Company Registration No. 06137802 (England and Wales)
PARAMOUNT GLOBAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
PARAMOUNT GLOBAL SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr J Gample
Mr J W Gample
Company number
06137802
Registered office
St Ann's Wharf
112 Quayside
Newcastle Upon Tyne
United Kingdom
Accountants
Haines Watts
Sterling House
22 St Cuthberts Way
Darlington
Co Durham
PARAMOUNT GLOBAL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PARAMOUNT GLOBAL SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
3
794,376
796,271
Current assets
Stocks
146,818
110,605
Debtors
4
566,845
258,243
Cash at bank and in hand
243,537
55,534
957,200
424,382
Creditors: amounts falling due within one year
5
(753,390)
(319,113)
Net current assets
203,810
105,269
Total assets less current liabilities
998,186
901,540
Creditors: amounts falling due after more than one year
6
(572,305)
(659,136)
Provisions for liabilities
(17,292)
(14,188)
Net assets
408,589
228,216
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
407,589
227,216
Total equity
408,589
228,216
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their responsibilities for complying with the requirements of the Act 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 .
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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
PARAMOUNT GLOBAL SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2016
31 December 2016
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 June 2017 and are signed on its behalf by:
Mr J W Gample
Director
Company Registration No. 06137802
PARAMOUNT GLOBAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
1
Accounting policies
Company information
Paramount Global Services Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
St Ann's Wharf, 112 Quayside, Newcastle Upon Tyne, United Kingdom.
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.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT.
In respect of goods sold, turnover is recognised when goods are physically delivered to the customer. Uninvoiced deliveries at the year-end are included in accrued income. invoiced deliveries are included in debtors. Where customers pay in advance for goods, the amount is recorded as deferred income until the goods have been delivered.
In respect of freight and other services, turnover represents the fair value of services provided under contracts with customers to the extent that there is a right to consideration. It is measured at the fair value of the consideration due. Invoices are not raised until a contract is complete so the value of incomplete serices is included as Amounts recoverable on contracts in the balance sheet.
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.
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
4% straight line
Fixtures, fittings & equipment
20% reducing balance
Motor vehicles
25% reducing balance
1.4
Stocks
Stock is valued at the lower of cost and net realisable value. Cost represents the purchase price of goods. Net realisable value represents the selling price of completed goods less any costs necessary to complete the goods. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
PARAMOUNT GLOBAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 4 -
1.7
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
1.8
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.
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 balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.11
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 10 (2015 - 10).
PARAMOUNT GLOBAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2016
1,101,766
56,991
1,158,757
Additions
-
36,900
36,900
Disposals
-
(32,594)
(32,594)
At 31 December 2016
1,101,766
61,297
1,163,063
Depreciation and impairment
At 1 January 2016
306,374
56,113
362,487
Depreciation charged in the year
36,071
2,723
38,794
Eliminated in respect of disposals
-
(32,594)
(32,594)
At 31 December 2016
342,445
26,242
368,687
Carrying amount
At 31 December 2016
759,321
35,055
794,376
At 31 December 2015
795,392
879
796,271
4
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
184,435
247,668
Other debtors
382,410
10,575
566,845
258,243
5
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
77,651
33,074
Corporation tax
48,821
23,989
Other taxation and social security
-
3,048
Other creditors
626,918
259,002
753,390
319,113
PARAMOUNT GLOBAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 6 -
6
Creditors: amounts falling due after more than one year
2016
2015
£
£
Other creditors
572,305
659,136
The long-term loans are secured by fixed charges over the freehold property.
7
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000