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                                                                                                                   Registered number: 00506194














W C PATERSON & SON LIMITED


UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
W C PATERSON & SON LIMITED
REGISTERED NUMBER:00506194

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
66,325
68,304

Investment property
  
1,370,000
1,370,000

  
1,436,325
1,438,304

Current assets
  

Stocks
 5 
53,497
53,897

Debtors: amounts falling due within one year
 6 
5,803
2,490

  
59,300
56,387

Creditors: amounts falling due within one year
  
(19,408)
(13,102)

Net current assets
  
 
 
39,892
 
 
43,285

Total assets less current liabilities
  
1,476,217
1,481,589

Creditors: amounts falling due after more than one year
 7 
(482,266)
(503,176)

Provisions for liabilities
  

Deferred tax
  
(95,640)
(95,709)

  
 
 
(95,640)
 
 
(95,709)

Net assets
  
898,311
882,704


Capital and reserves
  

Called up share capital 
  
6,000
6,000

Investment property reserve
 8 
778,332
778,332

Profit and loss account
 8 
113,979
98,372

  
898,311
882,704


Page 1

 
W C PATERSON & SON LIMITED
REGISTERED NUMBER:00506194
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A Paterson
Director

Date: 22 June 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
W C PATERSON & SON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

W C Paterson & Sons Limited is a private company limited by shares and registered in England. The registration number and registered office details can be found on the information page of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

 
2.2

Going concern

The company is reliant upon the continued support of the director, A Paterson. The director has given no indication that he will demand repayment of this loan within the foreseeable future and he will continue to support the business. Accordingly, these accounts have been prepared on the going concern basis. 

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
W C PATERSON & SON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2% reducing balance
Plant & machinery
-
15% - 20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 4

 
W C PATERSON & SON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Agricultural buildings
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 January 2024
281,101
37,344
318,445



At 31 December 2024

281,101
37,344
318,445



Depreciation


At 1 January 2024
216,245
33,896
250,141


Charge for the year on owned assets
1,301
678
1,979



At 31 December 2024

217,546
34,574
252,120



Net book value



At 31 December 2024
63,555
2,770
66,325



At 31 December 2023
64,856
3,448
68,304




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
63,555
64,856

63,555
64,856



5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
53,497
53,897

53,497
53,897


Page 5

 
W C PATERSON & SON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
2,261
1,813

Other debtors
-
23

Prepayments and accrued income
3,542
654

5,803
2,490



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
482,266
503,176

482,266
503,176



8.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve includes all previous revaluations less deferred tax.

Profit & loss account

The profit and loss account includes all current and prior period retained profits and losses. The distributable profits total £113,979  (2023 - £98,372). 


9.


Related party transactions

The company occupies, rent free, land and buildings which are owned beneficially by A Paterson, the director. At 1 January 2017 the company owed £632,751 to A Paterson, the director. During the year repayments were made resulting in an amount owing to him at the year end of £597,683 which is included within other creditors. 

 
Page 6