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 2021

FOR

PARAGON INDEPENDENT LIMITED

Page

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4

DIRECTORS:

S J West

S A Skinner

S Marns

REGISTERED OFFICE:

First Floor, Bowden House

Luckyn Lane

Basildon

Essex

SS14 3AX

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

6,491

2,031

Investments

5

1

1

6,492

2,032

CURRENT ASSETS

Debtors

6

-

5,162

Cash at bank and in hand

209,555

252,820

209,555

257,982

CREDITORS

Amounts falling due within one year

7

(35,599

)

(78,498

)

NET CURRENT ASSETS

173,956

179,484

TOTAL ASSETS LESS CURRENT LIABILITIES

180,448

181,516

CAPITAL AND RESERVES

Called up share capital

15,202

15,202

Capital redemption reserve

9

12,500

12,500

Retained earnings

9

152,746

153,814

SHAREHOLDERS' FUNDS

180,448

181,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 4 November 2021 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 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

Changes in equity

Profit for the year

-

138,184

-

138,184

Total comprehensive income

-

138,184

-

138,184

Dividends

-

(139,252

)

-

(139,252

)

Balance at 31 March 2021

15,202

152,746

12,500

180,448

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 7 (2020 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2020

15,747

27,149

42,896

Additions

-

8,346

8,346

Disposals

(8,023

)

(21,290

)

(29,313

)

At 31 March 2021

7,724

14,205

21,929

DEPRECIATION

At 1 April 2020

13,716

27,149

40,865

Charge for year

427

3,136

3,563

Eliminated on disposal

(7,700

)

(21,290

)

(28,990

)

At 31 March 2021

6,443

8,995

15,438

NET BOOK VALUE

At 31 March 2021

1,281

5,210

6,491

At 31 March 2020

2,031

-

2,031

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2020

and 31 March 2021

1

NET BOOK VALUE

At 31 March 2021

1

At 31 March 2020

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

2021

2020

£

£

Aggregate capital and reserves

1

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Prepayments

-

5,162

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Tax

31,367

33,695

Other creditors

726

481

Directors' loan accounts

7

7

Accrued expenses

3,499

44,315

35,599

78,498

8.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

35,422

33,067

Between one and five years

71,045

-

106,467

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.	RELATED PARTY DISCLOSURES

The cancellation of shares in the prior year relates to transactions with a director.

Dividends paid in the year were paid to directors.

11.	ULTIMATE CONTROLLING PARTY

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