Silverfin false false 30/09/2024 05/04/2023 30/09/2024 B Botes 23/04/2024 P Bromwich 05/04/2023 Recruitment Investment Group Limited 15/08/2023 05/04/2023 O J Knowles 05/04/2023 P Browmich 04 April 2025 The principal activity of the company during the year was that of temporary employment agency activities.
The company was incorporated on 5 April 2023 and began trading on that date.
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Company No: 14782151 (England and Wales)

PARAGON SOCIAL CARE LIMITED

Unaudited Financial Statements
For the 18 month period from 05 April 2023 to 30 September 2024
Pages for filing with the registrar

PARAGON SOCIAL CARE LIMITED

Unaudited Financial Statements

For the 18 month period from 05 April 2023 to 30 September 2024

Contents

PARAGON SOCIAL CARE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
PARAGON SOCIAL CARE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 30.09.2024
£
Fixed assets
Tangible assets 3 3,597
3,597
Current assets
Debtors 4 1,062,033
Cash at bank and in hand 595
1,062,628
Creditors: amounts falling due within one year 5 ( 857,471)
Net current assets 205,157
Total assets less current liabilities 208,754
Creditors: amounts falling due after more than one year 6 ( 15,705)
Net assets 193,049
Capital and reserves
Called-up share capital 7 100
Profit and loss account 192,949
Total shareholders' funds 193,049

For the financial period ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 14782151) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P Browmich
Director

04 April 2025

PARAGON SOCIAL CARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the 18 month period from 05 April 2023 to 30 September 2024
PARAGON SOCIAL CARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the 18 month period from 05 April 2023 to 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

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 £.

Going concern

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.

Reporting period length

The reporting period length has been extended to 30 September 2024.

Turnover

Turnover represents the amount invoiced for services provided net of Value Added Tax. Turnover derived from contractors is recognised as work is performed. Permanent placement fees are recognised when contractual obligations are fulfilled.

Employee benefits

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

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The company as lessee
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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

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.

2. Employees

18 month period
to 30.09.2024
Number
Monthly average number of persons employed by the company during the period, including directors 5

3. Tangible assets

Office equipment Total
£ £
Cost
At 05 April 2023 0 0
Additions 14,509 14,509
At 30 September 2024 14,509 14,509
Accumulated depreciation
At 05 April 2023 5,384 5,384
Charge for the financial period 5,528 5,528
At 30 September 2024 10,912 10,912
Net book value
At 30 September 2024 3,597 3,597

4. Debtors

30.09.2024
£
Trade debtors 609,366
Amounts owed by group undertakings 329,208
Amounts owed by directors 15,423
Prepayments and accrued income 97,061
Other debtors 10,975
1,062,033

5. Creditors: amounts falling due within one year

30.09.2024
£
Bank loans 10,119
Trade creditors 12,566
Amounts owed to group undertakings 463,498
Taxation and social security 263,044
Other creditors 108,244
857,471

6. Creditors: amounts falling due after more than one year

30.09.2024
£
Bank loans 15,705

There are no amounts included above in respect of which any security has been given by the small entity.

The loan bears interest at 2.5% per annum and is repayable monthly

7. Called-up share capital

30.09.2024
£
Allotted, called-up and fully-paid
3,000 Ordinary A shares of £ 0.01 each 30
6,000 Ordinary B shares of £ 0.01 each 60
1,000 Ordinary C shares of £ 0.01 each 10
100

On incorporation, 10,000 ordinary shares were issued at par.

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.

8. Related party transactions

Transactions with the entity's directors

30.09.2024
£
Amount owed by director 15,423

Advances

An advance from Paragon Locums Ltd was made to the directors on 30 June 2023 for £15,000 (at interest rate of 2.25%).

9. Loans

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

10. Ultimate controlling party

Parent Company:

Recruitment Investment Group Limited
Walbrook Wharf, 78-83 Upper Thames Street, London, England, EC4R 3TD