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REGISTERED NUMBER: 03379742 (England and Wales)




















Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 30 June 2024

for

Choice Packaging Solutions Limited

Choice Packaging Solutions Limited (Registered number: 03379742)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Choice Packaging Solutions Limited

Company Information
for the Year Ended 30 June 2024







DIRECTOR: Mr R R Iqbal


REGISTERED OFFICE: Denmark House
Brick Close
Kiln Farm
Milton Keynes
Buckinghamshire
MK11 3DP


REGISTERED NUMBER: 03379742 (England and Wales)


SENIOR STATUTORY AUDITOR: Julian Payne BA FCA


AUDITORS: Clifford Roberts - Statutory Auditor
63 Broad Green
Wellingborough
Northamptonshire
NN8 4LQ


BANKERS: Barclays Bank plc
Slough Town Centre Branch
PO Box 23, Hamilton Road
Slough, Berkshire
SL1 4NX

Choice Packaging Solutions Limited (Registered number: 03379742)

Strategic Report
for the Year Ended 30 June 2024

Principal Activity and business model.

The company is principally engaged in the sale and export of waste materials for recycling. The company is an accredited exporter that strictly follows the regulatory requirements set by the Environment Agency.

Business review

The profit and loss account includes a profit of £2,359,042 (2023: £2,278,397)

Business environment

The company operates in a regulated industry and has a number of accreditation. It aims to benefit from the continuing increased emphasis for recycling throughout the world.

Strategy

The company's strategy is to safely and efficiently export waste, primarily sourced from the UK to mainly overseas customers so that it can be recycled. The company has a strong network of regular suppliers and customers, in order that it can maintain its commercial position.

Key Performance Indicators (KPIs)

The director considers turnover a key driver of the business. Favourable global market conditions together with an increased business activity by the European branch, has resulted in higher turnover. Turnover has increased by £405,862 to £12,671,918 (2023: £12,266,056)

Principal risks and uncertainties

The director considers the main risk facing the company to be the volatility of US dollar and Euro exchange rates against Sterling. This is managed by holding funds in US dollar and Euro on short term deposit accounts until favourable exchange rates are available.

ON BEHALF OF THE BOARD:





Mr R R Iqbal - Director


6 January 2025

Choice Packaging Solutions Limited (Registered number: 03379742)

Report of the Director
for the Year Ended 30 June 2024

The director presents his report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of sale and export of waste materials for recycling.

DIVIDENDS
The director has paid an interim dividend amounting to £190,000 (2023 - £190,000) and does not recommend payment of a final dividend.

DIRECTOR
Mr R R Iqbal held office during the whole of the period from 1 July 2023 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
The company made donations amounting to £3,902 to various charities.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Clifford Roberts - Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr R R Iqbal - Director


6 January 2025

Report of the Independent Auditors to the Members of
Choice Packaging Solutions Limited

Opinion
We have audited the financial statements of Choice Packaging Solutions Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Choice Packaging Solutions Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Choice Packaging Solutions Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK Generally Accepted Accounting Practice and UK corporate taxation laws.

- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and by observing the oversight of management, the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud in the first instance. We corroborated our inquiries through our review of all relevant available audit information.

- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and by observing the oversight of management, the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud in the first instance. We corroborated our inquiries through our review of all relevant available audit information.

- identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud;
- understanding of how senior management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- challenging assumptions and judgements made by management in its significant accounting estimates;
- performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and,
- assessing the extent of compliance with relevant laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Choice Packaging Solutions Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Julian Payne BA FCA (Senior Statutory Auditor)
for and on behalf of Clifford Roberts - Statutory Auditor
63 Broad Green
Wellingborough
Northamptonshire
NN8 4LQ

6 January 2025

Choice Packaging Solutions Limited (Registered number: 03379742)

Statement of Comprehensive Income
for the Year Ended 30 June 2024

2024 2023
Notes £ £ £ £

TURNOVER 4 12,671,918 12,266,056

Cost of sales 9,023,639 8,557,404
GROSS PROFIT 3,648,279 3,708,652

Administrative expenses 1,375,619 1,462,809
OPERATING PROFIT 6 2,272,660 2,245,843

Income from fixed asset investments 22,332 20,172
Interest receivable and similar income 64,050 23,972
86,382 44,144
2,359,042 2,289,987

Interest payable and similar expenses 7 - 11,590
PROFIT BEFORE TAXATION 2,359,042 2,278,397

Tax on profit 8 573,883 501,219
PROFIT FOR THE FINANCIAL YEAR 1,785,159 1,777,178

