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PARAMOUNT PROPERTIES & DEVELOPMENTS LIMITED

Registered Number
11795759
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

PARAMOUNT PROPERTIES & DEVELOPMENTS LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Director

FARRAR, Shaun David

Registered Address

15 - 17 West Derby Village
Liverpool
L12 5HJ

Registered Number

11795759 (England and Wales)
PARAMOUNT PROPERTIES & DEVELOPMENTS LIMITED
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets47821,043
Investment property51,369,5071,186,258
1,370,2891,187,301
Current assets
Debtors37,59045,138
Cash at bank and on hand3,5293,291
41,11948,429
Creditors amounts falling due within one year(130,870)(106,543)
Net current assets (liabilities)(89,751)(58,114)
Total assets less current liabilities1,280,5381,129,187
Creditors amounts falling due after one year(960,846)(969,951)
Provisions for liabilities(45,812)-
Net assets273,880159,236
Capital and reserves
Called up share capital22
Share premium116,505116,505
Revaluation reserve183,249-
Profit and loss account(25,876)42,729
Shareholders' funds6273,880159,236
The financial statements were approved and authorised for issue by the Director on 20 January 2025, and are signed on its behalf by:
FARRAR, Shaun David
Director
Registered Company No. 11795759
PARAMOUNT PROPERTIES & DEVELOPMENTS LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Fixtures and fittings25
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
2.Average number of employees

20242023
Average number of employees during the year11
3.Further information regarding the company's income
Rental income from investment properties is recognised on an accruals basis in accordance with the terms of the lease agreements. Income is recognised evenly over the period of the lease, including the effects of rent-free periods and lease incentives, if applicable. Commission income received from letting agents, in respect of property management services provided, is recognised on an accruals basis. Income is recognised when the services giving rise to the commission are completed, and it is probable that the economic benefits will flow to the company.
4.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 February 233,2973,297
At 31 January 243,2973,297
Depreciation and impairment
At 01 February 232,2542,254
Charge for year261261
At 31 January 242,5152,515
Net book value
At 31 January 24782782
At 31 January 231,0431,043
5.Investment property

£
Fair value at 01 February 231,186,258
Fair value adjustments183,249
At 31 January 241,369,507
6.Revaluation reserve

£
Revaluations of other assets183,249
At 31 January 24183,249