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REGISTERED NUMBER: 02954943 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

RENTAL CHOICE LIMITED

RENTAL CHOICE LIMITED (REGISTERED NUMBER: 02954943)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RENTAL CHOICE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: T Osman
A Usman BSc





SECRETARY: A Usman BSc





REGISTERED OFFICE: Sterling House
27 Hatchlands Road
Redhill
Surrey
RH1 6RW





REGISTERED NUMBER: 02954943 (England and Wales)





ACCOUNTANTS: GBJ Financial Limited
Sterling House
27 Hatchlands Road
Redhill
Surrey
RH1 6RW

RENTAL CHOICE LIMITED (REGISTERED NUMBER: 02954943)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,172,481 2,065,194

CURRENT ASSETS
Debtors 5 146,169 111,978
Cash at bank and in hand 345,466 224,674
491,635 336,652
CREDITORS
Amounts falling due within one year 6 458,123 319,540
NET CURRENT ASSETS 33,512 17,112
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,205,993

2,082,306

CREDITORS
Amounts falling due after more than one
year

7

(1,204,607

)

(1,222,054

)

PROVISIONS FOR LIABILITIES (165,115 ) (123,563 )
NET ASSETS 836,271 736,689

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 409,516 409,516
Retained earnings 426,655 327,073
836,271 736,689

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

RENTAL CHOICE LIMITED (REGISTERED NUMBER: 02954943)

BALANCE SHEET - continued
31 JULY 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 5 April 2024 and were signed on its behalf by:




A Usman BSc - Director



T Osman - Director


RENTAL CHOICE LIMITED (REGISTERED NUMBER: 02954943)

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


1. STATUTORY INFORMATION

Rental Choice 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.

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
Office equipment and furniture - 33% on reducing balance
Motor vehicles - 25% 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 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.

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.

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.

RENTAL CHOICE LIMITED (REGISTERED NUMBER: 02954943)

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


2. ACCOUNTING POLICIES - continued

Freehold property
Freehold property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in value is recognised in the revaluation reserve or profit and loss account respectively.

Freehold property is included in the balance sheet at the revaluation value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Office
equipment
Freehold Plant and and Motor
property machinery furniture vehicles Totals
£    £    £    £    £   
COST
At 1 August 2022 1,780,000 9,402 11,431 496,523 2,297,356
Additions - 728 - 241,226 241,954
At 31 July 2023 1,780,000 10,130 11,431 737,749 2,539,310
DEPRECIATION
At 1 August 2022 - 7,622 8,289 216,251 232,162
Charge for year - 828 786 133,053 134,667
At 31 July 2023 - 8,450 9,075 349,304 366,829
NET BOOK VALUE
At 31 July 2023 1,780,000 1,680 2,356 388,445 2,172,481
At 31 July 2022 1,780,000 1,780 3,142 280,272 2,065,194

Freehold property was valued on an open market basis on 17 December 2021 by an independent valuer.

A provision has been made for deferred tax on gains on revaluing the freehold property. The total amount provided is £120,888.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,206,790 (2022 - £1,209,265).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 105,469 67,872
Other debtors 40,700 44,106
146,169 111,978

RENTAL CHOICE LIMITED (REGISTERED NUMBER: 02954943)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 39,600 39,600
Hire purchase contracts 160,450 87,779
Trade creditors 61,484 51,790
Taxation and social security 89,436 56,544
Other creditors 107,153 83,827
458,123 319,540

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 8) 997,975 1,040,219
Hire purchase contracts 171,784 128,805
Other creditors 34,848 53,030
1,204,607 1,222,054

8. LOANS

Creditors include a bank loan falling due within one year which is secured of £39,600 (2022 - £39,600).

Creditors include a bank loan falling due after more than one year which is secured of £997,975 (2022 - £1,040,219).

The loan is secured on the company's freehold property.

9. RESERVES
Revaluation
reserve
£   
At 1 August 2022
and 31 July 2023 409,516