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Registration number: 03741616

First Choice Financial Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

First Choice Financial Management Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

First Choice Financial Management Limited

Company Information

Director

Mr A Murphy

Company secretary

Mrs D Murphy

Registered office

Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

Accountants

Sterling Grove Accountants Limited
Chartered Certified AccountantsFawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

First Choice Financial Management Limited

(Registration number: 03741616)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

65,103

81,379

Tangible assets

5

6,642

7,220

 

71,745

88,599

Current assets

 

Debtors

6

265,242

316,541

Cash at bank and in hand

 

97,624

145,414

 

362,866

461,955

Creditors: Amounts falling due within one year

7

(102,678)

(115,334)

Net current assets

 

260,188

346,621

Net assets

 

331,933

435,220

Capital and reserves

 

Called up share capital

400

400

Retained earnings

331,533

434,820

Shareholders' funds

 

331,933

435,220

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and 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.

Approved and authorised by the director on 27 January 2025
 

.........................................
Mr A Murphy
Director

 

First Choice Financial Management Limited

Notes to the Financial Statements for the Year Ended 31 July 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:
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD
United Kingdom

These financial statements were authorised for issue by the director on 27 January 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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 and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current 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.

 

First Choice Financial Management Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

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% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible assets

over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

Trade debtors are amounts due from customers for 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.

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.

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.

 

First Choice Financial Management Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Share capital

Ordinary shares are classified as equity.

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.

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 the director) during the year, was 6 (2023 - 6).

 

First Choice Financial Management Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

162,758

162,758

At 31 July 2024

162,758

162,758

Amortisation

At 1 August 2023

81,379

81,379

Amortisation charge

16,276

16,276

At 31 July 2024

97,655

97,655

Carrying amount

At 31 July 2024

65,103

65,103

At 31 July 2023

81,379

81,379

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2023

37,469

37,469

Additions

1,108

1,108

At 31 July 2024

38,577

38,577

Depreciation

At 1 August 2023

30,249

30,249

Charge for the year

1,686

1,686

At 31 July 2024

31,935

31,935

Carrying amount

At 31 July 2024

6,642

6,642

At 31 July 2023

7,220

7,220

 

First Choice Financial Management Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

46,288

55,726

Amounts owed by related parties

9

188,984

239,275

Prepayments

 

3,613

3,732

Other debtors

 

26,357

17,808

 

265,242

316,541

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

118

118

Taxation and social security

90,000

106,100

Accruals and deferred income

9,883

6,295

Other creditors

2,677

2,821

102,678

115,334

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £10,517 (2023 - £15,391).

 

First Choice Financial Management Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

9

Related party transactions

Transactions with the director

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Mr P B Shepherd

Amounts due from director at year end

171,433

162,216

(239,375)

94,274

Mr A Murphy

Amounts due from director at year end

67,842

162,649

(135,781)

94,710

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Mr P B Shepherd

Amounts due from director at year end

49,800

199,633

(78,000)

171,433

Mr A Murphy

Amounts due from director at year end

-

145,842

(78,000)

67,842