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Unaudited Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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Paramount Industrial Tools & Fasteners |
Ltd |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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Paramount Industrial Tools & Fasteners |
Ltd |
Paramount Industrial Tools & Fasteners |
Ltd (Registered number: 04402908) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Paramount Industrial Tools & Fasteners |
Ltd |
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Company Information |
for the Year Ended 31 March 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Paramount Industrial Tools & Fasteners |
Ltd (Registered number: 04402908) |
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Statement of Financial Position |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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563,211 | 421,824 |
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The directors acknowledge their 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. |
Paramount Industrial Tools & Fasteners |
Ltd (Registered number: 04402908) |
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Statement of Financial Position - continued |
31 March 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Paramount Industrial Tools & Fasteners |
Ltd (Registered number: 04402908) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Paramount Industrial Tools & Fasteners Ltd is a
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England and Wales. The company's registered number and registered office address can be found on |
the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements cover the company as an individual entity and are presented in Pounds |
Sterling (£) being the functional currency. |
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The financial statements have been prepared on a going concern basis on the assumption that the |
company has adequate resources to continue in operational existence for the foreseeable |
future.The directors have made this assessment with regard to the company’s current and expected |
performance. |
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Particular consideration has been given to the impact of the Coronavirus on the company's ability to |
operate for the foreseeable future. In arriving at this assessment of the going concern status of the |
company the directors have made key judgements about the ability of the company to agree |
deferred payment terms on HMRC debts, the availability of the job retention scheme, and the |
returning level of demand for the services provided by the company. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Sale of goods |
Turnover from the sale of goods is recognised when all the following conditions are satisfied: |
- the company has transferred to the buyer the significant risks and rewards of ownership of the |
goods; |
- the Company retains neither continuing managerial involvement to the degree usually |
associated with ownership nor effective control over the goods sold; |
- the amount of turnover can be measured reliably; |
- it is probable that the economic benefits associated with the transaction will flow to the |
company; and |
- the costs incurred or to be incurred in respect of the transition can be measured reliably. |
Usually, turnover from the sale of goods is recognised when [eg. the goods are delivered and legal |
title has passed]. |
Paramount Industrial Tools & Fasteners |
Ltd (Registered number: 04402908) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Improvements to property | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible fixed assets held for the company's own use are stated at cost less accumulated |
depreciation and accumulated impairment losses |
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Government grants |
Government grants are recognised based on the accrual model and are measured at the fair value of |
the asset received or receivable. Grants are classified as relating either to revenue or to assets. |
Grants relating to revenue are recognised in income over the period in which the related costs are |
recognised. Grants relating to assets are recognised over the expected useful life of the asset. |
Where part of a grant relating to an asset is deferred, it is recognised as deferred income. |
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Stocks |
Stocks are stated at the lower of cost and net realisable value (estimated selling price less costs to |
complete and sell). Cost includes all costs of purchase, costs of conversion and other costs incurred |
in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out |
formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
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Financial instruments |
Basic financial assets and liabilities are initially measured at transaction price, unless the |
arrangement constitutes a financing transaction, where the debt instrument is measured at the |
present value of future cash flows discounted at a market rate of interest. Debt instruments are |
subsequently carried at amortised cost, using the effective interest rate method. |
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Taxation |
Taxation for the year comprises of current tax and deferred tax, if applicable. Tax is recognised in |
the Statement of Income and Retained Earnings, except to the extent that it relates to items |
recognised in other comprehensive income or directly in equity. |
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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 statement of financial position date. |
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Hire purchase and leasing commitments |
Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed |
assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and |
their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful |
lives. Finance leases are those where substantially all of the benefits and risks of ownership are |
assumed by the company. Obligations under such agreements are included in creditors net of the |
finance charge allocated to future periods. The finance element of the rental payment is charged to |
the profit and loss account so as to produce a constant periodic rate of charge on the net obligation |
outstanding in each period. |
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Rentals applicable to operating leases where substantially all of the benefits and risks of ownership |
remain with the lessor are charged to profit and loss account on a straight-line basis. |
Paramount Industrial Tools & Fasteners |
Ltd (Registered number: 04402908) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2019 |
and 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
and 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Paramount Industrial Tools & Fasteners |
Ltd (Registered number: 04402908) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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Total lease payments recognised as an expense during the period amounted to £12,227 (2019 - |
£11,609). |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 March 2020 |
and 31 March 2019: |
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2020 | 2019 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The advance is unsecured, repayable on demand and interest has not been charged. |
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10. | POST BALANCE SHEET EVENTS |
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In March 2020 the UK was impacted by the outbreak of the Coronavirus. In order to manage the |
spread of the virus the Government has imposed significant restrictions on the movement of people |
and the ability of businesses to continue to trade. This event occurred during the company's |
reporting period and so is considered to be an adjusting event, however there has been no |
significant impact on the results to March 2020. |
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The Coronavirus has resulted in a severe contraction of the UK economy and the imposition of social |
distancing rules has meant that demand for the company's services has been impacted. |
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The directors are not able to make a reliable estimate of the financial impact of the Coronavirus |
outbreak in the reporting period to 31 March 2021, although there are no concerns about the future |
viability of the company, for the reasons stated in the directors report. |
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11. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme. The assets of the scheme are held |
separately from those of the company in an independently administered fund. The pension cost |
charge represents contributions payable by the company to the fund and amounted to £2,323 (2019 |
- £1,323).There were no contributions payable to the fund at the balance sheet date. |