Company No:
Contents
Note | 30.09.2024 | |
£ | ||
Fixed assets | ||
Tangible assets | 3 |
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3,597 | ||
Current assets | ||
Debtors | 4 |
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Cash at bank and in hand |
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1,062,628 | ||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 205,157 | |
Total assets less current liabilities | 208,754 | |
Creditors: amounts falling due after more than one year | 6 | (
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Net assets |
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Capital and reserves | ||
Called-up share capital | 7 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Paragon Social Care Limited (registered number:
P Browmich
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Paragon Social Care Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Walbrook Wharf, 78-83 Upper Thames Street, EC4R 3TD, London, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The reporting period length has been extended to 30 September 2024.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
18 month period to 30.09.2024 |
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Number | |
Monthly average number of persons employed by the company during the period, including directors |
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Office equipment | Total | ||
£ | £ | ||
Cost | |||
At 05 April 2023 |
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Additions |
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At 30 September 2024 |
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Accumulated depreciation | |||
At 05 April 2023 |
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Charge for the financial period |
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At 30 September 2024 |
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Net book value | |||
At 30 September 2024 |
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30.09.2024 | |
£ | |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts owed by directors |
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Prepayments and accrued income |
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Other debtors |
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30.09.2024 | |
£ | |
Bank loans |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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30.09.2024 | |
£ | |
Bank loans |
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The loan bears interest at 2.5% per annum and is repayable monthly
30.09.2024 | |
£ | |
Allotted, called-up and fully-paid | |
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100 |
Each class of shares carries voting rights, rights to receive dividends and to participate in a distribution. The holders of B Ordinary Shares have the right to appoint or remove directors.
Transactions with the entity's directors
30.09.2024 | |
£ | |
Amount owed by director | 15,423 |
Advances
Amounts falling due within one year
30.09.2024 | |
£ | |
Bank loan | 10,119 |
Amounts falling due within 2 - 5 years
30.09.2024 | |
£ | |
Bank loan | 15,705 |
Parent Company:
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Walbrook Wharf, 78-83 Upper Thames Street, London, England, EC4R 3TD |