REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
PARAGON BUSINESS SOLUTIONS LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
PARAGON BUSINESS SOLUTIONS LTD |
PARAGON BUSINESS SOLUTIONS LTD (Registered number: 02703069) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PARAGON BUSINESS SOLUTIONS LTD |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4 Quex Road |
London |
NW6 4PJ |
PARAGON BUSINESS SOLUTIONS LTD (Registered number: 02703069) |
Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Fair value reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
PARAGON BUSINESS SOLUTIONS LTD (Registered number: 02703069) |
Balance Sheet - continued |
30 April 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PARAGON BUSINESS SOLUTIONS LTD (Registered number: 02703069) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is based on sales to customers, exclusive of Value Added Tax. |
Turnover includes provision for sales arising from subsidiary company marketing products. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
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. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
3. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2023 |
Additions |
Revaluations |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The freehold property was revalued at 30 April 2024 by the company's directors on an open market value basis. If this property was not included at valuation, it would be included under the historical cost convention at its original cost of £401,271 and accumulated depreciation of £152,475. |
PARAGON BUSINESS SOLUTIONS LTD (Registered number: 02703069) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Investment, being the amount paid in connection with the acquisition of an entire shareholding of a UK company operating in IT services. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Other debtors |
Subsidiary company | 2,146,120 | 1,785,548 |
6. | CASH AT BANK AND IN HAND |
Cash at bank includes an amount of £250k to do with International Life Bond which has a year end market value of £808k. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Other creditors |
Directors' current accounts | 18,819 | 40 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Deferred tax | 508,272 | 232,509 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
PARAGON BUSINESS SOLUTIONS LTD (Registered number: 02703069) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
9. | CALLED UP SHARE CAPITAL - continued |
Authorised Allotted, called-up |
and fully paid |
Equity share capital |
250"A" ordinary shares of £1 each 250 250 |
250"B" ordinary shares of £1 each 250 250 |
250"C" ordinary shares of £1 each 250 250 |
250"D" ordinary shares of £1 each 250 250 |
10. | RESERVES |
Retained earnings: | 30.4.24 | 30.4.23 |
£ | £ |
Balance at 1 May 2023/ 1 May 2022 | 4,781,865 | 4,780,259 |
Net Profit | 229,370 | 79,606 |
Dividends | (114,000 | ) | (78,000 | ) |
Balance at 30 April 2024/ 30 April 2023 | 4,897,235 | 4,781,865 |
Freehold property: | Fair value reserve: Freehold property | Deferred tax | Total fair value reserve |
£ | £ | £ |
Balance at 1 May 2023 | 1,376,204 | (232,509 | ) | 1,143,695 |
Fair value adjustment | 1,075,000 | - | 1,075,000 |
Deferred tax provision | - | (275,763 | ) | (275,763 | ) |
Balance at 30 April 2024 | 2,451,204 | (508,272 | ) | 1,942,932 |