2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 5,446 1,477 3,969 3,897 1,323 1,477 3,743 226 1,549 xbrli:pure xbrli:shares iso4217:GBP 05760308 2023-04-01 2024-03-31 05760308 2024-03-31 05760308 2023-03-31 05760308 2022-04-01 2023-03-31 05760308 2023-03-31 05760308 2022-03-31 05760308 bus:Director1 2023-04-01 2024-03-31 05760308 bus:Director2 2023-04-01 2024-03-31 05760308 core:WithinOneYear 2024-03-31 05760308 core:WithinOneYear 2023-03-31 05760308 core:ShareCapital 2024-03-31 05760308 core:ShareCapital 2023-03-31 05760308 core:RetainedEarningsAccumulatedLosses 2024-03-31 05760308 core:RetainedEarningsAccumulatedLosses 2023-03-31 05760308 bus:SmallEntities 2023-04-01 2024-03-31 05760308 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05760308 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05760308 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05760308 bus:FullAccounts 2023-04-01 2024-03-31 05760308 core:OfficeEquipment 2023-04-01 2024-03-31 05760308 core:OfficeEquipment 2023-03-31 05760308 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 05760308
Choice Independent Financial Services Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Choice Independent Financial Services Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
226
1,549
Current assets
Debtors
6
3,763
3,818
Cash at bank and in hand
93,909
112,385
--------
---------
97,672
116,203
Creditors: amounts falling due within one year
7
16,812
20,570
--------
---------
Net current assets
80,860
95,633
--------
--------
Total assets less current liabilities
81,086
97,182
Provisions
Taxation including deferred tax
766
383
--------
--------
Net assets
80,320
96,799
--------
--------
Choice Independent Financial Services Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
80,220
96,699
--------
--------
Shareholders funds
80,320
96,799
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 were approved by the board of directors and authorised for issue on 18 April 2024 , and are signed on behalf of the board by:
S Zigante
C Zigante
Director
Director
Company registration number: 05760308
Choice Independent Financial Services Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cambridge House, Cambridge Avenue, Lincoln, LN1 1LS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Judgements and key sources of estimation uncertainty
Significant 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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. 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. 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 as follows: Depreciation The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Equipment
-
33% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The group only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the group and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023
5,446
5,446
Disposals
( 1,477)
( 1,477)
-------
-------
At 31 March 2024
3,969
3,969
-------
-------
Depreciation
At 1 April 2023
3,897
3,897
Charge for the year
1,323
1,323
Disposals
( 1,477)
( 1,477)
-------
-------
At 31 March 2024
3,743
3,743
-------
-------
Carrying amount
At 31 March 2024
226
226
-------
-------
At 31 March 2023
1,549
1,549
-------
-------
6. Debtors
2024
2023
£
£
Other debtors
3,763
3,818
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
16,032
19,790
Other creditors
780
780
--------
--------
16,812
20,570
--------
--------