PARAMOUNT LEGAL COSTS LIMITED

PARAMOUNT LEGAL COSTS LIMITED - Company Information

2022-06-012023-05-312023-05-31false06236527PARAMOUNT LEGAL COSTS LIMITED2023-09-1469102iso4217:GBPxbrli:pure062365272022-06-01062365272023-05-31062365272022-06-012023-05-31062365272021-06-01062365272022-05-31062365272021-06-012022-05-3106236527bus:SmallEntities2022-06-012023-05-3106236527bus:AuditExempt-NoAccountantsReport2022-06-012023-05-3106236527bus:FullAccounts2022-06-012023-05-3106236527bus:PrivateLimitedCompanyLtd2022-06-012023-05-3106236527core:WithinOneYear2023-05-3106236527core:AfterOneYear2023-05-3106236527core:WithinOneYear2022-05-3106236527core:AfterOneYear2022-05-3106236527core:ShareCapital2023-05-3106236527core:SharePremium2023-05-3106236527core:RevaluationReserve2023-05-3106236527core:OtherReservesSubtotal2023-05-3106236527core:RetainedEarningsAccumulatedLosses2023-05-3106236527core:ShareCapital2022-05-3106236527core:SharePremium2022-05-3106236527core:RevaluationReserve2022-05-3106236527core:OtherReservesSubtotal2022-05-3106236527core:RetainedEarningsAccumulatedLosses2022-05-3106236527core:LandBuildings2023-05-3106236527core:PlantMachinery2023-05-3106236527core:Vehicles2023-05-3106236527core:FurnitureFittings2023-05-3106236527core:OfficeEquipment2023-05-3106236527core:NetGoodwill2023-05-3106236527core:IntangibleAssetsOtherThanGoodwill2023-05-3106236527core:ListedExchangeTraded2023-05-3106236527core:UnlistedNon-exchangeTraded2023-05-3106236527core:LandBuildings2022-05-3106236527core:PlantMachinery2022-05-3106236527core:Vehicles2022-05-3106236527core:FurnitureFittings2022-05-3106236527core:OfficeEquipment2022-05-3106236527core:NetGoodwill2022-05-3106236527core:IntangibleAssetsOtherThanGoodwill2022-05-3106236527core:ListedExchangeTraded2022-05-3106236527core:UnlistedNon-exchangeTraded2022-05-3106236527core:LandBuildings2022-06-012023-05-3106236527core:PlantMachinery2022-06-012023-05-3106236527core:Vehicles2022-06-012023-05-3106236527core:FurnitureFittings2022-06-012023-05-3106236527core:OfficeEquipment2022-06-012023-05-3106236527core:NetGoodwill2022-06-012023-05-3106236527core:IntangibleAssetsOtherThanGoodwill2022-06-012023-05-3106236527core:ListedExchangeTraded2022-06-012023-05-3106236527core:UnlistedNon-exchangeTraded2022-06-012023-05-3106236527core:MoreThanFiveYears2022-06-012023-05-3106236527core:Non-currentFinancialInstruments2023-05-3106236527core:Non-currentFinancialInstruments2022-05-3106236527dpl:CostSales2022-06-012023-05-3106236527dpl:DistributionCosts2022-06-012023-05-3106236527dpl:AdministrativeExpenses2022-06-012023-05-3106236527core:LandBuildings2022-06-012023-05-3106236527core:PlantMachinery2022-06-012023-05-3106236527core:Vehicles2022-06-012023-05-3106236527core:FurnitureFittings2022-06-012023-05-3106236527core:OfficeEquipment2022-06-012023-05-3106236527core:NetGoodwill2022-06-012023-05-3106236527core:IntangibleAssetsOtherThanGoodwill2022-06-012023-05-3106236527dpl:GroupUndertakings2022-06-012023-05-3106236527dpl:ParticipatingInterests2022-06-012023-05-3106236527dpl:GroupUndertakingscore:ListedExchangeTraded2022-06-012023-05-3106236527core:ListedExchangeTraded2022-06-012023-05-3106236527dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-06-012023-05-3106236527core:UnlistedNon-exchangeTraded2022-06-012023-05-3106236527dpl:CostSales2021-06-012022-05-3106236527dpl:DistributionCosts2021-06-012022-05-3106236527dpl:AdministrativeExpenses2021-06-012022-05-3106236527core:LandBuildings2021-06-012022-05-3106236527core:PlantMachinery2021-06-012022-05-3106236527core:Vehicles2021-06-012022-05-3106236527core:FurnitureFittings2021-06-012022-05-3106236527core:OfficeEquipment2021-06-012022-05-3106236527core:NetGoodwill2021-06-012022-05-3106236527core:IntangibleAssetsOtherThanGoodwill2021-06-012022-05-3106236527dpl:GroupUndertakings2021-06-012022-05-3106236527dpl:ParticipatingInterests2021-06-012022-05-3106236527dpl:GroupUndertakingscore:ListedExchangeTraded2021-06-012022-05-3106236527core:ListedExchangeTraded2021-06-012022-05-3106236527dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-06-012022-05-3106236527core:UnlistedNon-exchangeTraded2021-06-012022-05-3106236527core:NetGoodwill2023-05-3106236527core:IntangibleAssetsOtherThanGoodwill2023-05-3106236527core:LandBuildings2023-05-3106236