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REGISTERED NUMBER: SC112318 (Scotland)















Unaudited Financial Statements

for the Period 1 February 2022 to 31 December 2022

for

Paragon Products (UK) Limited

Paragon Products (UK) Limited (Registered number: SC112318)






Contents of the Financial Statements
for the Period 1 February 2022 to 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Paragon Products (UK) Limited

Company Information
for the Period 1 February 2022 to 31 December 2022







DIRECTORS: I Urquhart
P Urquhart





SECRETARY: Mrs S Urquhart





REGISTERED OFFICE: Newhailes Industrial Estate
Newhailes Road
Musselburgh
EH21 6SY





REGISTERED NUMBER: SC112318 (Scotland)





ACCOUNTANTS: J S Accounting Services Limited
13-15 Morningside Drive
EDINBURGH
EH10 5LZ

Paragon Products (UK) Limited (Registered number: SC112318)

Balance Sheet
31 December 2022

31.12.22 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 870,661 860,164
870,661 860,164

CURRENT ASSETS
Stocks 175,927 253,865
Debtors 6 450,955 538,255
Investments 7 800,000 1,000,000
Cash at bank and in hand 520,240 433,113
1,947,122 2,225,233
CREDITORS
Amounts falling due within one year 8 261,368 406,778
NET CURRENT ASSETS 1,685,754 1,818,455
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,556,415

2,678,619

CREDITORS
Amounts falling due after more than one
year

9

-

(169,000

)

PROVISIONS FOR LIABILITIES (6,716 ) (6,716 )
NET ASSETS 2,549,699 2,502,903

CAPITAL AND RESERVES
Called up share capital 6,305 6,305
Revaluation reserve 10 270,339 270,339
Capital redemption reserve 6,305 6,305
Retained earnings 2,266,750 2,219,954
SHAREHOLDERS' FUNDS 2,549,699 2,502,903

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Paragon Products (UK) Limited (Registered number: SC112318)

Balance Sheet - continued
31 December 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2023 and were signed on its behalf by:




I Urquhart - Director



P Urquhart - Director


Paragon Products (UK) Limited (Registered number: SC112318)

Notes to the Financial Statements
for the Period 1 February 2022 to 31 December 2022

1. STATUTORY INFORMATION

Paragon Products (UK) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Paragon Products (UK) Limited (Registered number: SC112318)

Notes to the Financial Statements - continued
for the Period 1 February 2022 to 31 December 2022

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 15 (2022 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2022
and 31 December 2022 15,000
AMORTISATION
At 1 February 2022
and 31 December 2022 15,000
NET BOOK VALUE
At 31 December 2022 -
At 31 January 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 February 2022 716,714 306,318 1,023,032
Additions - 28,097 28,097
At 31 December 2022 716,714 334,415 1,051,129
DEPRECIATION
At 1 February 2022 - 162,868 162,868
Charge for period - 17,600 17,600
At 31 December 2022 - 180,468 180,468
NET BOOK VALUE
At 31 December 2022 716,714 153,947 870,661
At 31 January 2022 716,714 143,450 860,164

Paragon Products (UK) Limited (Registered number: SC112318)

Notes to the Financial Statements - continued
for the Period 1 February 2022 to 31 December 2022

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2022 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2022 716,714 334,415 1,051,129

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.1.22
£    £   
Trade debtors 370,054 483,083
Other debtors 80,901 55,172
450,955 538,255

7. CURRENT ASSET INVESTMENTS
31.12.22 31.1.22
£    £   
Other 800,000 1,000,000

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.1.22
£    £   
Bank loans and overdrafts - 10,500
Hire purchase contracts - 4,346
Trade creditors 172,461 113,961
Taxation and social security 23,626 108,236
Other creditors 65,281 169,735
261,368 406,778

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.22 31.1.22
£    £   
Bank loans - 150,000
Other creditors - 19,000
- 169,000

10. RESERVES
Revaluation
reserve
£   
At 1 February 2022
and 31 December 2022 270,339