Paramount Trades & Labour Ltd - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 07485471 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2017

for

Paramount Trades & Labour Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M Campbell

REGISTERED OFFICE:

Unit 1.2 B

The Old Fire Station

140 Tabernacle Street

London

EC2A 4SD

REGISTERED NUMBER:

07485471 (England and Wales)

ACCOUNTANTS:

Granite Morgan Smith Limited

122 Feering Hill

Feering

Colchester

Essex

CO5 9PY

FIXED ASSETS

42,536

Tangible assets

4

31,169

CURRENT ASSETS

1,027,208

Debtors

5

1,155,243

220,017

Cash at bank and in hand

258,474

1,247,225

1,413,717

CREDITORS

978,124

Amounts falling due within one year

6

1,026,833

269,101

NET CURRENT ASSETS

386,884

311,637

TOTAL ASSETS LESS CURRENT LIABILITIES

418,053

CREDITORS

(16,045

)

Amounts falling due after more than one year

7

(7,107

)

(2,184

)

PROVISIONS FOR LIABILITIES

-

293,408

NET ASSETS

410,946

CAPITAL AND RESERVES

125

Called up share capital

125

55

Capital redemption reserve

55

293,228

Retained earnings

410,766

293,408

SHAREHOLDERS' FUNDS

410,946

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the director on 5 June 2017 and were signed by:

M Campbell - Director

1.	STATUTORY INFORMATION

Paramount Trades & Labour Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This is the first year that the company has presented its results under FRS 102 section 1A. The last set of

financial statements under UK GAAP were for the year to 31 January 2016. The date of transition to FRS 102

section 1A was 1 February 2016. There are no transitional adjustments arising from the first time adoption of

FRS 102 section 1A

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.

Plant and machinery etc

-

25% on cost, 20% on cost and Straight line over 3 years

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2016 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2016

53,016

Additions

2,206

At 31 January 2017

55,222

DEPRECIATION

At 1 February 2016

10,480

Charge for year

13,573

At 31 January 2017

24,053

NET BOOK VALUE

At 31 January 2017

31,169

At 31 January 2016

42,536

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Trade debtors

1,116,857

1,003,112

Other debtors

38,386

24,096

1,155,243

1,027,208

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Hire purchase contracts

8,938

9,134

Trade creditors

193,510

153,413

Taxation and social security

178,784

181,985

Other creditors

645,601

633,592

1,026,833

978,124

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.17

31.1.16

£

£

Hire purchase contracts

7,107

16,045

8.	SECURED DEBTS

Included within Other Creditors is an amount of £45,000, of which £25,000 is personal secured by the director.

Also in Other Creditors is an amount of £585,293 which is secured over the assets of the company and

guaranteed by the director.

9.	POST BALANCE SHEET EVENTS

No events have occurred since the date of the balance sheet that need to be brought to the attention of

shareholders or third parties.