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Registered number: 05893766
Paragon Services (Southern) Limited
Unaudited Financial Statements
For The Year Ended 30 September 2023
Advoco (SW) Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05893766
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 18,600 21,931
18,600 21,931
CURRENT ASSETS
Stocks 5 1,678 1,678
Debtors 6 103,263 132,589
Cash at bank and in hand 235 2,427
105,176 136,694
Creditors: Amounts Falling Due Within One Year 7 (66,894 ) (76,072 )
NET CURRENT ASSETS (LIABILITIES) 38,282 60,622
TOTAL ASSETS LESS CURRENT LIABILITIES 56,882 82,553
Creditors: Amounts Falling Due After More Than One Year 8 (22,805 ) (27,271 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,496 ) (4,167 )
NET ASSETS 29,581 51,115
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 29,481 51,015
SHAREHOLDERS' FUNDS 29,581 51,115
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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
On behalf of the board
Mr Shaun Weeks
Director
24 April 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Paragon Services (Southern) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05893766 . The registered office is Unit 4, Richmar Trading Estate, Butts Pond Industrial Estate, Sturminster Newton, Dorset, DT10 1AZ.
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:
Plant & Machinery 15% on reducing balance
Motor Vehicles 15% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 33% on reducing balance
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.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The 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 years 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 assets reflect 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.
Deferred tax
...CONTINUED
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2.5. Taxation - continued
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal
of the timing difference.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 39 (2022: 39)
39 39
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 October 2022 56,609 - 15,313 6,396 78,318
As at 30 September 2023 56,609 - 15,313 6,396 78,318
Depreciation
As at 1 October 2022 41,047 - 10,334 5,006 56,387
Provided during the period 2,334 - 747 250 3,331
As at 30 September 2023 43,381 - 11,081 5,256 59,718
Net Book Value
As at 30 September 2023 13,228 - 4,232 1,140 18,600
As at 1 October 2022 15,562 - 4,979 1,390 21,931
5. Stocks
2023 2022
£ £
Stock 1,678 1,678
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 74,100 83,518
CIS tax 29,163 48,490
Directors' loan accounts - 581
103,263 132,589
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 6,993 11,381
Bank loans and overdrafts 46,154 45,441
Corporation tax liability 2,844 7,017
VAT 5,554 7,013
Other creditors 3,199 3,500
Accrued expenses 1,890 1,720
Directors' loan accounts 260 -
66,894 76,072
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 22,805 27,271
22,805 27,271
9. Share Capital
2023 2022
Allotted, called up but not fully paid £ £
100 Ordinary A shares of £ 1.00 each 100 100
Page 5