OTHER COMPREHENSIVE INCOME
Fair value of listed investments 127,025 1,395
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

127,025

1,395
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,912,184

1,778,573

Choice Packaging Solutions Limited (Registered number: 03379742)

Balance Sheet
30 June 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 10 54,676 5,003
Investments 11 520,024 392,999
574,700 398,002

CURRENT ASSETS
Stocks 12 76,432 77,305
Debtors 13 23,007,239 21,091,626
Cash at bank 4,178,056 4,856,119
27,261,727 26,025,050
CREDITORS
Amounts falling due within one year 14 2,215,772 2,524,581
NET CURRENT ASSETS 25,045,955 23,500,469
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,620,655

23,898,471

CAPITAL AND RESERVES
Called up share capital 16 49 49
Fair value reserve 17 (4,733 ) (131,758 )
Retained earnings 17 25,625,339 24,030,180
SHAREHOLDERS' FUNDS 25,620,655 23,898,471

The financial statements were approved by the director and authorised for issue on 6 January 2025 and were signed by:





Mr R R Iqbal - Director


Choice Packaging Solutions Limited (Registered number: 03379742)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Fair value Total
capital earnings reserve equity
£ £ £ £
Balance at 1 July 2022 49 22,443,002 (133,153 ) 22,309,898

Changes in equity
Dividends - (190,000 ) - (190,000 )
Total comprehensive income - 1,777,178 1,395 1,778,573
Balance at 30 June 2023 49 24,030,180 (131,758 ) 23,898,471

Changes in equity
Dividends - (190,000 ) - (190,000 )
Total comprehensive income - 1,785,159 127,025 1,912,184
Balance at 30 June 2024 49 25,625,339 (4,733 ) 25,620,655

Choice Packaging Solutions Limited (Registered number: 03379742)

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

1. STATUTORY INFORMATION

Choice Packaging Solutions 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. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

Significant judgements and estimates
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Fair value of listed investments
The fair value of the listed investments has been determined on the basis of the price quoted on the
London Stock Exchange as at the closing rate on the 30 June 2024.

The deferred tax in respect of the fair value movements should be calculated at the tax rate that is expected to apply in the period in which the liability is settled. The management have no intention to sell the listed investments and consequently do not have an expectation of the applicable rate. The management has judged that the current rate of tax, as per the Taxation note, is an appropriate estimate.

Revenue
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Choice Packaging Solutions Limited (Registered number: 03379742)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. ACCOUNTING POLICIES - continued

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 cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. 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 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 balance sheet date.

Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the date of the transactions. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments comprise of quoted shares held at fair value. Changes in fair value are recognised in other comprehensive income.

Debtors and creditors
Short term debtors are measured at transaction price, less impairment losses for bad and doubtful debts.

Short term trade creditors are measured at the transaction price.

Other financial assets and liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Choice Packaging Solutions Limited (Registered number: 03379742)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£ £
United Kingdom 3,209,116 3,258,545
Europe 3,622,846 3,876,361
Rest of World 5,839,956 5,131,150
12,671,918 12,266,056

5. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 572,785 535,449
Social security costs 47,860 47,775
Other pension costs 1,230 121,611
621,875 704,835

The average number of employees during the year was as follows:
2024 2023

Permanent employees 22 22

2024 2023
£ £
Director's remuneration 18,240 18,240

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£ £
Other operating leases 157,132 157,240
Depreciation - owned assets 18,782 1,884
Profit on disposal of fixed assets (30,000 ) -
Auditors' remuneration 9,500 9,500

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Interest payable and similar expenses - 11,590

Choice Packaging Solutions Limited (Registered number: 03379742)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 573,883 501,219
Tax on profit 573,883 501,219

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit before tax 2,359,042 2,278,397
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

589,761

432,895

Effects of:
Expenses not deductible for tax purposes 41,460 44,714
Capital allowances in excess of depreciation (59,260 ) (8,409 )
Dividend received not taxable (22,332 ) (20,172 )
investments
Double tax relief (435,289 ) (140,764 )
Overseas tax suffered 459,543 183,287
Amounts assessable at 25% - 9,668
Total tax charge 573,883 501,219

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£ £ £
Fair value of listed investments 127,025 - 127,025

