IRIS Accounts Productionv24.1.9.203432653Board of Directors1.11.2231.10.2331.10.23falsetruefalsefalsefalsetruefalse iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh034326532022-10-31034326532023-10-31034326532022-11-012023-10-31034326532021-10-31034326532021-11-012022-10-31034326532022-10-3103432653ns15:EnglandWales2022-11-012023-10-3103432653ns14:PoundSterling2022-11-012023-10-3103432653ns10:Director12022-11-012023-10-3103432653ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3103432653ns10:SmallEntities2022-11-012023-10-3103432653ns10:AuditExempt-NoAccountantsReport2022-11-012023-10-3103432653ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3103432653ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3103432653ns10:FullAccounts2022-11-012023-10-310343265312022-11-012023-10-3103432653ns10:Director22022-11-012023-10-3103432653ns10:CompanySecretary12022-11-012023-10-3103432653ns10:RegisteredOffice2022-11-012023-10-3103432653ns5:CurrentFinancialInstruments2023-10-3103432653ns5:CurrentFinancialInstruments2022-10-3103432653ns5:ShareCapital2023-10-3103432653ns5:ShareCapital2022-10-3103432653ns5:SharePremium2023-10-3103432653ns5:SharePremium2022-10-3103432653ns5:RetainedEarningsAccumulatedLosses2023-10-3103432653ns5:RetainedEarningsAccumulatedLosses2022-10-3103432653ns5:NetGoodwill2022-11-012023-10-3103432653ns5:IntangibleAssetsOtherThanGoodwill2022-11-012023-10-3103432653ns5:PlantMachinery2022-11-012023-10-3103432653ns5:NetGoodwill2022-10-3103432653ns5:NetGoodwill2023-10-3103432653ns5:NetGoodwill2022-10-3103432653ns5:PlantMachinery2022-10-3103432653ns5:PlantMachinery2023-10-3103432653ns5:PlantMachinery2022-10-3103432653ns5:CostValuation2022-10-3103432653ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3103432653ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3103432653ns5:RetainedEarningsAccumulatedLosses2022-10-3103432653ns5:SharePremium2022-10-3103432653ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-31

REGISTERED NUMBER: 03432653 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 October 2023

for


First Choice Corporate Ltd



First Choice Corporate Ltd (Registered number: 03432653)



Contents of the Financial Statements

for the year ended 31 October 2023











Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

4





First Choice Corporate Ltd



Company Information

for the year ended 31 October 2023









DIRECTORS:

C Dowton


Mrs K A Chapman







SECRETARY:








REGISTERED OFFICE:

Osborne House


143-145 Stanwell Road


Ashford


Middlesex


TW15 3QN







REGISTERED NUMBER:

03432653 (England and Wales)







ACCOUNTANTS:

Benedict Ford Thorne


Chartered Certified Accountants


The Annex


143-145 Stanwell Road


Ashford


Middlesex


TW15 3QN



First Choice Corporate Ltd (Registered number: 03432653)



Balance Sheet

31 October 2023



31/10/23

31/10/22



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

4

-


-



Tangible assets

5

27,854


25,545



Investments

6

4,000


4,000



31,854


29,545




CURRENT ASSETS

Debtors

7

1,758,396


2,009,976



Cash at bank and in hand

2,799,293


1,763,726



4,557,689


3,773,702



CREDITORS

Amounts falling due within one year

8

1,496,298


1,266,174



NET CURRENT ASSETS

3,061,391


2,507,528



TOTAL ASSETS LESS CURRENT

LIABILITIES

3,093,245


2,537,073




CAPITAL AND RESERVES

Called up share capital

8,502


8,502



Share premium

10

5,875


5,875



Retained earnings

10

3,078,868


2,522,696



SHAREHOLDERS' FUNDS

3,093,245


2,537,073




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


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



First Choice Corporate Ltd (Registered number: 03432653)



Balance Sheet - continued

31 October 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 Income Statement has not been delivered.


The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024  and were signed on its behalf by:






C Dowton - Director




First Choice Corporate Ltd (Registered number: 03432653)



Notes to the Financial Statements

for the year ended 31 October 2023



1.

STATUTORY INFORMATION



First Choice Corporate Ltd 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.


Goodwill


Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.  



Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.


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 etc

-

25% on reducing balance



Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.



First Choice Corporate Ltd (Registered number: 03432653)



Notes to the Financial Statements - continued

for the year ended 31 October 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 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.

3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 28 (2022 - 28 ) .


4.

INTANGIBLE FIXED ASSETS


Goodwill

£   



COST


At 1 November 2022


and 31 October 2023

18,000




AMORTISATION


At 1 November 2022


and 31 October 2023

18,000




NET BOOK VALUE


At 31 October 2023

-




At 31 October 2022

-





First Choice Corporate Ltd (Registered number: 03432653)



Notes to the Financial Statements - continued

for the year ended 31 October 2023



5.

TANGIBLE FIXED ASSETS


Plant and


machinery


etc

£   



COST


At 1 November 2022

241,958




Additions

11,594




At 31 October 2023

253,552




DEPRECIATION


At 1 November 2022

216,413




Charge for year

9,285




At 31 October 2023

225,698




NET BOOK VALUE


At 31 October 2023

27,854




At 31 October 2022

25,545




6.

FIXED ASSET INVESTMENTS


Other


investments

£   



COST


At 1 November 2022


and 31 October 2023

4,000




NET BOOK VALUE


At 31 October 2023

4,000




At 31 October 2022

4,000




7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31/10/23


31/10/22

£   

£   



Trade debtors

1,751,469


2,002,584




Other debtors

6,927


7,392



1,758,396


2,009,976





First Choice Corporate Ltd (Registered number: 03432653)



Notes to the Financial Statements - continued

for the year ended 31 October 2023



8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31/10/23


31/10/22

£   

£   



Bank loans and overdrafts

978,077


569,372




Trade creditors

106,957


113,023




Taxation and social security

236,584


368,627




Other creditors

174,680


215,152



1,496,298


1,266,174




9.

SECURED DEBTS



The following secured debts are included within creditors:



31/10/23


31/10/22

£   

£   



Factoring loan

978,077


569,372





The factoring loan at 31 October 2023 represents the net balance of funds drawn against trade debtors sold to Close Invoice Finance Ltd at that date. Under the terms of the factoring agreement the ownership of all book debts is automatically vested in Close Invoice Finance Ltd and remain secured by a fixed and floating debenture registered at Companies House on 6 September 2008.


10.

RESERVES


Retained


Share



earnings


premium


Totals

£   

£   

£   




At 1 November 2022

2,522,696


5,875


2,528,571




Profit for the year

682,131


682,131




Dividends

(125,959

)

(125,959

)



At 31 October 2023

3,078,868


5,875


3,084,743




11.

RELATED PARTY DISCLOSURES



At the year end there was a loan balance of £50,000 due to C Dowton and this amount is included in other creditors in note 9. (2022  £50,000)


12.

ULTIMATE CONTROLLING PARTY



The ultimate controlling party is C Dowton by way of his ownership of the shares in the company's parent company, LCD Holdings Ltd.