Company registration number 03268371 (England and Wales)
THE CHOICES GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
THE CHOICES GROUP LIMITED
COMPANY INFORMATION
Directors
S.M. Shinerock
M.A.O.K. Shinerock
C. Ridgwell
(Appointed 23 April 2025)
Secretary
C. Ridgwell
Company number
03268371
Registered office
Ground Floor
1 - 7 Station Road
Crawley
West Sussex
RH10 1HT
Auditor
Richard Place Dobson Services Limited
1-7 Station Road
Crawley
RH10 1HT
Crawley
West Sussex
RH10 1HT
Bankers
Bank of Scotland
33 Old Broad Street
London
EC2N IHW
National Westmnister Bank plc
16 The Boulevard
Crawley
West Sussex
RH10 1XU
THE CHOICES GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9 - 10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 34
THE CHOICES GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
page 1

The directors present the strategic report and financial statements for the year ended 30 April 2024.

 

The Groups objectives are as follows:

 

Achievement, Performance and future Developments

In the past year we have continued to control expenditure while at the same time strengthening our core systems and management team. The business rebounded strongly from the pandemic and has thus far shown itself to be resilient in the face of the headwinds in the general economy caused by high inflation and interest rates which have a direct impact on the property market. The Advanced Rent Option continued to be popular with landlords and we continue our efforts to capitalise on the opportunity to grow our ARO business nationally.

 

Distribution is both direct and through other agents, the agent distribution is through Angels Media which is 60% owned by the group.

Choices Estate Agents Ltd

Lettings has continued to be our core business throughout the year and turnover in this area has shown strong growth in the period which has been enhanced by the aquisition by the group during the period of Insight Lettings Limited.

 

Sales have remained a smaller part of the sales mix of the group as in previous accounting periods.

 

Insight Lettings Ltd

During the period the group purchased the entire share capital of Insight Lettings Limited. The group expects the lettings book to complement the existing choices portfolio well and management note that the full annualised impact of the purchase will be felt in the year to 30 April 2025

 

Shinerock Properties Ltd

The properties continue to be let out on a commercial basis with supplemental income being realised via short term lettings. The valuation has remained unchanged in the period of account.

 

Sinclair Hammelton Ltd

After the year end the group acquired the entire share capital of Agency Options Ltd, which includes Sinclair Hammelton Ltd via a share for share exchange. Management expect that bringing this estate agency into to group will enable significant efficiencies and they note that group consolidated turnover is expected to be significantly higher as a result in future accounting periods.

 

Key performance indicators

The most significant KPI in the business is our staff cost to income ratio on our core businesses which has remained at 43% this year showing the business has reacted to inflationary pressures.

On behalf of the board

C. Ridgwell
Director
25/04/2025
THE CHOICES GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
page 2

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company and group continued to be that of Estate Agents.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S.M. Shinerock
M.A.O.K. Shinerock
S. Black
(Resigned 23 April 2025)
C. Ridgwell
(Appointed 23 April 2025)
Results and dividends

The results for the year are set out on page 7.

No dividends were declared in the year (2023: £2,000,000).

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
C. Ridgwell
Director
25 April 2025
THE CHOICES GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
page 3

The directors are responsible for preparing the Annual 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE CHOICES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CHOICES GROUP LIMITED
page 4
Opinion

We have audited the financial statements of The Choices Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 directors' 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 group's and parent 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

THE CHOICES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE CHOICES GROUP LIMITED
page 5
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are responsible for assessing the parent 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

We have considered the most likely sources of fraud and error in the financial statements. We consider the most likely source of fraud and error to be management manipulation of the records by way of irregular or manual adjustment.

We obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Company. The key laws and regulations we considered in this context included the UK Companies Act, data protection regulations, employment legislation, taxation laws and regulations, and regulations surrounding the holding of tenant deposits.

