Paradigm Office Interiors Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04816120 (England and Wales)

PARADIGM OFFICE INTERIORS LIMITED

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J W Bell

J McMullen

SECRETARY:

J O'Dell

REGISTERED OFFICE:

Unit 46 Coleshill Trading Estate

Station Road

Coleshill

Birmingham

B46 1JT

REGISTERED NUMBER:

04816120 (England and Wales)

ACCOUNTANTS:

Harwoods

1 Trinity Place

Midland Drive

Sutton Coldfield

West Midlands

B72 1TX

FIXED ASSETS

Tangible assets

4

4,384

7,538

CURRENT ASSETS

Stocks

2,888

16,689

Debtors

391,597

241,616

Prepayments and accrued income

14,872

10,973

Cash at bank and in hand

591,210

342,478

1,000,567

611,756

CREDITORS

Amounts falling due within one year

535,277

335,045

NET CURRENT ASSETS

465,290

276,711

TOTAL ASSETS LESS CURRENT LIABILITIES

469,674

284,249

CREDITORS

Amounts falling due after more than one year

(250,000

)

-

ACCRUALS AND DEFERRED INCOME

(243,206

)

(13,851

)

NET (LIABILITIES)/ASSETS

(23,532

)

270,398

CAPITAL AND RESERVES

Called up share capital

7

200

200

Retained earnings

(23,732

)

270,198

SHAREHOLDERS' FUNDS

(23,532

)

270,398

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2021 and were signed on its behalf by:

J W Bell - Director

J McMullen - Director

1.	STATUTORY INFORMATION

Paradigm Office Interiors 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 (£).

The financial statements are rounded to the nearest £1.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102) including the provisions of section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Land and buildings

-

Over the life of the lease

Plant and machinery etc

-

33% on cost, 25% on cost and 15% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 profit or loss on a straight line basis over the period of the lease.

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.

Going concern

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2020 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2020

and 30 June 2021

66,009

DEPRECIATION

At 1 July 2020

58,471

Charge for year

3,154

At 30 June 2021

61,625

NET BOOK VALUE

At 30 June 2021

4,384

At 30 June 2020

7,538

5.	LEASING AGREEMENTS

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

30.6.21

30.6.20

£

£

Within one year

26,430

52,718

Between one and five years

27,510

82,345

53,940

135,063

6.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.21

30.6.20

£

£

Bank loan

500,000

-

The bank loans have been provided under The Coronovirus Business Interruption Loan Scheme (CIBILS) and have a government backed guarantee for the loan repayments.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.21

30.6.20

value:

£

£

100

Ordinary A Shares

£1

100

100

100

Ordinary B shares

£1

100

100

100

Ordinary C shares

£1

-

-

200

200

8.	PENSION COMMITMENTS

The pension cost charge represents contributions payable by the company regarding the pension amounting to £88,004 (2020 - £39,346). Contributions totalling £1,491 (2020 - £1,532) were payable to the fund at the balance sheet date and included in other creditors.