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Registration number: 04627891

Pargon Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Pargon Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Pargon Limited

Company Information

Directors

I Hutchinson

J Hutchinson

J Hutchinson

R Hutchinson

Registered office

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Pargon Limited
for the Year Ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pargon Limited for the year ended 31 January 2023 as set out on pages 3 to 7 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/regulation.

This report is made solely to the Board of Directors of Pargon Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Pargon Limited and state those matters that we have agreed to state to the Board of Directors of Pargon Limited, 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 Pargon Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Pargon Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Pargon Limited. You consider that Pargon Limited 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 accounts of Pargon Limited. 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 accounts.

......................................

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

23 October 2023

 

Pargon Limited

(Registration number: 04627891)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

4,444

34,365

Cash at bank and in hand

 

30

1,730

 

4,474

36,095

Creditors: Amounts falling due within one year

6

(9,850)

(42,078)

Net liabilities

 

(5,376)

(5,983)

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

(5,378)

(5,985)

Shareholders' deficit

 

(5,376)

(5,983)

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

.........................................
I Hutchinson
Director

 

Pargon Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

 

Pargon Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture and fttings

fully depreciated

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Pargon Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2022

1,974

1,974

At 31 January 2023

1,974

1,974

Depreciation

At 1 February 2022

1,974

1,974

At 31 January 2023

1,974

1,974

Carrying amount

At 31 January 2023

-

-

5

Debtors

Current

2023
£

2022
£

Other debtors

4,444

34,365

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

479

2,307

Accruals and deferred income

1,250

1,250

Other creditors

8,121

38,521

9,850

42,078

 

Pargon Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

2

2

2

2

         

8

Related party transactions

Transactions with directors

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

I Hutchinson

Undated, unsecured and interest free directors loan account which is repayable on demand.

33,165

12,766

(33,166)

12,765

         
       

 

2022

At 1 February 2021
£

Advances to director
£

Repayments by director
£

At 31 January 2022
£

I Hutchinson

Undated, unsecured and interest free directors loan account which is repayable on demand.

592,505

33,165

(592,505)

33,165

         
       

 

Summary of transactions with associates

During the year Pargon Limited received management fees of £38,000 (2022 £38,104) from Forest Gate Healthcare Limited.
 At the year end Pargon Limited owed £8,121 (2022 £38,521) to Forest Gate Healthcare Limited.