Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-30false2022-05-04falsetruethat of a community pharmacy.89The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01566682 2022-05-04 2023-06-30 01566682 2021-05-01 2022-05-03 01566682 2023-06-30 01566682 2022-05-03 01566682 c:Director1 2022-05-04 2023-06-30 01566682 c:Director2 2022-05-04 2023-06-30 01566682 d:Buildings d:ShortLeaseholdAssets 2022-05-04 2023-06-30 01566682 d:Buildings d:ShortLeaseholdAssets 2023-06-30 01566682 d:Buildings d:ShortLeaseholdAssets 2022-05-03 01566682 d:FurnitureFittings 2022-05-04 2023-06-30 01566682 d:FurnitureFittings 2023-06-30 01566682 d:FurnitureFittings 2022-05-03 01566682 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-05-04 2023-06-30 01566682 d:OfficeEquipment 2022-05-04 2023-06-30 01566682 d:OfficeEquipment 2023-06-30 01566682 d:OfficeEquipment 2022-05-03 01566682 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-05-04 2023-06-30 01566682 d:OwnedOrFreeholdAssets 2022-05-04 2023-06-30 01566682 d:Goodwill 2022-05-04 2023-06-30 01566682 d:Goodwill 2023-06-30 01566682 d:Goodwill 2022-05-03 01566682 d:CurrentFinancialInstruments 2023-06-30 01566682 d:CurrentFinancialInstruments 2022-05-03 01566682 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 01566682 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-03 01566682 d:ShareCapital 2023-06-30 01566682 d:ShareCapital 2022-05-03 01566682 d:RetainedEarningsAccumulatedLosses 2023-06-30 01566682 d:RetainedEarningsAccumulatedLosses 2022-05-03 01566682 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 01566682 d:AcceleratedTaxDepreciationDeferredTax 2022-05-03 01566682 c:OrdinaryShareClass1 2022-05-04 2023-06-30 01566682 c:OrdinaryShareClass1 2023-06-30 01566682 c:OrdinaryShareClass1 2022-05-03 01566682 c:FRS102 2022-05-04 2023-06-30 01566682 c:AuditExempt-NoAccountantsReport 2022-05-04 2023-06-30 01566682 c:FullAccounts 2022-05-04 2023-06-30 01566682 c:PrivateLimitedCompanyLtd 2022-05-04 2023-06-30 01566682 2 2022-05-04 2023-06-30 01566682 d:Goodwill d:OwnedIntangibleAssets 2022-05-04 2023-06-30 01566682 e:PoundSterling 2022-05-04 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01566682










FLINTCHOICE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2023

 
FLINTCHOICE LIMITED
REGISTERED NUMBER: 01566682

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

30 June
3 May
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
1

Tangible assets
 5 
8,004
2,357

  
8,004
2,358

Current assets
  

Stocks
  
87,976
98,073

Debtors: amounts falling due within one year
 6 
402,952
320,282

Cash at bank and in hand
 7 
42,079
122,243

  
533,007
540,598

Creditors: amounts falling due within one year
 8 
(218,448)
(104,392)

Net current assets
  
 
 
314,559
 
 
436,206

Total assets less current liabilities
  
322,563
438,564

Provisions for liabilities
  

Deferred tax
 9 
(747)
-

  
 
 
(747)
 
 
-

Net assets
  
321,816
438,564


Capital and reserves
  

Called up share capital 
 10 
10,000
10,000

Profit and loss account
  
311,816
428,564

  
321,816
438,564


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions
Page 1

 
FLINTCHOICE LIMITED
REGISTERED NUMBER: 01566682
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 January 2024.




Mrs S Davda
Mr M Shah
Director
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
FLINTCHOICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

1.


