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Company registration number: 05210770
CHOICE TRADING INTERNATIONAL LIMITED
Unaudited filleted financial statements
31 December 2023
CHOICE TRADING INTERNATIONAL LIMITED
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
CHOICE TRADING INTERNATIONAL LIMITED
Directors and other information
Directors N Iqbal
Company number 05210770
Registered office Denmark House
Brick Close, Kiln Farm
Milton Kenes
Buckinghamshire
MK11 3DP
CHOICE TRADING INTERNATIONAL LIMITED
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 3 323 646
_______ _______
323 646
Current assets
Debtors 4 40,402 96,942
Cash at bank and in hand 133,165 397,455
_______ _______
173,567 494,397
Creditors: amounts falling due
within one year 5 ( 170,673) ( 478,027)
_______ _______
Net current assets 2,894 16,370
_______ _______
Total assets less current liabilities 3,217 17,016
_______ _______
Net assets 3,217 17,016
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 3,207 17,006
_______ _______
Shareholders funds 3,217 17,016
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 February 2024 , and are signed on behalf of the board by:
N Iqbal
Director
Company registration number: 05210770
CHOICE TRADING INTERNATIONAL LIMITED
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 10 1,621 1,631
Profit for the year 95,385 95,385
_______ _______ _______
Total comprehensive income for the year - 95,385 95,385
Dividends paid and payable ( 80,000) ( 80,000)
_______ _______ _______
Total investments by and distributions to owners - ( 80,000) ( 80,000)
_______ _______ _______
At 31 December 2022 and 1 January 2023 10 17,005 17,015
Profit for the year 56,202 56,202
_______ _______ _______
Total comprehensive income for the year - 56,202 56,202
Dividends paid and payable ( 70,000) ( 70,000)
_______ _______ _______
Total investments by and distributions to owners - ( 70,000) ( 70,000)
_______ _______ _______
At 31 December 2023 10 3,207 3,217
_______ _______ _______
CHOICE TRADING INTERNATIONAL LIMITED
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Denmark House, Brick Close, Kiln Farm, Milton Kenes, Buckinghamshire, MK11 3DP.
2. Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ('FRS 102') and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a fair view. The financial statements are prepared in Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 %
Fittings fixtures and equipment - 25 %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2023 and 31 December 2023 1,292 1,292
_______ _______
Depreciation
At 1 January 2023 646 646
Charge for the year 323 323
_______ _______
At 31 December 2023 969 969
_______ _______
Carrying amount
At 31 December 2023 323 323
_______ _______
At 31 December 2022 646 646
_______ _______
4. Debtors
2023 2022
£ £
Trade debtors 25,490 96,467
Other debtors 14,912 475
_______ _______
40,402 96,942
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 86,288 364,263
Corporation tax 14,753 30,293
Social security and other taxes - 6,851
Other creditors 69,632 76,620
_______ _______
170,673 478,027
_______ _______
6. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
N Iqbal ( 34,720) 4,084 ( 30,636)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
N Iqbal ( 11,054) ( 23,666) ( 34,720)
_______ _______ _______