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REGISTERED NUMBER: 04990251 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

FIRST CHOICE MORTGAGES (SUSSEX) LIMITED

FIRST CHOICE MORTGAGES (SUSSEX) LIMITED (REGISTERED NUMBER: 04990251)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FIRST CHOICE MORTGAGES (SUSSEX) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr A J Barrett





REGISTERED OFFICE: 25 Havelock Road
Hastings
East Sussex
TN34 1BP





REGISTERED NUMBER: 04990251 (England and Wales)





ACCOUNTANTS: Acuity Professional Partnership LLP
Unit 2.02 High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES

FIRST CHOICE MORTGAGES (SUSSEX) LIMITED (REGISTERED NUMBER: 04990251)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,688 6,752
Tangible assets 5 382,206 199,947
383,894 206,699

CURRENT ASSETS
Debtors 6 34,738 29,470
Cash at bank 17,576 37,101
52,314 66,571
CREDITORS
Amounts falling due within one year 7 157,336 152,138
NET CURRENT LIABILITIES (105,022 ) (85,567 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

278,872

121,132

CREDITORS
Amounts falling due after more than one
year

8

(72,327

)

(90,190

)

PROVISIONS FOR LIABILITIES 9 (55,482 ) (7,537 )
NET ASSETS 151,063 23,405

CAPITAL AND RESERVES
Called up share capital 10 111 111
Special reserve 11 142,291 -
Retained earnings 8,661 23,294
SHAREHOLDERS' FUNDS 151,063 23,405

FIRST CHOICE MORTGAGES (SUSSEX) LIMITED (REGISTERED NUMBER: 04990251)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 July 2024 and were signed by:





Mr A J Barrett - Director


FIRST CHOICE MORTGAGES (SUSSEX) LIMITED (REGISTERED NUMBER: 04990251)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

First Choice Mortgages (Sussex) 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
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 2006, is being amortised evenly over its estimated useful life of twenty 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 - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

FIRST CHOICE MORTGAGES (SUSSEX) LIMITED (REGISTERED NUMBER: 04990251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 April 2023
and 31 March 2024 101,281
Amortisation
At 1 April 2023 94,529
Amortisation for year 5,064
At 31 March 2024 99,593
Net book value
At 31 March 2024 1,688
At 31 March 2023 6,752

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Cost or valuation
At 1 April 2023 160,279 1,725 19,738
Additions - - 331
Revaluations 189,721 - -
At 31 March 2024 350,000 1,725 20,069
Depreciation
At 1 April 2023 - 924 16,575
Charge for year - 200 795
At 31 March 2024 - 1,124 17,370
Net book value
At 31 March 2024 350,000 601 2,699
At 31 March 2023 160,279 801 3,163

FIRST CHOICE MORTGAGES (SUSSEX) LIMITED (REGISTERED NUMBER: 04990251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
Cost or valuation
At 1 April 2023 34,652 31,997 248,391
Additions - 3,236 3,567
Revaluations - - 189,721
At 31 March 2024 34,652 35,233 441,679
Depreciation
At 1 April 2023 4,343 26,602 48,444
Charge for year 7,578 2,456 11,029
At 31 March 2024 11,921 29,058 59,473
Net book value
At 31 March 2024 22,731 6,175 382,206
At 31 March 2023 30,309 5,395 199,947

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2024 189,721 - -
Cost 160,279 1,725 20,069
350,000 1,725 20,069

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2024 - - 189,721
Cost 34,652 35,233 251,958
34,652 35,233 441,679

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Amounts owed by associates 34,738 29,470

FIRST CHOICE MORTGAGES (SUSSEX) LIMITED (REGISTERED NUMBER: 04990251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 18,952 18,687
Amounts owed to associates 4,175 6,128
Taxation and social security 2,606 637
Other creditors 131,603 126,686
157,336 152,138

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 72,327 90,190

9. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 55,482 7,537

Deferred
tax
£   
Balance at 1 April 2023 7,537
Provided during year 47,945
Balance at 31 March 2024 55,482

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100
11 Ordinary A £1 11 11
111 111

11. RESERVES
Special
reserve
£   
Special Reserve 142,291

At 31 March 2024 142,291