PARAGON (PGN) LTD |
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Notes to the financial statements for - 31 December 2023 |
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COMPANY INFORMATION |
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1. |
Company Information |
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Paragon (PGN) Ltd (the Company) is a private company limited by shares incorporated in England and Wales. The company's registered number is 09258525. The address of its registered office is Suite 4 Brockham House, Smallfield Road, Horley, RH6 9AU. |
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The immediate and ultimate controlling party is Live Momentum Ltd, a Company based in Israel. The address of the registered office is Kaplan 2, Tel Aviv, 6473403, Israel. |
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2. |
Accounting Policies |
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2.1 |
Basis of preparation of financial statements |
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The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006. |
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2.2 |
Going concern |
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The company has positive equity and positive net current assets. In the period after year end and up to the reporting date the company has enough funds to cover its cash flow requirements and will continues to have the cash flows in the period of the next 12 months. The parent company has guaranteed to continue supporting the company for a period of at least 12 months from the date signing the accounts. |
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The financial statements are presented in sterling (£). |
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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2.3 |
Financial instruments |
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The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments: |
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(i) Financial assets |
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Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period. |
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(ii) Financial liabilities |
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Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method. |
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PARAGON (PGN) LTD |
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Notes to the financial statements for - 31 December 2023 |
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2. |
Accounting Policies (continued) |
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2.4 |
Related party exemption |
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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. |
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2.5 |
Turnover |
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Turnover represents net invoiced services, excluding VAT. |
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The company's turnover represents mainly amounts received from third parties on an arm's length basis. |
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2.6 |
Revenue Recognition |
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Revenue is measured at the fair value of the consideration received or receivable for services |
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rendered during the year. |
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Revenue is calculated on an arm's length basis. |
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Revenue is recognised at the earliest time: Either when the invoice is raised or by the end of the year. |
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2.7 |
Debtors |
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Short term debtors that includes trade and other receivables are measured at transaction price, less |
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any impairment. |
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2.8 |
Tangible fixed assets |
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Fixed assets are disclosed at cost less impairment charge. |
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Depreciation is provided at the following annual rates in order to write off the assets over their estimated |
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useful lives: |
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Leasehold improvement |
- 10% straight line |
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Electronic equipment |
- 25% straight line |
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Fixtures and fittings |
- 6% straight line |
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Computer and software |
- 33.33% straight line |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted |
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prospectively if appropriate, or if there is an indication of a significant change since the last |
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reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
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Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment. |
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PARAGON (PGN) LTD |
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Notes to the financial statements for - 31 December 2023 |
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2. |
Accounting Policies (continued) |
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2.9 |
Creditors |
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Basic financial liabilities including trade and other payable are measured at transaction price. |
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2.10 |
Current & deferred taxation |
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Deferred taxation is provided using the liability method to take into account timing differences arising from the inclusion of items of expenditure in taxation computations in periods that differ from those in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income. |
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2.11 |
Foreign currencies |
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Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the Balance Sheet date. Transactions in Foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. |
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2.12 |
Operating leases |
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Rental paid under operating leases is charged to profit and loss on a straight line basis over the lease term. |
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2.13 |
Employee benefits |
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The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans. |
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(i) Short term benefits |
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Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received. |
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(ii) Defined contribution pension plans |
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The company operated a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
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PARAGON (PGN) LTD |
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Notes to the financial statements for - 31 December 2023 |
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9. |
Audit report information |
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As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified. |
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The senior statutory auditor was Mr. Ran Shahmoon |
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The auditor was Shahmoon & Co. |
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Date auditor signed accounts: 18 July 2024 |
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Name of director signing accounts: L. M. Bunn |
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Date director signed accounts: 18 July 2024 |
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10. |
Related party transactions |
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Control: |
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The immediate and ultimate controlling party is Live Momentum Ltd, a Company based in Israel. The address of the registered office is Kaplan 2, Tel Aviv, 6473403, Israel. |
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The only group of undertakings for which consolidated financial statements are prepared which include Paragon (PGN) Ltd are those of Live Momentum Ltd a company incorporated in Israel. |
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On 31.1.24 The company's entire share capital was purchased by Mr. Hoang Phu Thinh Nguyen. |
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Transaction: |
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The company is exempt from disclosing transactions with related parties that are wholly |
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owned within the same group in accordance with FRS 102 Section 33(1)A. |
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11. |
Post balance sheet events |
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On 31.1.24 The company's entire share capital was purchased by Mr. Hoang Phu Thinh Nguyen. |