ACCOUNTS - Final Accounts

PARAGON GLOBAL LTD - Company Information

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11704997

PARAGON GLOBAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED
31 DECEMBER 2019

PARAGON GLOBAL LIMITED

REGISTERED NUMBER:11704997

BALANCE SHEET

AS AT 31 DECEMBER 2019

		2019
Note		£


Current assets
Debtors		27,680
Cash at bank and in hand		40,270
		67,950
Creditors: amounts falling due within one year	4	(61,612)
Net current assets			6,338
Total assets less current liabilities			6,338

Net assets			6,338

Capital and reserves
Called up share capital			100
Profit and loss account			6,238
			6,338

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S B Dickson

Director

Date: 16 October 2020

The notes on pages 2 to 3 form part of these financial statements.

Page 1

PARAGON GLOBAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2019

1.	General information

Paragon Global Limited (the 'Company') is a company limited by shares, domiciled and incorporated in England and Wales.
The company was incorporated on 30 November 2018, and began trading on 1 April 2019.
Its registered office address is Abbots Woodside Close, Pembury, Tunbridge Wells, Kent, United Kingdom, TN2 4BQ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

Monetary amounts in these financial statements are stated in sterling and rounded to the nearest
whole £1.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.3

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 2

PARAGON GLOBAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2019

2.Accounting policies (continued)

2.6

Creditors

Short term creditors are measured at the transaction price.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the period was 4.

4.	Creditors: amounts falling due within one year
		2019
		£

	Corporation tax	28,202
	Other taxation and social security	29,210
	Accruals and deferred income	4,200
		61,612

5.	Related party transactions
	Within other debtors is an amount of £9,761 owed from a Company held under common control.

6.	Transactions with a director
	During the year, transactions occurred between a director and the Company. These are summarised in the table below:
		2019
		£


	Advances to a director	17,919
	At 31 December 2019	17,919

At the year end, included within other debtors, is a loan of £17,919 owed from a director, the loan is interest free and repayable on demand.

Page 3