Paraconic Technologies Limited
Paraconic Technologies Limited
Registered number: 11280268
Unaudited Financial Statements
For The Year Ended 31 March 2019
Ignition Financial
Paraconic Technologies Limited
Unaudited Financial Statements
For The Year Ended 31 March 2019
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Paraconic Technologies Limited
Balance Sheet
As at
31 March 2019
Balance Sheet
Registered number:
11280268
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | |||
|---|---|---|---|
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Intangible Assets | 3 |
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| Tangible Assets | 4 |
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| CURRENT ASSETS | |||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||
| Called up share capital |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 456,769 | ||
Page 1
Paraconic Technologies Limited
Balance Sheet (continued)
As at
31 March 2019
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Paraconic Technologies Limited
Notes to the Financial Statements
For The Year Ended 31 March 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The company’s financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company’s needs. In accessing going concern, the directors have a reasonable expectation that the company will continue as a going concern and is able to meet all of its obligations as they fall due for a minimum of 12 months from the date of approval of these financial statements.
1.3.
Turnover
Revenue is recognised to the extent there is probable economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other salles taxes.
Revenue from a contract to provide services is recognised in the period in which the services are provided.
Interest receivable and payable
Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest rate method.
1.4.
Intangible Fixed Assets and Amortisation - Intellectual Property
Purchased intangible assets
Purchased intangible assets are initially recognised at cost. After recognition, intangible assets are measured at cost less any accumulated amortization and impairment losses.
All intangible assets are consider to have a finite useful life. The estimated useful lives are as follows:
Purchased intangibles – Over 10 years on a straight line basis
At each reporting date the company assesses whether there is any indication of impairment. If such indications exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within profit or loss.
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Computer Equipment |
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1.6.
Leasing and Hire Purchase Contracts
Leases in which the company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases.
Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease an an integral part of the total lease expenses.
Page 3
Paraconic Technologies Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
1.7.
Financial Instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Investments
Investments in subsidiaries are held at cost less accumulated impairment losses.
Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
1.8.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.9.
Pensions
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions in a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss in the periods during which services are rendered by employees.
1.10.
Preparation of consolidated financial statements
The company is exempt under Section 399 of the Companies Act from the requirement to prepare consolidated financial statements by virtue of the fact it is subject to the small companies regime. These financial statements contain information the company as an individual undertaking and not about this group.
1.11.
Related party exemption
The company has taken advantage of the exemption available under FRS 102 not to disclose related party transactions with wholly owned subsidaries within a group.
2.
Average Number of Employees
Average number of employees, including directors, during the year was 1.
Page 4
Paraconic Technologies Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
3.
Intangible Assets
| Intellectual Property | |||
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| £ | |||
| Cost | |||
| As at |
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| Additions |
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| As at |
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| Amortisation | |||
| As at |
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| Provided during the period |
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| As at |
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| Net Book Value | |||
| As at |
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4.
Tangible Assets
| Computer Equipment | |
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| £ | |
| Cost | |
| As at |
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| Additions |
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| As at |
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| Depreciation | |
| As at |
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| Provided during the period |
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| As at |
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| Net Book Value | |
| As at |
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| As at |
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Paraconic Technologies Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
5.
Debtors
| 2019 | |
|---|---|
| £ | |
| Due within one year | |
| Prepayments and accrued income |
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| Other debtors |
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| Amounts owed by group undertakings |
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6.
Creditors: Amounts Falling Due Within One Year
| 2019 | |
|---|---|
| £ | |
| Trade creditors |
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| Net wages | 1,685 |
| Accruals and deferred income |
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| Directors' loan accounts |
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7.
Financial Instruments
Paraconc Technologies Limited is the 100% shareholder of Paraconic Technologies Inc. The shaes in Paraconic Technologies Inc have no par value and no amount has been paid for them.
8.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Land and buildings | |
|---|---|
| 2019 | |
| £ | |
| Within 1 year | 15,000 |
| 15,000 | |
9.
General Information
Paraconic Technologies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11280268 . The registered office is 53 Davies Street, London, W1K 5JH.
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