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REGISTERED NUMBER: 02703069















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: DR J KHOYLOU
M STIRLING





SECRETARY: M STIRLING





REGISTERED OFFICE: 3 GREENOCK ROAD
ACTON
LONDON
W3 8DU





REGISTERED NUMBER: 02703069





ACCOUNTANTS: Purcells, Chartered 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 2,702,606 1,627,835
Investments 4 517,419 517,419
3,220,025 2,145,254

CURRENT ASSETS
Debtors 5 2,173,953 1,811,520
Cash at bank and in hand 6 2,030,798 2,254,917
4,204,751 4,066,437
CREDITORS
Amounts falling due within one year 7 75,337 52,622
NET CURRENT ASSETS 4,129,414 4,013,815
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,349,439

6,159,069

CREDITORS
Amounts falling due after more than one year 8 508,272 232,509
NET ASSETS 6,841,167 5,926,560

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Fair value reserve 10 1,942,932 1,143,695
Retained earnings 10 4,897,235 4,781,865
SHAREHOLDERS' FUNDS 6,841,167 5,926,560

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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 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 Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:




DR J KHOYLOU - Director



M STIRLING - Director


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
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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 33% on reducing balance

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 6 (2023 - 6 ) .

3. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 May 2023 1,625,000 143,425 1,768,425
Additions - 1,054 1,054
Revaluations 1,075,000 - 1,075,000
At 30 April 2024 2,700,000 144,479 2,844,479
DEPRECIATION
At 1 May 2023 - 140,590 140,590
Charge for year - 1,283 1,283
At 30 April 2024 - 141,873 141,873
NET BOOK VALUE
At 30 April 2024 2,700,000 2,606 2,702,606
At 30 April 2023 1,625,000 2,835 1,627,835

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 517,419
NET BOOK VALUE
At 30 April 2024 517,419
At 30 April 2023 517,419

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 27,833 25,972
Subsidiary company 2,146,120 1,785,548
2,173,953 1,811,520

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 56,518 52,582
Directors' current accounts 18,819 40
75,337 52,622

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: £    £   
1,000 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:30.4.2430.4.23
£ £
Balance at 1 May 2023/ 1 May 20224,781,8654,780,259
Net Profit229,37079,606
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 20231,376,204(232,509)1,143,695
Fair value adjustment1,075,000-1,075,000
Deferred tax provision -(275,763)(275,763)

Balance at 30 April 2024 2,451,204 (508,272) 1,942,932