Paterson (Scotland) Ltd
Registered number: SC210544
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 53,012 39,155
Current assets
Stocks 434,830 455,997
Debtors 5 276,202 349,640
Cash at bank and in hand 587,617 407,926
1,298,649 1,213,563
Creditors: amounts falling due within one year 6 (243,479) (185,369)
Net current assets 1,055,170 1,028,194
Total assets less current liabilities 1,108,182 1,067,349
Provisions for liabilities (10,072) (7,439)
Net assets 1,098,110 1,059,910
Capital and reserves
Called up share capital 40,000 40,000
Share premium 200,000 200,000
Profit and loss account 858,110 819,910
Shareholder's funds 1,098,110 1,059,910
The directors are 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 directors acknowledge their 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.
Mr B Wilson
Director
Approved by the board on 27 March 2025
Paterson (Scotland) Ltd
Notes to the Accounts
for the year ended 31 December 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.
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 236,643
At 31 December 2024 236,643
Amortisation
At 1 January 2024 236,643
At 31 December 2024 236,643
Net book value
At 31 December 2024 -
Goodwill is being written off in equal annual instalments over its remaining estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 348,558
Additions 36,488
Disposals (12,590)
At 31 December 2024 372,456
Depreciation
At 1 January 2024 309,403
Charge for the year 20,113
On disposals (10,072)
At 31 December 2024 319,444
Net book value
At 31 December 2024 53,012
At 31 December 2023 39,155
5 Debtors 2024 2023
£ £
Trade debtors 67,655 70,033
Amounts owed by group undertakings and undertakings in which the company has a participating interest 146,632 146,632
Other debtors 61,915 132,975
276,202 349,640
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 24,131 27,237
Corporation tax 71,422 71,205
Other taxes and social security costs 21,927 26,811
Other creditors 125,999 60,116
243,479 185,369
7 Related party transactions
2024 2023
£ £
LBW Golf Limited
Parent Company
[Description of transaction and amounts involved]
[Amount due from (to) the related party] 146,632 146,632
[Provision for doubtful debt due from related party] - -
LBW Golf Limited
Parent Company
Dividends paid
[Amount paid from (to) the related party] (185,200) (79,200)
[Provision for doubtful debt due from related party] - -
Mr B Wilson
Director
The Director has loan funds to the company the funds are not interest bearing and do not have a repayment date.
[Amount due from (to) the related party] (55,976) (22,976)
[Provision for doubtful debt due from related party] - -
Mrs L Wilson
Director
The Director has loan funds to the company the funds are not interest bearing and do not have a repayment date.
[Amount due from (to) the related party] (55,976) (22,976)
8 Controlling party
At the year end the company's ultimate parent company was LBW Golf Ltd, a company controlled by Mr & Mrs Wilson.
9 Other information
Paterson (Scotland) Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
11/13 Earl Haig Road
Hillington
Glasgow
G52 4JU
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