Company registration number SC394059 (Scotland)
K.A. Paterson Limited
Unaudited financial statements
for the year ended 31 March 2025
Pages for filing with registrar
K.A. Paterson Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of K.A. Paterson Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of K.A. Paterson Limited for the year ended 31 March 2025 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of K.A. Paterson Limited, as a body, in accordance with the terms of our engagement letter dated 1 April 2021. Our work has been undertaken solely to prepare for your approval the financial statements of K.A. Paterson Limited and state those matters that we have agreed to state to the board of directors of K.A. Paterson Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K.A. Paterson Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that K.A. Paterson Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of K.A. Paterson Limited. You consider that K.A. Paterson Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of K.A. Paterson Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
19 August 2025
K.A. Paterson Limited
Statement of financial position
as at 31 March 2025
31 March 2025
2
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
40,015
52,025
Current assets
Stocks
12,813
250
Debtors
12,648
68,472
Cash at bank and in hand
119,590
130,338
145,051
199,060
Creditors: amounts falling due within one year
(75,970)
(109,550)
Net current assets
69,081
89,510
Total assets less current liabilities
109,096
141,535
Creditors: amounts falling due after more than one year
(3,611)
(10,555)
Provisions for liabilities
(8,003)
(11,445)
Net assets
97,482
119,535
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
97,382
119,435
Total equity
97,482
119,535
K.A. Paterson Limited
Statement of financial position (continued)
as at 31 March 2025
31 March 2025
3
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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 by the board of directors and authorised for issue on 10 August 2025 and are signed on its behalf by:
Kenneth A Paterson
Director
Company registration number SC394059
K.A. Paterson Limited
Notes to the financial statements
for the year ended 31 March 2025
4
1
Accounting policies
Company information
K.A. Paterson Limited is a private company limited by shares incorporated in Scotland. The registered office is Rosewood, Raemoir Road, Banchory, Kincardineshire, United Kingdom, AB31 4ET.
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.
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.
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
15% reducing balance, 4 years straight line & 3 years straight line
Motor vehicles
25% reducing balance
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
K.A. Paterson Limited
Notes to the financial statements (continued)
for the year ended 31 March 2025
1
Accounting policies (continued)
5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The relevant finance charges are charged to the profit and loss account over the primary period of the lease or contract in proportion to the capital element outstanding.
1.7
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
3
3
K.A. Paterson Limited
Notes to the financial statements (continued)
for the year ended 31 March 2025
6
3
Tangible fixed assets
Total
£
Cost
At 1 April 2024 and 31 March 2025
85,651
Depreciation and impairment
At 1 April 2024
33,626
Depreciation charged in the year
12,010
At 31 March 2025
45,636
Carrying amount
At 31 March 2025
40,015
At 31 March 2024
52,025
4
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
9,909
19,070
Deferred tax
Origination and reversal of timing differences
(3,442)
5,423
Total tax charge
6,467
24,493
5
Directors' transactions
Description
Opening credit balance
Amounts advanced
Amounts repaid
Closing credit balance
£
£
£
£
Director's account
56,527
54,212
(62,400)
48,339
56,527
54,212
(62,400)
48,339