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REGISTERED NUMBER: SC247309 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

IAN A PATIENCE LIMITED

IAN A PATIENCE LIMITED (REGISTERED NUMBER: SC247309)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IAN A PATIENCE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: I A Patience





SECRETARY: I A Patience





REGISTERED OFFICE: 36 Elizabeth Crescent
Dornoch
Highland
IV25 3NN





REGISTERED NUMBER: SC247309 (Scotland)

IAN A PATIENCE LIMITED (REGISTERED NUMBER: SC247309)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 50,000 60,000
Tangible assets 6 12,476 16,635
Investments 7 175,000 250,000
Investment property 8 190,000 190,000
427,476 516,635

CURRENT ASSETS
Debtors 9 2,875 6,894
Cash at bank 280,191 226,995
283,066 233,889
CREDITORS
Amounts falling due within one year 10 46,095 126,043
NET CURRENT ASSETS 236,971 107,846
TOTAL ASSETS LESS CURRENT
LIABILITIES

664,447

624,481

PROVISIONS FOR LIABILITIES 3,119 3,161
NET ASSETS 661,328 621,320

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 11 11,419 11,419
Retained earnings 649,809 609,801
SHAREHOLDERS' FUNDS 661,328 621,320

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

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

The director acknowledges his 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.

IAN A PATIENCE LIMITED (REGISTERED NUMBER: SC247309)

BALANCE SHEET - continued
31 MARCH 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 director and authorised for issue on 20 August 2024 and were signed by:





I A Patience - Director


IAN A PATIENCE LIMITED (REGISTERED NUMBER: SC247309)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Ian A Patience Limited 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are 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.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

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

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.

Fishing quota are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

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.


IAN A PATIENCE LIMITED (REGISTERED NUMBER: SC247309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued
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.

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.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 200,000
AMORTISATION
At 1 April 2023 140,000
Charge for year 10,000
At 31 March 2024 150,000
NET BOOK VALUE
At 31 March 2024 50,000
At 31 March 2023 60,000

IAN A PATIENCE LIMITED (REGISTERED NUMBER: SC247309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 24,413
DEPRECIATION
At 1 April 2023 7,778
Charge for year 4,159
At 31 March 2024 11,937
NET BOOK VALUE
At 31 March 2024 12,476
At 31 March 2023 16,635

7. FIXED ASSET INVESTMENTS
Other
loans
£   
At 1 April 2023 250,000
New in year (75,000 )
At 31 March 2024 175,000

8. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 190,000
NET BOOK VALUE
At 31 March 2024 190,000
At 31 March 2023 190,000

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 6,894
Other debtors 2,875 -
2,875 6,894

IAN A PATIENCE LIMITED (REGISTERED NUMBER: SC247309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 59,217
Taxation and social security 28,262 37,620
Other creditors 17,833 29,206
46,095 126,043

11. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 11,419

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is I A Patience.