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Registration number: 05118676

Paragon Cutting Formes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Paragon Cutting Formes Limited

(Registration number: 05118676)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

4,400

Tangible assets

5

32,309

26,035

 

32,309

30,435

Current assets

 

Stocks

6

3,000

3,000

Debtors

7

393,483

393,684

Cash at bank and in hand

 

302,011

324,462

 

698,494

721,146

Creditors: Amounts falling due within one year

8

(211,217)

(219,716)

Net current assets

 

487,277

501,430

Total assets less current liabilities

 

519,586

531,865

Creditors: Amounts falling due after more than one year

8

(56,771)

(62,593)

Provisions for liabilities

(8,078)

(6,900)

Net assets

 

454,737

462,372

Capital and reserves

 

Called up share capital

100

100

Retained earnings

454,637

462,272

Shareholders' funds

 

454,737

462,372

 

Paragon Cutting Formes Limited

(Registration number: 05118676)
Statement of Financial Position as at 31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 20 March 2025
 

.........................................
Mr Garry Wilson
Director

 

Paragon Cutting Formes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
4 Queensway Court
Team Valley Trading Estate
Gateshead
Tyne And Wear
NE11 0NX

These financial statements were authorised for issue by the director on 20 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Paragon Cutting Formes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Paragon Cutting Formes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2023 - 15).

 

Paragon Cutting Formes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

88,000

88,000

At 31 May 2024

88,000

88,000

Amortisation

At 1 June 2023

83,600

83,600

Amortisation charge

4,400

4,400

At 31 May 2024

88,000

88,000

Carrying amount

At 31 May 2024

-

-

At 31 May 2023

4,400

4,400

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

200,376

43,794

244,170

Additions

-

32,991

32,991

At 31 May 2024

200,376

76,785

277,161

Depreciation

At 1 June 2023

176,846

41,289

218,135

Charge for the year

17,843

8,874

26,717

At 31 May 2024

194,689

50,163

244,852

Carrying amount

At 31 May 2024

5,687

26,622

32,309

At 31 May 2023

23,530

2,505

26,035

6

Stocks

2024
£

2023
£

Raw materials and consumables

3,000

3,000

 

Paragon Cutting Formes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

370,759

360,446

Prepayments

2,513

2,513

Other debtors

20,211

30,725

 

393,483

393,684

 

Paragon Cutting Formes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

36,387

31,681

Trade creditors

 

60,586

45,193

Taxation and social security

 

106,101

135,483

Accruals and deferred income

 

1,894

1,894

Other creditors

 

6,249

5,465

 

211,217

219,716

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

56,771

62,593

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

36,667

56,666

Hire purchase contracts

20,104

5,927

56,771

62,593

Current loans and borrowings

2024
£

2023
£

Bank borrowings

20,000

20,000

Hire purchase contracts

16,387

11,681

36,387

31,681

10

Related party transactions

 

Paragon Cutting Formes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,192

13,232