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REGISTERED NUMBER: 08798436 (England and Wales)















PARAGON TEXTILES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024






PARAGON TEXTILES LIMITED (REGISTERED NUMBER: 08798436)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PARAGON TEXTILES LIMITED

COMPANY INFORMATION
for the year ended 31 December 2024







DIRECTORS: Mr A Dickenson
Mr I R Hustler





REGISTERED OFFICE: 29 St John's Road
Birkby
Huddersfield
West Yorkshire
HD2 5BW





REGISTERED NUMBER: 08798436 (England and Wales)





ACCOUNTANTS: SMH Sheards
Vernon House
40 New North Road
Huddersfield
West Yorkshire
HD1 5LS

PARAGON TEXTILES LIMITED (REGISTERED NUMBER: 08798436)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,272 2,955

CURRENT ASSETS
Debtors 5 28,105 120,349
Cash at bank 247,907 133,853
276,012 254,202
CREDITORS
Amounts falling due within one year 6 (241,581 ) (230,345 )
NET CURRENT ASSETS 34,431 23,857
TOTAL ASSETS LESS CURRENT
LIABILITIES

36,703

26,812

PROVISIONS FOR LIABILITIES 7 (523 ) (653 )
NET ASSETS 36,180 26,159

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 36,080 26,059
SHAREHOLDERS' FUNDS 36,180 26,159

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 TEXTILES LIMITED (REGISTERED NUMBER: 08798436)

BALANCE SHEET - continued
31 December 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 26 March 2025 and were signed on its behalf by:




Mr A Dickenson - Director



Mr I R Hustler - Director


PARAGON TEXTILES LIMITED (REGISTERED NUMBER: 08798436)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024


1. STATUTORY INFORMATION

Paragon Textiles Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 by the services invoiced, 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 - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Financial instruments
Basic financial assets, which include trade and other debtors, and cash and bank balances, are initially measured at transaction price including transaction costs.

Financial assets are assessed for indicators of impairment at each balance sheet date, with any impairment losses being recognised in profit or loss. If there is a decrease in the impairment loss arising from an event accruing after the impairment was recognised, the impairment is reversed in profit or loss.

Financial liabilities are classified depending on the substance of the contractual arrangements entered into.

Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price.

Financial assets and liabilities are derecognised when the company's contractual obligations are settled, cancelled or they expire.

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.


PARAGON TEXTILES LIMITED (REGISTERED NUMBER: 08798436)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


2. ACCOUNTING POLICIES - continued
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 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 6,257
Additions 505
At 31 December 2024 6,762
DEPRECIATION
At 1 January 2024 3,302
Charge for year 1,188
At 31 December 2024 4,490
NET BOOK VALUE
At 31 December 2024 2,272
At 31 December 2023 2,955

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 22,892 115,161
Other debtors 5,213 5,188
28,105 120,349

PARAGON TEXTILES LIMITED (REGISTERED NUMBER: 08798436)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 8,442 4,819
Taxation and social security 44,076 45,967
Other creditors 189,063 179,559
241,581 230,345

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 523 653

Deferred
tax
£   
Balance at 1 January 2024 653
Credit to Income Statement during year (130 )
Balance at 31 December 2024 523

8. RELATED PARTY DISCLOSURES

Loans owing to the directors on an interest free basis of £186,689 (2022: £172,891) were outstanding at the year end. The loans are interest free and will be repaid when funds permit.