Company registration number:
08991662
CHOICE WEALTH MANAGEMENT LIMITED
Unaudited filleted financial statements
30 April 2024
CHOICE WEALTH MANAGEMENT LIMITED
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
CHOICE WEALTH MANAGEMENT LIMITED
Directors and other information
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Directors |
A Iqbal |
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Company number |
08991662 |
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Registered office |
Haresfoot |
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177 Barnet Road |
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Hertfordshire |
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EN5 3JZ |
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CHOICE WEALTH MANAGEMENT LIMITED
Statement of financial position
30 April 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Investments |
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4 |
1,920,213 |
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2,515,996 |
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_______ |
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_______ |
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1,920,213 |
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2,515,996 |
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Current assets |
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Debtors |
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5 |
11,469,051 |
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7,899,051 |
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Cash at bank and in hand |
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1,729,811 |
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3,328,538 |
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_______ |
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_______ |
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13,198,862 |
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11,227,589 |
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Creditors: amounts falling due |
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within one year |
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6 |
(
14,088,934) |
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(
13,190,710) |
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_______ |
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_______ |
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Net current liabilities |
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(
890,072) |
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(
1,963,121) |
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_______ |
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Total assets less current liabilities |
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1,030,141 |
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552,875 |
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_______ |
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Net assets |
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1,030,141 |
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552,875 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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10 |
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10 |
Fair value reserve |
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155,691 |
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(
101,690) |
Profit and loss account |
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874,440 |
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654,555 |
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_______ |
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_______ |
Shareholders funds |
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1,030,141 |
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552,875 |
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_______ |
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_______ |
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For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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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;
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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 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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
13 August 2024
, and are signed on behalf of the board by:
A Iqbal
Director
Company registration number:
08991662
CHOICE WEALTH MANAGEMENT LIMITED
Notes to the financial statements
Year ended 30 April 2024
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Haresfoot, 177 Barnet Road, Hertfordshire, EN5 3JZ.
2.
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ('FRS 102') and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a fair view. The financial statements are prepared in Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 or 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.
3.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
4.
Investments
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Other investments other than loans |
Total |
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£ |
£ |
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Cost |
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At 1 May 2023 |
2,515,996 |
2,515,996 |
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Additions |
1,638,488 |
1,638,488 |
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Disposals |
(
2,389,962) |
(
2,389,962) |
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Fair value adjustment |
155,691 |
155,691 |
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_______ |
_______ |
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At 30 April 2024 |
1,920,213 |
1,920,213 |
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_______ |
_______ |
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Impairment |
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At 1 May 2023 and 30 April 2024 |
- |
- |
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_______ |
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Carrying amount |
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At 30 April 2024 |
1,920,213 |
1,920,213 |
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_______ |
_______ |
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At 30 April 2023 |
2,515,996 |
2,515,996 |
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_______ |
_______ |
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5.
Debtors
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2024 |
2023 |
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£ |
£ |
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Other debtors |
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11,469,051 |
7,899,051 |
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_______ |
_______ |
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6.
Creditors: amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
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Corporation tax |
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112,203 |
70,290 |
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Other creditors |
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13,976,731 |
13,120,420 |
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_______ |
_______ |
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14,088,934 |
13,190,710 |
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_______ |
_______ |
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7.
Related party transactions
During the year the company entered into the following transactions with related parties:
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Transaction value |
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Balance owed by/(owed to) |
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2024 |
2023 |
2024 |
2023 |
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£ |
£ |
£ |
£ |
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Choice Packaging Solutions Limited |
856,311 |
2,275,281 |
13,972,531 |
13,116,220 |
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The companies 100% owned and controlled |
3,570,000 |
1,897,800 |
11,469,051 |
7,899,051 |
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_______ |
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Choice Packaging Solutions Limited is 100% owned and controlled by the director's spouse, Mr R Iqbal.The following companies, 100% owned and controlled by the director and her spouse Mr R Iqbal, owed the above shown amounts.Nova One LimitedNove Two LimitedNova Three LimitedNova Four LimitedNova Properties LimitedLCI 1302 LimitedLCI 1303 LimitedLCI 1402 LimitedLCI 1403 LimitedLCI 1702 LimitedLCI 1703 Limited