Registered number
09888167
Paramount Care (Easington) Limited
Filleted Accounts
28 November 2023
Paramount Care (Easington) Limited
Registered number: 09888167
Balance Sheet
as at 28 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 132,315 143,260
Current assets
Debtors 4 212,376 150,590
Cash at bank and in hand 47,345 5,511
259,721 156,101
Creditors: amounts falling due within one year 5 (779,701) (609,715)
Net current liabilities (519,980) (453,614)
Total assets less current liabilities (387,665) (310,354)
Creditors: amounts falling due after more than one year 6 (15,000) (25,000)
Net liabilities (402,665) (335,354)
Capital and reserves
Called up share capital 1 1
Profit and loss account (402,666) (335,355)
Shareholders' funds (402,665) (335,354)
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.
M E Fuerst
Director
Approved by the board on 14 September 2024
Paramount Care (Easington) Limited
Notes to the Accounts
for the period from 30 November 2022 to 28 November 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 (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax and represents the provision of specialist care services supporting people with learning difficulties and other support needs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 18% reducing balance basis
Fixtures, fittings, tools and equipment 18% reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 47 39
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 30 November 2022 157,867 31,183 189,050
At 28 November 2023 157,867 31,183 189,050
Depreciation
At 30 November 2022 31,560 14,230 45,790
Charge for the period 7,890 3,055 10,945
At 28 November 2023 39,450 17,285 56,735
Net book value
At 28 November 2023 118,417 13,898 132,315
At 29 November 2022 126,307 16,953 143,260
4 Debtors 2023 2022
£ £
Trade debtors 61,788 -
Other debtors 150,588 150,590
212,376 150,590
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Taxation and social security costs 29,593 29,860
Other creditors 740,108 569,855
779,701 609,715
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,000 25,000
7 Controlling party
The company is under the control of the director by virtue of his holding 100% of the issued ordinary share capital of the company.
8 Other information
Paramount Care (Easington) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Elliott House
Seaside Lane
Easington Colliery
Peterlee
SR8 3PG
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