Paramount Computing Limited
Unaudited Financial Statements
For the year ended 30 November 2023
Pages for Filing with Registrar
Company Registration No. 02868898 (England and Wales)
Paramount Computing Limited
Balance Sheet
As at 30 November 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
5
1,252,286
1,242,286
Current assets
Debtors
6
5,087
-
0
Cash at bank and in hand
50,163
65,124
55,250
65,124
Creditors: amounts falling due within one year
7
(152,095)
(150,088)
Net current liabilities
(96,845)
(84,964)
Total assets less current liabilities
1,155,441
1,157,322
Creditors: amounts falling due after more than one year
8
(79,516)
(93,488)
Provisions for liabilities
(163,411)
(160,911)
Net assets
912,514
902,923
Capital and reserves
Called up share capital
10
2
2
Revaluation reserve
653,508
646,008
Profit and loss reserves
259,004
256,913
Total equity
912,514
902,923

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

Paramount Computing Limited
Balance Sheet (Continued)
As at 30 November 2023
Page 2
The financial statements were approved and signed by the director and authorised for issue on 20 August 2024
B. R. Churn
Director
Company Registration No. 02868898
Paramount Computing Limited
Statement of Changes in Equity
For the year ended 30 November 2023
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 December 2021
2
185,230
250,732
435,964
Year ended 30 November 2022:
Profit for the year
-
-
466,959
466,959
Other comprehensive income:
Revaluation of tangible fixed assets
-
598,115
(598,115)
-
Gains reclassified to profit or loss
-
(137,337)
137,337
-
Balance at 30 November 2022
2
646,008
256,913
902,923
Year ended 30 November 2023:
Profit for the year
-
-
9,591
9,591
Other comprehensive income:
Revaluation of tangible fixed assets
-
10,000
(10,000)
-
Tax relating to other comprehensive income
-
(2,500)
2,500
-
Total comprehensive income for the year
-
7,500
2,091
9,591
Balance at 30 November 2023
2
653,508
259,004
912,514
Paramount Computing Limited
Notes to the Financial Statements
For the year ended 30 November 2023
Page 4
1
Accounting policies
Company information

Paramount Computing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Betchworth House, 57-65 Station Road, Redhill, Surrey, RH1 1DL.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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. The principal accounting policies adopted are set out below.

1.2
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:

Plant and machinery
25% reducing balance
1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

Although this accounting policy is in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), it is a departure from the general requirements of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have charged cannot be separately identified or quantified.

1.4
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.

1.5
Financial instruments

The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as ‘other’ or financial instruments measured at fair value.

Paramount Computing Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 5
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was nil (2022: nil).

3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,157
1,450
Paramount Computing Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
3
Taxation
(Continued)
Page 6
Deferred tax
Deferred tax on fair value gains on investment properties
2,500
137,337
Total tax charge
3,657
138,787
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 and 30 November 2023
36,946
Depreciation and impairment
At 1 December 2022 and 30 November 2023
36,946
Carrying amount
At 30 November 2023
-
0
At 30 November 2022
-
0
5
Investment property
2023
£
Fair value
At 1 December 2022
1,242,286
Revaluations
10,000
At 30 November 2023
1,252,286

The investment properties have been valued on a fair value basis at 30 November 2023 by the director, and are at their valuation amount.

 

The historical cost of the properties included at valuation at the balance sheet date is £435,367 (2022: £435,367).

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
5,087
-
Paramount Computing Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 7
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8,326
8,906
Corporation tax
1,157
1,450
Other creditors
139,672
136,912
Accruals and deferred income
2,940
2,820
152,095
150,088
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
79,516
93,488
9
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Revaluation of investment property
163,411
160,911
2023
Movements in the year:
£
Liability at 1 December 2022
160,911
Effect of change in tax rate - other comprehensive income
2,500
Liability at 30 November 2023
163,411

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

10
Called up share capital
2023
2022
£
£
Ordinary share capital
Authorised
2 Ordinary Shares of £1 each
2
2
Paramount Computing Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 8
11
Related party transactions

Included within other creditors is a balance owed to Mr B.R. Churn, the company director, of £130,197 (2022 - £136,527)

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