Registered number
08361727
Paragon Contracting Limited
Report and Unaudited Accounts
29 September 2023
Accountancy 4 Wealth Limited
Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
Paragon Contracting Limited
Registered number: 08361727
Balance Sheet
as at 29 September 2023
Notes 2023 2022
£ £
Current assets
Debtors 3 13,681 24,092
Cash at bank and in hand - 14,159
13,681 38,251
Creditors: amounts falling due within one year 4 (14,290) (33,880)
Net current (liabilities)/assets (609) 4,371
Net (liabilities)/assets (609) 4,371
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account (10,609) (5,629)
Shareholders' funds (609) 4,371
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Simon Linford
Director
Approved by the board on 23 September 2024
Paragon Contracting Limited
Notes to the Accounts
for the period from 1 October 2022 to 29 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2023 2022
£ £
Trade debtors - 18,897
Other debtors 13,681 5,195
13,681 24,092
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 16,063
Corporation tax 361 1,817
Other creditors 13,929 16,000
14,290 33,880
5 Contingent liabilities
Following a Vat audit by HMRC,  the Company were issued with assessments seeking to disallow the offset, against output VAT collected, of over £3.3million input vat suffered, despite holding invoices to support the amounts paid. The company  is  of the view that HMRCs assessments are totally without merit, but HMRC  remain intransigent and seek to collect this amount.
The Company has now reached the point that it is reliant upon support from the director to fund its ongoing defence, but the increasing costs of doing so are putting increasing reliance on that support and should he no longer be able to fund the defence the Company may not be able to have its case heard and the Company will be forced into liquidation.
6 Related party transactions
There are no related party transactions.
7 Controlling party
The company is controlled by its directors who are the shareholders.
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