Company Registration No. 03911122 (England and Wales)
PARAGON FLOORING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
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 2017
31 October 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investments
3
648,023
648,023
Current assets
Cash at bank and in hand
-
7,099
Creditors: amounts falling due within one year
5
(648,012)
(654,860)
Net current liabilities
(648,012)
(647,761)
Total assets less current liabilities
11
262
Capital and reserves
Called up share capital
6
4
4
Profit and loss reserves
7
258
Total equity
11
262
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 2017 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 19 July 2018
L Wilkshire
Director
Company Registration No. 03911122
PARAGON FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
- 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.
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
.
These financial statements for the year ended 31 October 2017
are the
first
financial statements of Paragon Flooring Limited prepared in accordance with FRS 102
Section 1A small entities, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 Section 1A small entities was 1 November 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102 Section 1A small entities .
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
2
Dividends
2017
2016
£
£
Interim paid
107,500
73,000
3
Fixed asset investments
2017
2016
£
£
Investments
648,023
648,023
PARAGON FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
3
Fixed asset investments
(Continued)
- 3 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 November 2016 & 31 October 2017
648,023
Carrying amount
At 31 October 2017
648,023
At 31 October 2016
648,023
4
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
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
82,090
793,184
5
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
10,105
-
Other creditors
637,907
654,860
648,012
654,860
Included in other creditors are amounts due to Paragon Contracts Limited of £637,907 (2016 : £654,648).
PARAGON FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 4 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
4 Ordinary Shares of £1 each
4
4
4
4
7
Related party transactions
As at balance sheet date, included in other debtors are Nil (2016 - £212 included in other creditors)
from the director, Mr L Wilkshire.
Dividends totaling £107,500 (2016 - £73,000) were paid in the year in respect of shares held by the company's director.
8
Controlling party
The ultimate controlling party is Mr L Wilksire, by virtue of ownership of 100% of the company's share
capital.