IRIS Accounts Production v25.1.3.33 03845329 Board of Directors Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities an insurance intermediary selling personal line insurance, predominantly motor, to the general public. true true false true true false false false true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary A 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh038453292023-12-31038453292024-12-31038453292024-01-012024-12-31038453292022-12-31038453292023-01-012023-12-31038453292023-12-3103845329ns15:EnglandWales2024-01-012024-12-3103845329ns14:PoundSterling2024-01-012024-12-3103845329ns10:Director12024-01-012024-12-3103845329ns10:Director22024-01-012024-12-3103845329ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3103845329ns10:MediumEntities2024-01-012024-12-3103845329ns10:Audited2024-01-012024-12-3103845329ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3103845329ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3103845329ns10:FullAccounts2024-01-012024-12-310384532912024-01-012024-12-3103845329ns10:OrdinaryShareClass12024-01-012024-12-3103845329ns10:RegisteredOffice2024-01-012024-12-3103845329ns5:RetainedEarningsAccumulatedLosses2023-12-3103845329ns5:RetainedEarningsAccumulatedLosses2022-12-3103845329ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-3103845329ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103845329ns5:RetainedEarningsAccumulatedLosses2024-12-3103845329ns5:RetainedEarningsAccumulatedLosses2023-12-3103845329ns5:CurrentFinancialInstruments2024-12-3103845329ns5:CurrentFinancialInstruments2023-12-3103845329ns5:Non-currentFinancialInstruments2024-12-3103845329ns5:Non-currentFinancialInstruments2023-12-3103845329ns5:ShareCapital2024-12-3103845329ns5:ShareCapital2023-12-310384532912024-01-012024-12-3103845329ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3103845329ns5:ComputerEquipment2024-01-012024-12-3103845329ns5:OwnedAssets2024-01-012024-12-3103845329ns5:OwnedAssets2023-01-012023-12-3103845329ns5:LeasedAssets2024-01-012024-12-3103845329ns5:LeasedAssets2023-01-012023-12-3103845329ns5:PatentsTrademarksLicencesConcessionsSimilar2024-01-012024-12-3103845329ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3103845329ns5:HirePurchaseContracts2024-01-012024-12-3103845329ns5:HirePurchaseContracts2023-01-012023-12-3103845329ns10:OrdinaryShareClass12023-01-012023-12-3103845329ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3103845329ns5:PatentsTrademarksLicencesConcessionsSimilar2024-12-3103845329ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3103845329ns5:ComputerEquipment2023-12-3103845329ns5:ComputerEquipment2024-12-3103845329ns5:ComputerEquipment2023-12-3103845329ns5:LeasedAssetsHeldAsLesseens5:ComputerEquipment2023-12-3103845329ns5:LeasedAssetsHeldAsLesseens5:ComputerEquipment2024-01-012024-12-3103845329ns5:LeasedAssetsHeldAsLesseens5:ComputerEquipment2024-12-3103845329ns5:LeasedAssetsHeldAsLesseens5:ComputerEquipment2023-12-3103845329ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-12-3103845329ns5:UnlistedNon-exchangeTraded2024-12-3103845329ns5:UnlistedNon-exchangeTraded2023-12-3103845329ns5:Subsidiary12024-01-012024-12-31038453291ns5:Subsidiary12024-01-012024-12-3103845329ns5:Subsidiary22024-01-012024-12-3103845329ns5:Subsidiary232024-01-012024-12-3103845329ns5:Subsidiary32024-01-012024-12-31038453295ns5:Subsidiary32024-01-012024-12-3103845329ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3103845329ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3103845329ns5:CurrentFinancialInstruments2024-01-012024-12-3103845329ns5:Non-currentFinancialInstruments2024-01-012024-12-3103845329ns5:WithinOneYearns5:HirePurchaseContracts2024-12-3103845329ns5:WithinOneYearns5:HirePurchaseContracts2023-12-3103845329ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-12-3103845329ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3103845329ns5:HirePurchaseContracts2024-12-3103845329ns5:HirePurchaseContracts2023-12-3103845329ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-12-3103845329ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-12-3103845329ns5:WithinOneYear2024-12-3103845329ns5:WithinOneYear2023-12-3103845329ns5:BetweenOneFiveYears2024-12-3103845329ns5:BetweenOneFiveYears2023-12-3103845329ns5:AllPeriods2024-12-3103845329ns5:AllPeriods2023-12-3103845329ns5:DeferredTaxation2023-12-3103845329ns5:DeferredTaxation2024-01-012024-12-3103845329ns5:DeferredTaxation2024-12-3103845329ns10:OrdinaryShareClass12024-12-31
REGISTERED NUMBER: 03845329 (England and Wales)















PREMIUM CHOICE LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






PREMIUM CHOICE LIMITED (REGISTERED NUMBER: 03845329)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 8

Statement of Financial Position 9

Notes to the Financial Statements 10


PREMIUM CHOICE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mr M Woods
Mr R Dornan





REGISTERED OFFICE: Pendeford House
Pendeford Business Park
Overstrand
Wolverhampton
West Midlands
WV9 5AP





REGISTERED NUMBER: 03845329 (England and Wales)





AUDITORS: Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

PREMIUM CHOICE LIMITED (REGISTERED NUMBER: 03845329)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The principal activity of the company during the year in review remains to be that of an insurance intermediary selling personal line insurance, predominantly motor, to the general public.

