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COMPANY REGISTRATION NUMBER: 08596969
Paradigm Shift Consulting Limited
Filleted Unaudited Financial Statements
31 July 2024
Paradigm Shift Consulting Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
13,953
13,265
Current assets
Debtors
6
185,660
162,374
Cash at bank and in hand
337,658
286,523
---------
---------
523,318
448,897
Creditors: amounts falling due within one year
7
268,908
246,163
---------
---------
Net current assets
254,410
202,734
---------
---------
Total assets less current liabilities
268,363
215,999
Creditors: amounts falling due after more than one year
8
8,334
18,333
---------
---------
Net assets
260,029
197,666
---------
---------
Capital and reserves
Called up share capital
25
25
Profit and loss account
260,004
197,641
---------
---------
Shareholders funds
260,029
197,666
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Paradigm Shift Consulting Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 17 April 2025 , and are signed on behalf of the board by:
Mr D P Rushton
Director
Company registration number: 08596969
Paradigm Shift Consulting Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, 9 Soar Lane, Leicester, LE3 5DE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
10% straight line
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 August 2023
4,615
18,521
23,136
Additions
500
4,875
5,375
-------
--------
--------
At 31 July 2024
5,115
23,396
28,511
-------
--------
--------
Depreciation
At 1 August 2023
1,475
8,396
9,871
Charge for the year
507
4,180
4,687
-------
--------
--------
At 31 July 2024
1,982
12,576
14,558
-------
--------
--------
Carrying amount
At 31 July 2024
3,133
10,820
13,953
-------
--------
--------
At 31 July 2023
3,140
10,125
13,265
-------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
127,747
160,998
Other debtors
57,913
1,376
---------
---------
185,660
162,374
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
69,706
32,888
Corporation tax
69,000
71,594
Social security and other taxes
67,956
75,671
Other creditors
52,246
56,010
---------
---------
268,908
246,163
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,334
18,333
-------
--------
9. Related party transactions
During the year the company recharged expenditure to two related parties, in both of which one of the directors held a controlling interest, totaling £10,514 (2023: £nil). The amount is included in income and expenditure in the profit and loss account. The balance outstanding at the year is £9,298 and is included in trade debtors. At the balance sheet date, the company provided interest free loans to these related parties amounting to £56,506 (2023: £Nil). At the balance sheet date the directors were owed £3,306 (2023: £15,067) by the company.