Risks identified
Audit response
Fraud or error in income recognition

Sample testing was undertaken to ensure sales were completely and accurately recorded via testing of receipts into the businesses with reference to contracted business. Analytical review of income against expectation was also undertaken.

Management override of controls resulting in fraud or error

Accounting estimates and manual journals which were susceptible to manipulation by management were reviewed for the period of account and for the post year end period.

Existence, ownership and valuation of property (including investment property)

We obtained and inspected the title deeds of the property. We reviewed the spending on repairs and maintenance for missed capitalisations. We considered the properties with reference to comparable buildings and market indices for evidence of valuation. We assessed the valuation provided by directors and considered the reasonableness of the assumptions made.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

THE CHOICES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE CHOICES GROUP LIMITED
page 6

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 an auditor's report 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.

Philip Hayden FCA (Senior Statutory Auditor)
For and on behalf of Richard Place Dobson Services Limited
25 April 2025
Chartered Accountants
1-7 Station Road
Statutory Auditor
Crawley
RH10 1HT
Crawley
West Sussex
RH10 1HT
THE CHOICES GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
page 7
2024
2023
Notes
£
£
Turnover
3
7,701,296
7,397,373
Cost of sales
(870,634)
(1,152,100)
Gross profit
6,830,662
6,245,273
Administrative expenses
(5,856,346)
(5,319,295)
Other operating income
56,189
56,606
Operating profit
4
1,030,505
982,584
Interest receivable and similar income
7
124,608
24,511
Interest payable and similar expenses
8
(264,530)
(74,145)
Profit before taxation
890,583
932,950
Taxation
9
(242,656)
(184,243)
Profit for the financial year
647,927
748,707
Profit for the financial year is attributable to:
- Owners of the parent company
575,094
609,622
- Non-controlling interests
72,833
139,085
647,927
748,707

The profit and loss account has been prepared on the basis that all operations are continuing operations.

THE CHOICES GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
page 8
2024
2023
£
£
Profit for the year
647,927
748,707
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
647,927
748,707
Total comprehensive income for the year is attributable to:
- Owners of the parent company
575,094
609,622
- Non-controlling interests
72,833
139,085
647,927
748,707
THE CHOICES GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
page 9
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
363,714
25,359
Tangible assets
12
219,969
280,583
Investment property
13
1,801,000
1,801,000
Investments
14
-
0
3,428
2,384,683
2,110,370
Current assets
Debtors
17
6,088,175
2,333,696
Cash at bank and in hand
1,318,133
2,261,607
7,406,308
4,595,303
Creditors: amounts falling due within one year
18
(6,561,174)
(3,497,316)
Net current assets
845,134
1,097,987
Total assets less current liabilities
3,229,817
3,208,357
Creditors: amounts falling due after more than one year
19
(481,415)
(1,088,530)
Provisions for liabilities
Deferred tax liability
21
36,397
55,749
(36,397)
(55,749)
Net assets
2,712,005
2,064,078
Capital and reserves
Called up share capital
23
310
310
Share premium account
677,723
677,723
Revaluation reserve
3,566
3,566
Profit and loss reserves
1,700,358
1,125,264
Equity attributable to owners of the parent company
2,381,957
1,806,863
Non-controlling interests
330,048
257,215
Total equity
2,712,005
2,064,078
THE CHOICES GROUP LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
page 10

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 25 April 2025 and are signed on its behalf by:
25 April 2025
C. Ridgwell
Director
Company registration number 03268371 (England and Wales)
THE CHOICES GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
page 11
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
31,625
37,205
Investments
14
1,535,042
1,079,782
1,566,667
1,116,987
Current assets
Debtors
17
5,859,487
2,722,547
Cash at bank and in hand
20,174
584,236
5,879,661
3,306,783
Creditors: amounts falling due within one year
18
(6,575,408)
(3,266,363)
Net current (liabilities)/assets
(695,747)
40,420
Total assets less current liabilities
870,920
1,157,407
Creditors: amounts falling due after more than one year
19
(481,415)
(496,463)
Net assets
389,505
660,944
Capital and reserves
Called up share capital
23
310
310
Share premium account
677,723
677,723
Profit and loss reserves
(288,528)
(17,089)
Total equity
389,505
660,944

