| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| PARADIGM REINSTATEMENTS LTD |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| PARADIGM REINSTATEMENTS LTD |
| PARADIGM REINSTATEMENTS LTD (REGISTERED NUMBER: SC446640) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| PARADIGM REINSTATEMENTS LTD |
| COMPANY INFORMATION |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 9 Glasgow Road |
| PAISLEY |
| Renfrewshire |
| PA1 3QS |
| PARADIGM REINSTATEMENTS LTD (REGISTERED NUMBER: SC446640) |
| BALANCE SHEET |
| 31 August 2024 |
| 31.8.23 | 31.8.24 |
| £ | £ | Notes | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| ( |
) | Amounts falling due after more than one year |
8 |
( |
) |
| ( |
) | PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| PARADIGM REINSTATEMENTS LTD (REGISTERED NUMBER: SC446640) |
| BALANCE SHEET - continued |
| 31 August 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PARADIGM REINSTATEMENTS LTD (REGISTERED NUMBER: SC446640) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Paradigm Reinstatements Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention. |
| The significant policies applied in the preparation of these financial statements are set out below. |
| These policies have been consistently applied to all years presented unless otherwise stated. |
| Significant judgements and estimates |
| The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses.The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimate is revised and in any future periods affected. |
| The key areas of judgement that the directors have made in applying accounting policies and key sources of estimation uncertainty comprise: |
| - Depreciation |
| - Recoverability of debtors |
| - Stock |
| - Accrued income |
| Depreciation rates are kept the same as prior years, but reviewed on an annual basis to ensure they reflect the useful life of the asset. |
| The directors consider the recoverability of debtors, based on their judgement and knowledge of the industry and the age of the unpaid debtor and terms of trade, and provide accordingly. |
| Stock is valued by the directors using established industry standards and their judgement and knowledge of the industry. Provision is made accordingly in respect of any obsolete stock. |
| For incomplete work an assessment is made of the extent to which the revenue has been earned. |
| Turnover |
| Turnover represents revenue earned on sales of goods and services provided to customers, net of value added tax. Revenue is recognised as earned in the accounting period in which goods and services are provided, and the right to consideration has been earned. |
| For incomplete contract work, an assessment is made of the extent to which revenue has been earned, This assessment takes into account the nature of the assignment, its stage of completion and the relevant contract terms. Unbilled revenue is included in debtors within prepayments and accrued income. |
| PARADIGM REINSTATEMENTS LTD (REGISTERED NUMBER: SC446640) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Plant & machinery | - |
| Motor vehicles | - |
| Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and impairment losses. |
| At each balance sheet date, the company reviews the carrying amount of its tangible assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
| Stocks |
| Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. |
| When stocks are sold, the carrying amount of these stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction on the amount of stocks recognised as an expense in the period in which the reversal occurs. |
| Taxation |
| Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis. |
| The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
| Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
| Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with with changes recognised in profit or loss. |
| 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 as part of bank loans and overdrafts within creditors: amounts falling due within one year. |
| Dividends |
| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in equity and are at market rate. |
| PARADIGM REINSTATEMENTS LTD (REGISTERED NUMBER: SC446640) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. |
| Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. |
| Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives.The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding. |
| 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. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Plant & | Motor |
| Totals | machinery | vehicles |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| PARADIGM REINSTATEMENTS LTD (REGISTERED NUMBER: SC446640) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Trade debtors |
| Sundry debtors |
| Directors' current accounts | 57,603 | - |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 9) |
| PARADIGM REINSTATEMENTS LTD (REGISTERED NUMBER: SC446640) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable |
| operating leases |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Hire purchase contracts | 223,463 | 88,093 |
| Hire purchase contracts are secured over the assets financed. |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
| value: | £ | £ |
| Ordinary 'A' | £1 | 3,000 | 3,000 |
| Ordinary 'B' | £1 | 400 | 400 |
| 3,400 | 3,400 |
| 12. | CAPITAL COMMITMENTS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| 13. | ULTIMATE CONTROLLING PARTY |