2023
Gross Tax Net
£ £ £
Fair value of listed investments 1,395 - 1,395

9. DIVIDENDS
2024 2023
£ £
Ordinary shares of £1 each
Interim 190,000 190,000

Choice Packaging Solutions Limited (Registered number: 03379742)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
COST
At 1 July 2023 766,890 67,822 30,975 865,687
Additions 66,709 1,746 - 68,455
At 30 June 2024 833,599 69,568 30,975 934,142
DEPRECIATION
At 1 July 2023 766,890 62,819 30,975 860,684
Charge for year 16,678 2,104 - 18,782
At 30 June 2024 783,568 64,923 30,975 879,466
NET BOOK VALUE
At 30 June 2024 50,031 4,645 - 54,676
At 30 June 2023 - 5,003 - 5,003

11. FIXED ASSET INVESTMENTS
Listed
investments
£
COST OR VALUATION
At 1 July 2023 392,999
Revaluations 127,025
At 30 June 2024 520,024
NET BOOK VALUE
At 30 June 2024 520,024
At 30 June 2023 392,999

If investment's were not carried at fair value they would have been included at cost of £524,757 (2023 - £524,757)

12. STOCKS
2024 2023
£ £
Stocks 76,432 77,305

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 2,371,349 1,363,826
Amounts owed by group undertakings 5,942,220 5,942,253
Other debtors 14,591,772 13,735,461
VAT 101,898 50,086
23,007,239 21,091,626

Choice Packaging Solutions Limited (Registered number: 03379742)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 1,383,968 1,111,392
Tax 288,046 312,808
Social security and other taxes 10,639 10,051
Other creditors 300 248
Directors' current accounts 509,537 1,066,315
Accruals and deferred income 23,282 23,767
2,215,772 2,524,581

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year - 91,723

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
49 Ordinary £1 49 49

17. RESERVES
Retained Fair value
earnings reserve Totals
£ £ £

At 1 July 2023 24,030,180 (131,758 ) 23,898,422
Profit for the year 1,785,159 1,785,159
Dividends (190,000 ) (190,000 )
Movement in fair value - 127,025 127,025
At 30 June 2024 25,625,339 (4,733 ) 25,620,606

18. PENSION COMMITMENTS

The amount recognised in the profit and loss to defined contribution plans was £1,230 (2023 - £121,611).

19. ULTIMATE PARENT COMPANY

Choice Holdings (UK) Limited is regarded by the director as being the company's ultimate parent company.

Registered office Denmark House, Brick Close, Kiln Farm, Milton Keynes, Buckinghamshire MK11 3DP.

Choice Packaging Solutions Limited (Registered number: 03379742)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

20. RELATED PARTY DISCLOSURES

Choice Holdings (UK) Limited owns 100% of shares in Choice Packaging Solutions Limited. Mr R R Iqbal, the director, is also sole director of Choice Holdings (UK) Limited and he owns 100% of its shares. At the year end Choice Holdings (UK) Limited Owed £5,942,219 (2023: £5,942,253) to the company.

Mr R R Iqbal, the director and his spouse Mrs A Iqbal are 50% shareholders of International Waste Management Limited, a company incorporated in England and Wales. During the year International Waste Management limited has sold to and purchased materials from the company amounting to £Nil (2023: £13,203) and £197,700 (2023: £448,984) respectively. At the year end £33,404 (2023: £71,853) was payable to and £Nil (2023: £Nil) was receivable from International Waste Management Limited.

Mr R R Iqbal's spouse Mrs A Iqbal owns 100% shares of Choice Wealth Management Limited, a company incorporated in England and Wales, and she is the sole director of that company. At the year end Choice Wealth Management Limited owed to the group £13,972,531 (2023: £13,116,220). This loan is interest free and repayable on demand.

Mr R R Iqbal's spouse Mrs A Iqbal owns 100% shares of LCI 1302 Limited, a company incorporated in England and Wales, and she is the sole director of that company. At the year end LCI 1302 Limited owed to the group £519,241 (2023: £519,241). This loan is interest free and repayable on demand.

Mr R R Iqbal's sister in law Mrs A N Iqbal owns 100% shares of LCI 1103 Limited, a company incorporated in England and Wales, and she is the sole director of that company. At the year end LCI 1103 Limited owed to the group £100,000 (2023: £100,000). This loan is interest free and repayable on demand.

Mr A Iqbal (close family member of Mr R R Iqbal), owns 100% shares of Choice Fitness Ltd, a company registered in England and Wales. At the financial year end date £Nil (2023: £Nil) was owed to the group.

During the year the group paid rent amounting to £157,132 (2023: £157,240) to Standard Life Trustee Company Limited on behalf of the pension scheme of Mr R R Iqbal and Mrs A Iqbal.

21. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr R R Iqbal, the director who owns 100% of the issued share capital of the holding company, Choice Holdings (UK) Limited, which owns 100% of the company's issued share capital.