Company registration number 10194787 (England and Wales)
PARAGON REAL ESTATE DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
PARAGON REAL ESTATE DEVELOPMENTS LIMITED
COMPANY INFORMATION
Directors
Mrs. S Raizada
Mr S Raizada
Company number
10194787
Registered office
Kings Court
London Road
Stevenage
SG1 2NG
Accountants
Gohil's Accountancy Services Limited
Rear of 17 Plantagenet Road
Barnet
United Kingdom
EN5 5JG
PARAGON REAL ESTATE DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
PARAGON REAL ESTATE DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,558,210
2,675,000
Current assets
Stocks
1,551,362
1,294,983
Debtors
5
21,638
319,737
Cash at bank and in hand
3,469
205,523
1,576,469
1,820,243
Creditors: amounts falling due within one year
(243,145)
(207,567)
Net current assets
1,333,324
1,612,676
Total assets less current liabilities
4,891,534
4,287,676
Creditors: amounts falling due after more than one year
(4,240,447)
(3,664,531)
Net assets
651,087
623,145
Capital and reserves
Called up share capital
100
100
Revaluation reserve
6
809,670
809,670
Profit and loss reserves
7
(158,683)
(186,625)
Total equity
651,087
623,145
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PARAGON REAL ESTATE DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
Mr S Raizada
Director
Company registration number 10194787 (England and Wales)
PARAGON REAL ESTATE DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 December 2021
100
809,670
(748,114)
61,656
Period ended 31 October 2022:
Profit and total comprehensive income for the period
-
-
561,489
561,489
Balance at 31 October 2022
100
809,670
(186,625)
623,145
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
27,942
27,942
Balance at 31 October 2023
100
809,670
(158,683)
651,087
PARAGON REAL ESTATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information
Paragon Real Estate Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kings Court, London Road, Stevenage, SG1 2NG.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
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 useful lives on the following bases:
Freehold land and buildings
Not depreciated
Freehold land and assets in the course of construction are not depreciated.
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.
1.4
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 cost and replacement 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.
PARAGON REAL ESTATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
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.
1.6
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
PARAGON REAL ESTATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
4
Tangible fixed assets
Freehold land and buildings
£
Cost or valuation
At 1 November 2022
2,675,000
Additions
883,210
At 31 October 2023
3,558,210
Depreciation and impairment
At 1 November 2022 and 31 October 2023
Carrying amount
At 31 October 2023
3,558,210
At 31 October 2022
2,675,000
Land and buildings with a carrying amount of £3,558,210 (previous year 2,675,000) were revalued by director on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
Freehold land and buildings with a carrying amount of £3,558,210(previous year 2,675,000 ) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
21,224
23,892
Other debtors
414
295,845
21,638
319,737
6
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
809,670
809,670
Land and buildings with a carrying amount of £2,675,000 (previous year 2,675,000) were revalued in previous year by director on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
PARAGON REAL ESTATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
7
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
(186,625)
(748,114)
Profit for the year
27,942
561,489
At the end of the year
(158,683)
(186,625)