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REGISTERED NUMBER: 02335784 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

1st Choice Garage Doors Limited

1st Choice Garage Doors Limited (Registered number: 02335784)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


1st Choice Garage Doors Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr P J May
Mr J May





REGISTERED OFFICE: The Barns
Ford Place
Ford Lane
Wrotham Heath
Kent
TN15 7SE





REGISTERED NUMBER: 02335784 (England and Wales)





ACCOUNTANTS: McLean Reid
Chartered Accountants
1 Forstal Road
Aylesford
Kent
ME20 7AU

1st Choice Garage Doors Limited (Registered number: 02335784)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 124,445 142,864

CURRENT ASSETS
Stocks 44,932 52,347
Debtors 5 143,822 232,326
Cash at bank and in hand 180,647 137,051
369,401 421,724
CREDITORS
Amounts falling due within one year 6 238,137 266,924
NET CURRENT ASSETS 131,264 154,800
TOTAL ASSETS LESS CURRENT
LIABILITIES

255,709

297,664

CREDITORS
Amounts falling due after more than one year 7 (20,739 ) (30,689 )

PROVISIONS FOR LIABILITIES (29,463 ) (22,200 )
NET ASSETS 205,507 244,775

CAPITAL AND RESERVES
Called up share capital 8 20,000 20,000
Retained earnings 185,507 224,775
SHAREHOLDERS' FUNDS 205,507 244,775

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

1st Choice Garage Doors Limited (Registered number: 02335784)

Balance Sheet - continued
31 March 2023


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2023 and were signed on its behalf by:




Mr P J May - Director



Mr J May - Director


1st Choice Garage Doors Limited (Registered number: 02335784)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

1st Choice Garage Doors Limited 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors consider that there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes on sales and installations of garage doors, gates and associated equipment.

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 reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings.

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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

1st Choice Garage Doors Limited (Registered number: 02335784)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 306,461
Additions 87,465
Disposals (98,900 )
At 31 March 2023 295,026
DEPRECIATION
At 1 April 2022 163,597
Charge for year 35,459
Eliminated on disposal (28,475 )
At 31 March 2023 170,581
NET BOOK VALUE
At 31 March 2023 124,445
At 31 March 2022 142,864

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 104,326 182,291
Other debtors 39,496 50,035
143,822 232,326

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,928 10,978
Trade creditors 119,712 157,271
Taxation and social security 61,428 50,572
Other creditors 46,069 48,103
238,137 266,924

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 20,739 30,689

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20,000 Ordinary £1 Shares £1 20,000 20,000

1st Choice Garage Doors Limited (Registered number: 02335784)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr J May
Balance outstanding at start of year 10,000 10,000
Amounts advanced - 10,000
Amounts repaid (10,000 ) (10,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 10,000