Registered number
03037875
Embarba Paragon Lifts Limited
Unaudited Filleted Accounts
31 August 2023
Embarba Paragon Lifts Limited
Registered number: 03037875
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 35,000 39,700
Current assets
Stocks 5,000 6,000
Debtors 4 183,020 143,092
Cash at bank and in hand 99,450 57,885
287,470 206,977
Creditors: amounts falling due within one year 5 (98,174) (41,881)
Net current assets 189,296 165,096
Total assets less current liabilities 224,296 204,796
Creditors: amounts falling due after more than one year 6 (687,902) (693,047)
Net liabilities (463,606) (488,251)
Capital and reserves
Called up share capital 100 100
Profit and loss account (463,706) (488,351)
Shareholder's funds (463,606) (488,251)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Bautista Ramirez
Director
Approved by the board on 22 February 2024
Embarba Paragon Lifts Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The financial statements are prepared on the going concern basis, which relies upon the continued support of associated companies.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% on a reducing balance basis
Computers 33% on a straight line basis
Fixtures, fittings, tools and equipment 15% on a straight line basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2022 8,497 65,747 74,244
Additions - 9,990 9,990
Disposals - (3,000) (3,000)
At 31 August 2023 8,497 72,737 81,234
Depreciation
At 1 September 2022 8,197 26,347 34,544
Charge for the year 300 12,690 12,990
On disposals - (1,300) (1,300)
At 31 August 2023 8,497 37,737 46,234
Net book value
At 31 August 2023 - 35,000 35,000
At 31 August 2022 300 39,400 39,700
4 Debtors 2023 2022
£ £
Trade debtors 181,814 142,196
Other debtors 1,206 896
183,020 143,092
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 3,758 9,433
Taxation and social security costs 19,448 14,188
Other creditors 74,968 18,260
98,174 41,881
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 687,902 693,047
7 Other information
Embarba Paragon Lifts Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4 Waterside Business Park
Wheelhouse Road
Rugeley
WS15 1LJ
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