General information

Flintchoice Limited is a private company, limited by share capital, incorporated in England and Wales under registration number 01566682. The address of the registered office is 37 Warren Street London W1T 6AD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
FLINTCHOICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
FLINTCHOICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
7
years straight line

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

The estimated useful lives range as follows:

Short-term leasehold property
-
15
years straight line
Fixtures and fittings
-
20
% reducing balance
Office equipment
-
20
% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
FLINTCHOICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the period was 8 (2022 - 9).

Page 6

 
FLINTCHOICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

4.


Intangible assets




Goodwill

£



Cost


At 4 May 2022
117,482



At 30 June 2023

117,482



Amortisation


At 4 May 2022
117,481


Charge for the period on owned assets
1



At 30 June 2023

117,482



Net book value



At 30 June 2023
-



Page 7

 
FLINTCHOICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

5.


Tangible fixed assets







Short-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 4 May 2022
-
77,301
6,323
83,624


Additions
6,382
299
-
6,681



At 30 June 2023

6,382
77,600
6,323
90,305



Depreciation


At 4 May 2022
-
76,691
4,576
81,267


Charge for the period on owned assets
496
212
326
1,034



At 30 June 2023

496
76,903
4,902
82,301



Net book value



At 30 June 2023
5,886
697
1,421
8,004


6.


Debtors

30 June
3 May
2023
2022
£
£


Trade debtors
60,931
47,433

Amounts owed by group undertakings
281,152
-

Other debtors
-
250,000

VAT repayable
16,462
13,706

Corporation tax repayable
-
3,908

Prepayments and accrued income
44,407
4,381

Deferred taxation
-
854

402,952
320,282


Page 8

 
FLINTCHOICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

7.


Cash and cash equivalents

30 June
3 May
2023
2022
£
£

Cash at bank and in hand
42,079
122,243

42,079
122,243



8.


Creditors: Amounts falling due within one year

30 June
3 May
2023
2022
£
£

Trade creditors
143,024
100,933

Amounts owed to group undertakings
70,000
-

Director's loan account
3,223
-

Other taxation and social security
1,602
-

Pension payable
599
-

Accruals and deferred income
-
3,459

218,448
104,392



9.


Deferred taxation






2023


£






At beginning of year
854


Charged to profit or loss
(1,601)



At end of year
(747)

Page 9

 
FLINTCHOICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
 
9.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

30 June
3 May
2023
2022
£
£


Accelerated capital allowances
(747)
854

(747)
854


10.


Share capital

30 June
3 May
2023
2022
£
£
Allotted, called up and fully paid



10,000 (2022 - 10,000) Ordinary Shares of £1.00 each
10,000
10,000



11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,326 (2022 - £2,718).


12.


Related party transactions

The balance available on the director's loan account of Mrs S Davda was £3,223 (2022 - £Nil) as at 30 June 2023. 
The director, Mrs S Davda, had an interest in the company's transactions with Chel Pharmacy Limited, which is incorporated and trading in the UK, by virtue of the director also being a director in that company. The company made £12,533 of sales to Chel Pharmacy Limited during the accounting period ended 30 June 2023. The payment terms and pricing for these transactions were consistent with those extended to unrelated third parties. These transactions were conducted on an arm's length basis. The company owed Chel Pharmacy Limited £Nil (2022 - £Nil) as at 30 June 2023.
The directors, Mr M Shah and Mrs S Davda, had an interest in the company's transactions with Allchin Holdings Limited, which is incorporated in the UK, by virtue of the directors also being directors in that company. Allchin Holdings Limited owed the company £281,152 (2022 - £Nil) as at 30 June 2023. 
The directors, Mr M Shah and Mrs S Davda, had an interest in the company's transactions with Pringleton Ltd, which is incorporated and trading in the UK, by virtue of the directors also being directors in that company. The company owed Pringleton Ltd £70,000 (2022 - £Nil) as at 30 June 2023.

Page 10

 
FLINTCHOICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

13.


Controlling party

Allchin Holdings Limited owns 100% of the share capital in Flintchoice Limited. There is no ultimate controlling party.

 
Page 11