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £271,439 (2023 - £1,980,755 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 25 April 2025 and are signed on its behalf by:
25 April 2025
C. Ridgwell
Director
Company registration number 03268371 (England and Wales)
THE CHOICES GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
page 12
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 May 2022
310
677,723
3,566
2,515,642
3,197,241
118,130
3,315,371
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
-
609,622
609,622
139,085
748,707
Dividends
10
-
-
-
(2,000,000)
(2,000,000)
-
(2,000,000)
Balance at 30 April 2023
310
677,723
3,566
1,125,264
1,806,863
257,215
2,064,078
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
-
575,094
575,094
72,833
647,927
Balance at 30 April 2024
310
677,723
3,566
1,700,358
2,381,957
330,048
2,712,005
THE CHOICES GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
page 13
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
310
677,723
2,157
680,190
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
1,980,754
1,980,754
Dividends
10
-
-
(2,000,000)
(2,000,000)
Balance at 30 April 2023
310
677,723
(17,089)
660,944
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
(271,439)
(271,439)
Balance at 30 April 2024
310
677,723
(288,528)
389,505
THE CHOICES GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
page 14
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
795,724
1,954,321
Interest paid
(264,530)
(74,145)
Income taxes paid
(303,971)
(400,191)
Net cash inflow from operating activities
227,223
1,479,985
Investing activities
Purchase of intangible assets
(452,144)
-
Purchase of tangible fixed assets
(12,179)
(35,475)
Proceeds from disposal of tangible fixed assets
388
4,388
Proceeds from disposal of investments
3,428
-
Interest received
63,592
24,511
Net cash used in investing activities
(396,915)
(6,576)
Financing activities
Repayment of bank loans
(773,782)
(272,199)
Dividends paid to equity shareholders
-
0
(2,000,000)
Net cash used in financing activities
(773,782)
(2,272,199)
Net decrease in cash and cash equivalents
(943,474)
(798,790)
Cash and cash equivalents at beginning of year
2,261,607
3,060,397
Cash and cash equivalents at end of year
1,318,133
2,261,607
THE CHOICES GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
page 15
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
170,117
(214,263)
Interest paid
(263,870)
(36,463)
Income taxes paid
-
0
(34,505)
Net cash outflow from operating activities
(93,753)
(285,231)
Investing activities
Acquisiiton of subsidiaries
(455,261)
-
0
Interest received
-
0
789
Dividends received
-
0
2,000,000
Net cash (used in)/generated from investing activities
(455,261)
2,000,789
Financing activities
Repayment of bank loans
(15,048)
(32,599)
Dividends paid to equity shareholders
-
(2,000,000)
Net cash used in financing activities
(15,048)
(2,032,599)
Net decrease in cash and cash equivalents
(564,062)
(317,041)
Cash and cash equivalents at beginning of year
584,236
901,277
Cash and cash equivalents at end of year
20,174
584,236
THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
page 16
1
Accounting policies
Company information

The Choices Group Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is 2d Carshalton Road, Sutton, Surrey SM1 4RA.

 

The group consists of The Choices Group Limited and all of its subsidiaries.

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.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £271,439 (2023 - £1,980,755 profit).

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated financial statements incorporate those of The Choices Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
page 17

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company and group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
page 18
1.4
Turnover

Choices Acquisitions Limited

 

Registration fee income is recognised immediately upon a client joining. Subsequent subscription income is recognised on a monthly basis over the period for which the services are provided.

 

Commissions receivable for the successful completion of a property bid on behalf of a client are recognised on exchange of contracts and are non refundable regardless of whether or not there is a subsequent successful completion.