Our ongoing commitment is to be a customer centric organisation. To support and enhance our customer journey this year the directors have focused on harnessing technology and to continue to develop and implement customer portals. These allow the customers greater flexibility to transact with us at times to suit them and their personal circumstances. Efficiencies have been optimized at every given opportunity, to ensure that manpower is located where the customers need it most, to help guide them to achieve great outcomes with a strong focus on first call resolution. Telematics products continues to grow and an area of focus.

The directors are also introducing AI in to the business, including Underwriting, MI, and Quality assurance.

The leadership team continues to mature, following earlier focus on recruitment, the benefits of which become more evident by the delivery of projects on a more agile basis. These in turn support the short, medium and long-term objectives of the company.

However, it is always pleasing to report that this year saw the company deliver further improvements in customer loyalty as well as writing a balanced book in soft market conditions. This long-term, prudent approach will protect the longevity of its insurer panel and underwriting performance.

The company was solvent and compliant with FCA regulations throughout the year and at 31 December 2024.

Looking ahead, the company will seek to optimize its existing expertise to expand the business model into new and emerging sectors and grow by acquisition, where it is felt this will be of benefit to our customer base. The company forecast an increase in new sales for the next financial year as the market continues to adjust and stabilize post-pandemic and significant regulatory changes become embedded across the insurance industry.

PRINCIPAL RISKS AND UNCERTAINTIES
Globally challenging market conditions could potentially impact growth in the motor sector in the UK, therefore impacting overall Private car opportunities.

As with previous years the principal uncertainty that the company faces is the vagaries of the insurance market. This external challenge is always present across the market and is therefore always a risk to general market forces and trends.

The directors are of the opinion that beyond those noted above, there are no additional risks attributable to the company which need to be highlighted other than normal commercial risks.

Risks to the business are reported and reviewed at regular meetings of the directors and risk mitigation strategies implemented as appropriate.

ON BEHALF OF THE BOARD:





Mr M Woods - Director


4 August 2025

PREMIUM CHOICE LIMITED (REGISTERED NUMBER: 03845329)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
Particulars of recommended dividends are detailed in note 8 to the financial statements.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 January 2024 to the date of this report.

The directors shown below were in office at 31 December 2024 but did not hold any interest in the Ordinary A shares of £1 each at 1 January 2024 or 31 December 2024.

Mr M Woods
Mr R Dornan

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

AUDITORS
The auditors, Folkes Worton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr M Woods - Director


4 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PREMIUM CHOICE LIMITED


Opinion
We have audited the financial statements of Premium Choice Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PREMIUM CHOICE LIMITED


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

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

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PREMIUM CHOICE LIMITED


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

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

Based on our understanding of the group, the company and their industry, we identified the principal risks of non-compliance with laws and regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to:
- Revenue recognition;
- Management override of controls;
- Management bias in accounting estimates and judgements; and
- Non-disclosure of transactions and balances with related parties.

In response to the above identified risks, audit procedures were designed to enable us to arrive at appropriately drawn conclusions. These audit procedures include;
- Documentation of the invoice recording processes and agreement of a sample of income from source to the nominal entries;
- Review and challenging of journal entries, in particular unusual transactions and account combinations;
- Challenging of assumptions and judgements made by management in their assessment of significant accounting estimates;
- Review of the list of related parties, discussion with management and review of the records of account; and
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely it would be for the inherently limited procedures required by auditing standards to identify it. In addition, as with any audit, there remains a risk of not detecting irregularities as these may include collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PREMIUM CHOICE LIMITED


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




Nigel Meredith FCA (Senior Statutory Auditor)
for and on behalf of Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

4 August 2025

PREMIUM CHOICE LIMITED (REGISTERED NUMBER: 03845329)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

TURNOVER 3 8,225,257 10,532,087

Administrative expenses 8,210,489 10,237,839
OPERATING PROFIT 5 14,768 294,248

Interest receivable and similar income 19,857 25,211
34,625 319,459

Interest payable and similar expenses 6 11,723 20,145
PROFIT BEFORE TAXATION 22,902 299,314

