Paragon Independent Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04685871 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

PARAGON INDEPENDENT LIMITED

Page

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

S J West

G Cusworth

S A Skinner

S Marns

REGISTERED OFFICE:

Cornwallis Business Centre

Cornwallis House

Howard Chase

Basildon

Essex

SS14 3BB

REGISTERED NUMBER:

04685871 (England and Wales)

ACCOUNTANTS:

Synergee Limited

1 The Old Stables

Eridge Park

Tunbridge Wells

Kent

TN3 9JT

FIXED ASSETS

Tangible assets

4

2,031

2,708

Investments

5

1

1

2,032

2,709

CURRENT ASSETS

Debtors

6

5,162

4,037

Cash at bank and in hand

252,820

237,348

257,982

241,385

CREDITORS

Amounts falling due within one year

7

(78,498

)

(47,196

)

NET CURRENT ASSETS

179,484

194,189

TOTAL ASSETS LESS CURRENT LIABILITIES

181,516

196,898

CAPITAL AND RESERVES

Called up share capital

15,202

20,001

Capital redemption reserve

9

12,500

12,500

Retained earnings

9

153,814

164,397

SHAREHOLDERS' FUNDS

181,516

196,898

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 August 2020 and were signed on its behalf by:

S J West - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2018

25,000

146,484

12,500

183,984

Changes in equity

Profit for the year

-

183,078

-

183,078

Other comprehensive income

-

4,999

-

4,999

Total comprehensive income

-

188,077

-

188,077

Dividends

-

(170,164

)

-

(170,164

)

Reduction in share capital

(4,999

)

-

-

(4,999

)

Balance at 31 March 2019

20,001

164,397

12,500

196,898

Changes in equity

Profit for the year

-

142,969

-

142,969

Other comprehensive income

-

4,999

-

4,999

Total comprehensive income

-

147,968

-

147,968

Dividends

-

(158,551

)

-

(158,551

)

Increase in share capital

200

-

-

200

Reduction in share capital

(4,999

)

-

-

(4,999

)

Balance at 31 March 2020

15,202

153,814

12,500

181,516

1.	STATUTORY INFORMATION

Paragon Independent Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Paragon Independent Limited as an individual company and

do not contain consolidated financial information as the parent of a group. The company is exempt under Section

399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover is recognised to the extent it is probable that economic benefit will flow to the company, and that it can

be reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of

discounts, rebates, VAT and other sales taxes.

Turnover from the provision of services is recognised in the period in which the services are provided in

accordance with the stage of completion of the contract when the following conditions are satisfied:

- the amount of turnover can be measured reliably;

- it is probable that consideration due will be received;

- the stage of completion of the contract at the reporting date can be measured reliably, and

- the costs incurred, or to be incurred, can be measured reliably.

Turnover from commission is recognised at the inception of the policy to which it relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets are held under the cost model, and are stated at their historical cost less accumulated

depreciation and impairment losses. Cost includes directly attributable expenditure in bringing the asset into the

location and condition necessary for operation.

The assets' residual values; useful lives and depreciation methods are reviewed periodically and prospectively

adjusted where appropriate; or where there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount, and are

recognised in the income statement.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company only enters into basic financial instruments 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

related parties and investments in non-puttable ordinary shares.

Debt instruments, other than those wholly payable or receivable within one year, including loans and other

accounts receivable and payable are initially measured at the present value of future cash flows, and

subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable

or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of

consideration expected to be paid or received. If the arrangements of a short term instrument constitute a

financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a

rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value

of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently

measured at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment, and such impairments is recognised in total comprehensive income.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight

line basis over the term of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets

acquired by hire purchase are depreciated over the useful economic life. Assets acquired by finance lease are

depreciated over the term of the lease, or useful economic life if shorter.

Finance leases are those where substantially all of the risks and benefits of ownership are assumed by the

company. Obligations under such agreements are included in creditors, net of finance charges allocated to future

periods. The finance element of the rental payment is charged to the statement of income and retained earnings

so as to produce a constant, periodic rate of charge on the net obligation outstanding in each period.

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.

Cash and cash equivalents

Cash is represented by cash in hand and bank current and short term deposit accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2019 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2019

and 31 March 2020

15,747

27,149

42,896

DEPRECIATION

At 1 April 2019

13,039

27,149

40,188

Charge for year

677

-

677

At 31 March 2020

13,716

27,149

40,865

NET BOOK VALUE

At 31 March 2020

2,031

-

2,031

At 31 March 2019

2,708

-

2,708

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2019

and 31 March 2020

1

NET BOOK VALUE

At 31 March 2020

1

At 31 March 2019

1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Paragon Independent Financial Advisers Limited

Registered office: United Kingdom

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2020

2019

£

£

Aggregate capital and reserves

1

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Prepayments

5,162

4,037

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Tax

33,695

43,688

Other creditors

481

-

Directors' loan accounts

7

7

Accrued expenses

44,315

3,501

78,498

47,196

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

33,067

33,067

9.

RESERVES

Retained earnings represent distributable reserves of cumulative profits and losses.

Capital redemption reserve represents a non-distributable reserve arising from the redemption of the company's

own shares.

10.	PENSION COMMITMENTS

The charge for the year was £7,308 (2019 - £4,862). There were no contributions due and not paid at the

reporting date for the current or comparative period.

11.	RELATED PARTY DISCLOSURES

The cancellation of shares in the current year and prior year relate to transactions with a director.

Dividends paid in the year were paid to directors.

12.	ULTIMATE CONTROLLING PARTY

During the year the company was not under the control of any one individual.

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and

certain other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Paragon Independent Limited for the year ended 31 March 2020 which comprise the Statement

of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Paragon Independent Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Paragon Independent Limited and state those matters that we have agreed to state to the Board of Directors of Paragon Independent Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paragon Independent Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Paragon Independent Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Paragon Independent Limited. You consider that Paragon Independent Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Paragon Independent Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Synergee Limited

1 The Old Stables

Eridge Park

Tunbridge Wells

Kent

TN3 9JT

10 August 2020