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REGISTERED NUMBER: 04453858 (England and Wales)















PARAGON ELECTRONICS CLOCKS AND ASSEMBLY
LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






PARAGON ELECTRONICS CLOCKS AND ASSEMBLY
LIMITED (REGISTERED NUMBER: 04453858)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PARAGON ELECTRONICS CLOCKS AND ASSEMBLY
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: Mr R M Dance





SECRETARY: R Rustell





REGISTERED OFFICE: 424 Margate Road
Ramsgate
Kent
CT12 6SR





REGISTERED NUMBER: 04453858 (England and Wales)





ACCOUNTANTS: Spurling Cannon
Chartered Certified Accountants
424 Margate Road
Westwood
Ramsgate
Kent
CT12 6SJ

PARAGON ELECTRONICS CLOCKS AND ASSEMBLY
LIMITED (REGISTERED NUMBER: 04453858)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 4,177 4,657
4,177 4,657

CURRENT ASSETS
Stocks 9,239 8,484
Debtors 6 16,569 19,673
Cash at bank 128,977 150,368
154,785 178,525
CREDITORS
Amounts falling due within one year 7 (9,266 ) (30,209 )
NET CURRENT ASSETS 145,519 148,316
TOTAL ASSETS LESS CURRENT
LIABILITIES

149,696

152,973

PROVISIONS FOR LIABILITIES (787 ) (876 )
NET ASSETS 148,909 152,097

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 148,908 152,096
SHAREHOLDERS' FUNDS 148,909 152,097

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 ELECTRONICS CLOCKS AND ASSEMBLY
LIMITED (REGISTERED NUMBER: 04453858)

BALANCE SHEET - continued
30 JUNE 2024


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 director and authorised for issue on 20 September 2024 and were signed by:





Mr R M Dance - Director


PARAGON ELECTRONICS CLOCKS AND ASSEMBLY
LIMITED (REGISTERED NUMBER: 04453858)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Paragon Electronics Clocks and Assembly 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business on 1st August 2002, is being written off evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance
Fixture & Fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

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.


PARAGON ELECTRONICS CLOCKS AND ASSEMBLY
LIMITED (REGISTERED NUMBER: 04453858)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
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.

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 NIL (2023 - NIL).

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 30,000
AMORTISATION
At 1 July 2023
and 30 June 2024 30,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

PARAGON ELECTRONICS CLOCKS AND ASSEMBLY
LIMITED (REGISTERED NUMBER: 04453858)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. TANGIBLE FIXED ASSETS
Plant and Fixture & Computer
machinery Fittings equipment Totals
£    £    £    £   
COST
At 1 July 2023
and 30 June 2024 11,887 1,509 7,049 20,445
DEPRECIATION
At 1 July 2023 7,366 1,453 6,969 15,788
Charge for year 452 8 20 480
At 30 June 2024 7,818 1,461 6,989 16,268
NET BOOK VALUE
At 30 June 2024 4,069 48 60 4,177
At 30 June 2023 4,521 56 80 4,657

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 15,062 18,288
Prepayments 1,507 1,385
16,569 19,673

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,996 5,110
Corporation Tax - 14,692
Social security and other taxes 4,346 9,008
Directors' current accounts 649 149
Accrued expenses 1,275 1,250
9,266 30,209

8. RELATED PARTY DISCLOSURES

The limited company commenced trading on 1st August 2002 by purchasing the assets of Paragon Electronics which was a sole trade, owned by Mr Richard Dance. Mr Richard Dance is Sole Director and shareholder of the company.