 

Choices New Homes Limited

 

Turnover is recognised at the fair value of the consideration received or receivable for commission on services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration taxes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represents a financing arrangement, the fair value of the consideration and the normal amount received is recognised as interest income.

 

Shinerock Properties Limited

 

Rental income is recognised in accordance with the period of occupation on an accruals basis.

 

Choices Estate Agents Limited

 

Commission on property sales is recognised at the point of exchange rather than completion.

 

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.

 

Daniels Real Estate Limited

 

Turnover through property sales represents amounts receivable for services net of VAT and trade discounts recognised at exchange of contract.

 

Where the company conducts 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.

 

Angels Media Limited

 

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
page 19
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
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 recognised in the profit and loss account.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
page 20

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
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.

1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
page 21
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
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 group’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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
page 22
1.14
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.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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 leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Amortisation

Goodwill is amortised over its useful life. Calculation of this charge requires judgements to be made. This includes consideration of the underlying asset and the benefits that flow to the group from the asset.

Impairment of freehold property and property stock

Management consider impairment of freehold property to be a key judgement as the figures are material to the financial statements. In making this judgement management consider the value of properties against the market and consider if any events have occurred that may give rise to an impairment.

THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
page 23
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Estate agency services
5,913,387
5,662,565
Media services
1,787,909
1,734,808
7,701,296
7,397,373
2024
2023
£
£
Other revenue
Interest income
124,608
24,511
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
59,073
72,479
Loss/(profit) on disposal of tangible fixed assets
13,334
(1,989)
Amortisation of intangible assets
113,787
25,359
Operating lease charges
310,146
329,686
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
17,100
16,900
For other services
Taxation compliance services
6,000
5,665
All other non-audit services
13,400
12,240
19,400
17,905
For services in respect of associated pension schemes
Accounts preparation
675
675
THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
page 24
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

2024
2023
Number
Number
Administration and sales
132
127

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,443,664
3,040,674
Social security costs
243,813
237,563
Pension costs
87,424
75,045
3,774,901
3,353,282
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
124,608
24,511
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
124,608
24,511
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
2,143
74,145
Other interest on financial liabilities
261,727
-
263,870
74,145
Other finance costs:
Other interest
660
-
Total finance costs
264,530
74,145
THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
page 25
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
327,440
176,806
Deferred tax
Origination and reversal of timing differences
(84,784)
7,437
Total tax charge
242,656
184,243

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
890,583
932,950
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
222,646
181,925
Adjustments in respect of prior years
-
0
(2,627)
Amortisation on assets not qualifying for tax allowances
20,010
4,945
Taxation charge
242,656
184,243
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
-
2,000,000
THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
page 26
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023
1,194,809
Additions - separately acquired
452,142
At 30 April 2024
1,646,951
Amortisation and impairment
At 1 May 2023
1,169,450
Amortisation charged for the year
113,787
At 30 April 2024
1,283,237
Carrying amount
At 30 April 2024
363,714
At 30 April 2023
25,359
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
12
Tangible fixed assets
Group
Land and buildings Leasehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
129,268
916,185
143,074
1,188,527
Additions
-
0
12,179
-
0
12,179
Disposals
-
0
(57,508)
-
0
(57,508)
At 30 April 2024
129,268
870,856
143,074
1,143,198
Depreciation and impairment
At 1 May 2023
122,475
710,004
75,463
907,942
Depreciation charged in the year
2,911
40,246
15,916
59,073
Eliminated in respect of disposals
-
0
(43,786)
-
0
(43,786)
At 30 April 2024
125,386
706,464
91,379
923,229
Carrying amount
At 30 April 2024
3,882
164,392
51,695
219,969
At 30 April 2023
6,793
206,178
67,612
280,583
THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Tangible fixed assets
(Continued)
page 27
Company
Fixtures, fittings & equipment
£
Cost
At 1 May 2023 and 30 April 2024
103,847
Depreciation and impairment
At 1 May 2023
66,641
Depreciation charged in the year
5,581
At 30 April 2024
72,222
Carrying amount
At 30 April 2024
31,625
At 30 April 2023
37,205
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 May 2023 and 30 April 2024
1,801,000
-

