Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 02451987 Mr Jeffrey Glaskie Mr Charles Glaskie Mr James Glaskie Mr James Glaskie iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02451987 2023-03-31 02451987 2024-03-31 02451987 2023-04-01 2024-03-31 02451987 frs-core:CurrentFinancialInstruments 2024-03-31 02451987 frs-core:MotorVehicles 2024-03-31 02451987 frs-core:MotorVehicles 2023-04-01 2024-03-31 02451987 frs-core:MotorVehicles 2023-03-31 02451987 frs-core:PlantMachinery 2024-03-31 02451987 frs-core:PlantMachinery 2023-04-01 2024-03-31 02451987 frs-core:PlantMachinery 2023-03-31 02451987 frs-core:WithinOneYear 2024-03-31 02451987 frs-core:SharePremium 2024-03-31 02451987 frs-core:ShareCapital 2024-03-31 02451987 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 02451987 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02451987 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 02451987 frs-bus:SmallEntities 2023-04-01 2024-03-31 02451987 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02451987 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02451987 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 02451987 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 02451987 frs-core:UnlistedNon-exchangeTraded 2024-03-31 02451987 frs-core:UnlistedNon-exchangeTraded 2023-03-31 02451987 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-03-31 02451987 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-03-31 02451987 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-03-31 02451987 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-03-31 02451987 frs-bus:Director1 2023-04-01 2024-03-31 02451987 frs-bus:Director2 2023-04-01 2024-03-31 02451987 frs-bus:Director3 2023-04-01 2024-03-31 02451987 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 02451987 frs-countries:EnglandWales 2023-04-01 2024-03-31 02451987 2022-03-31 02451987 2023-03-31 02451987 2022-04-01 2023-03-31 02451987 frs-core:CurrentFinancialInstruments 2023-03-31 02451987 frs-core:WithinOneYear 2023-03-31 02451987 frs-core:SharePremium 2023-03-31 02451987 frs-core:ShareCapital 2023-03-31 02451987 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 02451987 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31
Registered number: 02451987
Paramount Construction Co Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02451987
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 17,761 21,327
Investment Properties 5 4,696,000 2,820,247
Investments 6 267,652 267,652
4,981,413 3,109,226
CURRENT ASSETS
Debtors 7 2,873,369 1,925,289
Cash at bank and in hand 161,212 153,504
3,034,581 2,078,793
Creditors: Amounts Falling Due Within One Year 8 (4,267,051 ) (3,323,591 )
NET CURRENT ASSETS (LIABILITIES) (1,232,470 ) (1,244,798 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,748,943 1,864,428
NET ASSETS 3,748,943 1,864,428
CAPITAL AND RESERVES
Called up share capital 10 120,442 120,442
Share premium account 408,564 408,564
Fair Value Reserve 11 3,144,818 1,269,065
Profit and Loss Account 75,119 66,357
SHAREHOLDERS' FUNDS 3,748,943 1,864,428
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James Glaskie
Director
02/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Paramount Construction Co Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02451987 . The registered office is Oakhill Court, 171 Bury New Road, Prestwich, Manchester, M25 9ND.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% reducing balance
Motor Vehicles 25% reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost or Valuation
As at 1 April 2023 70,524 16,991 87,515
As at 31 March 2024 70,524 16,991 87,515
Depreciation
As at 1 April 2023 58,754 7,434 66,188
Provided during the period 1,178 2,388 3,566
As at 31 March 2024 59,932 9,822 69,754
Net Book Value
As at 31 March 2024 10,592 7,169 17,761
As at 1 April 2023 11,770 9,557 21,327
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 2,820,247
Fair value adjustments 1,875,753
As at 31 March 2024 4,696,000
6. Investments
Unlisted
£
Cost
As at 1 April 2023 267,652
As at 31 March 2024 267,652
Provision
As at 1 April 2023 -
As at 31 March 2024 -
...CONTINUED
Page 4
Page 5
Net Book Value
As at 31 March 2024 267,652
As at 1 April 2023 267,652
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 363 -
Other debtors 3,222 3,093
Amounts owed by related parties 2,869,784 1,922,196
2,873,369 1,925,289
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,215 9,083
Trade creditors 2,901 5,379
Corporation tax 54,110 31,904
Other taxes and social security 2,860 2,836
VAT 1,402 469
Other creditors 2,006,580 2,010,810
Accruals and deferred income 30,085 61,585
Directors' loan accounts 2,162,898 1,201,525
4,267,051 3,323,591
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,215 9,083
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 120,442 120,442
11. Reserves
Fair Value Reserve
£
As at 1 April 2023 1,269,065
Movements in fair value reserve 1,875,753
As at 31 March 2024 3,144,818
Page 5