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Registered number: 12617546
Paramount Children Care Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 30 September 2023
Newtons Accountants Limited
Chartered Certified Accountants
470 Hucknall Road
Nottingham
Nottinghamshire
NG5 1FX
Unaudited Financial Statements
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 12617546
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 50,608 61,119
50,608 61,119
CURRENT ASSETS
Stocks 1,850 1,000
Debtors 5 520,684 278,941
Cash at bank and in hand 69,901 27,898
592,435 307,839
Creditors: Amounts Falling Due Within One Year (311,599 ) (265,118 )
NET CURRENT ASSETS (LIABILITIES) 280,836 42,721
TOTAL ASSETS LESS CURRENT LIABILITIES 331,444 103,840
Creditors: Amounts Falling Due After More Than One Year (190,926 ) -
PROVISIONS FOR LIABILITIES
Provisions For Charges (5,000 ) (5,000 )
Deferred Taxation - (557 )
NET ASSETS 135,518 98,283
CAPITAL AND RESERVES
Called up share capital 6 2 1
Profit and Loss Account 135,516 98,282
SHAREHOLDERS' FUNDS 135,518 98,283
Page 1
Page 2
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 30 September 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Pavan Sharma
Director
19/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Paramount Children Care Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12617546 . The registered office is West Midlands House, Gipsy Lane, Willenhall, Wolverhampton, WV13 2HA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10 year straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% straight line
Computer Equipment 33% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
The company's tax charge represents the sum of the corporation tax currently payable and deferred tax.
The corporation tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2022: 16)
15 16
4. Tangible Assets
Total
£
Cost
As at 1 October 2022 84,517
Additions 1,500
As at 30 September 2023 86,017
Depreciation
As at 1 October 2022 23,398
Provided during the period 12,011
As at 30 September 2023 35,409
Net Book Value
As at 30 September 2023 50,608
As at 1 October 2022 61,119
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5. Debtors
2023 2022
£ £
Due after more than one year
Other debtor 112,615 -
112,615 -
6. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 1
7. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Later than one year and not later than five years 8,081 -
8,081 -
8. Directors Advances, Credits and Guarantees
During the year the director had a loan account with the company. The director introduced net monies of £31,060 to the company. The closing balance was £39,203 and is included in other creditors payable within one year.
The above loan is unsecured, interest free and repayable on demand.
9. Related Party Transactions
During the year the company received monies of £27,101 from a company with substantial shareholders in common.  This remains unpaid at the year end and is included within other creditors payable within one year.
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