Company registration number 02374716 (England and Wales)
CHOICES ESTATE AGENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
CHOICES ESTATE AGENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
CHOICES ESTATE AGENTS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
156,596
192,605
Investments
5
3,428
156,596
196,033
Current assets
Debtors
6
2,541,904
2,415,015
Cash at bank and in hand
1,080,889
1,293,129
3,622,793
3,708,144
Creditors: amounts falling due within one year
7
(426,141)
(672,590)
Net current assets
3,196,652
3,035,554
Total assets less current liabilities
3,353,248
3,231,587
Creditors: amounts falling due after more than one year
8
(466,667)
Provisions for liabilities
(28,862)
(47,533)
Net assets
3,324,386
2,717,387
Capital and reserves
Called up share capital
200
200
Share premium account
4,985
4,985
Revaluation reserve
10
3,566
3,566
Profit and loss reserves
3,315,635
2,708,636
Total equity
3,324,386
2,717,387
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
S. Black
Director
Company registration number 02374716 (England and Wales)
CHOICES ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
page 2
1
Accounting policies
Company information
Choices Estate Agents Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 1 - 7 Station Road, Crawley, West Sussex, RH10 1HT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Property Sales
Turnover represents amounts receivable for services net of VAT and trade discounts recognised at exchange of contract.
Lettings Income
Where the company carries out a letting service for a landlord, turnover represents amounts receivable for those services, net of VAT. Where the company has in place its own primary tenancy and acts as both landlord and tenant, turnover represents the net rent receivable excluding the proportion relating to the ultimate landlord.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Straight line over the life of the lease
Fixtures, fittings & equipment
15% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
CHOICES ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
page 3
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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 if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
CHOICES ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
page 4
1.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
CHOICES ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
page 5
2
Judgements and key sources of estimation uncertainty
In the application of the company’s 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
83
98
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
129,268
707,866
837,134
Additions
8,900
8,900
Disposals
(29,656)
(29,656)
At 30 April 2024
129,268
687,110
816,378
Depreciation and impairment
At 1 May 2023
122,475
522,054
644,529
Depreciation charged in the year
2,911
32,377
35,288
Eliminated in respect of disposals
(20,035)
(20,035)
At 30 April 2024
125,386
534,396
659,782
Carrying amount
At 30 April 2024
3,882
152,714
156,596
At 30 April 2023
6,793
185,812
192,605
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
3,428
CHOICES ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Fixed asset investments
(Continued)
page 6
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 May 2023
3,428
Disposals
(3,428)
At 30 April 2024
-
Carrying amount
At 30 April 2024
-
At 30 April 2023
3,428
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,685
65,683
Amounts owed by group undertakings
175,793
368,897
Other debtors
2,361,426
1,980,435
2,541,904
2,415,015
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
(see note 9)
166,667
Trade creditors
147,596
168,622
Corporation tax
100,452
115,929
Other taxation and social security
168,405
151,360
Other creditors
9,688
70,012
426,141
672,590
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
(see note 9)
466,667
CHOICES ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
page 7
9
Loans and overdrafts
2024
2023
£
£
Bank loans
633,334
Payable within one year
166,667
Payable after one year
466,667
10
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
3,566
3,566
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Philip Hayden FCA
Statutory Auditor:
Richard Place Dobson
Date of audit report:
17 April 2025
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
319,735
312,520
13
Related party transactions
As a wholly owned subsidiary undertaking of The Choices Group Limited, the company has taken advantage of the exemption under Financial Reporting Standard 102 paragraph 33.1A not to disclose transactions with other group companies.
14
Parent company
The parent company of Choices Estate Agents Limited is The Choices Group Limited and its registered office is 1-7 Station Road, Crawley, West Sussex, RH10 1HT.