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Company No: 04685871 (England and Wales)

PARAGON INDEPENDENT LTD

Abridged Unaudited Financial Statements
For the financial year ended 31 March 2024

PARAGON INDEPENDENT LTD

Abridged Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

PARAGON INDEPENDENT LTD

COMPANY INFORMATION

For the financial year ended 31 March 2024
PARAGON INDEPENDENT LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Simon Marns
Stephen Andrew Skinner
Steven John West
REGISTERED OFFICE First Floor
Bowden House
Luckyn Lane
Basildon
SS14 3AX
England
United Kingdom
COMPANY NUMBER 04685871 (England and Wales)
ACCOUNTANT Synergee
Pluto House
6 Vale Avenue
Tunbridge Wells
TN1 1DJ
PARAGON INDEPENDENT LTD

BALANCE SHEET

As at 31 March 2024
PARAGON INDEPENDENT LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 5 541 748
Investments 6 1 1
542 749
Current assets
Debtors 200 0
Cash at bank and in hand 215,703 244,332
215,903 244,332
Creditors: amounts falling due within one year ( 83,712) ( 91,900)
Net current assets 132,191 152,432
Total assets less current liabilities 132,733 153,181
Net assets 132,733 153,181
Capital and reserves
Called-up share capital 7 10,403 10,203
Capital redemption reserve 12,500 12,500
Profit and loss account 109,830 130,478
Total shareholders' funds 132,733 153,181

For the financial 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.

Directors' responsibilities:

The financial statements of Paragon Independent Ltd (registered number: 04685871) were approved and authorised for issue by the Board of Directors on 30 September 2024. They were signed on its behalf by:

Steven John West
Director
PARAGON INDEPENDENT LTD

STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 March 2024
PARAGON INDEPENDENT LTD

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 31 March 2024
Called-up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 01 April 2022 10,203 12,500 151,186 173,889
Profit for the financial year 0 0 153,199 153,199
Total comprehensive income 0 0 153,199 153,199
Dividends paid on equity shares 0 0 ( 173,907) ( 173,907)
At 31 March 2023 10,203 12,500 130,478 153,181
At 01 April 2023 10,203 12,500 130,478 153,181
Profit for the financial year 0 0 150,417 150,417
Total comprehensive income 0 0 150,417 150,417
Issue of share capital 200 0 0 200
Dividends paid on equity shares 0 0 ( 171,065) ( 171,065)
At 31 March 2024 10,403 12,500 109,830 132,733
PARAGON INDEPENDENT LTD

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
PARAGON INDEPENDENT LTD

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Paragon Independent Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is First Floor, Bowden House, Luckyn Lane, Basildon, SS14 3AX, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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

Turnover is recognised to the extent it is probable that economic benefit will flow to the company, and that it can be reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of discounts, rebates, VAT and other sales taxes.

Turnover from the provision of services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that consideration due will be received;
- the stage of completion of the contract at the reporting date can be measured reliably, and
- the costs incurred, or to be incurred, can be measured reliably.

Turnover from commission is recognised at the inception of the policy to which it relates.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Computer equipment 3 years straight line

The assets' residual values, useful lives, and depreciation methods are reviewed periodically and prospectively adjusted where appropriate; or where there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount, and are recognised in the income statement.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors; loans from banks and other third parties; loans to related parties and investments in non-puttable ordinary shares.

Debt instruments, other than those wholly payable or receivable within one year, including loans and other accounts receivable and payable are initially measured at the present value of future cash flows, and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of consideration expected to be paid or received. If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently measured at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, and such impairments is recognised in total comprehensive income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 7

3. Finance income

2024 2023
£ £
Interest receivable and similar income 3,545 1,371

4. Tax on profit

2024 2023
£ £
Current tax on profit
UK corporation tax 49,205 36,646
Total current tax 49,205 36,646
Total tax on profit 49,205 36,646

On 17 March 2020, the Provisional Collection of Taxes Act was used to substantively enact a 19% tax rate and accordingly, the deferred tax balances were re-calculated from 17% to 19% at 31 March 2023.

The March 2021 Budget announced a further increase to the main rate of corporation tax to 25% from April 2023 as well as introducing a small profits rate of 19%. These rates were substantively enacted via the Finance Bill 2021 on 24 May 2021.

At the Balance Sheet date, it was estimated that the Company’s future profits will be applicable entirely to the main rate of corporation tax and therefore deferred tax balances as at 31 March 2024 have been re-calculated to 25%.

Tax reconciliation

The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK:

2024 2023
£ £
Profit before taxation 199,622 189,845
Tax on profit at standard UK corporation tax rate of 24.62% (2023: 19.00%) 49,147 36,071
Total tax charge for year 49,147 36,071

5. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 April 2023 7,724 14,205 21,929
At 31 March 2024 7,724 14,205 21,929
Accumulated depreciation
At 01 April 2023 7,003 14,178 21,181
Charge for the financial year 180 27 207
At 31 March 2024 7,183 14,205 21,388
Net book value
At 31 March 2024 541 0 541
At 31 March 2023 721 27 748

6. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 1
At 31 March 2024 1
Carrying value at 31 March 2024 1
Carrying value at 31 March 2023 1

Investments in shares

The Company's investments at the Balance Sheet date in the share capital of companies include the following:

Name of entity Registered office Principal activity Class of
shares
Ownership
31.03.2024
Ownership
31.03.2023
Held
Paragon Independent Financial Advisers Limited United Kingdom Dormant Ordinary 100.00% 100.00% Direct

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
200 Ordinary A shares of £ 1.00 each (2023: 100 shares of £ 1.00 each) 200 100
1 Ordinary B share of £ 1.00 1 1
200 Ordinary C shares of £ 1.00 each (2023: 100 shares of £ 1.00 each) 200 100
1 Ordinary D share of £ 1.00 1 1
1 Ordinary E share of £ 1.00 1 1
5,000 Ordinary F shares of £ 1.00 each 5,000 5,000
5,000 Ordinary G shares of £ 1.00 each 5,000 5,000
10,403 10,203

Retained earnings represent distributable reserves of cumulative profits and losses.

Capital redemption reserve represents a non-distributable reserve arising from the redemption of the company's own shares.