Registered number
09534984
Choice Properties Limited
Filleted Accounts
28 February 2023
Choice Properties Limited
Registered number: 09534984
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 435,417 444,917
Current assets
Debtors 4 413,528 130,227
Cash at bank and in hand 120,192 385,203
533,720 515,430
Creditors: amounts falling due within one year 5 (67,442) (90,887)
Net current assets 466,278 424,543
Net assets 901,695 869,460
Capital and reserves
Called up share capital 100 100
Profit and loss account 901,595 869,360
Shareholders' funds 901,695 869,460
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Vinod Bhandari
Director
Approved by the board on 21 June 2023
Choice Properties Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 March 2022 475,000
At 28 February 2023 475,000
Depreciation
At 1 March 2022 30,083
Charge for the year 9,500
At 28 February 2023 39,583
Net book value
At 28 February 2023 435,417
At 28 February 2022 444,917
4 Debtors 2023 2022
£ £
Trade debtors 23,357 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest 390,171 100,227
Other debtors - 30,000
413,528 130,227
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 5,398 -
Other creditors 62,044 90,887
67,442 90,887
6 Other information
Choice Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
Newlands
Chorleywood Road
Rickmansworth
Hertfordshire
WD3 3EP
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