Company Registration No. 12523819 (England and Wales)
PARADIGM RISK MANAGEMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PARADIGM RISK MANAGEMENT LTD
COMPANY INFORMATION
Directors
Mr S M Tonks
Mrs A K Tonks
Company number
12523819
Registered office
5 Blackbird Leys
Droitwich
WR9 7FU
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Starling Bank Limited
7th Floor
Norfolk House
St James's Square
London
SW1Y 4JR
PARADIGM RISK MANAGEMENT LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
PARADIGM RISK MANAGEMENT LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PARADIGM RISK MANAGEMENT LTD FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paradigm Risk Management Ltd for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Paradigm Risk Management Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Paradigm Risk Management Ltd and state those matters that we have agreed to state to the Board of Directors of Paradigm Risk Management Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paradigm Risk Management Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Paradigm Risk Management Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Paradigm Risk Management Ltd. You consider that Paradigm Risk Management Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Paradigm Risk Management Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
5 September 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PARADIGM RISK MANAGEMENT LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
118,858
65,418
Current assets
Debtors
4
21,509
13,618
Cash at bank and in hand
33,282
50,994
54,791
64,612
Creditors: amounts falling due within one year
5
(41,262)
(42,688)
Net current assets
13,529
21,924
Total assets less current liabilities
132,387
87,342
Creditors: amounts falling due after more than one year
6
(89,494)
(36,047)
Provisions for liabilities
8
(21,610)
(11,719)
Net assets
21,283
39,576
Capital and reserves
Called up share capital
9
10
10
Profit and loss reserves
21,273
39,566
Total equity
21,283
39,576
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 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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.
PARADIGM RISK MANAGEMENT LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 5 September 2023 and are signed on its behalf by:
Mr S M Tonks
Director
Company Registration No. 12523819
PARADIGM RISK MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Paradigm Risk Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5 Blackbird Leys, Droitwich, WR9 7FU.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
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.
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:
Freehold land and buildings
20% on reducing balance
Fixtures and fittings
25% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
1.4
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.
PARADIGM RISK MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
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.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
PARADIGM RISK MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
9,407
7,818
8,837
60,582
86,644
Additions
8,869
2,078
83,990
94,937
At 31 March 2023
9,407
16,687
10,915
144,572
181,581
Depreciation and impairment
At 1 April 2022
2,063
4,016
15,147
21,226
Depreciation charged in the year
1,883
3,657
3,600
32,357
41,497
At 31 March 2023
1,883
5,720
7,616
47,504
62,723
Carrying amount
At 31 March 2023
7,524
10,967
3,299
97,068
118,858
At 31 March 2022
9,407
5,755
4,821
45,435
65,418
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Motor vehicles
96,736
44,992
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
20,175
12,771
Other debtors
1,334
847
21,509
13,618
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,617
2,297
Taxation and social security
22,267
15,147
Other creditors
15,378
25,244
41,262
42,688
PARADIGM RISK MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
89,494
36,047
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
97,976
44,529
Hire purchase contracts are secured against the assets to which they relate.
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
21,610
11,719
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
9 Ordinary A of £1 each
9
9
1 Ordinary B of £1 each
1
1
10
10
10
Ultimate controlling party
The ultimate controlling party is Mr S M Tonks.