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Registered number: 08423803
TransparentChoice Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Max Accountants Ltd
Ketton Suite
The King Centre
Oakham
Rutland
LE15 7WD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08423803
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,324 6,088
5,324 6,088
CURRENT ASSETS
Debtors 5 68,532 23,532
Cash at bank and in hand 301,019 266,534
369,551 290,066
Creditors: Amounts Falling Due Within One Year 6 (381,920 ) (206,049 )
NET CURRENT ASSETS (LIABILITIES) (12,369 ) 84,017
TOTAL ASSETS LESS CURRENT LIABILITIES (7,045 ) 90,105
Creditors: Amounts Falling Due After More Than One Year 7 (5,142 ) (8,280 )
NET (LIABILITIES)/ASSETS (12,187 ) 81,825
CAPITAL AND RESERVES
Called up share capital 9 141 141
Share premium account 149,948 149,948
Capital redemption reserve 6,200 6,200
Other reserves 76,996 76,347
Profit and Loss Account (245,472 ) (150,811 )
SHAREHOLDERS' FUNDS (12,187) 81,825
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Stuart Easton
Director
3 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
TransparentChoice Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08423803 . The registered office is Ketton Suite, The King Centre Main Road, Barleythorpe, Oakham, Rutland, LE15 7WD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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 £.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future. 
The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.
2.3. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment Straight line over 3 years
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.
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2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the profit / loss before taxation.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 9,795
Additions 1,957
As at 31 December 2023 11,752
Depreciation
As at 1 January 2023 3,707
Provided during the period 2,721
As at 31 December 2023 6,428
Net Book Value
As at 31 December 2023 5,324
As at 1 January 2023 6,088
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 51,056 13,222
Prepayments and accrued income 2,573 3,171
Other debtors 14,743 7,139
Directors' loan accounts 160 -
68,532 23,532
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 11,161 2,501
Bank loans and overdrafts 3,621 3,621
Other taxes and social security 7,332 -
Other creditors 108 76
Accruals and deferred income 359,698 199,851
381,920 206,049
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7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 5,142 8,280
8. Loans
An analysis of the maturity of loans is given below:
2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 3,621 3,621
2023 2022
£ £
Amounts falling due between one and five years:
Bank loans 5,142 8,280
9. Share Capital
2023 2022
Allotted, called up and fully paid £ £
28,202 Ordinary Shares of £ 0.005 each 141 141
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