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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The Company’s functional and presentational currency is GBP (£), as that is the primary currency in which the Company transacts.
The following principal accounting policies have been applied:
The following principal accounting policies have been applied:
The purpose of the Company is to support the parent company, Paradigm Health, Inc., with its global employee tax obligations. The Company is reliant on the continued support of the parent company in order to remain a going concern.
The Company has received written confirmation from its parent company that it will continue to provide financial support to the Company for a period of at least 12 months from the date of signing these financial statements. Furthermore, the directors have assessed the ability of the parent company to provide this support based upon their cashflow forecasts and have concluded that the parent will have sufficient working capital to provide necessary support. For these reasons, the directors continue to adopt the going concern basis in preparing these financial statements.
Short-term debtors are measured at transaction price, less any impairment.
Short-term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.
The average monthly number of employees during the year was 1 (2023 - 1).
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 25 September 2025 by Edward Wallis ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.
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