Paragon Place Property Limited Filleted Accounts Cover
Paragon Place Property Limited
Company No. 09455304
Information for Filing with The Registrar
31 March 2022
Paragon Place Property Limited Balance Sheet Registrar
at
31 March 2022
Company No.
09455304
Notes
2022
2021
£
£
Fixed assets
Investment property
4
570,000910,000
570,000910,000
Current assets
Debtors
5
36,13013,926
Cash at bank and in hand
35,20612,553
71,33626,479
Creditors: Amount falling due within one year
6
(599,685)
(589,467)
Net current liabilities
(528,349)
(562,988)
Total assets less current liabilities
41,651347,012
Provisions for liabilities
Deferred taxation
7
-
(67,672)
Net assets
41,651279,340
Capital and reserves
Called up share capital
100100
Fair value reserve
8
(51,985)
203,014
Profit and loss account
8
93,53676,226
Total equity
41,651279,340
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 07 September 2022
And signed on its behalf by:
S.J. Brewer
Director
07 September 2022
Paragon Place Property Limited Notes to the Accounts Registrar
for the year ended 31 March 2022
1
General information
Its registered number is: 09455304
Its registered office is:
c/o Fadden & Co.
25 The Brackens
Orpington
Kent
BR6 6JH
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the rents and commissions received or receivable. Turnover is reduced for any estimated tenant rebates and other similar allowances.
Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions
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 profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at 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.
3
Employees
2022
2021
Number
Number
The average monthly number of employees (including directors) during the year was:
22
4
Investment property
Freehold Investment Property
£
Valuation
At 1 April 2021
910,000
Revaluation
(340,000)
At 31 March 2022
570,000
5
Debtors
2022
2021
£
£
Deferred tax asset (see note 7)
17,329-
Other debtors
17,93413,184
Prepayments and accrued income
867742
36,13013,926
6
Creditors:
amounts falling due within one year
2022
2021
£
£
Corporation tax
4,0603,860
Other creditors
595,625585,607
599,685589,467
7
Provisions for liabilities
Deferred taxation
Accelerated Capital Allowances, Losses and Other Timing Differences
Arising from revaluation
Total
£
£
£
At 1 April 2021
-
67,67267,672
Charge to the profit and loss account for the period
(85,001)
(85,001)
At 31 March 2022
(85,001)
67,672
(17,329)
Deferred tax asset (see note 5)
2022
2021
£
£
Revaluation of land and buildings
(17,329)
67,672
(17,329)
67,672
8
Reserves
Revaluation Reserve
Total other reserves
£
£
At 1 April 2020
196,981
196,981
Movement on revaluation reserve
27,500
27,500
Deferred taxation
(21,467)
(21,467)
At 31 March 2021 and 1 April 2021
203,014
203,014
Movement on revaluation reserve
(340,000)
(340,000)
Deferred taxation
85,001
85,001
At 31 March 2022
(51,985)
(51,985)
Fair value reserve - reflects the revaluation of investment properties.
Profit and loss account - includes all current and prior period retained profits and losses.
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