Paramount_Properties_Inve - Accounts

The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Paramount Properties Investments 2000 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 150 West End lane, London, NW6 1SD.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The company occupies premises and utilises facilities of Paramount Residential 2000 Limited, a company in which Mr M Greig is also a director and shareholder. The charge for the period in respect of the share of the costs attributable to the company was £nil (2016: £18,797). The amount still outstanding to Paramount Residential 2000 Ltd at the period end was £ nil (2016: £nil).

Paramount Management UK LLP, a limited liability partnership in which Mr M Greig is a member provided management services to the company. The charge for the period was £nil (2016: £22,951). The amount still outstanding to Paramount Management UK LLP at the period end was £ nil (2016: £nil).

Paramount Lettings Limited is a company in which Mr M Greig is a director and shareholder. At the period end the company was owed £nil (2016: £1,249) by Paramount Lettings Limited.