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REGISTERED NUMBER: 08807054















Financial Statements for the Year Ended 31 March 2024

for

Paradise Freightways Limited

Paradise Freightways Limited (Registered number: 08807054)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Paradise Freightways Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr Paul Dulay





REGISTERED OFFICE: 31 Stanford Road
Wolverhampton
West Midlands
WV2 4NF





REGISTERED NUMBER: 08807054






Paradise Freightways Limited (Registered number: 08807054)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 97,533 29,817

CURRENT ASSETS
Debtors 5 12,165 119,989
Cash at bank and in hand 29,671 34,965
41,836 154,954
CREDITORS
Amounts falling due within one year 6 85,877 59,973
NET CURRENT (LIABILITIES)/ASSETS (44,041 ) 94,981
TOTAL ASSETS LESS CURRENT
LIABILITIES

53,492

124,798

CREDITORS
Amounts falling due after more than one year 7 45,879 68,929
NET ASSETS 7,613 55,869

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 7,611 55,867
SHAREHOLDERS' FUNDS 7,613 55,869

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Paradise Freightways Limited (Registered number: 08807054)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 January 2025 and were signed by:





Mr Paul Dulay - Director


Paradise Freightways Limited (Registered number: 08807054)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Paradise Freightways Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

Paradise Freightways Limited (Registered number: 08807054)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 48,835 16,610 - 6,742 72,187
Additions 23,575 - 85,901 - 109,476
Disposals (9,250 ) - - - (9,250 )
At 31 March 2024 63,160 16,610 85,901 6,742 172,413
DEPRECIATION
At 1 April 2023 25,936 10,149 - 6,285 42,370
Charge for year 9,306 1,615 21,475 114 32,510
At 31 March 2024 35,242 11,764 21,475 6,399 74,880
NET BOOK VALUE
At 31 March 2024 27,918 4,846 64,426 343 97,533
At 31 March 2023 22,899 6,461 - 457 29,817

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 12,165 -
Amounts owed by group undertakings - 10,000
Other debtors - 109,989
12,165 119,989

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 6,145 1,758
Amounts owed to group undertakings 42,000 -
Taxation and social security 24,455 51,668
Other creditors 13,277 6,547
85,877 59,973

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Other creditors 45,879 68,929

Paradise Freightways Limited (Registered number: 08807054)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Other loans - 1,642

Amounts falling due between one and two years:
Other loans - 1-2 years 45,879 68,929

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
Mr Paul Dulay
Balance outstanding at start of year - -
Amounts advanced - 109,988
Amounts repaid - (109,988 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -