Paragon Property Maintenance Limited Filleted accounts for Companies House (small and micro)

PARAGON PROPERTY MAINTENANCE LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08365668

PARAGON PROPERTY MAINTENANCE LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 January 2018

PARAGON PROPERTY MAINTENANCE LIMITED

STATEMENT OF FINANCIAL POSITION

31 January 2018

	2018		2017
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		12,583		16,777

CURRENT ASSETS

Stocks	1,200	850
Cash at bank and in hand	19,525	100
	----------	-----
	20,725	950

CREDITORS: amounts falling due within one year	6	41,391		45,517
		----------		----------
NET CURRENT LIABILITIES			20,666		44,567
			----------		----------
TOTAL ASSETS LESS CURRENT LIABILITIES			( 8,083)		( 27,790)

CREDITORS: amounts falling due after more than one year	7	6,780	11,062
		----------	----------
NET LIABILITIES		( 14,863)	( 38,852)
		----------	----------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	( 14,963)	( 38,952)
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SHAREHOLDER DEFICIT	( 14,863)	( 38,852)
	----------	----------

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 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 comprehensive income has not been delivered.

PARAGON PROPERTY MAINTENANCE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 January 2018

For the year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 25 September 2018 , and are signed on behalf of the board by:

Mr A M Kew
Director

Company registration number: 08365668

PARAGON PROPERTY MAINTENANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2018

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 6 Alfred Street, Rushden, Northants, NN10 9YS.

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.

Going concern

The accounts have been prepared on a going concern basis. This has been done as its believed that the director and shareholder of the business will continue to provide financial support to the business.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	25% reducing balance
Motor Vehicle	-	25% reducing balance

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. TANGIBLE ASSETS

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 February 2017 and 31 January 2018	1,250	21,843	23,093
	--------	----------	----------
Depreciation
At 1 February 2017	855	5,461	6,316
Charge for the year	99	4,095	4,194
	--------	----------	----------
At 31 January 2018	954	9,556	10,510
	--------	----------	----------
Carrying amount
At 31 January 2018	296	12,287	12,583
	--------	----------	----------
At 31 January 2017	395	16,382	16,777
	--------	----------	----------

6. CREDITORS: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	–	9,818
Social security and other taxes	869	–
Other creditors	40,522	35,699
	----------	----------
	41,391	45,517
	----------	----------

7. CREDITORS: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	6,780	11,062
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8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr A M Kew	30,768	4,822	35,590
	----------	--------	----------

	2017
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr A M Kew	38,449	( 7,681)	30,768
	----------	--------	----------