|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PATERSON ESTATES LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
|
|
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PATERSON ESTATES LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
|
|
|
|
|
PATERSON ESTATES LIMITED (REGISTERED NUMBER: SC392227) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2018 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 | to | 3 |
|
Notes to the Financial Statements | 4 | to | 6 |
|
PATERSON ESTATES LIMITED |
|
COMPANY INFORMATION |
for the year ended 31 March 2018 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
Redwood |
19 Culduthel Road |
Inverness |
IV2 4AA |
PATERSON ESTATES LIMITED (REGISTERED NUMBER: SC392227) |
|
BALANCE SHEET |
31 March 2018 |
|
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investment property | 5 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Allotted, called up and fully |
paid share capital |
|
|
Profit and loss account | 10 |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The director acknowledges her 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. |
PATERSON ESTATES LIMITED (REGISTERED NUMBER: SC392227) |
|
BALANCE SHEET - continued |
31 March 2018 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
|
The financial statements were approved by the director on
|
|
|
|
|
|
|
|
PATERSON ESTATES LIMITED (REGISTERED NUMBER: SC392227) |
|
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2018 |
|
|
1. | STATUTORY INFORMATION |
|
Paterson Estates Limited is a
|
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 the provisions of Section 1A ''Small |
Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and |
Republic of Ireland'' and the Companies Act 2006. The financial statements have been prepared under |
the historical cost convention as modified by the revaluation of certain assets. |
|
The financial statements are prepared in sterling, which is the functional currency of the entity. |
|
Turnover |
Turnover represents net invoiced rental income and development profits, excluding value added tax and |
is recognised on a time basis over the period of the lease agreements. |
|
Tangible fixed assets |
|
Equipment, etc | - |
|
|
Fixed assets are stated at cost, being purchase price, less accumulated depreciation. |
|
Investment property |
No depreciation is provided on investment properties which, in accordance with the Financial Reporting |
Standard 102, are valued annually. |
|
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for |
the current or past reporting periods. It is measured at the amount expected to be paid or recovered |
using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
|
Deferred tax represents the future tax consequences of transactions and events recognised in the |
financial statements of current and previous periods. It is recognised in respect of all timing differences, |
with certain exceptions. Timing differences are differences between taxable profits and total |
comprehensive income as stated in the financial statements that arise from the inclusion of income and |
expenses in tax assessments in periods different from those in which they are recognised in the financial |
statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax |
on revalued, non-depreciable tangible fixed assets and investment properties is measured using the |
rates and allowances that apply to the sale of the assets. |
|
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded |
at transaction price. Any losses arising from impairment are recognised in the profit and loss account in |
other administrative expenses. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
PATERSON ESTATES LIMITED (REGISTERED NUMBER: SC392227) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2018 |
|
|
4. | TANGIBLE FIXED ASSETS |
Equipment, |
etc |
£ |
COST |
At 1 April 2017 |
|
Additions |
|
At 31 March 2018 |
|
DEPRECIATION |
At 1 April 2017 |
|
Charge for year |
|
At 31 March 2018 |
|
NET BOOK VALUE |
At 31 March 2018 |
|
At 31 March 2017 |
|
|
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2017 |
and 31 March 2018 |
|
NET BOOK VALUE |
At 31 March 2018 |
|
At 31 March 2017 |
|
|
Investment property was revalued at 31 March 2016 by the director to reflect open market value and |
£525,979 was transferred to non distributable profit and loss reserves. The director is of the opinion that |
this is a true representation of the value of the assets as at 31 March 2018. |
Investment properties are accounted for in accordance with Section 1A - FRS 102 (effective January |
2015). No depreciation is provided in respect of such properties. |
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
PATERSON ESTATES LIMITED (REGISTERED NUMBER: SC392227) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2018 |
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
|
|
|
9. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 6,377 | 26,045 |
|
Deferred |
tax |
£ |
Balance at 1 April 2017 |
|
Reduction in provision | (19,668 | ) |
Balance at 31 March 2018 |
|
|
The deferred tax balance consists of potential tax arising on the investment property revaluation gain. |
|
10. | RESERVES |
|
Included in the figure for Profit and loss account are non-distributable funds of £519,602 (2017 - |
£499,934) |