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REGISTERED NUMBER: 04570568 (England and Wales)















PREMIUM CHOICE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






PREMIUM CHOICE PROPERTIES LIMITED (REGISTERED NUMBER: 04570568)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


PREMIUM CHOICE PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr M Woods
Mr R Dornan





REGISTERED OFFICE: Pendeford House
Pendeford Business Park
Overstrand
Wolverhampton
West Midlands
WV9 5AP





REGISTERED NUMBER: 04570568 (England and Wales)





ACCOUNTANTS: Folkes Worton LLP
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PREMIUM CHOICE PROPERTIES LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Premium Choice Properties Limited for the year ended 31 December 2023 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Premium Choice Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Premium Choice Properties Limited and state those matters that we have agreed to state to the Board of Directors of Premium Choice Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Premium Choice Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Premium Choice Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Premium Choice Properties Limited. You consider that Premium Choice Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Premium Choice Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Folkes Worton LLP
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU


9 September 2024

PREMIUM CHOICE PROPERTIES LIMITED (REGISTERED NUMBER: 04570568)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,307 12,235
Investment property 5 1,700,000 1,700,000
1,711,307 1,712,235

CURRENT ASSETS
Debtors 6 801,821 802,179
Cash at bank 32,550 13,711
834,371 815,890
CREDITORS
Amounts falling due within one year 7 2,425,202 2,244,905
NET CURRENT LIABILITIES (1,590,831 ) (1,429,015 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

120,476

283,220

CREDITORS
Amounts falling due after more than one year 8 166,372 328,869
NET LIABILITIES (45,896 ) (45,649 )

CAPITAL AND RESERVES
Called up share capital 9 200 200
Fair value reserve 10 61,646 61,646
Retained earnings (107,742 ) (107,495 )
SHAREHOLDERS' FUNDS (45,896 ) (45,649 )

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

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

PREMIUM CHOICE PROPERTIES LIMITED (REGISTERED NUMBER: 04570568)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 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 9 September 2024 and were signed on its behalf by:





Mr M Woods - Director


PREMIUM CHOICE PROPERTIES LIMITED (REGISTERED NUMBER: 04570568)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Premium Choice Properties Limited 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 as modified by the revaluation of certain assets.

Turnover
The turnover shown in the profit and loss account represents the realisable value of goods and services provided during the year, net of discounts and exclusive of Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Computer equipment - 20% to 33.3% on cost

Tangible assets are initially recognised at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in the profit or loss.A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit and loss.

Investment property
Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Going concern
There is a net deficiency of assets at the balance sheet date, the financial statements have been prepared on the going concern basis based on discussions with the directors who will continue to give financial support.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

PREMIUM CHOICE PROPERTIES LIMITED (REGISTERED NUMBER: 04570568)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 457,275 76,508 533,783
Additions - 4,517 4,517
At 31 December 2023 457,275 81,025 538,300
DEPRECIATION
At 1 January 2023 450,628 70,920 521,548
Charge for year 2,346 3,099 5,445
At 31 December 2023 452,974 74,019 526,993
NET BOOK VALUE
At 31 December 2023 4,301 7,006 11,307
At 31 December 2022 6,647 5,588 12,235

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,700,000
NET BOOK VALUE
At 31 December 2023 1,700,000
At 31 December 2022 1,700,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2021 61,646
Cost 1,638,354
1,700,000

PREMIUM CHOICE PROPERTIES LIMITED (REGISTERED NUMBER: 04570568)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,638,534 1,638,534

Investment property was valued on an open market basis on 31 December 2021 by the company's directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 801,821 802,179

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 162,075 157,000
Trade creditors 13,275 10,149
Taxation and social security 200 100
Other creditors 2,249,652 2,077,656
2,425,202 2,244,905

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 166,372 328,869

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200 Ordinary £1 200 200

PREMIUM CHOICE PROPERTIES LIMITED (REGISTERED NUMBER: 04570568)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. RESERVES
Fair
value
reserve
£   
At 1 January 2023
and 31 December 2023 61,646

11. CONTINGENCIES

There is a cross company guarantee between Premium Choice Limited, Premium Choice Properties Limited and Mers Ins Limited, supported by a legal charge in place over all the company's assets dated 4 January 2021 in favour of Barclays Security trustee Limited

12. RELATED PARTY TRANSACTIONS

M Woods and R Dornan are also directors of Mers Ins Limited and Premium Choice Limited, included within other debtors are amounts owed by Mers Ins Limited of £177,171 (2022: £177,171).

During the year the company charged rent of £148,800 (2022: £148,800) and recharged costs of £Nil (2022: £Nil) to Premium Choice Limited. Premium Choice Limited recharged costs of £Nil (2022: £Nil) to the company during the year, included within other creditors are amounts owed to Premium Choice Limited of £2,234,829 (2022: £2,066,827).

R Dornan is a director and shareholder of RMJD Limited, included within other debtors are amounts owed by RMJD Limited of £612,928 (2022: £612,928).