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REGISTERED NUMBER: 01280790 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Paragon Contracts Limited

Paragon Contracts Limited (Registered number: 01280790)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Paragon Contracts Limited

Company Information
for the Year Ended 31 October 2023







DIRECTOR: L C Wilkshire





REGISTERED OFFICE: 60 Chapel View
Croydon
Surrey
CR2 7LJ





REGISTERED NUMBER: 01280790 (England and Wales)





ACCOUNTANTS: Ledger Sparks Limited
Airport House
Suite 43-45
Purley Way
Croydon
CR0 0XZ

Paragon Contracts Limited (Registered number: 01280790)

Balance Sheet
31 October 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 33,044 26,164

CURRENT ASSETS
Stocks 24,528 34,863
Debtors 5 1,006,372 986,566
Cash at bank 52,000 81,272
1,082,900 1,102,701
CREDITORS
Amounts falling due within one year 6 (98,354 ) (133,286 )
NET CURRENT ASSETS 984,546 969,415
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,017,590

995,579

PROVISIONS FOR LIABILITIES 7 (6,278 ) (4,971 )
NET ASSETS 1,011,312 990,608

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 8 1,011,212 990,508
1,011,312 990,608

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Paragon Contracts Limited (Registered number: 01280790)

Balance Sheet - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 July 2024 and were signed by:





L C Wilkshire - Director


Paragon Contracts Limited (Registered number: 01280790)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Paragon Contracts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company was that of flooring contractors.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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 us lives on the following bases:

Fixtures and fittings-25% on cost
Motor vehicles-25% on cost

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.

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 replacement cost and 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.

FINANCIAL INSTRUMENTS
The company only enters into basic financial transactions that result in recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from bank and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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.


Paragon Contracts Limited (Registered number: 01280790)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

LEASE
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 leased asset are consumed.

PENSION
DEFINED CONTRIBUTION PENSION PLAN
The Company operates a defined contribution pension plan for its employees. A defined contribution pension plan is a plan under which the Company pays fixed contributions into separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the company are held separately from the Company in an independently administered fund.

PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

GOING CONCERN
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

Paragon Contracts Limited (Registered number: 01280790)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 November 2022 17,910 60,225 78,135
Additions 1,256 13,493 14,749
Disposals - (1,000 ) (1,000 )
At 31 October 2023 19,166 72,718 91,884
DEPRECIATION
At 1 November 2022 17,009 34,962 51,971
Charge for year 514 7,063 7,577
Eliminated on disposal - (708 ) (708 )
At 31 October 2023 17,523 41,317 58,840
NET BOOK VALUE
At 31 October 2023 1,643 31,401 33,044
At 31 October 2022 901 25,263 26,164

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 329,584 279,183
Amounts owed by group undertakings 636,136 630,136
Other debtors 40,652 77,247
1,006,372 986,566

The director considers the carrying value of trade and other receivables approximate to their fair values.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 68,019 93,710
Taxation and social security 22,933 30,176
Other creditors 7,402 9,400
98,354 133,286

The director considers the carrying amounts of current liabilities approximate to their fair values.

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 6,278 4,971

Paragon Contracts Limited (Registered number: 01280790)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 November 2022 4,971
Provided during year 1,307
Balance at 31 October 2023 6,278

8. RESERVES

PROFIT AND LOSS RESERVES
The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

9. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £16,895 (2022 - £7,037).

Contribution totalling £1,460 (2022 - £1,601) were payable to fund at balance sheet date and are included in other creditors.

10. RELATED PARTY DISCLOSURES

At the balance sheet date, included in other creditors, are amounts due to the director of £441(2022 - £404). This loan is interest free and repayable on demand.

At the balance sheet date, included in debtors is the amount due from holding company of £636,136 (2022 - £630,136). This loan is interest free and repayable on demand.

Parent company

Paragon Contracts Limited is a wholly owned subsidiary of Paragon Flooring Limited registered at 60 Chapel View, South Croydon, Surrey, CR2 7LJ.

The ultimate controlling party is considered to be Leslie Wilkshire by virtue of his directorship and sole shareholding in the ultimate parent company, Paragon Flooring Limited.