Investment property comprises various residential flats. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,535,042
1,079,782
Listed investments
-
0
3,428
-
0
-
0
-
0
3,428
1,535,042
1,079,782

Listed investments included above:

Listed investments carrying amount
-
3,428
-
-
THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
14
Fixed asset investments
(Continued)
page 28
Movements in fixed asset investments
Group
Investments other than loans
£
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
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 May 2023
1,079,782
Additions
455,260
At 30 April 2024
1,535,042
Carrying amount
At 30 April 2024
1,535,042
At 30 April 2023
1,079,782
THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
page 29
15
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Choices (Sutton) Limited
Dormant
Ordinary Shares
100.00
Choices Acquisitions Limited
Estate Agents
Ordinary Shares
100.00
Choices Estate Agents Limited
Estate Agents
Ordinary Shares
100.00
Choices Home Sales (Crawley) Limited
Dormant
Ordinary Shares
100.00
Choices New Homes Limited
Estate Agents
Ordinary Shares
100.00
Daniels Real Estate Limited
Estate Agents
Ordinary Shares
100.00
Shinerock Properties Limited
Property Trading
Ordinary Shares
100.00
Urban Share Limited
Dormant
Ordinary Shares
100.00
Angels Media Limited
Media Services
Ordinary Shares
60.00
Choices Home Sales Limited
Dormant
Ordinary Shares
100.00
Choices Lettings Limited
Dormant
Ordinary Shares
100.00
Advanced Rent Option Limited
Estate Agents
Ordinary Shares
95.00
Choices Financial Services Limited
Dormant
Ordinary Shares
95.00
Insight Lettings Limited
Estate Agents
Ordinary Shares
100.00
16
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
5,812,536
2,118,063
5,859,486
2,722,546
Equity instruments measured at cost less impairment
-
3,428
-
-
Carrying amount of financial liabilities
Measured at amortised cost
6,528,410
4,126,602
7,056,823
3,762,826
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
95,756
152,248
-
0
-
0
Amounts due from fellow group undertakings
-
0
-
0
2,335,704
2,410,561
Other debtors
5,716,780
1,965,815
3,523,782
311,985
Prepayments and accrued income
210,207
215,633
1
1
6,022,743
2,333,696
5,859,487
2,722,547
Deferred tax asset (note 21)
65,432
-
0
-
0
-
0
6,088,175
2,333,696
5,859,487
2,722,547
THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
page 30
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
32,599
199,266
32,599
32,599
Trade creditors
203,481
260,349
-
0
-
0
Amounts due to group undertakings
-
0
-
0
815,650
779,860
Corporation tax payable
233,339
209,870
-
0
-
0
Other taxation and social security
280,840
249,374
-
-
Other creditors
5,517,820
2,477,896
5,465,432
2,453,903
Accruals and deferred income
293,095
100,561
261,727
1
6,561,174
3,497,316
6,575,408
3,266,363
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
481,415
1,088,530
481,415
496,463
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
514,014
1,287,796
514,014
529,062
Payable within one year
32,599
199,266
32,599
32,599
Payable after one year
481,415
1,088,530
481,415
496,463

The long-term loans are secured by fixed and floating charges over the assets of the company including a specific security over the property stock held by the group.

THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
page 31
21
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated Capital Allowances
36,397
55,749
-
-
Expenses deductible when paid
-
-
65,432
-
36,397
55,749
65,432
-
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
55,749
-
Credit to profit or loss
(84,784)
-
Asset at 30 April 2024
(29,035)
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
87,424
75,045

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
310
310
310
310
THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
page 32
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
255,485
126,340
-
-
Between two and five years
102,250
292,346
-
-
357,735
418,686
-
-

 

25
Related party transactions
Remuneration of key management personnel

The directors of Interlet UK Limited are remunerated through one of the subsidiaries, Choices Estate Agents Limited.

Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group and Company
Agency Options Limited Group
-
173,847

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
Balance
£
Group and Company
Agency Options Limited Group
3,227,797

Angels Media Limited is now included within the consolidated accounts and therefore not disclosed as a related party.

26
Controlling party

The ultimate controlling parties are S.M. Shinerock and M.A.O.K. Shinerock, the two directors who between them own 100% of the share capital of The Choices Group Limited.

THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
page 33
27
Directors' transactions

During the year the the directors, S M Shinerock and M.A.O.K. Shinerock provided the company with a loan.

 

In summary £2,280,057 was brought forward owed by the company, net funds introduced of £3,185,375 were credited to the account, leaving a balance owed by the company at the balance sheet date of £5,465,432.

 

The loan carried interest at 7% and a balance of £261,727 was accrued but not credited to the loan account at the year end.

28
Cash generated from group operations
2024
2023
£
£
Profit after taxation
647,927
748,707
Adjustments for:
Taxation charged
242,656
184,243
Finance costs
264,530
74,145
Investment income
(124,608)
(24,511)
Loss on disposal of tangible fixed assets
13,334
2,742
Amortisation and impairment of intangible assets
113,787
25,359
Depreciation and impairment of tangible fixed assets
59,073
72,479
Movements in working capital:
Increase in debtors
(3,628,031)
(466,563)
Increase in creditors
3,207,056
1,337,720
Cash generated from operations
795,724
1,954,321
29
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
(Loss)/profit after taxation
(271,439)
1,980,754
Adjustments for:
Finance costs
263,870
36,463
Investment income
-
0
(2,000,789)
Depreciation and impairment of tangible fixed assets
5,581
6,566
Movements in working capital:
Increase in debtors
(3,136,940)
(2,452,267)
Increase in creditors
3,309,045
2,215,010
Cash generated from/(absorbed by) operations
170,117
(214,263)
THE CHOICES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
page 34
30
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
2,261,607
(943,474)
1,318,133
Borrowings excluding overdrafts
(1,287,796)
773,782
(514,014)
973,811
(169,692)
804,119
31
Analysis of changes in net funds/(debt) - company
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
584,236
(564,062)
20,174
Borrowings excluding overdrafts
(529,062)
15,048
(514,014)
55,174
(549,014)
(493,840)
2024-04-302023-05-01falsefalseCCH SoftwareCCH Accounts Production 2024.310S.M. ShinerockM.A.O.K. ShinerockS. BlackC. RidgwellC. Ridgwellfalse03268371bus:Consolidated2023-05-012024-04-30032683712023-05-012024-04-3003268371bus:Director12023-05-012024-04-3003268371bus:Director22023-05-012024-04-3003268371bus:CompanySecretaryDirector12023-05-012024-04-3003268371bus:CompanySecretary12023-05-012024-04-3003268371bus:Director32023-05-012024-04-3003268371bus:Director42023-05-012024-04-3003268371bus:RegisteredOffice2023-05-012024-04-3003268371bus:Agent12023-05-012024-04-30032683712024-04-3003268371bus:Consolidated2022-05-012023-04-3003268371core:Goodwillbus:Consolidated2024-04-3003268371core:Goodwillbus:Consolidated2023-04-30032683712022-05-012023-04-3003268371bus:Consolidated2024-04-3003268371bus:Consolidated2023-04-30032683712023-04-3003268371core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-04-3003268371core:FurnitureFittingsbus:Consolidated2024-04-3003268371core:MotorVehiclesbus:Consolidated2024-04-3003268371core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-04-3003268371core:FurnitureFittingsbus:Consolidated2023-04-3003268371core:MotorVehiclesbus:Consolidated2023-04-3003268371core:FurnitureFittings2024