Company registration number 01285355 (England and Wales)
PARADIGM FLEET SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PARADIGM FLEET SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
PARADIGM FLEET SERVICES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
228,033
77,905
Current assets
Stocks
5
249,185
268,911
Debtors
6
636,324
568,510
Cash at bank and in hand
72,512
63,550
958,021
900,971
Creditors: amounts falling due within one year
7
(824,010)
(527,724)
Net current assets
134,011
373,247
Total assets less current liabilities
362,044
451,152
Creditors: amounts falling due after more than one year
8
(84,337)
Provisions for liabilities
(56,357)
(16,526)
Net assets
221,350
434,626
Capital and reserves
Called up share capital
10
600,000
600,000
Profit and loss reserves
(378,650)
(165,374)
Total equity
221,350
434,626
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 November 2023 and are signed on its behalf by:
C C C Doughty
Director
Company Registration No. 01285355
PARADIGM FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Paradigm Fleet Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acumen House, Park Circle, Tithe Barn Way, Swan Valley, Northampton, NN4 9BH.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent on the continued support of the group companies not requiring the withdrawal of their monies owed to them until sufficient funds are available.true
If the company were unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:
Plant and machinery
33.33% straight line basis
Computers equipment
33.33% straight line basis
Motor vehicles
Straight line over the period that the asset is leased out
PARADIGM FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
PARADIGM FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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.
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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
PARADIGM FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.11
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 in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Going Concern
As indicated above, it is the directors' assessment that the company continues to be a going concern. Accordingly, assets and liabilities have been valued on the basis that the company will continue in business. If this presumption proved to be mistaken the carrying value of assets and liabilities would need to be reappraised to reflect the impact of cessation.
Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no material indicators of impairments identified during the current financial year other than in respect of bad and doubtful trade debtor balances and stock provisions recognised in the financial statements.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Estimating value in use
Where an indication of impairment exists the directors will carry our an impairment review to determine the recoverable amount, which is the higher of fair value less cost to sell and value in use. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value.
Recoverability of receivables
The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the ageing of receivables, past experience of recoverability, and the credit profile of individual or groups of customers.
PARADIGM FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Determining residual values and useful economic life of tangible fixed assets (property, plant and equipment)
The company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programs.
Judgment is applied by management when determining the residual values for tangible fixed assets. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
4
4
Tangible fixed assets
Plant and machinery
Computers equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
18,160
17,442
55,500
91,102
Additions
111,144
135,741
246,885
Disposals
(10,096)
(10,000)
(20,096)
At 31 March 2023
119,208
17,442
181,241
317,891
Depreciation and impairment
At 1 April 2022
6,471
5,184
1,542
13,197
Depreciation charged in the year
25,267
6,302
47,039
78,608
Eliminated in respect of disposals
(518)
(1,429)
(1,947)
At 31 March 2023
31,220
11,486
47,152
89,858
Carrying amount
At 31 March 2023
87,988
5,956
134,089
228,033
At 31 March 2022
11,689
12,258
53,958
77,905
PARADIGM FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Stocks
2023
2022
£
£
Stocks
249,185
268,911
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
119,014
108,251
Amounts owed by group undertakings
508,453
430,000
Other debtors
8,857
30,259
636,324
568,510
7
Creditors: amounts falling due within one year
2023
2022
£
£
Loans and borrowings
9
85,684
-
Trade creditors
77,831
30,480
Amounts owed to group undertakings
559,424
472,999
Taxation and social security
27,002
2,935
Other creditors
52,281
10,847
Accruals and deferred income
21,788
10,463
824,010
527,724
The company has access to a finance facility with Barclays Bank Plc and at the reporting date the company had drawn down £46,539 (2022 - £10,174) under the facility. This liability is included in other creditors and is secured by virtue of a fixed and floating charge over the assets of the company.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Loans and borrowings
9
84,337
-
84,337
PARADIGM FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
9
Loans and borrowings
2023
2022
£
£
Hire purchase and finance lease liabilities
170,021
-
Payable within one year
85,684
-
Payable after one year
84,337
-
Hire purchase and finance lease liabilities are secured against the related asset. The liability at the balance sheet date is £170,021 (2022 - £Nil).
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
600,000
600,000
600,000
600,000
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Gavin Robert Booth
Statutory Auditor:
Ashgates Corporate Services Limited
12
Related party transactions
The company is a wholly-owned member of Acumen Logistic Group Limited and as such has taken advantage of the exemption permitted by FRS 102 Section 1A, not to provide disclosures of transactions entered into with wholly-owned members of the group.
13
Parent company
The parent of the largest and smallest group in which these financial statements are consolidated is Acumen Logistics Group Holdings Limited, incorporated in England.
The address of Acumen Logistics Group Holdings Limited is:
Acumen House Park Circle, Tithe Barn Way, Swan Valley, Northampton, United Kingdom, NN4 9BH
These financial statements are available upon request from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
The ultimate controlling party is C C C Doughty.
2023-03-312022-04-01false10 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedJ M DoughtyC C C DoughtyD M HymasJ N OwenJ M Doughty012853552022-04-012023-03-31012853552023-03-31012853552022-03-3101285355core:PlantMachinery2023-03-3101285355core:ComputerEquipment2023-03-3101285355core:MotorVehicles2023-03-3101285355core:PlantMachinery2022-03-3101285355core:ComputerEquipment2022-03-3101285355core:MotorVehicles2022-03-3101285355core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3101285355core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3101285355core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3101285355core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3101285355core:CurrentFinancialInstruments2023-03-3101285355core:CurrentFinancialInstruments2022-03-3101285355core:Non-currentFinancialInstruments2023-03-3101285355core:Non-currentFinancialInstruments2022-03-3101285355core:ShareCapital2023-03-3101285355core:ShareCapital2022-03-3101285355core:RetainedEarningsAccumulatedLosses2023-03-3101285355core:RetainedEarningsAccumulatedLosses2022-03-3101285355bus:Director12022-04-012023-03-3101285355core:PlantMachinery2022-04-012023-03-3101285355core:ComputerEquipment2022-04-012023-03-3101285355core:MotorVehicles2022-04-012023-03-31012853552021-04-012022-03-3101285355core:PlantMachinery2022-03-3101285355core:ComputerEquipment2022-03-3101285355core:MotorVehicles2022-03-31012853552022-03-3101285355core:WithinOneYear2023-03-3101285355core:WithinOneYear2022-03-3101285355bus:PrivateLimitedCompanyLtd2022-04-012023-03-3101285355bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3101285355bus:FRS1022022-04-012023-03-3101285355bus:Audited2022-04-012023-03-3101285355bus:Director22022-04-012023-03-3101285355bus:Director32022-04-012023-03-3101285355bus:Director42022-04-012023-03-3101285355bus:CompanySecretary12022-04-012023-03-3101285355bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP