Company registration number 07082141 (England and Wales)
PARADISE INDUSTRIES LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
PARADISE INDUSTRIES LTD
CONTENTS
Page
Statement of comprehensive income
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
PARADISE INDUSTRIES LTD
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
5
5,488,174
7,068,582
Creditors: amounts falling due within one year
6
(5,537,788)
(264,405)
Net current (liabilities)/assets
(49,614)
6,804,177
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(49,714)
6,804,077
Total equity
(49,614)
6,804,177

The notes on pages 3 to 8 form part of these financial statements.

The director of the company has 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 and signed by the director and authorised for issue on 27 February 2024
Tim Shanahan
Director
Company registration number 07082141 (England and Wales)
PARADISE INDUSTRIES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2021
100
6,762,630
6,762,730
Year ended 31 December 2021:
Profit and total comprehensive income
-
41,447
41,447
Balance at 31 December 2021
100
6,804,077
6,804,177
Year ended 31 December 2022:
Loss and total comprehensive income
-
(6,853,791)
(6,853,791)
Balance at 31 December 2022
100
(49,714)
(49,614)
PARADISE INDUSTRIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Paradise Industries Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 110-122 New North Place, London, England, EC2A 4JA.

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.

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 Company's business activities are discussed in the Directors' Report on page 1.true

 

The decision has been made not to look for further business for this entity and the intention is to liquidate the company within 12 months from the date of signing the financial statements for the year ended 31 December 2022. The company does not have any external debt financing arrangements or restrictive covenants.

 

Accordingly, the financial statements are prepared on a basis other than a going concern. No adjustments were required as a result of preparing the accounts on a basis other than going concern.

1.3
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

Turnover from the rendering of services comprises revenue from content production revenue. Revenue from these income streams is recognised as follows:

• Content production revenues are recognised when the content is delivered to and accepted by the customer.

Finance income is recognised in the Statement of Comprehensive Income as earned.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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.

PARADISE INDUSTRIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
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.

1.6
Debtors
Short term debtors are measured at transaction price, less any impairment.
1.7
Creditors
Short term creditors are measured at the transaction price. Loan payables are measured initially at fair value, net of transaction costs, and are measured subsequently at amortized cost using the effective interest method
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

PARADISE INDUSTRIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation
Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet Statement date, except that:

• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
1.10
Leases

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.

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 director is 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.

PARADISE INDUSTRIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
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.

Bad debt provision

The Company's Balance Sheet shows a debtor balance of £5,484,709 (2021: £7,062,404). A full review of debtor balances is carried out at the end of each month. Bad debt provision estimates are made taking into account historical experience, current trends, and other relevant factors. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectible.

3
Employees

During the year, there were no employees directly employed by the company (2021:nil). The work relating to company's acitvities were carried out by employees of fellow wholly-owned subsidiaries.

4
Extraordinary loss
2022
2021
£
£
Expenditure
Intercompany debt write off
8,208,600
-
0
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
5,484,709
7,062,404
Other debtors
3,467
6,177
5,488,176
7,068,581

Trade debtors disclosed above are measured at transaction price, less any impairment.

The amount owed by group undertakings are unsecured, interest -free, and receivable on demand.

6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
26,580
18,800
Amounts owed to group undertakings
5,484,708
208,722
Accruals and deferred income
26,500
36,883
5,537,788
264,405

The amount owed to group undertakings are unsecured, interest-free, and repayable on demand.

PARADISE INDUSTRIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
7
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Related party transactions

Other than directors, there are no other key management personnel. All transactions entered into with fellow group undertakings which are wholly owned by the Group of which the company is a member have not been disclosed.

9
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.

Emphasis of matter

We draw attention to note 1.2 of these financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Shirish Shah
Statutory Auditor:
SPW (UK) LLP
Date of audit report:
27 February 2024
10
Events after the reporting date

Pursuant to a request for relief filed under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York (the "Court") on May 15, 2023, Vice Group Holding, Inc. entered into an agreement with certain of its creditors to sell substantially all of Vice Group Holding, lnc.'s assets to Vice Acquisition HoldCo, LLC. On June 23, 2023, the Court approved the asset and equity purchase agreement through which Vice Acquisition HoldCo, LLC acquired the assets of Vice Group Holding, Inc., and on July 31, 2023 the Court approved the transition services agreement pursuant to which the former parent company of the VICE Media Group, Vice Group Holding, Inc., and affiliated entities agreed to provide services to Vice Acquisition HoldCo, LLC to enable and facilitate the transfer and integration of the VICE Media Group US employees into the post-bankruptcy structure of the reorganized VICE Media Group.

PARADISE INDUSTRIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
11
Ultimate controlling party

The immediate parent company is Vice Europe Holding Acquisition Limited, a company incorporated in Jersey. Vice Europe Holding Acquisition Limited does not prepare group financial statements as these are not required by Jersey Company Law.

The ultimate parent undertaking and controlling party is Vice Ultimate Parent LLC, a Company incorporated in the United States of America. Its registered address is 45 Main Street, Suite 200, Brooklyn, NY 11201. This is the smallest and largest Group of undertakings for which Group financial statements are prepared that include the Company. The financial statements are not publicly available.

 

Prior to the sale of the business on 31st July 2023, the ultimate parent undertaking and controlling party was Vice Group Holding Inc., a Company incorporated in the United States of America. Its registered address is 49 S 2nd Street, Brooklyn, New York, 11211.

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