Paragon Forex Limited Company accounts
Paragon Forex Limited Company accounts
COMPANY REGISTRATION NUMBER:
07996280
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Financial Statements |
Year ended 31 December 2020
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Contents |
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Directors' report |
1 |
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Statement of income and retained earnings |
2 |
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Statement of financial position |
3 |
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Notes to the financial statements |
4 |
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Directors' Report |
Year ended 31 December 2020
The directors present their report and the unaudited financial statements of the company for the year ended
31 December 2020
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Directors
The directors who served the company during the year were as follows:
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Small company provisions
This report was approved by the board of directors on
15 January 2021
and signed on behalf of the board by:
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Director |
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Registered office: |
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Statement of Income and Retained Earnings |
Year ended 31 December 2020
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2020 |
2019 |
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Note |
£ |
£ |
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Turnover |
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Cost of sales |
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Gross (loss)/profit |
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Administrative expenses |
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Profit before taxation |
– |
– |
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Tax on profit |
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– |
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Result for the financial year and total comprehensive income |
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Retained earnings at the start of the year |
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All the activities of the company are from continuing operations.
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Statement of Financial Position |
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2020 |
2019 |
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Note |
£ |
£ |
£ |
Current assets
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Debtors |
4 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
5 |
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Net current assets |
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Total assets less current liabilities |
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Net assets |
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Capital and reserves
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Called up share capital |
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Shareholders funds |
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Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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These financial statements were approved by the
board of directors
and authorised for issue on
15 January 2021
, and are signed on behalf of the board by:
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Director |
Company registration number:
07996280
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Notes to the Financial Statements |
Year ended 31 December 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Clovelly Avenue, Warlingham, Surrey, CR6 9HZ.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Foreign currencies
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
4.
Debtors
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2020 |
2019 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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5.
Creditors:
amounts falling due within one year
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2020 |
2019 |
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£ |
£ |
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Other creditors |
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6.
Related party transactions
The company was under the joint control of
Mr N Maguire
, Mr C Harris
and Mr S Cullen
throughout the current and previous year. At the year end, the following amounts were owed to entities that the directors owned or controlled: Niall Maguire Limited £16,072 (2019: £28,290) Christopher Harris Limited £16,072 (2019: £28,290) Lutomax Financial Limited £16,072 (2019: £28,290) In addition each of the above entites held a trading deposit of £64,900 with the company (2019: £385,000). During the year, the company received net spot FX trading commissions of £187 from Paragon Trading Partners LLP (2019: £97,714). During the the year, the company paid net spot FX trading commissions of £19,731 from Paragon Trading Partners LLP (2019: £nil). The 3 directors of Paragon Forex Ltd, also control Paragon Trading Partners LLP through their respective limited companies. During the year, the company paid amounts totalling £863 (2019: £763) to Maguire Futures Limited (a company that the director Niall Maguire is also a director and minority shareholder) for accountancy services. There were no amounts outstanding at the year end. No further transactions with related parties were undertaken such as is required to be disclosed under the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.