Tax on profit 7 21,576 87,445
PROFIT FOR THE FINANCIAL YEAR 1,326 211,869

Retained earnings at beginning of year 3,557,018 3,545,149

Dividends 8 - (200,000 )

RETAINED EARNINGS AT END OF
YEAR

3,558,344

3,557,018

PREMIUM CHOICE LIMITED (REGISTERED NUMBER: 03845329)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 1,045,500 590,500
Tangible assets 10 112,068 131,916
Investments 11 3 3
1,157,571 722,419

CURRENT ASSETS
Debtors 12 7,641,391 8,218,440
Cash at bank 578,033 355,305
8,219,424 8,573,745
CREDITORS
Amounts falling due within one year 13 5,043,133 4,927,067
NET CURRENT ASSETS 3,176,291 3,646,678
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,333,862

4,369,097

CREDITORS
Amounts falling due after more than one
year

14

-

(40,715

)

PROVISIONS FOR LIABILITIES 16 (4,154 ) -
NET ASSETS 4,329,708 4,328,382

CAPITAL AND RESERVES
Called up share capital 17 771,364 771,364
Retained earnings 18 3,558,344 3,557,018
SHAREHOLDERS' FUNDS 4,329,708 4,328,382

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2025 and were signed on its behalf by:




Mr R Dornan - Director



Mr M Woods - Director


PREMIUM CHOICE LIMITED (REGISTERED NUMBER: 03845329)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Premium Choice Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

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

Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition
Turnover represents net retained brokerage, commissions and charges earned during the year for insurance services rendered. Brokerage, commissions and charges are taken to the profit and loss account at the inception date of the policy. No provision is made for adjustments to brokerage which may arise from future events such as policy cancellation, extension or amendment as these adjustments are considered to be immaterial.

Intangible assets
Intellectual property is initially measured at cost. After initial recognition, intellectual property is measured at cost less any accumulated amortisation and any accumulated impairment losses. Intellectual property is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Office & computer equipment - at varying rates on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


PREMIUM CHOICE LIMITED (REGISTERED NUMBER: 03845329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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

Insurance debtors and creditors
The company acts as agent in broking the insurable risks of clients and is not liable as a principle for premiums due to underwriters or for claims payable to clients. Notwithstanding the legal relationship with clients and underwriters, the company has followed a generally accepted accounting practice for insurance intermediaries by showing debtors, creditors and cash balances relating to insurance business as assets and liabilities of the company itself.

In the ordinary course of insurance broking business, settlement is required to be made with insurance intermediaries or insurance companies on the basis of the net balance due to or from them rather than the amount due to or from the individual third parties which they represent.

In accordance with FRS 102, assets and liabilities may not be offset unless net settlement is legally enforceable. Accordingly, insurance debtors and creditors are shown gross within these financial statements.

3. TURNOVER

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

Turnover arises from net brokerage, commissions and charges. The whole turnover is from activities undertaken in the United Kingdom.

PREMIUM CHOICE LIMITED (REGISTERED NUMBER: 03845329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,641,812 2,714,211
Social security costs 235,786 249,285
Other pension costs 82,268 84,592
2,959,866 3,048,088

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

Directors 2 2
Accounts, administration and other 53 31
Technical 29 56
84 89

2024 2023
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 183,054 199,244
Depreciation - owned assets 19,492 28,828
Depreciation - assets on hire purchase contracts 39,804 47,398
Intellectual property amortisation 73,000 73,000
Auditors' remuneration 27,918 22,830

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 5,266 7,523
Hire purchase interest 6,457 12,622
11,723 20,145

PREMIUM CHOICE LIMITED (REGISTERED NUMBER: 03845329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 13,532 88,704

Deferred tax 8,044 (1,259 )
Tax on profit 21,576 87,445

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

2024 2023
£    £   
Profit before tax 22,902 299,314
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2023 - 23.521%)

4,351

70,402

Effects of:
Expenses not deductible for tax purposes (1,579 ) 3,755
Depreciation in excess of capital allowances 27,664 26,338
Finance lease repayments (8,860 ) (13,050 )
enhanced deductions - current
enhanced deductions - prior
Total tax charge 21,576 87,445

8. DIVIDENDS
2024 2023
£    £   
Interim - 200,000

PREMIUM CHOICE LIMITED (REGISTERED NUMBER: 03845329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. INTANGIBLE FIXED ASSETS
Intellectual
property
£   
COST
At 1 January 2024 730,000
Additions 528,000
At 31 December 2024 1,258,000
AMORTISATION
At 1 January 2024 139,500
Amortisation for year 73,000
At 31 December 2024 212,500
NET BOOK VALUE
At 31 December 2024 1,045,500
At 31 December 2023 590,500

