Company Registration No. 03911122 (England and Wales)
PARAGON FLOORING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
PAGES FOR FILING WITH REGISTRAR
PARAGON FLOORING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PARAGON FLOORING LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2019
31 October 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
2
648,023
648,023
Current assets
Cash at bank and in hand
852
-
Creditors: amounts falling due within one year
4
(648,476)
(647,970)
Net current liabilities
(647,624)
(647,970)
Total assets less current liabilities
399
53
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
395
49
Total equity
399
53
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 2 - 4 form an integral part of these financial statements.
For the financial year ended 31 October 2019 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
.
The financial statements were approved and signed by the director and authorised for issue on 17 July 2020
L Wilkshire
Director
Company Registration No. 03911122
PARAGON FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
- 2 -
1
Accounting policies
Company information
Paragon Flooring Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
60 Chapel View, Croydon, Surrey, CR2 7LF.
The principal activity of the company is floor and wall covering.
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
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.5
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.
1.6
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.
PARAGON FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 3 -
2
Fixed asset investments
2019
2018
£
£
Investments
648,023
648,023
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 November 2018 & 31 October 2019
648,023
Carrying amount
At 31 October 2019
648,023
At 31 October 2018
648,023
3
Subsidiaries
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
/Indirect
Paragon Contracts Limited
England & Wales
Floor and wall covering
Ordinary
100.00
0
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Paragon Contracts Limited
67,943
878,425
PARAGON FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 4 -
4
Creditors: amounts falling due within one year
2019
2018
Notes
£
£
Bank loans and overdrafts
-
3,254
Corporation tax
-
10
Other creditors
648,476
644,706
648,476
647,970
Included in other creditors are amounts due to Paragon Contracts Limited of £6
4
8,476 (2018 : £6
44
,
706
).
5
Events after the reporting date
Since the year end, 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 the 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 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 to the current changing environment in order to position the company to ensure its future success.
6
Related party transactions
As at balance sheet date, included in other debtors are Nil (2018 -
Nil
)
from the director, Mr L Wilkshire.
Dividends totaling £107,000
(2018 - £
94
,
0
00) were paid in the year in respect of shares held by the company's director.