REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 October 2020 |
|
for |
|
Paragon Contracts Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 October 2020 |
|
for |
|
Paragon Contracts Limited |
Paragon Contracts Limited (Registered number: 01280790) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 October 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Paragon Contracts Limited |
|
|
Company Information |
for the Year Ended 31 October 2020 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Airport House |
Suite 43-45 |
Purley Way |
Croydon |
CR0 0XZ |
Paragon Contracts Limited (Registered number: 01280790) |
|
|
Balance Sheet |
31 October 2020 |
|
2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 5 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES | 8 | ( |
) |
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings | 9 |
|
|
|
|
|
|
|
|
|
The director acknowledges his 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. |
Paragon Contracts Limited (Registered number: 01280790) |
|
|
Balance Sheet - continued |
31 October 2020 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
|
The financial statements were approved by the director and authorised for issue on
|
|
|
|
|
|
|
|
Paragon Contracts Limited (Registered number: 01280790) |
|
|
Notes to the Financial Statements |
for the Year Ended 31 October 2020 |
|
1. | STATUTORY INFORMATION |
|
Paragon Contracts Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
The principal activity of the company was that of flooring contractors. |
|
2. | ACCOUNTING POLICIES |
|
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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. |
|
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
TANGIBLE FIXED ASSETS |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
|
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
|
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. |
|
FINANCIAL INSTRUMENTS |
The company only enters into basic financial transactions that result in recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from bank and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
|
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 profit and loss account 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. |
|
DEFERRED TAX |
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date. |
|
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 leased asset are consumed. |
Paragon Contracts Limited (Registered number: 01280790) |
|
|
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
|
2. | ACCOUNTING POLICIES - continued |
|
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. |
|
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. |
|
GOING CONCERN |
A t the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 November 2019 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 31 October 2020 |
|
|
|
DEPRECIATION |
At 1 November 2019 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 31 October 2020 |
|
|
|
NET BOOK VALUE |
At 31 October 2020 |
|
|
|
At 31 October 2019 |
|
|
|
Paragon Contracts Limited (Registered number: 01280790) |
|
|
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
VAT |
|
|
Deferred tax asset |
|
|
Prepayments |
|
|
|
|
|
The director considers the carrying value of trade and other receivables approximate to their fair values. |
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Pension liability |
|
|
Corporation tax payable |
|
|
Social security and other tax |
|
|
VAT | 17,016 | - |
Other creditors |
|
|
Trade creditors | 34,958 | 119,816 |
Directors' current accounts | 1,156 | 415 |
Accruals and deferred income |
|
|
|
|
|
The director considers the carrying amounts of current liabilities approximate to their fair values. |
|
7. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
8. | PROVISIONS FOR LIABILITIES |
2020 |
£ |
Deferred tax | 1,446 |
|
Deferred |
tax |
£ |
Balance at 1 November 2019 | ( |
) |
Provided during year |
|
Balance at 31 October 2020 |
|
Paragon Contracts Limited (Registered number: 01280790) |
|
|
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
|
9. | 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. |
|
10. | PENSION COMMITMENTS |
|
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,395 (2019 - £13,212). Contribution totalling £1,535 (2019 - £725) were payable to fund at balance sheet date and are included in other debtors . |
|
11. | RELATED PARTY DISCLOSURES |
|
At the balance sheet date, included in other creditors, are amounts due to the director of £1,156 (2019 - £415). |
|
At the balance sheet date, included in other debtors is the amount due from holding company of £648,771 (2019 - £648,476). |
|
Parent company |
|
Paragon Contracts Limited is a wholly owned subsidiary of Paragon Flooring Limited registered at 60 Chapel View, South Croydon, Surrey, CR2 7LJ. |
The ultimate controlling party is considered to be Mr Leslie Wilkshire by virtue of his directorship and sole shareholding in the ultimate parent company, Paragon Flooring Limited. |
|
12. | CHARGES |
|
Debenture charge at Companies House has been registered by Royal Bank of Scotland PLC which has fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant & machinery. |
|
13. | EVENT DURING THE REPORTING PERIOD |
|
For the period ended on 31 October 2020, the Coronavirus (COVID-19) has emerged globally resulting in a significant impact on businesses worldwide. As a result some business operations have been restricted, however company continues to operate using alternative methods and remote working. The directors are unable to evaluate the overall financial impact on the business at present. Hence the financial statements do not include any adjustments that might result from the outcome of this uncertainty. The directors are continuing to monitor, assess and act with reference to the current changing environment in order to position the company to ensure its future success. |