-04-3003268371core:FurnitureFittings2023-04-3003268371core:ShareCapitalbus:Consolidated2024-04-3003268371core:ShareCapitalbus:Consolidated2023-04-3003268371core:SharePremiumbus:Consolidated2024-04-3003268371core:SharePremiumbus:Consolidated2023-04-3003268371core:RevaluationReservebus:Consolidated2024-04-3003268371core:RevaluationReservebus:Consolidated2023-04-3003268371core:ShareCapital2024-04-3003268371core:ShareCapital2023-04-3003268371core:SharePremium2024-04-3003268371core:SharePremium2023-04-3003268371core:RetainedEarningsAccumulatedLosses2024-04-3003268371core:ShareCapitalbus:Consolidated2022-04-3003268371core:SharePremiumbus:Consolidated2022-04-3003268371core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-04-3003268371core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-04-3003268371core:Non-controllingInterestsbus:Consolidated2023-04-3003268371core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-04-3003268371core:Non-controllingInterestsbus:Consolidated2024-04-3003268371core:ShareCapital2022-04-3003268371core:SharePremium2022-04-3003268371core:RetainedEarningsAccumulatedLosses2022-04-3003268371core:RetainedEarningsAccumulatedLosses2023-04-3003268371core:CurrentFinancialInstruments2024-04-3003268371core:CurrentFinancialInstruments2023-04-3003268371bus:Consolidated2022-04-30032683712022-04-3003268371core:Goodwill2023-05-012024-04-3003268371core:LandBuildingscore:LongLeaseholdAssets2023-05-012024-04-3003268371core:FurnitureFittings2023-05-012024-04-3003268371core:MotorVehicles2023-05-012024-04-3003268371core:OwnedAssetsbus:Consolidated2023-05-012024-04-3003268371core:OwnedAssetsbus:Consolidated2022-05-012023-04-3003268371core:UKTaxbus:Consolidated2023-05-012024-04-3003268371core:UKTaxbus:Consolidated2022-05-012023-04-3003268371bus:Consolidated12023-05-012024-04-3003268371bus:Consolidated12022-05-012023-04-3003268371core:Goodwillbus:Consolidated2023-04-3003268371core:Goodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-05-012024-04-3003268371core:Goodwillbus:Consolidated2023-05-012024-04-3003268371core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-04-3003268371core:FurnitureFittingsbus:Consolidated2023-04-3003268371core:MotorVehiclesbus:Consolidated2023-04-3003268371bus:Consolidated2023-04-3003268371core:FurnitureFittings2023-04-3003268371core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-05-012024-04-3003268371core:FurnitureFittingsbus:Consolidated2023-05-012024-04-3003268371core:MotorVehiclesbus:Consolidated2023-05-012024-04-3003268371core:ListedExchangeTradedbus:Consolidated2024-04-3003268371core:ListedExchangeTradedbus:Consolidated2023-04-3003268371core:ListedExchangeTraded2024-04-3003268371core:ListedExchangeTraded2023-04-3003268371core:CurrentFinancialInstrumentsbus:Consolidated2024-04-3003268371core:CurrentFinancialInstrumentsbus:Consolidated2023-04-3003268371core:WithinOneYearbus:Consolidated2024-04-3003268371core:WithinOneYearbus:Consolidated2023-04-3003268371core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3003268371core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3003268371core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-04-3003268371core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-04-3003268371core:Non-currentFinancialInstrumentscore:AfterOneYear2024-04-3003268371core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-3003268371core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-04-3003268371core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-04-3003268371bus:PrivateLimitedCompanyLtd2023-05-012024-04-3003268371bus:FRS1022023-05-012024-04-3003268371bus:Audited2023-05-012024-04-3003268371bus:ConsolidatedGroupCompanyAccounts2023-05-012024-04-3003268371bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP