Registration number: 04138166

1st Choice Finishes Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 11

1st Choice Finishes Limited

Company Information

Directors

Mr DJ Cole Mr ML Hill

Company secretary

Mr DJ Cole

Registered office

Unit 6 Exhibition Way Pinhoe Exeter Devon EX4 8JD

Accountants

Wortham Jaques Limited Chartered Accountants & Business Advisers130a High Street, Crediton, Devon EX17 3LQ

1st Choice Finishes Limited

(Registration number: 04138166)
Balance Sheet as at 30 June 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	119,880	123,380
Current assets
Stocks	5	500	500
Debtors	6	37,333	37,081
Cash at bank and in hand		4,599	28,950
		42,432	66,531
Creditors: Amounts falling due within one year	7	(47,465)	(57,948)
Net current (liabilities)/assets		(5,033)	8,583
Total assets less current liabilities		114,847	131,963
Creditors: Amounts falling due after more than one year	7	(19,230)	(33,299)
Provisions for liabilities		(9,497)	(9,501)
Net assets		86,120	89,163
Capital and reserves
Called up share capital	8	60	60
Capital redemption reserve		30	30
Retained earnings		86,030	89,073
Shareholders' funds		86,120	89,163

For the financial year ending 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

1st Choice Finishes Limited

(Registration number: 04138166)
Balance Sheet as at 30 June 2025

Approved and authorised by the Board on 11 December 2025 and signed on its behalf by:
 

......................................... Mr DJ Cole Company secretary and director

......................................... Mr ML Hill Director

1st Choice Finishes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 6 Exhibition Way
Pinhoe
Exeter
Devon
EX4 8JD

These financial statements were authorised for issue by the Board on 11 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

1st Choice Finishes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance basis
Solar panels	straight line basis over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

1st Choice Finishes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

1st Choice Finishes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2024 - 6).

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 July 2024	81,891	99,831	181,722
At 30 June 2025	81,891	99,831	181,722
Depreciation
At 1 July 2024	-	58,342	58,342
Charge for the year	-	3,500	3,500
At 30 June 2025	-	61,842	61,842
Carrying amount
At 30 June 2025	81,891	37,989	119,880
At 30 June 2024	81,891	41,489	123,380

Included within the net book value of land and buildings above is £81,891 (2024 - £81,891) in respect of long leasehold land and buildings.
 

5

Stocks

	2025 £	2024 £
Other inventories	500	500

6

Debtors

1st Choice Finishes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

Current	2025 £	2024 £
Trade debtors	27,695	35,343
Prepayments	1,817	1,738
Other debtors	7,821	-
	37,333	37,081

1st Choice Finishes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings		4,968	4,968
Trade creditors		7,785	5,958
Taxation and social security		30,485	38,733
Accruals and deferred income		3,783	3,671
Other creditors		444	4,618
		47,465	57,948

Current loans and borrowings

	2025 £	2024 £
HP and finance lease liabilities	4,968	4,968

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings		19,230	33,299

Non-current loans and borrowings

	2025 £	2024 £
HP and finance lease liabilities	8,738	12,563
Other borrowings	10,492	20,736
	19,230	33,299

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary A of £1 each	58	58	58	58
Ordinary B of £1 each	2	2	2	2
	60	60	60	60

1st Choice Finishes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

9

Dividends

Final dividends paid

		2025 £		2024 £
Final dividend of £1,318.18 (2024 - £858.62) per each Ordinary A		87,000		49,800
Final dividend of £500.00 (2024 - £1,000.00) per each Ordinary B		1,000		2,000
		88,000		51,800

10	Related party transactions

Transactions with directors

2025	At 1 July 2024 £	Advances to director £	Repayments by director £	At 30 June 2025 £
Mr DJ Cole
Directors current account	(1,447)	55,316	(50,004)	3,865
Mr ML Hill
Directors current account	(515)	54,475	(50,004)	3,956

2024	At 1 July 2023 £	Advances to director £	Repayments by director £	At 30 June 2024 £
Mr DJ Cole
Directors current account	(8,622)	40,927	(33,752)	(1,447)
Mr ML Hill
Directors current account	(8,531)	41,768	(33,752)	(515)

Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	18,200	18,200

1st Choice Finishes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

Dividends paid to directors

		2025 £		2024 £
Mr DJ Cole
Dividends		43,500		24,900
Mr ML Hill
Dividends		43,500		24,900

11	Parent and ultimate parent undertaking

The ultimate controlling party is the company's directors.