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Company No: 11081944 (England and Wales)

PARAMOUNT TRANSPORTATION SYSTEMS LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PARAMOUNT TRANSPORTATION SYSTEMS LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

PARAMOUNT TRANSPORTATION SYSTEMS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
PARAMOUNT TRANSPORTATION SYSTEMS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 208 313
208 313
Current assets
Debtors 4 118,152 93,528
118,152 93,528
Creditors: amounts falling due within one year 5 ( 36,645) ( 28,170)
Net current assets 81,507 65,358
Total assets less current liabilities 81,715 65,671
Net assets 81,715 65,671
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 81,713 65,669
Total shareholders' funds 81,715 65,671

For the financial year ending 31 December 2023 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 Paramount Transportation Systems Ltd (registered number: 11081944) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

G K Moyad
Director

31 December 2024

PARAMOUNT TRANSPORTATION SYSTEMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PARAMOUNT TRANSPORTATION SYSTEMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
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

Paramount Transportation Systems 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 35 Ballards Lane, London, N3 1XW, 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £81,715. The company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings 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
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, 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:

Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors and creditors, and loans to and from related parties.

Financial assets
Basic financial assets, including other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 9 9

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 January 2023 16,919 16,919
At 31 December 2023 16,919 16,919
Accumulated depreciation
At 01 January 2023 16,606 16,606
Charge for the financial year 105 105
At 31 December 2023 16,711 16,711
Net book value
At 31 December 2023 208 208
At 31 December 2022 313 313

4. Debtors

2023 2022
£ £
Amounts owed by connected companies 91,111 65,148
Prepayments 1,849 3,009
Deferred tax asset 88 88
VAT recoverable 22,378 19,326
Other debtors 2,726 5,957
118,152 93,528

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 360
Accruals 6,495 7,900
Taxation and social security 28,345 17,620
Other creditors 1,805 2,290
36,645 28,170

6. Deferred tax

2023 2022
£ £
At the beginning of financial year 88 ( 230)
Credited to the Statement of Income and Retained Earnings 0 318
At the end of financial year 88 88

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Financial commitments

Pensions

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,805 2,290

9. Related party transactions

Included within debtors is a balance of £91,111 (2022: £65,148) owed by a company under common control. The balance is unsecured, with no fixed repayment terms.

Interest of £599 (2022: £110) has been charged on this balance.

Included within other debtors is a balance of £2,726 (2022: £5,955) owed by one of the directors. The balance is unsecured with no fixed repayment terms.

Interest of £142 (2022: £Nil) has been charged on this balance.