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Registered number: 09326259
Paramount Quilting Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Calculayte Ltd
Old Dock House
90 Watery Lane
Preston
Lancashire
PR2 1AU
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 09326259
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 58,890 45,029
58,890 45,029
CURRENT ASSETS
Stocks 5 97,000 120,447
Debtors 6 411,512 316,058
Cash at bank and in hand 18,240 153,898
526,752 590,403
Creditors: Amounts Falling Due Within One Year 7 (614,591 ) (590,467 )
NET CURRENT ASSETS (LIABILITIES) (87,839 ) (64 )
TOTAL ASSETS LESS CURRENT LIABILITIES (28,949 ) 44,965
NET (LIABILITIES)/ASSETS (28,949 ) 44,965
CAPITAL AND RESERVES
Called up share capital 100 100
Income Statement (29,049 ) 44,865
SHAREHOLDERS' FUNDS (28,949) 44,965
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr J Zeb
Director
30 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Paramount Quilting Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09326259 . The registered office is Unit 15, Riverbank Enterprise Centre, Scout Hill Road, Dewsbury, West Yorkshire, WF13 3RQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical costs basis. 
The financial statements are prepared in sterling, which is the functional currency of the company.
Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. 
2.2. Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts in the normal course of business. Income is recognised when goods are delivered.
2.3. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery 10 - 20% straight line
Motor Vehicles 33.3% straight line
Computer Equipment 25% straight line
2.4. Stocks and Work in Progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, cost of coversion and other costs incurred in bringing the stock to its present location and condition.
2.5. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised costs.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the profit or loss immediately.
The company only has basic financial instruments.
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Page 4
2.6. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
2.7. Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. 
3. Average Number of Employees
The average number of persons employed by the company during the period, including directors amounted to: 22 (2022: 12)
22 12
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2022 112,864 5,500 13,877 132,241
Additions 11,670 5,900 1,310 18,880
As at 30 November 2023 124,534 11,400 15,187 151,121
Depreciation
As at 1 December 2022 86,060 - 1,152 87,212
Provided during the period (11,784 ) 3,800 13,003 5,019
As at 30 November 2023 74,276 3,800 14,155 92,231
Net Book Value
As at 30 November 2023 50,258 7,600 1,032 58,890
As at 1 December 2022 26,804 5,500 12,725 45,029
5. Stocks
2023 2022
£ £
Materials 97,000 120,447
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Page 5
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 411,512 316,058
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 231,280 261,604
Bank loans and overdrafts 25,000 36,120
Other creditors 11,639 3,796
Taxation and social security 346,672 288,947
614,591 590,467
Page 5