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Company registration number: 08241539
iChoosr Limited
Filleted financial statements
31 December 2023
iChoosr Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
iChoosr Limited
Directors and other information
Directors
J.G.M. Bijlholt
M. Drabbe
Company number 08241539
Registered office 4th Floor
58-59 Great Marlborough Street
London
W1F 7JY
Auditor Millet Accountants Ltd
Aldgate Tower
2 Leman Street
London
E1 8FA
iChoosr Limited
Directors responsibilities statement
Year ended 31 December 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
iChoosr Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
as restated
Fixed assets
Tangible assets 6 20,331 20,351
_______ _______
20,331 20,351
Current assets
Debtors 7 1,729,374 2,748,658
Cash at bank and in hand 3,270,433 330,591
_______ _______
4,999,807 3,079,249
Creditors: amounts falling due
within one year 8 ( 4,045,563) ( 2,451,022)
_______ _______
Net current assets 954,244 628,227
_______ _______
Total assets less current liabilities 974,575 648,578
Provisions for liabilities 9 ( 660,569) ( 1,084,143)
_______ _______
Net assets/(liabilities) 314,006 ( 435,565)
_______ _______
Capital and reserves
Called up share capital 11 301,000 301,000
Profit and loss account 13,006 ( 736,565)
_______ _______
Shareholders funds/(deficit) 314,006 ( 435,565)
_______ _______
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 24 December 2024 , and are signed on behalf of the board by:
M. Drabbe J.G.M. Bijlholt
Director Director
Company registration number: 08241539
iChoosr Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 (as previously reported) 301,000 1,478,638 1,779,638
Prior period adjustments (-) (1,302,766) (1,302,766)
_______ _______ _______
At 1 January 2022 (restated) 301,000 175,872 476,872
Profit for the year 141,063 141,063
_______ _______ _______
Total comprehensive income for the year - 141,063 141,063
Dividends paid and payable ( 1,053,500) ( 1,053,500)
_______ _______ _______
Total investments by and distributions to owners - ( 1,053,500) ( 1,053,500)
_______ _______ _______
At 31 December 2022 and 1 January 2023 301,000 (736,564) (435,564)
Profit for the year 2,224,570 2,224,570
_______ _______ _______
Total comprehensive income for the year - 2,224,570 2,224,570
Dividends paid and payable ( 1,475,000) ( 1,475,000)
_______ _______ _______
Total investments by and distributions to owners - ( 1,475,000) ( 1,475,000)
_______ _______ _______
At 31 December 2023 301,000 13,006 314,006
_______ _______ _______
iChoosr Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has net current assets and net assets. The directors believe the company will remain profitable and will continue to trade for the foreseeable future and at least 12 months from the signing of the financial statements. The directors therefore consider it appropriate to prepare the accounts on aging concern basis.
Judgements and key sources of estimation uncertainty
In the application of accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Turnover
Turnover relates to commissions earned on energy transition installations and measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Commissions are recognised when installations are completed. There was a change in accounting policy during the year in respect of the recognition of commissions and comparative years have been restated as further detailed in the notes to the financial statements. Direct costs associated with the installations are recorded inline with revenues.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans to other third parties and loans to related parties.Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that arepayable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 9 ).
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2023 43,973 43,973
Additions 8,191 8,191
_______ _______
At 31 December 2023 52,164 52,164
_______ _______
Depreciation
At 1 January 2023 23,622 23,622
Charge for the year 8,211 8,211
_______ _______
At 31 December 2023 31,833 31,833
_______ _______
Carrying amount
At 31 December 2023 20,331 20,331
_______ _______
At 31 December 2022 20,351 20,351
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 1,261,794 1,784,057
Amounts owed by group undertakings and undertakings in which the company has a participating interest 36,803 29,178
Other debtors 430,777 935,423
_______ _______
1,729,374 2,748,658
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 213,038 48,170
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,292,947 764,698
Social security and other taxes 419,010 434,782
Other creditors 2,120,568 1,203,372
_______ _______
4,045,563 2,451,022
_______ _______
9. Provisions
Other provisions Total
£ £
At 1 January 2023 1,084,143 1,084,143
Amounts reversed ( 423,574) ( 423,574)
_______ _______
At 31 December 2023 660,569 660,569
_______ _______
The provision relates to potential obligations to end users in relation to the insolvency of a major installer. The provision is based on a combination of liabilities on unfinished installations and irrecoverable deposits, less a contribution from other parties associated with the installation scheme.
10. Prior period adjustments following a change in accounting policy
During the period the company changed its accounting policy on recognising commissions earned on energy transition projects. Income has previously been accounted for on a project completion percentage. Following a review of working practices and contracts, the company has changed the basis of income recognition of commissions to when installation projects are completed. The updated policy better recognises the commercial arrangements with installers and contractual obligations. The change in policy has resulted in a restatement of the prior period (2022) and the aggregate for periods before, amounting to the following increases/(decreases):
2022 Aggregate of
previous periods
£ £
Turnover 530,156 (1,659,390)
Direct costs 491,816 77,631
Profit before tax 38,340 (1,737,021)
Taxation charge 9,585 (434,255)
Profit after tax 28,755 (1,302,766)
Debtors- accrued income (1,129,234) (1,659,390)
Debtors- taxation 424,670 434,255
Creditors- accrued costs 569,447 77,631
Profit and loss account reserve (1,274,011) (1,302,766)
11. Called up share capital
2023 2022
No £ No £
Ordinary shares shares of £ 0.10 each 3,010,000 301,000 3,010,000 301,000
_______ _______ _______ _______
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 94,800 -
Later than 1 year and not later than 5 years 55,300 -
_______ _______
150,100 -
_______ _______
13. Summary audit opinion
The auditor's report dated 24 December 2024 was unqualified.
The senior statutory auditor was Andrew Millet BA MBA FCA for and on behalf of Millet Accountants Ltd
14. Controlling Party
As of 31 December 2023 the company is controlled by iChoosr Holding B.V. by virtue of its subscription to the entire issued share capital of the company. However, the directors consider the ultimate controlling parties to be M. Drabbe and J.G.M Bijlholt. iChoosr Holding B.V. is a company incorporated in Netherlands. The address of the registered office is Bakkersstraat 23, 1017 CW Amsterdam, Netherlands.