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Registration number: 09704818

Paragon Traffic Management Ltd

Unaudited Filleted Financial Statements

for the Period from 1 August 2022 to 31 December 2023

 

Paragon Traffic Management Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Paragon Traffic Management Ltd

Company Information

Directors

Mr J Warne

Mr M Warne

Registered office

66-68 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PG

 

Paragon Traffic Management Ltd

(Registration number: 09704818)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,618,336

1,253,199

Current assets

 

Stocks

5

77,032

-

Debtors

6

1,131,242

1,822,797

Cash at bank and in hand

 

225,100

399,186

 

1,433,374

2,221,983

Creditors: Amounts falling due within one year

7

(1,132,393)

(1,233,984)

Net current assets

 

300,981

987,999

Total assets less current liabilities

 

1,919,317

2,241,198

Creditors: Amounts falling due after more than one year

7

(468,917)

(727,439)

Provisions for liabilities

(243,844)

(289,612)

Net assets

 

1,206,556

1,224,147

Capital and reserves

 

Called up share capital

8

90

90

Capital redemption reserve

10

10

Retained earnings

1,206,456

1,224,047

Shareholders' funds

 

1,206,556

1,224,147

For the financial period 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 members have not required the Company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

 

Paragon Traffic Management Ltd

(Registration number: 09704818)
Balance Sheet as at 31 December 2023

.........................................
Mr J Warne
Director

.........................................
Mr M Warne
Director

 

Paragon Traffic Management Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 31 December 2023

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
66-68 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PG

These financial statements were authorised for issue by the Board on 11 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

The financial statements cover the inidividual entity, Paragon Traffic Management Ltd.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Paragon Traffic Management Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 31 December 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, this year the directors have adopted to change the depreciation methods on the plant and machinery and motor vehicles from straightline to the reducing balance method. The depreciation for this year is as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing balance

Motor vehicles

20% and 10% on reducing balance

Office equipment

33% on straightline

Fixtures and fittings

10% on straightline

Work-in-progress

Work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Paragon Traffic Management Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the period, was 58 (2022 - 65).

 

Paragon Traffic Management Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

457,390

1,342,818

1,800,208

Additions

89,570

818,093

907,663

Disposals

-

(29,067)

(29,067)

At 31 December 2023

546,960

2,131,844

2,678,804

Depreciation

At 1 August 2022

252,545

294,464

547,009

Charge for the period

95,276

427,936

523,212

Eliminated on disposal

-

(9,753)

(9,753)

At 31 December 2023

347,821

712,647

1,060,468

Carrying amount

At 31 December 2023

199,139

1,419,197

1,618,336

At 31 July 2022

204,845

1,048,354

1,253,199

5

Stocks

2023
£

2022
£

Work in progress

77,032

-

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

826,430

1,563,634

Amounts owed by related parties

10

97,344

107,844

Prepayments

 

60,200

87,473

Other debtors

 

147,268

63,846

   

1,131,242

1,822,797

 

Paragon Traffic Management Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

569,337

461,999

Trade creditors

 

260,620

338,495

Taxation and social security

 

258,060

338,326

Accruals and deferred income

 

15,573

39,730

Other creditors

 

28,803

55,434

 

1,132,393

1,233,984

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

468,917

727,439

Creditors include secured liabilities totalling £867,320 (2022 - £947,771), these are secured against the assets purchased under the agreements.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

90

90

90

90

         

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

38,156

65,516

Later than one year and not later than five years

62,920

101,076

101,076

166,592

 

Paragon Traffic Management Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 31 December 2023

10

Related party transactions

The below advances have no fixed repayment date, are unsecured, interest has been charged at the official rate of interest.

Transactions with Directors

2023

At 1 August 2022
£

Advances to Director
£

Repayments by Director
£

At 31 December 2023
£

Mr M Warne

25,988

104,314

(65,000)

65,302

         
       

Mr J Warne

32,121

104,388

(65,000)

71,509

         
       

 

2022

At 1 August 2021
£

Advances to Director
£

Repayments by Director
£

At 31 July 2022
£

Mr M Warne

64,740

74,788

(113,540)

25,988

         
       

Mr J Warne

70,119

75,542

(113,540)

32,121