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Unaudited Financial Statements |
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for the Year Ended 31 October 2020 |
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for |
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Paragon Flooring Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 October 2020 |
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for |
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Paragon Flooring Limited |
Paragon Flooring Limited (Registered number: 03911122) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Paragon Flooring Limited |
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Company Information |
for the Year Ended 31 October 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Airport House |
Suite 43-45 |
Purley Way |
Croydon |
CR0 0XZ |
Paragon Flooring Limited (Registered number: 03911122) |
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Balance Sheet |
31 October 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | 6 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Paragon Flooring Limited (Registered number: 03911122) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2020 |
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1. | STATUTORY INFORMATION |
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Paragon Flooring Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The principal activity of the company is that of holding company. |
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2. | ACCOUNTING POLICIES |
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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. |
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PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS |
The financial statements contain information about Paragon Flooring Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary undertakings are recognised at cost less provision for diminution in value. |
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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. |
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TAXATION |
The tax expense represents the sum of the tax currently payable and deferred tax. |
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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. |
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GOING CONCERN |
At 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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Paragon Flooring Limited (Registered number: 03911122) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2019 |
and 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: 60 Chapel View, Croydon, Surrey, CR2 7LJ |
Nature of business:
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Class of shares: | holding |
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2020 | 2019 |
£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts owed to group undertakings |
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6. | RESERVES |
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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. |
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7. | RELATED PARTY DISCLOSURES |
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Dividends totaling £42,310 (2019 - £107,000) were paid in the year in respect of shares held by the company's director. |
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Included in other creditors are amounts due to subsidiary company of £648,772 (2019 : £648,477). |
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Mr Leslie Wilkshire is the ultimate controlling party by virtue of his sole directorship and shareholding in the company. |
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8. | CHARGES |
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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. |
Paragon Flooring Limited (Registered number: 03911122) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
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9. | EVENT DURING THE REPORTING PERIOD |
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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. |