527core:PlantMachinery2023-05-3106236527core:Vehicles2023-05-3106236527core:FurnitureFittings2023-05-3106236527core:OfficeEquipment2023-05-3106236527core:AfterOneYear2023-05-3106236527core:WithinOneYear2023-05-3106236527core:ListedExchangeTraded2023-05-3106236527core:UnlistedNon-exchangeTraded2023-05-3106236527core:ShareCapital2023-05-3106236527core:SharePremium2023-05-3106236527core:RevaluationReserve2023-05-3106236527core:OtherReservesSubtotal2023-05-3106236527core:RetainedEarningsAccumulatedLosses2023-05-3106236527core:NetGoodwill2022-05-3106236527core:IntangibleAssetsOtherThanGoodwill2022-05-3106236527core:LandBuildings2022-05-3106236527core:PlantMachinery2022-05-3106236527core:Vehicles2022-05-3106236527core:FurnitureFittings2022-05-3106236527core:OfficeEquipment2022-05-3106236527core:AfterOneYear2022-05-3106236527core:WithinOneYear2022-05-3106236527core:ListedExchangeTraded2022-05-3106236527core:UnlistedNon-exchangeTraded2022-05-3106236527core:ShareCapital2022-05-3106236527core:SharePremium2022-05-3106236527core:RevaluationReserve2022-05-3106236527core:OtherReservesSubtotal2022-05-3106236527core:RetainedEarningsAccumulatedLosses2022-05-3106236527core:NetGoodwill2021-06-0106236527core:IntangibleAssetsOtherThanGoodwill2021-06-0106236527core:LandBuildings2021-06-0106236527core:PlantMachinery2021-06-0106236527core:Vehicles2021-06-0106236527core:FurnitureFittings2021-06-0106236527core:OfficeEquipment2021-06-0106236527core:AfterOneYear2021-06-0106236527core:WithinOneYear2021-06-0106236527core:ListedExchangeTraded2021-06-0106236527core:UnlistedNon-exchangeTraded2021-06-0106236527core:ShareCapital2021-06-0106236527core:SharePremium2021-06-0106236527core:RevaluationReserve2021-06-0106236527core:OtherReservesSubtotal2021-06-0106236527core:RetainedEarningsAccumulatedLosses2021-06-0106236527core:AfterOneYear2022-06-012023-05-3106236527core:WithinOneYear2022-06-012023-05-3106236527core:Non-currentFinancialInstrumentscore:CostValuation2022-06-012023-05-3106236527core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2022-06-012023-05-3106236527core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2022-06-012023-05-3106236527core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2022-06-012023-05-3106236527core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2022-06-012023-05-3106236527core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2022-06-012023-05-3106236527core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2022-06-012023-05-3106236527core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2022-06-012023-05-3106236527core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2022-06-012023-05-3106236527core:Non-currentFinancialInstrumentscore:CostValuation2023-05-3106236527core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-05-3106236527core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-05-3106236527core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-05-3106236527core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-05-3106236527core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-05-3106236527core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-05-3106236527core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-05-3106236527core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-05-3106236527core:Non-currentFinancialInstrumentscore:CostValuation2022-05-3106236527core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2022-05-3106236527core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2022-05-3106236527core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2022-05-3106236527core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2022-05-3106236527core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2022-05-3106236527core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2022-05-3106236527core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2022-05-3106236527core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2022-05-3106236527bus:Director12022-06-012023-05-3106236527bus:Director22022-06-012023-05-3106236527bus:Director32022-06-012023-05-3106236527core:FurnitureFittingsToolsEquipment2022-05-3106236527core:FurnitureFittingsToolsEquipment2022-06-012023-05-3106236527core:FurnitureFittingsToolsEquipment2023-05-31

