Company Registration No. 01280790 (England and Wales)
PARAGON CONTRACTS LIMITED
PARAGON FLOORING
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018
PAGES FOR FILING WITH REGISTRAR
PARAGON CONTRACTS LIMITED
PARAGON FLOORING
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PARAGON CONTRACTS LIMITED
PARAGON FLOORING
BALANCE SHEET
AS AT
31 OCTOBER 2018
31 October 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
33,133
38,511
Current assets
Stocks
33,708
23,348
Debtors
4
971,131
929,792
Cash at bank and in hand
83,258
4,476
1,088,097
957,616
Creditors: amounts falling due within one year
5
(202,748)
(196,778)
Net current assets
885,349
760,838
Total assets less current liabilities
918,482
799,349
Creditors: amounts falling due after more than one year
6
-
(6,165)
Net assets
918,482
793,184
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
7
918,382
793,084
Total equity
918,482
793,184
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
The notes on pages 3 - 6 form an integral part of these financial statements.
For the financial year ended 31 October 2018 the company was entitled to exemption from audit under section 477 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.
T
he 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 in accordance with the provisions applicable to companies subject to the small companies’ regime and FRS102 Section 1A.
PARAGON CONTRACTS LIMITED
PARAGON FLOORING
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2018
31 October 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 July 2019
L Wilkshire
Director
Company Registration No. 01280790
PARAGON CONTRACTS LIMITED
PARAGON FLOORING
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018
- 3 -
1
Accounting policies
Company information
Paragon Contracts Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
60 Chapel View, Croydon, Surrey, CR2 7LJ.
The principal activity of the company was that of flooring contractors.
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.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
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.
Fixtures, fittings & equipment
25% straight Line
Motor vehicles
25% Straight Line
1.4
Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
1.5
Pension
Defined contribution pension plan
The Company operates a defined contribution pension plan for its employees. A defined contribution pension plan is a plan under which the Company pays fixed contributions into separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the company are held separately from the Company in an independently administered fund.
PARAGON CONTRACTS LIMITED
PARAGON FLOORING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Deferred tax
Deferred tax is recognized in respect of all material timing differences that have originated but not reversed at the balance sheet date.
1.7
Lease
Rentals payable under operating leases, including any lease incentives received, are charged to profit or
loss on a straight line basis over the term of the relevant lease except where another more systematic
basis is more representative of the time pattern in which economic benefits from the lease s asset are
consumed.
2
Employees
The average monthly number of persons
employed by the company during the year was 5 (2017 - 4).
3
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 November 2017
16,078
100,671
116,749
Additions
-
13,050
13,050
At 31 October 2018
16,078
113,721
129,799
Depreciation and impairment
At 1 November 2017
14,702
63,536
78,238
Depreciation charged in the year
923
17,505
18,428
At 31 October 2018
15,625
81,041
96,666
Carrying amount
At 31 October 2018
453
32,680
33,133
At 31 October 2017
1,376
37,135
38,511
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
321,326
289,275
Other debtors
644,706
637,907
966,032
927,182
2018
2017
PARAGON CONTRACTS LIMITED
PARAGON FLOORING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
4
Debtors
(Continued)
- 5 -
Amounts falling due after more than one year:
£
£
Deferred tax asset
5,099
2,610
Total debtors
971,131
929,792
The director considers the carrying value of trade and other receivables approximate to their fair
values.
Included in other debtors is an amount of £
6
44
,
706
(201
7
: £
637,907
) due from Paragon Flooring Limited.
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
88,631
131,714
Corporation tax
51,885
22,609
Other taxation and social security
21,874
12,742
Other creditors
40,358
29,713
202,748
196,778
The director considers the carrying amounts of current liabilities approximate to their fair values.
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
-
6,165
The director considers the carrying amounts of long term liabilities approximate to their fair values.
7
Reserves
Profit and loss reserves
The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.
PARAGON CONTRACTS LIMITED
PARAGON FLOORING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 6 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
Within one year
9,000
-
Between two and five years
36,000
-
45,000
-
9
Related party transactions
Other creditors include an amount of £
226
(201
7
: £
190
) being amounts due to the director - L Wilkshire.