10. TANGIBLE FIXED ASSETS
Office &
computer
equipment
£   
COST
At 1 January 2024 1,627,523
Additions 39,448
At 31 December 2024 1,666,971
DEPRECIATION
At 1 January 2024 1,495,607
Charge for year 59,296
At 31 December 2024 1,554,903
NET BOOK VALUE
At 31 December 2024 112,068
At 31 December 2023 131,916

PREMIUM CHOICE LIMITED (REGISTERED NUMBER: 03845329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Office &
computer
equipment
£   
COST
At 1 January 2024
and 31 December 2024 119,412
DEPRECIATION
At 1 January 2024 39,804
Charge for year 39,804
At 31 December 2024 79,608
NET BOOK VALUE
At 31 December 2024 39,804
At 31 December 2023 79,608

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2024
and 31 December 2024 3
NET BOOK VALUE
At 31 December 2024 3
At 31 December 2023 3

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

A Choice Limited
Registered office: 15-17 Church Street, Stourbridge, West Midlands, DY81LU.
Nature of business: Dormant Company
%
Class of shares: holding
Ordinary 100.00

Riders Choice Limited
Registered office: 15-17 Church Street, Stourbridge, West Midlands, DY81LU.
Nature of business: Dormant Company
%
Class of shares: holding
Ordinary 100.00

PREMIUM CHOICE LIMITED (REGISTERED NUMBER: 03845329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


11. FIXED ASSET INVESTMENTS - continued

Van Insurance Direct Services Limited
Registered office: 15-17 Church Street, Stourbridge, West Midlands, DY81LU.
Nature of business: Dormant Company
%
Class of shares: holding
Ordinary 100.00

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,333,354 2,009,882
Amounts owed by group undertakings 3,501,304 3,501,020
Other debtors 2,366,256 2,238,117
Deferred tax asset - 3,890
Prepayments and accrued income 440,477 465,531
7,641,391 8,218,440

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 40,715 40,173
Trade creditors 2,924,831 3,164,180
Tax 13,472 88,644
Social security and other taxes 50,505 64,122
Other creditors 18,805 39,951
Wages control account 11 -
Directors' current accounts 31,860 31,860
Accruals and deferred income 1,962,934 1,498,137
5,043,133 4,927,067

Hire purchase contracts are secured by a legal charge on the assets to which they relate.

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) - 40,715

Hire purchase contracts are secured by a legal charge on the assets to which they relate.

PREMIUM CHOICE LIMITED (REGISTERED NUMBER: 03845329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 42,744 46,630
Between one and five years - 42,744
42,744 89,374

Finance charges repayable:
Within one year 2,029 6,457
Between one and five years - 2,029
2,029 8,486

Net obligations repayable:
Within one year 40,715 40,173
Between one and five years - 40,715
40,715 80,888

Non-cancellable operating leases
2024 2023
£    £   
Within one year 189,920 187,747
Between one and five years 280,934 470,854
470,854 658,601

16. PROVISIONS FOR LIABILITIES
2024
£   
Deferred tax 4,154

Deferred
tax
£   
Balance at 1 January 2024 (3,890 )
Provided during year 8,044
Balance at 31 December 2024 4,154

PREMIUM CHOICE LIMITED (REGISTERED NUMBER: 03845329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
771,364 Ordinary A £1 771,364 771,364

18. RESERVES
Retained
earnings
£   

At 1 January 2024 3,557,018
Profit for the year 1,326
At 31 December 2024 3,558,344

19. CONTROLLING PARTY

The ultimate parent company is Mers Ins Limited, a company registered in England. The financial statements of Mers Ins Limited can be obtained from Companies House.

20. CONTINGENCIES

There is a cross company guarantee between Premium Choice Limited, Premium Choice Properties Limited and Mers Ins Limited, supported by a legal charge in place over all the company's assets dated 4 January 2021 in favour of Barclays Security Trustee Limited.

21. RELATED PARTY TRANSACTIONS

M Woods and R Dornan are also directors of Premium Choice Properties Limited. During the year Premium Choice Properties Limited charged rent of £178,560 (2023: £178,560). Included within other debtors are amounts owed by Premium Choice Properties Limited of £2,363,178 (2023: £2,234,829).

R Dornan is a director and shareholder of RMJD Limited, included within other debtors are amounts owed by RMJD Limited of £3,078 (2023: £3,078).

During the year the company purchased intellectual property from the company directors for £528,000 (2023: £265,000) making a combined total of £1,258,000.

The company has taken advantage of the exemption in FRS 102 s33.1A from disclosing transactions with related parties that are part of the group, as it is a wholly owned subsidiary and consolidated accounts in which the company is included, are publicly available.