Company registration number SC526946 (Scotland)
PATERSON PROPERTY MAINTENANCE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
PATERSON PROPERTY MAINTENANCE LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
PATERSON PROPERTY MAINTENANCE LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,438
4,027
Current assets
Stocks
500
100
Debtors
5
-
0
712
Cash at bank and in hand
476
191
976
1,003
Creditors: amounts falling due within one year
6
(18,068)
(8,055)
Net current liabilities
(17,092)
(7,052)
Total assets less current liabilities
(13,654)
(3,025)
Creditors: amounts falling due after more than one year
7
(2,850)
(4,188)
Net liabilities
(16,504)
(7,213)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(16,505)
(7,214)
Total equity
(16,504)
(7,213)

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

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved and signed by the director and authorised for issue on 29 November 2024
Mr J G Paterson
Director
Company registration number SC526946 (Scotland)
PATERSON PROPERTY MAINTENANCE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 March 2022
1
(5,649)
(5,648)
Year ended 28 February 2023:
Loss and total comprehensive income
-
(1,565)
(1,565)
Balance at 28 February 2023
1
(7,214)
(7,213)
Year ended 29 February 2024:
Loss and total comprehensive income
-
(9,291)
(9,291)
Balance at 29 February 2024
1
(16,505)
(16,504)
PATERSON PROPERTY MAINTENANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Paterson Property Maintenance Ltd is a private company limited by shares incorporated in Scotland. The registered office is 53 Timmons Park, Lochgelly, Fife, KY5 9PP.

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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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:

Plant and equipment
25% Straight Line
Computers
33% Straight Line

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.

PATERSON PROPERTY MAINTENANCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 March 2023
8,000
2,820
10,820
Additions
600
-
0
600
At 29 February 2024
8,600
2,820
11,420
Depreciation and impairment
At 1 March 2023
4,625
2,168
6,793
Depreciation charged in the year
844
345
1,189
At 29 February 2024
5,469
2,513
7,982
Carrying amount
At 29 February 2024
3,131
307
3,438
At 28 February 2023
3,375
652
4,027
PATERSON PROPERTY MAINTENANCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
501
Prepayments and accrued income
-
0
211
-
0
712
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,800
2,047
Other creditors
15,788
5,528
Accruals and deferred income
480
480
18,068
8,055
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,850
4,188
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
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