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REGISTERED NUMBER: SC513620 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Paragon Protection Systems Ltd

Paragon Protection Systems Ltd (Registered number: SC513620)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


Paragon Protection Systems Ltd (Registered number: SC513620)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 321,521 377,282
Tangible assets 5 519,914 126,709
841,435 503,991

CURRENT ASSETS
Stocks 508,965 382,705
Debtors 6 470,576 496,677
Cash at bank 914,673 762,856
1,894,214 1,642,238
CREDITORS
Amounts falling due within one year 7 (1,063,470 ) (918,613 )
NET CURRENT ASSETS 830,744 723,625
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,672,179

1,227,616

CREDITORS
Amounts falling due after more than one
year

8

(227,760

)

(70,624

)

PROVISIONS FOR LIABILITIES (89,127 ) (14,925 )
NET ASSETS 1,355,292 1,142,067

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 1,355,291 1,142,066
SHAREHOLDERS' FUNDS 1,355,292 1,142,067

Paragon Protection Systems Ltd (Registered number: SC513620)

Balance Sheet - continued
31 December 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 July 2024 and were signed by:





Mr C Michel - Director


Paragon Protection Systems Ltd (Registered number: SC513620)

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

1. STATUTORY INFORMATION

Paragon Protection Systems Ltd is a private company, limited by shares, domiciled in Scotland, registration number SC513620. The registered office is Pittarrow House, Perth Road, Abernethy, Perthshire PH2 9LW.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents net invoiced sales of goods and services in respect of supplying weather proofing products in the construction industry, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Intellectual property
Intellectual Property, being the amount paid in connection with the acquisition of intellectual property in 2021 and 2022, is being amortised evenly over its estimated useful life of five and ten years.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Office units - 33% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 33% on cost, 25% on cost and 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Paragon Protection Systems Ltd (Registered number: SC513620)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Intellectual
property
£   
COST
At 1 January 2023
and 31 December 2023 453,804
AMORTISATION
At 1 January 2023 76,522
Amortisation for year 55,761
At 31 December 2023 132,283
NET BOOK VALUE
At 31 December 2023 321,521
At 31 December 2022 377,282

Paragon Protection Systems Ltd (Registered number: SC513620)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Office Plant and and
units machinery fittings
£    £    £   
COST
At 1 January 2023 43,979 13,657 18,183
Additions 53,874 94,315 11,743
Disposals - (3,620 ) -
At 31 December 2023 97,853 104,352 29,926
DEPRECIATION
At 1 January 2023 33,257 3,793 9,775
Charge for year 6,719 19,282 4,146
Eliminated on disposal - (2,182 ) -
At 31 December 2023 39,976 20,893 13,921
NET BOOK VALUE
At 31 December 2023 57,877 83,459 16,005
At 31 December 2022 10,722 9,864 8,408

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 221,594 16,700 314,113
Additions 386,051 5,413 551,396
Disposals (138,146 ) - (141,766 )
At 31 December 2023 469,499 22,113 723,743
DEPRECIATION
At 1 January 2023 134,354 6,225 187,404
Charge for year 77,337 5,368 112,852
Eliminated on disposal (94,245 ) - (96,427 )
At 31 December 2023 117,446 11,593 203,829
NET BOOK VALUE
At 31 December 2023 352,053 10,520 519,914
At 31 December 2022 87,240 10,475 126,709

Paragon Protection Systems Ltd (Registered number: SC513620)

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

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 204,136
Additions 367,871
Disposals (125,688 )
At 31 December 2023 446,319
DEPRECIATION
At 1 January 2023 125,514
Charge for year 71,836
Eliminated on disposal (86,932 )
At 31 December 2023 110,418
NET BOOK VALUE
At 31 December 2023 335,901
At 31 December 2022 78,622

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 409,006 427,793
Other debtors 61,570 68,884
470,576 496,677

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 83,951 33,425
Trade creditors 201,686 121,050
Amounts owed to group undertakings - 5,845
Taxation and social security 126,929 122,949
Other creditors 650,904 635,344
1,063,470 918,613

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 227,760 70,624

Paragon Protection Systems Ltd (Registered number: SC513620)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 311,711 104,049

Amounts due on hire purchase are secured over the individual assets concerned.

10. ULTIMATE PARENT ENTITY

Justus Corporate Ltd is registered in Scotland under registration number SC313208. The registered office is Pittarow House, Perth Road, Abernethy, Perth, PH2 9LW.