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REGISTERED NUMBER: 02811523 (England and Wales)















Paragon Tool Hire Limited

Unaudited Financial Statements for the Year Ended 31 December 2023






Paragon Tool Hire Limited (Registered number: 02811523)






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




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3 to 4

Notes to the Financial Statements 5 to 8


Paragon Tool Hire Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S Griffiths
H R Scarffe





SECRETARY: S Griffiths





REGISTERED OFFICE: Home Farm Yard
Bourton
Buckingham
Buckinghamshire
MK18 7DU





REGISTERED NUMBER: 02811523 (England and Wales)





ACCOUNTANTS: Tearle & Carver Limited
Chandos House
School Lane
Buckingham
Buckinghamshire
MK18 1HD

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Paragon Tool Hire Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paragon Tool Hire Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Paragon Tool Hire Limited, as a body, in accordance with the terms of our engagement letter dated 1 August 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Paragon Tool Hire Limited and state those matters that we have agreed to state to the Board of Directors of Paragon Tool Hire Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paragon Tool Hire Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Paragon Tool Hire Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Paragon Tool Hire Limited. You consider that Paragon Tool Hire Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Paragon Tool Hire Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Tearle & Carver Limited
Chandos House
School Lane
Buckingham
Buckinghamshire
MK18 1HD


Date: .............................................

Paragon Tool Hire Limited (Registered number: 02811523)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,054,179 866,639

CURRENT ASSETS
Stocks 35,027 25,066
Debtors 5 250,174 252,227
Cash at bank and in hand 24,084 18,653
309,285 295,946
CREDITORS
Amounts falling due within one year 6 488,903 400,185
NET CURRENT LIABILITIES (179,618 ) (104,239 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

874,561

762,400

CREDITORS
Amounts falling due after more than one
year

7

(385,498

)

(194,594

)

PROVISIONS FOR LIABILITIES (200,225 ) (164,661 )
NET ASSETS 288,838 403,145

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 8 278,838 393,145
SHAREHOLDERS' FUNDS 288,838 403,145

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 directors acknowledge their 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.

Paragon Tool Hire Limited (Registered number: 02811523)

Balance Sheet - continued
31 December 2023


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 Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by:




S Griffiths - Director



H R Scarffe - Director


Paragon Tool Hire Limited (Registered number: 02811523)

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

1. STATUTORY INFORMATION

Paragon Tool Hire Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Paragon Tool Hire Limited (Registered number: 02811523)

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

2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 1,997,504 36,261 2,808 2,036,573
Additions 632,471 - 485 632,956
Disposals (361,303 ) - - (361,303 )
At 31 December 2023 2,268,672 36,261 3,293 2,308,226
DEPRECIATION
At 1 January 2023 1,136,204 32,222 1,508 1,169,934
Charge for year 349,937 1,010 447 351,394
Eliminated on disposal (267,281 ) - - (267,281 )
At 31 December 2023 1,218,860 33,232 1,955 1,254,047
NET BOOK VALUE
At 31 December 2023 1,049,812 3,029 1,338 1,054,179
At 31 December 2022 861,300 4,039 1,300 866,639

Paragon Tool Hire Limited (Registered number: 02811523)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023 1,110,073
Additions 501,642
Disposals (155,800 )
At 31 December 2023 1,455,915
DEPRECIATION
At 1 January 2023 591,496
Charge for year 248,442
Eliminated on disposal (129,350 )
At 31 December 2023 710,588
NET BOOK VALUE
At 31 December 2023 745,327
At 31 December 2022 518,577

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 228,395 237,636
VAT 8,559 -
Prepayments and accrued income 13,220 14,591
250,174 252,227

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 179,075 150,375
Trade creditors 153,045 74,468
Pension 1,652 1,723
Social security and other taxes 3,127 3,895
VAT - 11,921
Other creditors 1,535 2,094
Directors' current accounts 120,391 143,737
Accruals and deferred income 30,078 11,972
488,903 400,185

Paragon Tool Hire Limited (Registered number: 02811523)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 385,498 194,594

8. RESERVES
Retained
earnings
£   

At 1 January 2023 393,145
Deficit for the year (114,307 )
At 31 December 2023 278,838

9. RELATED PARTY DISCLOSURES

Included in other creditors is an amount due to Mr S Griffiths, a director. At the year end, the amount owed to Stuart Griffiths was £118,152 (2022: £142,575). This loan is unsecured, interest free and has no fixed repayment schedule.

10. ULTIMATE CONTROLLING PARTY

The directors consider that there is no controlling party.