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REGISTERED NUMBER: 04990251 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

FIRST CHOICE MORTGAGES (SUSSEX) LIMITED

FIRST CHOICE MORTGAGES (SUSSEX) LIMITED (REGISTERED NUMBER: 04990251)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FIRST CHOICE MORTGAGES (SUSSEX) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr A J Barrett
Mr M R Todd





REGISTERED OFFICE: 25 Havelock Road
Hastings
East Sussex
TN34 1BP





REGISTERED NUMBER: 04990251 (England and Wales)





ACCOUNTANTS: Acuity Professional Partnership LLP
Unit 2.02
High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES

FIRST CHOICE MORTGAGES (SUSSEX) LIMITED (REGISTERED NUMBER: 04990251)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 6,752 11,816
Tangible assets 5 199,947 167,147
206,699 178,963

CURRENT ASSETS
Debtors 6 29,470 30,370
Cash at bank 37,101 66,045
66,571 96,415
CREDITORS
Amounts falling due within one year 7 152,138 126,199
NET CURRENT LIABILITIES (85,567 ) (29,784 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

121,132

149,179

CREDITORS
Amounts falling due after more than one year 8 (90,190 ) (110,541 )

PROVISIONS FOR LIABILITIES 9 (7,537 ) (1,305 )
NET ASSETS 23,405 37,333

CAPITAL AND RESERVES
Called up share capital 10 111 111
Retained earnings 23,294 37,222
SHAREHOLDERS' FUNDS 23,405 37,333

FIRST CHOICE MORTGAGES (SUSSEX) LIMITED (REGISTERED NUMBER: 04990251)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


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.

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 24 October 2023 and were signed on its behalf by:





Mr A J Barrett - Director


FIRST CHOICE MORTGAGES (SUSSEX) LIMITED (REGISTERED NUMBER: 04990251)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

First Choice Mortgages (Sussex) 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.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

TAXATION
Taxation for the year comprises current and deferred tax. 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.

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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FIRST CHOICE MORTGAGES (SUSSEX) LIMITED (REGISTERED NUMBER: 04990251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 April 2022
and 31 March 2023 101,281
Amortisation
At 1 April 2022 89,465
Amortisation for year 5,064
At 31 March 2023 94,529
Net book value
At 31 March 2023 6,752
At 31 March 2022 11,816

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Cost
At 1 April 2022 160,279 1,315 18,111
Additions - 410 1,627
At 31 March 2023 160,279 1,725 19,738
Depreciation
At 1 April 2022 - 665 15,769
Charge for year - 259 806
At 31 March 2023 - 924 16,575
Net book value
At 31 March 2023 160,279 801 3,163
At 31 March 2022 160,279 650 2,342

FIRST CHOICE MORTGAGES (SUSSEX) LIMITED (REGISTERED NUMBER: 04990251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 April 2022 - 28,561 208,266
Additions 34,652 3,436 40,125
At 31 March 2023 34,652 31,997 248,391
Depreciation
At 1 April 2022 - 24,685 41,119
Charge for year 4,343 1,917 7,325
At 31 March 2023 4,343 26,602 48,444
Net book value
At 31 March 2023 30,309 5,395 199,947
At 31 March 2022 - 3,876 167,147

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by associates 29,470 30,370

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 18,687 16,568
Amounts owed to associates 6,128 7,687
Taxation and social security 637 13,695
Other creditors 126,686 88,249
152,138 126,199

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 90,190 110,541

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 7,537 1,305

FIRST CHOICE MORTGAGES (SUSSEX) LIMITED (REGISTERED NUMBER: 04990251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 1,305
Provided during year 6,232
Balance at 31 March 2023 7,537

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100
11 Ordinary A £1 11 11
111 111