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Company No: 03237705 (England and Wales)

FIRST CHOICE CLEANING & MAINTENANCE LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

FIRST CHOICE CLEANING & MAINTENANCE LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

FIRST CHOICE CLEANING & MAINTENANCE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
FIRST CHOICE CLEANING & MAINTENANCE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 248,759 316,660
Investments 4 4 4
248,763 316,664
Current assets
Debtors 5 824,520 693,697
Cash at bank and in hand 11,237 6,841
835,757 700,538
Creditors: amounts falling due within one year 6 ( 999,654) ( 902,595)
Net current liabilities (163,897) (202,057)
Total assets less current liabilities 84,866 114,607
Creditors: amounts falling due after more than one year 7 ( 58,835) ( 51,716)
Net assets 26,031 62,891
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 25,931 62,791
Total shareholder's funds 26,031 62,891

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of First Choice Cleaning & Maintenance Limited (registered number: 03237705) were approved and authorised for issue by the Board of Directors on 25 June 2025. They were signed on its behalf by:

M Chapman
Director
FIRST CHOICE CLEANING & MAINTENANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
FIRST CHOICE CLEANING & MAINTENANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

First Choice Cleaning & Maintenance Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for cleaning and maintenance services net of VAT and trade discounts.

Employee benefits

Short term 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.

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 4 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years straight line

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.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

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.

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.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 40 57

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 October 2023 352,906 51,674 137,022 27,761 569,363
Additions 0 0 53,282 3,879 57,161
Disposals 0 0 ( 29,175) 0 ( 29,175)
At 30 September 2024 352,906 51,674 161,129 31,640 597,349
Accumulated depreciation
At 01 October 2023 141,604 22,568 67,063 21,468 252,703
Charge for the financial year 70,581 8,573 25,188 3,165 107,507
Disposals 0 0 ( 11,620) 0 ( 11,620)
At 30 September 2024 212,185 31,141 80,631 24,633 348,590
Net book value
At 30 September 2024 140,721 20,533 80,498 7,007 248,759
At 30 September 2023 211,302 29,106 69,959 6,293 316,660

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 October 2023 4
At 30 September 2024 4
Carrying value at 30 September 2024 4
Carrying value at 30 September 2023 4

5. Debtors

2024 2023
£ £
Trade debtors 616,756 565,243
Other debtors 207,764 128,454
824,520 693,697

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 339,356 258,594
Trade creditors 209,876 190,787
Amounts owed to Group undertakings 193,241 205,241
Taxation and social security 204,888 198,216
Other creditors 52,293 49,757
999,654 902,595

Included within creditors is £328,708 (2023: £247,946 ) of factored debts outstanding at the balance sheet date and are secured over the trade debtors of the company.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 7,550 17,605
Obligations under finance leases and hire purchase contracts 51,285 34,111
58,835 51,716

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

The company has taken advantage of the exemption available in FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

10. Operating lease commitments

Lessee

2024 2023
£ £
36,000 72,000

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases.