Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31truefalse2023-05-19falseNo description of principal activity2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14881719 2023-05-18 14881719 2023-05-19 2024-05-31 14881719 2022-05-19 2023-05-18 14881719 2024-05-31 14881719 c:Director1 2023-05-19 2024-05-31 14881719 d:ComputerSoftware 2023-05-19 2024-05-31 14881719 d:ComputerSoftware 2024-05-31 14881719 d:CurrentFinancialInstruments 2024-05-31 14881719 d:Non-currentFinancialInstruments 2024-05-31 14881719 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 14881719 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 14881719 d:ShareCapital 2024-05-31 14881719 d:RetainedEarningsAccumulatedLosses 2024-05-31 14881719 c:FRS102 2023-05-19 2024-05-31 14881719 c:AuditExempt-NoAccountantsReport 2023-05-19 2024-05-31 14881719 c:FullAccounts 2023-05-19 2024-05-31 14881719 c:PrivateLimitedCompanyLtd 2023-05-19 2024-05-31 14881719 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-05-19 2024-05-31 14881719 2 2023-05-19 2024-05-31 14881719 e:PoundSterling 2023-05-19 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 14881719









PARAGON LABS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MAY 2024

 
PARAGON LABS LTD
REGISTERED NUMBER: 14881719

BALANCE SHEET
AS AT 31 MAY 2024

2024
Note
£

Fixed assets
  

Intangible assets
  
194,631

  
194,631

Current assets
  

Debtors: amounts falling due within one year
  
1,962,290

Cash at bank and in hand
  
151,409

  
2,113,699

Creditors: amounts falling due within one year
  
(118,548)

Net current assets
  
 
 
1,995,151

Total assets less current liabilities
  
2,189,782

Creditors: amounts falling due after more than one year
  
(2,698,952)

  

Net (liabilities)/assets
  
(509,170)


Capital and reserves
  

Called up share capital 
  
2

Profit and loss account
  
(509,172)

  
(509,170)


Page 1

 
PARAGON LABS LTD
REGISTERED NUMBER: 14881719
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 Feb 2025.




E T D C Carvalho
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
PARAGON LABS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

1.


General information

Paragon Labs Limited is a private company, limited by shares and incorporated in England and Wales. The company's registered office address is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH..

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
PARAGON LABS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Intangible assets consisting of digital assets are determined to have an indefinite useful economic life. These assets are therefore not amortised but reviewed and tested for impairment on a regular basis. FRS 102 states that all intangible assets are deemed to have a finite life. Therefore to apply indefinite life requires a true and fair override of FRS 102.Indefinite life best reflect the substance of digital assets.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
PARAGON LABS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the period was 2.


4.


Intangible assets



Digital Assets

£



Cost


Additions
3,653,195


Disposals
(3,458,564)



At 31 May 2024

194,631






Net book value



At 31 May 2024
194,631




5.


Debtors

2024
£


Trade debtors
1,868,129

Other debtors
94,161

1,962,290


Page 5

 
PARAGON LABS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

6.


Cash and cash equivalents

2024
£

Cash at bank and in hand
151,409

151,409



7.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
11,805

Other taxation and social security
5,387

Director loans
96,856

Accruals and deferred income
4,500

118,548



8.


Creditors: Amounts falling due after more than one year

2024
£

SAFE liability
2,698,952

2,698,952


 
Page 6