Registered Number
06236527
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

PARAMOUNT LEGAL COSTS LIMITED

Company Information
for the year from 1 June 2022 to 31 May 2023


Directors	MARSH Christine
	WALSH Karen Patricia
	WALSH Martin James


Registered Address	Fairview House
	Victoria Place
	Carlisle
	CA1 1HP


Registered Number	06236527 (England and Wales)

PARAMOUNT LEGAL COSTS LIMITED

Statement of Financial Position
31 May 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	5		28,508		35,570
			28,508		35,570
Current assets
Debtors	9	758,481		747,827
Cash at bank and on hand		102,814		171,773
		861,295		919,600
Creditors amounts falling due within one year	10	(230,989)		(274,856)
Net current assets (liabilities)			630,306		644,744
Total assets less current liabilities			658,814		680,314
Creditors amounts falling due after one year	11		(29,377)		(53,313)
Provisions for liabilities	12		(3,724)		(5,895)
Net assets			625,713		621,106
Capital and reserves
Called up share capital			75		75
Other reserves			25		25
Profit and loss account			625,613		621,006
Shareholders' funds			625,713		621,106

The company was entitled to exemption from audit for this reporting period 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 Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 14 September 2023, and are signed on its behalf by:

MARSH Christine
Director

WALSH Karen Patricia
Director

WALSH Martin James
Director

Registered Company No. 06236527

PARAMOUNT LEGAL COSTS LIMITED

Notes to the Financial Statements
for the year ended 31 May 2023

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Basis of measurement used in financial statements
	The financial statements have been prepared under the historical cost convention on a going concern basis 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.

3.	Accounting policies

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	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.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if 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. Depreciation is provided on all tangible fixed assets as follows: S/Term Leasehold Improvements - over the term of the lease

Property, plant and equipment policy

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if 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.

Depreciation is provided on all tangible fixed assets as follows:

S/Term Leasehold Improvements - over the term of the lease


	Reducing balance (%)	Straight line (years)
Fixtures and fittings	15	-
Vehicles	25	-
Office Equipment	-	33

	Taxation policy
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Government grants and other government assistance policy
	Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Government grants and other government assistance policy

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. 

Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

	Leases policy
	Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

Leases policy

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease.

Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Employee benefits policy
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits policy

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Valuation of financial instruments policy
	The Company enters into basic financial instrument 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 ordinary shares.

4.	Employee information


		2023		2022
	Average number of employees during the year	16		13

5.	Property, plant and equipment

	Land & buildings	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 June 22	34,333	11,271	23,367	23,009	91,980
Additions	-	-	-	4,369	4,369
At 31 May 23	34,333	11,271	23,367	27,378	96,349
Depreciation and impairment
At 01 June 22	15,129	10,268	10,311	20,702	56,410
Charge for year	6,867	502	1,958	2,104	11,431
At 31 May 23	21,996	10,770	12,269	22,806	67,841
Net book value
At 31 May 23	12,337	501	11,098	4,572	28,508
At 31 May 22	19,204	1,003	13,056	2,307	35,570

6.	Description of financial commitments other than capital commitments
	At 31 May 2023 the company had future minimum lease payments under non-cancellable operating leases of £28,646 (2022: £42,396).

7.	Off balance sheet pension commitments
	The pension cost charge represents contributions payable by the company to the fund and amounted to £3,697 (2022 - £Nil).

8.	Directors advances, credits and guarantees
	On 1 June 2022 a director owed the company £12,385. During the period advances of £79,433 and repayments of £86,000 were made. No interest was charged during the year. At 31 May 2023 this director owed the company £5,817. On 1 June 2022 a second director owed the company £8,444. During the period advances of £36,657 and repayments of £36,000 were made. No interest was charged during the year. At 31 May 2023 this director owed the company £9,101. On 1 June 2022 a third director owed the company £2,702. During the period advances of £26,681 and repayments of £24,000 were made. No interest was charged during the year. At 31 May 2023 this director owed the company £5,384.

Directors advances, credits and guarantees

On 1 June 2022 a director owed the company £12,385. During the period advances of £79,433 and repayments of £86,000 were made. No interest was charged during the year. At 31 May 2023 this director owed the company £5,817.

On 1 June 2022 a second director owed the company £8,444. During the period advances of £36,657 and repayments of £36,000 were made. No interest was charged during the year. At 31 May 2023 this director owed the company £9,101.

On 1 June 2022 a third director owed the company £2,702. During the period advances of £26,681 and repayments of £24,000 were made. No interest was charged during the year. At 31 May 2023 this director owed the company £5,384.

9.	Debtors

	2023	2022
	£	£
Trade debtors / trade receivables	538,762	577,685
Other debtors	29,085	38,924
Prepayments and accrued income	190,634	131,218
Total	758,481	747,827


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

10.	Creditors within one year

	2023	2022
	£	£
Trade creditors / trade payables	4,516	4,126
Bank borrowings and overdrafts	23,936	23,688
Taxation and social security	185,830	205,516
Other creditors	4,353	435
Accrued liabilities and deferred income	12,354	41,091
Total	230,989	274,856


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. 

Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.

11.	Creditors after one year

	2023	2022
	£	£
Bank borrowings and overdrafts	29,377	53,313
Total	29,377	53,313


	Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.

12.	Provisions for liabilities
	The provision for deferred tax is made up of £4,648 in respect of accelerated capital allowances and -£924 in respect of movement in provisions.

	2023	2022
	£	£
Net deferred tax liability (asset)	3,724	5,895
Total	3,724	5,895