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Company No: 06455786 (England and Wales)

PARAJET INTERNATIONAL LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PARAJET INTERNATIONAL LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

PARAJET INTERNATIONAL LTD

COMPANY INFORMATION

For the financial year ended 31 December 2023
PARAJET INTERNATIONAL LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS G B N Cardozo MBE
T O C Prideaux Brune
S C Walker
S S Wedgwood
REGISTERED OFFICE Unit 14 Chaldicott Barns
Tokes Lane
Semley
Shaftesbury
SP7 9AW
England
United Kingdom
COMPANY NUMBER 06455786 (England and Wales)
PARAJET INTERNATIONAL LTD

BALANCE SHEET

As at 31 December 2023
PARAJET INTERNATIONAL LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Intangible assets 4 1,226 553
Tangible assets 5 131,044 139,294
Investments 6 8,307 8,307
140,577 148,154
Current assets
Stocks 563,546 730,500
Debtors 7 644,450 460,873
Cash at bank and in hand 306,583 177,475
1,514,579 1,368,848
Creditors: amounts falling due within one year 8 ( 1,285,026) ( 603,528)
Net current assets 229,553 765,320
Total assets less current liabilities 370,130 913,474
Creditors: amounts falling due after more than one year 9 ( 26,667) ( 36,667)
Provision for liabilities 10 ( 68,000) ( 68,000)
Net assets 275,463 808,807
Capital and reserves
Called-up share capital 101 101
Share premium account 456,004 456,004
Profit and loss account ( 180,642 ) 352,702
Total shareholder's funds 275,463 808,807

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Parajet International Ltd (registered number: 06455786) were approved and authorised for issue by the Board of Directors on 08 August 2024. They were signed on its behalf by:

G B N Cardozo MBE
Director
PARAJET INTERNATIONAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PARAJET INTERNATIONAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Parajet International Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 14 Chaldicott Barns, Tokes Lane, Semley, Shaftesbury, SP7 9AW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Turnover from the sale of goods is recognised when all of the following conditions are satisfied: the Company has transferred the significant risks and rewards of ownership to the buyer; the amount of turnover can be measured reliably; it is probable that the Company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Tax is recognised in profit or loss 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 or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 or 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

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Research and development

Expenditure on pure and applied research and development is charged to profit or Loss in the year in which it is incurred.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 15 years straight line
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments in subsidiaries are recognised at their initial cost less any impairment losses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials and sub-contract work. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Prior year adjustment

Expenses totaling £59,856 were reallocated to admin expenses from cost of sales.
The amounts classified as capital redemption reserves in the original 2022 accounts have been reclassified as a loan write off.

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Connected party loan write off 0 1,160,055 1,160,055
Capital Redemption reserve 1,160,055 (1,160,055) 0

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 12

4. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 January 2023 1,606 1,606
Additions 1,300 1,300
At 31 December 2023 2,906 2,906
Accumulated amortisation
At 01 January 2023 1,053 1,053
Charge for the financial year 73 73
Impairment losses 554 554
At 31 December 2023 1,680 1,680
Net book value
At 31 December 2023 1,226 1,226
At 31 December 2022 553 553

5. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 195,691 31,989 31,672 39,025 298,377
Additions 2,518 0 2,357 17,410 22,285
At 31 December 2023 198,209 31,989 34,029 56,435 320,662
Accumulated depreciation
At 01 January 2023 94,480 15,591 28,988 20,024 159,083
Charge for the financial year 19,821 1,407 1,569 7,738 30,535
At 31 December 2023 114,301 16,998 30,557 27,762 189,618
Net book value
At 31 December 2023 83,908 14,991 3,472 28,673 131,044
At 31 December 2022 101,211 16,398 2,684 19,001 139,294

6. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 8,307
At 31 December 2023 8,307
Carrying value at 31 December 2023 8,307
Carrying value at 31 December 2022 8,307

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Ownership
31.12.2022
Parajet Academy Ltd Unit 14, Chaldicott Barns Tokes Lane, Semley, Shaftesbury, Wiltshire, SP7 9AW Dormant Ordinary 100.00% 100.00%
Parajet Inc Unit 14, Chaldicott Barns Tokes Lane, Semley, Shaftesbury, Wiltshire, SP7 9AW Dormant Ordinary 100.00% 100.00%

7. Debtors

2023 2022
£ £
Trade debtors 336,187 116,493
Amounts owed by Group undertakings (note 11) 43,646 39,552
Prepayments 25,728 6,729
VAT recoverable 12,631 0
Corporation tax 110,000 45,752
Other debtors 116,258 252,347
644,450 460,873

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 10,000 17,706
Trade creditors 303,411 49,695
Amounts owed to Group undertakings (note 11) 653,962 146,535
Accruals 184,643 266,566
Other taxation and social security 23,156 16,017
Other creditors 109,854 107,009
1,285,026 603,528

9. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 26,667 36,667

There are no amounts included above in respect of which any security has been given by the small entity.

10. Provision for liabilities

2023 2022
£ £
Product warranty provision 18,000 18,000
Other provisions 50,000 50,000
68,000 68,000
Product warranties Other Total
£ £ £
At 01 January 2023 18,000 50,000 68,000
At 31 December 2023 18,000 50,000 68,000

Other provisions relates to provisions for dilapidations.

11. Related party transactions

The Company has taken advantage of the exemption not to disclose transactions with wholly owned group entities.

A director maintained a loan account with the Company. At the year end the Company was owed £nil by the director (2022- £3,960 ). This loan was repaid in full by the director in September 2023.

12. Commitments under operating leases

At 31 December the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023 2022
£ £
Not later than 1 year 55,000 53,750
Later than 1 year and not later than 5 years 68,750 178,750
123,750 232,500

13. Ultimate controlling party

The Company's immediate parent undertaking is Gilo Holdings Limited, a company registered in England and Wales. The registered office of the parent is Unit 9 Chaldicott Barns, Tokes Lane, Semley, Dorset, United Kingdom, SP7 9AW.