REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
CHOICES CPO 1 LTD |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
CHOICES CPO 1 LTD |
CHOICES CPO 1 LTD (REGISTERED NUMBER: 12835487) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 2 | to | 8 |
CHOICES CPO 1 LTD (REGISTERED NUMBER: 12835487) |
STATEMENT OF FINANCIAL POSITION |
31 AUGUST 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors: amounts falling due within one year |
6 |
Debtors: amounts falling due after more than one year |
6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 director and authorised for issue on |
CHOICES CPO 1 LTD (REGISTERED NUMBER: 12835487) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
1. | STATUTORY INFORMATION |
Choices CPO 1 Ltd is a |
Registered number: |
Registered office: |
The principal activity of the company is that of financial intermediation. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The presentation currency of the financial statements is the Pound Sterling (£) which is also the functional currency. |
PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS |
The financial statements contain information about Choices CPO 1 Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reports. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Judgements |
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are set out in the policies below: |
There are no judgements included within the financial statements. |
Key sources of estimation uncertainty |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out below: |
There are no key sources of estimation uncertainty. |
CHOICES CPO 1 LTD (REGISTERED NUMBER: 12835487) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
GOING CONCERN |
Choices CPO 1 Ltd continues to have greater assets than liabilities and benefits from the continued support of the Directors, regular repayments from borrowers and new avenues of inbound large investment incoming underway. Additionally recoveries from ongoing legals are imminent in the next few months and thereafter. |
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
REVENUE RECOGNITION |
Revenue is recognised at the point the right to consideration accrues through the performance of each distinct company service. The services provided are contractual and the costs of the service are incurred as the service is rendered. |
TANGIBLE FIXED ASSETS |
Plant and machinery etc | - |
INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary undertakings are recognised at cost. |
CHOICES CPO 1 LTD (REGISTERED NUMBER: 12835487) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
A financial asset or a financial liability is recognised only when the entity 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. |
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 are 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. |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
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. |
CHOICES CPO 1 LTD (REGISTERED NUMBER: 12835487) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
EMPLOYEE BENEFITS |
The company provides a range of benefits to employees. |
Short term benefits, including holiday pay, are recognised as an expenses in the profit and loss account in the period in which they are incurred. |
INTEREST RECEIVABLE AND INTEREST PAYABLE |
Interest receivable on financial instrument obligations and interest payable on unlisted bonds issued by the Company are recognised on an accruals basis at the effective interest rate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
CHOICES CPO 1 LTD (REGISTERED NUMBER: 12835487) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 September 2022 | 128,237 |
Additions | 32,579 |
At 31 August 2023 | 160,816 |
NET BOOK VALUE |
At 31 August 2023 | 160,816 |
At 31 August 2022 | 128,237 |
6. | DEBTORS |
31.8.23 | 31.8.22 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
Loans |
Deferred tax asset |
Prepayments |
Amounts falling due after more than one year: |
Loans | 563,210 | 728,362 |
Prepayments and accrued income |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Other creditors |
Other borrowings | 125,010 | 26,158 |
Accruals and deferred income |
Other borrowings totalling £125,010 represent loans repayable in full by January 2024, February 2024, and August 2024. |
CHOICES CPO 1 LTD (REGISTERED NUMBER: 12835487) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Unlisted bonds | 1,117,211 | 1,097,147 |
Other borrowings | 32,785 | 55,000 |
Other borrowings totalling £32,785 represent 2 loans repayable in full by December 2026. One private loan amounting to £30,000 bears weekly interest at a rate of 0.5%. The second private loan amounting to £25,000 bears weekly interest at a rate of 1%. |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.8.23 | 31.8.22 |
£ | £ |
Within one year |
10. | DEFERRED TAX |
£ |
Balance at 1 September 2022 | ( |
) |
Charge to Statement of Income and Retained Earnings during year |
Balance at 31 August 2023 | ( |
) |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
During the year ended 31 August 2023, advances of £156,737 (2022: £367,608) were made by the director. Repayments of £173,192 (2022: £437,775) were made during the year by the director and the maximum overdrawn amount outstanding by the director was £35,806 (2022: £49,238) which was fully repaid in the year. |
At the year end, the company owed the director £37,946 (2022: £21,491). |
13. | DIRECTORS' TRANSACTIONS |
All transactions with the director were in the normal course of business. |
14. | POST BALANCE SHEET EVENTS |
There were no material events up to the date of approval of the financial statement by the board. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Alexander Atherden-Zuk. |
CHOICES CPO 1 LTD (REGISTERED NUMBER: 12835487) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
16. | GOING CONCERN |
Choices CPO 1 Ltd continues to have greater assets than liabilities and benefits from the continued support of the Directors, regular repayments from borrowers and new avenues of inbound large investment incoming underway. Additionally recoveries from ongoing legals are imminent in the next few months and thereafter. |
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. |