| REGISTERED NUMBER: |
| Paragon.GB. Limited |
| Unaudited Financial Statements for the Year Ended 30 September 2024 |
| REGISTERED NUMBER: |
| Paragon.GB. Limited |
| Unaudited Financial Statements for the Year Ended 30 September 2024 |
| Paragon.GB. Limited (Registered number: 04278087) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Paragon.GB. Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Atlantic House |
| 8 Bell Lane |
| Bellbrook Industrial Estate |
| Uckfield |
| East Sussex |
| TN22 1QL |
| Paragon.GB. Limited (Registered number: 04278087) |
| Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| 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 |
| Paragon.GB. Limited (Registered number: 04278087) |
| Balance Sheet - continued |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| The financial statements were approved by the director and authorised for issue on |
| Paragon.GB. Limited (Registered number: 04278087) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Paragon.GB. Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
| Estimation of useful economic life of tangible fixed assets |
| The company establishes a reliable estimate of the useful life of tangible fixed assets. This estimate is based on a variety of factors such as the amount of time the asset can be used in production, the time at which it will need to be replaced and the wear and tear on the asset. |
| Paragon.GB. Limited (Registered number: 04278087) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, net of discounts and Value Added Tax. Turnover includes revenue earned from the sale of goods and from the rendering of services. |
| Turnover from the sale of goods is recognised when the risks and rewards of the ownership of the goods has transferred to the buyer. This is usually at the point that the goods have been despatched. |
| Turnover arising from services is recognised by reference to the stage of completion of the contract. Income is recognised initially when the work is performed and is accounted for on an accruals basis thereafter. |
| Goodwill and other intangibles |
| Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. |
| Website and software costs are recognised as an intangible asset when all of the following criteria are demonstrated: |
| - The technical feasibility of completing the website development so that it will be available for use or sale. |
| - The intention to complete the development and use or sell it. |
| - The ability to use the website or sell it. |
| - How the website development will generate probable future economic benefits. |
| - The availability of adequate technical, financial and other resources to complete the development and to use or sell the website development. |
| - The ability to measure reliably the expenditure attributable to the website development during its development. |
| Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight line method. The intangible assets are amortised over the following useful economic lives: |
| - Website & software costs 3 years |
| If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations. |
| Paragon.GB. Limited (Registered number: 04278087) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Impairment of assets |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. if estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
| Stocks |
| Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition, as follows: |
| Raw materials, consumables and goods for resale |
- |
purchase cost on a first-in, first-out basis |
| Work in progress and finished goods | - | cost of direct materials and labour plus |
| attributable overheads based on a normal |
| level of activity |
| Trade and other debtors |
| Trade and other short term debtors are measured at the transaction price less any impairment for bad and doubtful debts. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash at bank and on hand and bank overdrafts. In the balance sheet, bank overdrafts are shown within current liabilities. |
| Trade and other creditors |
| Trade and other short term creditors are measured at the transaction price. |
| Paragon.GB. Limited (Registered number: 04278087) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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. |
| Taxation |
| 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. |
| Foreign currencies |
| In preparing the financial statements, transactions in currencies other than the functional currency of the individual entities (foreign currencies) are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. |
| Exchange differences are recognised in profit or loss in the period in which they arise. |
| 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 contributes to a defined contribution pension scheme. Contributions payable to the 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 |
| Paragon.GB. Limited (Registered number: 04278087) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| Goodwill | assets | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| AMORTISATION |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Included in cost of land and buildings is freehold land of £ 476,716 (2023 - £ 476,716 ) which is not depreciated. |
| Included within the net book value of tangible fixed assets is £243,789 (2023 - £68,783) in respect of assets held as security under hire purchase agreements |
| Paragon.GB. Limited (Registered number: 04278087) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank overdraft |
| Hire purchase contracts | 180,694 | 166,667 |
| Santander stocking plan | 62,158 | 191,396 |
| The hire purchase loan is secured against the asset to which it relates. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| Paragon.GB. Limited (Registered number: 04278087) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 11. | OTHER FINANCIAL COMMITMENTS |
| Total financial commitments on operating leases which are not included in the balance sheet amount to £4,841 (2023 - £11,295). |
| 12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| Interest has been charged at the official rate on debit balances and amounted to £111 (2023 - £92) for the year. The loan is unsecured and repayable on demand. |
| 13. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £87,000 (2023- £87,000) were paid to the director. |