approved by the board on 25 November 2024
Pater Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Not depreciated
Plant and machinery over 5-10 years
Fixtures, fittings, tools and equipment over 3-5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against future taxable profits. Current tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 180,107 11,814 4,000 195,921
Additions - - 29,559 29,559
Disposals (180,107) - - (180,107)
At 29 February 2024 - 11,814 33,559 45,373
Depreciation
At 1 March 2023 - 10,730 2,313 13,043
Charge for the year - 270 7,812 8,082
At 29 February 2024 - 11,000 10,125 21,125
Net book value
At 29 February 2024 - 814 23,434 24,248
At 28 February 2023 180,107 1,084 1,687 182,878
4 Debtors 2024 2023
£ £
Trade debtors 1,192 747
Other debtors - 36,354
1,192 37,101
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 76,007 79,663
Trade creditors 2,086 5,967
Taxation and social security costs 17,768 28,212
Other creditors 6,689 47,139
102,550 160,981
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,273 98,009
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans - 84,504
The secured loan was a mortgage over the property that the company owned.
8 Controlling party
The company is controlled by the director P Martin.
9 Other information
Pater Ltd is a private company limited by shares and incorporated in England. Its registered office is:
First Floor, 12 St. John's Way
St. John's Business Estate
Downham Market
Norfolk
PE38 0QQ
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