Paragon (Premier) Properties Limited Filleted accounts for Companies House (small and micro)

PARAGON (PREMIER) PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03282734

Paragon (Premier) Properties Limited

Filleted Unaudited Financial Statements

31 March 2023

Paragon (Premier) Properties Limited

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	68,619	–
Investments	6	1,939,384	2,210,525
		------------	------------
		2,008,003	2,210,525

Current assets

Debtors	7	120,000	120,000
Cash at bank and in hand		79,673	25,242
		---------	---------
		199,673	145,242

Creditors: amounts falling due within one year	8	7,807	4,000
		---------	---------
Net current assets		191,866	141,242
		------------	------------
Total assets less current liabilities		2,199,869	2,351,767

Creditors: amounts falling due after more than one year	9	469,720	426,950
		------------	------------
Net assets		1,730,149	1,924,817
		------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,730,147	1,924,815
	------------	------------
Shareholders funds	1,730,149	1,924,817
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Paragon (Premier) Properties Limited

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 30 November 2023 , and are signed on behalf of the board by:

Mr E Borland

Director

Company registration number: 03282734

Paragon (Premier) Properties Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Duns, Off Hook House Lane, Dunsfold, Surrey, GU8 4LR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).

5. Tangible assets

	Motor vehicles
	£
Cost
At 1 April 2022	–
Additions	68,619
	--------
At 31 March 2023	68,619
	--------
Depreciation
At 1 April 2022 and 31 March 2023	–
	--------
Carrying amount
At 31 March 2023	68,619
	--------
At 31 March 2022	–
	--------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 March 2023	23,095
	--------
At 31 March 2022	–
	--------

6. Investments

	Other investments other than loans
	£
Cost
At 1 April 2022	2,210,525
Additions	456,911
Disposals	( 542,217)
Revaluations	( 185,835)
	------------
At 31 March 2023	1,939,384
	------------
Impairment
At 1 April 2022 and 31 March 2023	–
	------------

Carrying amount
At 31 March 2023	1,939,384
	------------
At 31 March 2022	2,210,525
	------------

Investments held at valuation

In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Other investments other than loans
	£
At 31 March 2023
Aggregate cost	1,491,131
Aggregate depreciation	–
	------------
Carrying value	1,491,131
	------------

At 31 March 2022
Aggregate cost	1,551,115
Aggregate depreciation	–
	------------
Carrying value	1,551,115
	------------

7. Debtors

	2023	2022
	£	£
Other debtors	120,000	120,000
	---------	---------

Included in other debtors is £120,000 owed by the directors (2022 - £Nil).

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Other creditors	7,807	4,000
	-------	-------

9. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Other creditors	469,720	426,950
	---------	---------

Included in other creditors is £11,382 (2022 - £5,826) owed to the directors.

10. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2023	2022
	£	£
Not later than 1 year	3,807	–
Later than 1 year and not later than 5 years	18,788	–
	--------	----
	22,595	–
	--------	----

11. Related party transactions

Mrs C Borland and Mr E Borland are directors of the company and together own 100% of the issued share capital. At the balance sheet date £120,000 (2022 - £Nil) was owed to the company by Mr and Mrs Borland. This amount is included in other debtors. At the balance sheet date, £11,382 (2022 - £5,826) was due to Mr and Mrs Borland. This amount is included in other creditors greater than one year. At the balance sheet date, £Nil (2022 - £120,000) was owed to the company by Bramley House Developments Limited, a company under the control of Mr and Mrs Borland who are both directors and own 100% of the issued share capital.