Company Registration No. 04816120 (England and Wales)
Paradigm Office Interiors Limited
Unaudited accounts
for the year ended 30 June 2022
Paradigm Office Interiors Limited
Unaudited accounts
Contents
Paradigm Office Interiors Limited
Statement of financial position
as at 30 June 2022
Tangible assets
3,305
4,384
Cash at bank and in hand
272,940
591,210
Creditors: amounts falling due within one year
(412,165)
(778,483)
Net current assets
388,418
222,084
Total assets less current liabilities
391,723
226,468
Creditors: amounts falling due after more than one year
(331,775)
(250,000)
Net assets/(liabilities)
59,948
(23,532)
Called up share capital
200
200
Profit and loss account
59,748
(23,732)
Shareholders' funds
59,948
(23,532)
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 6 July 2022 and were signed on its behalf by
S Ward
Director
Company Registration No. 04816120
Paradigm Office Interiors Limited
Notes to the Accounts
for the year ended 30 June 2022
Paradigm Office Interiors Limited is a private company, limited by shares, registered in England and Wales, registration number 04816120. The registered office is Unit 46 Coleshill Trading Estate, Station Road, Coleshill, Birmingham, B46 1JT.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Over the life of the lease
Plant & machinery
33% on cost
Motor vehicles
25% on cost
Fixtures & fittings
15% on cost
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Paradigm Office Interiors Limited
Notes to the Accounts
for the year ended 30 June 2022
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The financial statements have been prepared on the going concern basis on the basis that the bank will continue to support the company for the foreseeable future.
4
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2021
18,888
14,180
32,940
66,008
At 30 June 2022
18,888
14,180
32,940
66,008
At 1 July 2021
18,888
14,180
28,556
61,624
Charge for the year
-
-
1,079
1,079
At 30 June 2022
18,888
14,180
29,635
62,703
At 30 June 2022
-
-
3,305
3,305
At 30 June 2021
-
-
4,384
4,384
5
Debtors: amounts falling due within one year
2022
2021
Trade debtors
254,247
328,709
Amounts due from group undertakings etc.
235,000
-
Deferred tax asset
24,373
41,824
Accrued income and prepayments
5,087
14,872
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
126,376
250,000
Trade creditors
144,276
131,120
Taxes and social security
16,019
15,180
Other creditors
38,408
39,966
The bank loans have been provided under The Coronavirus Business Interruption Loan Scheme (CIBILS) and the Recovery Loan Scheme and have a government backed guarantee for the loan repayments and also a debenture from the bank containing a fixed and floating charge over all assets of the company.
The interest rate on the loan is 3.99% over Bank of England Base Rate.
Paradigm Office Interiors Limited
Notes to the Accounts
for the year ended 30 June 2022
7
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
331,775
250,000
8
Deferred taxation
2022
2021
Tax losses carried forward
(24,373)
(41,824)
Provision at start of year
(41,824)
(41,824)
Charged to the profit and loss account
17,451
-
Provision at end of year
(24,373)
(41,824)
The tax losses are expected to reverse in full during the next financial year.
Allotted, called up and fully paid:
100 Ordinary A shares of £1 each
100
100
100 Ordinary B shares of £1 each
100
100
- Ordinary C shares of £1 each
-
-
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company into the fund and amounted to £9,165 (2021 - £88,004). Contributions totalling £1,626 (2021 - £1,491) were payable to the fund at the balance sheet date.
11
Operating lease commitments
2022
2021
At 30 June 2022 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
20,903
26,430
Within two to five years
1,080
27,510
The immediate and ultimate parent undertaking is ACT Furniture Manufacturers Limited. The director is the ultimate controlling party.
Paradigm Office Interiors Limited
Notes to the Accounts
for the year ended 30 June 2022
13
Average number of employees
During the year the average number of employees was 14 (2021: 14).
