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Registration number: 04138166

1st Choice Finishes Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

1st Choice Finishes Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

1st Choice Finishes Limited

Company Information

Directors

Mr DJ Cole

Mr ML Hill

Company secretary

Mr DJ Cole

Registered office

Unit 6 Exhibition Way
Pinhoe
Exeter
Devon
EX4 8JD

Accountants

Wortham Jaques Limited
Chartered Accountants & Business Advisers
130a High Street,
Crediton,
Devon
EX17 3LQ

 

1st Choice Finishes Limited

(Registration number: 04138166)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

123,380

101,759

Current assets

 

Stocks

5

500

500

Debtors

6

37,081

23,208

Cash at bank and in hand

 

28,950

1,769

 

66,531

25,477

Creditors: Amounts falling due within one year

7

(57,948)

(49,891)

Net current assets/(liabilities)

 

8,583

(24,414)

Total assets less current liabilities

 

131,963

77,345

Creditors: Amounts falling due after more than one year

7

(33,299)

(30,731)

Provisions for liabilities

(9,501)

(4,967)

Net assets

 

89,163

41,647

Capital and reserves

 

Called up share capital

8

60

60

Capital redemption reserve

30

30

Retained earnings

89,073

41,557

Shareholders' funds

 

89,163

41,647

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

1st Choice Finishes Limited

(Registration number: 04138166)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 19 November 2024 and signed on its behalf by:
 

.........................................
Mr DJ Cole
Company secretary and director

 

1st Choice Finishes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 6 Exhibition Way
Pinhoe
Exeter
Devon
EX4 8JD

These financial statements were authorised for issue by the Board on 19 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

1st Choice Finishes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance basis

Solar panels

straight line basis over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

1st Choice Finishes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

1st Choice Finishes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 7).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

81,891

74,331

156,222

Additions

-

25,500

25,500

At 30 June 2024

81,891

99,831

181,722

Depreciation

At 1 July 2023

-

54,463

54,463

Charge for the year

-

3,879

3,879

At 30 June 2024

-

58,342

58,342

Carrying amount

At 30 June 2024

81,891

41,489

123,380

At 30 June 2023

81,891

19,868

101,759

Included within the net book value of land and buildings above is £81,891 (2023 - £81,891) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

500

500

 

1st Choice Finishes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

35,343

18,453

Prepayments

1,738

2,280

Other debtors

-

2,475

 

37,081

23,208

 

1st Choice Finishes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

4,968

-

Trade creditors

 

5,958

6,217

Taxation and social security

 

38,733

22,817

Accruals and deferred income

 

3,671

3,376

Other creditors

 

4,618

17,481

 

57,948

49,891

Current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

4,968

-

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

33,299

30,731

Non-current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

12,563

-

Other borrowings

20,736

30,731

33,299

30,731

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

58

58

58

58

Ordinary B of £1 each

2

2

2

2

60

60

60

60

 

1st Choice Finishes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £858.62 (2023 - £1,468.97) per each Ordinary A

49,800

85,200

Final dividend of £1,000.00 (2023 - £2,000.00) per each Ordinary B

2,000

4,000

51,800

89,200

10

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mr DJ Cole

Directors current account

(8,622)

40,927

(33,752)

(1,447)

Mr ML Hill

Directors current account

(8,531)

41,768

(33,752)

(515)

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr DJ Cole

Directors current account

(7,659)

50,489

(51,452)

(8,622)

Mr ML Hill

Directors current account

(7,558)

50,479

(51,452)

(8,531)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,200

17,704

 

1st Choice Finishes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Dividends paid to directors

2024
£

2023
£

Mr DJ Cole

Dividends

24,900

42,600

 

 

Mr ML Hill

Dividends

24,900

42,600

 

 

11

Parent and ultimate parent undertaking

The ultimate controlling party is the company's directors.