Registered number
02087242
First Choice Marshalls Limited
Filleted Accounts
31 December 2023
First Choice Marshalls Limited
Registered number: 02087242
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 55,535 25,129
Current assets
Stocks 175,957 195,508
Debtors 4 323,763 298,267
Cash at bank and in hand 64,060 115,674
563,780 609,449
Creditors: amounts falling due within one year 5 (481,880) (491,585)
Net current assets 81,900 117,864
Total assets less current liabilities 137,435 142,993
Creditors: amounts falling due after more than one year 6 (187,567) (248,316)
Provisions for liabilities (5,884) (5,884)
Net liabilities (56,016) (111,207)
Capital and reserves
Called up share capital 100 100
Profit and loss account (56,116) (111,307)
Shareholders' funds (56,016) (111,207)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A J Nicklen, Esq
Director
Approved by the board on 30 July 2024
First Choice Marshalls Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Office equipment over 3 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 16 15
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 83,505 39,798 123,303
Additions 5,953 65,045 70,998
Disposals - (20,485) (20,485)
At 31 December 2023 89,458 84,358 173,816
Depreciation
At 1 January 2023 82,254 15,920 98,174
Charge for the year 3,235 16,872 20,107
At 31 December 2023 85,489 32,792 118,281
Net book value
At 31 December 2023 3,969 51,566 55,535
At 31 December 2022 1,251 23,878 25,129
4 Debtors 2023 2022
£ £
Trade debtors 323,763 298,267
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 201,624 224,589
Obligations under finance lease and hire purchase contracts 15,281 6,300
Trade creditors 125,488 126,934
Taxation and social security costs 59,758 36,983
Other creditors 79,729 96,779
481,880 491,585
6 Creditors: amounts falling due after one year 2023 2022
£ £
Unsecured bank & other loans 72,173 156,266
Obligations under finance lease and hire purchase contracts 45,394 22,050
Other creditors 70,000 70,000
187,567 248,316
Included in creditors is £139,882 (2022: £159,422) owing to the directors, of which £70,000 (2022:£70,000) are long-term loans. The loans are interest-free and there is no fixed date of repayment. The directors have confirmed that the loans will only be repaid as and when cash flow permits.
7 Controlling party
The company is controlled by the directors who own the entire share capital of the company.
8 Other information
First Choice Marshalls Limited is a private company limited by shares and incorporated in England. Its registered office is:
Lords Mill
Oakridge Road
High Wycombe
HP11 2PE
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