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REGISTERED NUMBER: SC422646 (Scotland)











Unaudited Financial Statements

for the Year Ended 31 August 2024

for

K & I Paterson Ltd.

K & I Paterson Ltd. (Registered number: SC422646)






Contents of the Financial Statements
for the year ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


K & I Paterson Ltd.

Company Information
for the year ended 31 August 2024







DIRECTORS: Mrs S E Paterson
K I Paterson
I H Paterson
Mrs C B Paterson





SECRETARY: Mrs C B Paterson





REGISTERED OFFICE: The Crossroads
Lumphanan
By Banchory
Aberdeenshire
AB31 4RH





REGISTERED NUMBER: SC422646 (Scotland)





ACCOUNTANTS: Grampian Accounting
3 Prospect Place
Arnhall Business Park
Westhill
Aberdeenshire
AB32 6SY

K & I Paterson Ltd. (Registered number: SC422646)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 202,961 204,013
Investment property 6 37,305 37,305
240,266 241,318

CURRENT ASSETS
Stocks 32,936 24,906
Debtors 7 15,501 41,516
Cash at bank and in hand 105,829 111,224
154,266 177,646
CREDITORS
Amounts falling due within one year 8 191,122 172,562
NET CURRENT (LIABILITIES)/ASSETS (36,856 ) 5,084
TOTAL ASSETS LESS CURRENT
LIABILITIES

203,410

246,402

CREDITORS
Amounts falling due after more than one
year

9

(64,977

)

(96,458

)

PROVISIONS FOR LIABILITIES (30,180 ) (32,236 )
NET ASSETS 108,253 117,708

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 108,153 117,608
108,253 117,708

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

K & I Paterson Ltd. (Registered number: SC422646)

Balance Sheet - continued
31 August 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2025 and were signed on its behalf by:





I H Paterson - Director


K & I Paterson Ltd. (Registered number: SC422646)

Notes to the Financial Statements
for the year ended 31 August 2024

1. STATUTORY INFORMATION

K & I Paterson Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


K & I Paterson Ltd. (Registered number: SC422646)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 66,580
AMORTISATION
At 1 September 2023
and 31 August 2024 66,580
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -

K & I Paterson Ltd. (Registered number: SC422646)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2023 56,063 324,399 380,462
Additions - 65,781 65,781
At 31 August 2024 56,063 390,180 446,243
DEPRECIATION
At 1 September 2023 7,849 168,600 176,449
Charge for year 1,116 65,717 66,833
At 31 August 2024 8,965 234,317 243,282
NET BOOK VALUE
At 31 August 2024 47,098 155,863 202,961
At 31 August 2023 48,214 155,799 204,013

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 September 2023 75,997
Additions 36,999
At 31 August 2024 112,996
DEPRECIATION
At 1 September 2023 19,260
Charge for year 27,479
At 31 August 2024 46,739
NET BOOK VALUE
At 31 August 2024 66,257
At 31 August 2023 56,737

K & I Paterson Ltd. (Registered number: SC422646)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 37,305
NET BOOK VALUE
At 31 August 2024 37,305
At 31 August 2023 37,305

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 12,161 21,337
Other debtors 3,340 20,179
15,501 41,516

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 40,766 14,371
Hire purchase contracts 23,148 15,245
Trade creditors 41,735 20,268
Taxation and social security 28,838 32,615
Other creditors 56,635 90,063
191,122 172,562

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans 18,878 56,030
Hire purchase contracts 46,099 40,428
64,977 96,458