First Choice Corporate Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03432653 (England and Wales)

Unaudited Financial Statements For The Year Ended 31 October 2018

for

First Choice Corporate Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C Dowton

SECRETARY:

REGISTERED OFFICE:

8 Station Approach

Ashford

Middlesex

TW15 2QN

REGISTERED NUMBER:

03432653 (England and Wales)

ACCOUNTANTS:

Benedict Ford Thorne

The Annex

143-145 Stanwell Road

Ashford

Middlesex

TW15 3QN

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

283,197

290,010

Investments

6

4,000

4,000

287,197

294,010

CURRENT ASSETS

Debtors

7

1,509,709

1,843,318

Cash at bank and in hand

776,027

259,739

2,285,736

2,103,057

CREDITORS

Amounts falling due within one year

8

1,211,724

1,209,770

NET CURRENT ASSETS

1,074,012

893,287

TOTAL ASSETS LESS CURRENT LIABILITIES

1,361,209

1,187,297

CREDITORS

Amounts falling due after more than one year

9

17,742

37,730

NET ASSETS

1,343,467

1,149,567

CAPITAL AND RESERVES

Called up share capital

11

8,502

8,502

Share premium

12

5,875

5,875

Retained earnings

12

1,329,090

1,135,190

SHAREHOLDERS' FUNDS

1,343,467

1,149,567

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 30 April 2019 and were signed by:

C Dowton - Director

1.	STATUTORY INFORMATION

First Choice Corporate Ltd 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet 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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 66 (2017 - 66 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2017

and 31 October 2018

18,000

AMORTISATION

At 1 November 2017

and 31 October 2018

18,000

NET BOOK VALUE

At 31 October 2018

-

At 31 October 2017

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 November 2017

276,344

209,811

486,155

Additions

-

15,091

15,091

At 31 October 2018

276,344

224,902

501,246

DEPRECIATION

At 1 November 2017

55,255

140,890

196,145

Charge for year

5,520

16,384

21,904

At 31 October 2018

60,775

157,274

218,049

NET BOOK VALUE

At 31 October 2018

215,569

67,628

283,197

At 31 October 2017

221,089

68,921

290,010

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 November 2017

and 31 October 2018

4,000

NET BOOK VALUE

At 31 October 2018

4,000

At 31 October 2017

4,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/18

31/10/17

£

£

Trade debtors

1,004,069

1,337,678

Amounts owed by group undertakings

500,000

500,000

Other debtors

5,640

5,640

1,509,709

1,843,318

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/18

31/10/17

£

£

Bank loans and overdrafts

625,155

525,830

Trade creditors

176,890

233,562

Taxation and social security

192,338

261,270

Other creditors

217,341

189,108

1,211,724

1,209,770

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/10/18

31/10/17

£

£

Bank loans

17,742

37,730

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

37,730

10.	SECURED DEBTS

The following secured debts are included within creditors:

31/10/18

31/10/17

£

£

Factoring loan

610,355

511,030

Bank loan

32,542

52,530

642,897

563,560

Bank borrowings are secured on the freehold property by way of first legal charge which was

registered at Companies House on 25 September 2007.

The factoring loan at 31 October 2018 represents the net balance of funds drawn against trade

debtors sold to Close Invoice Finance Ltd at that date. Under the terms of the factoring agreement

the ownership of all book debts is automatically vested in Close Invoice Finance Ltd and remain

secured by a fixed and floating debenture registered at Companies House on 6 September 2008.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/10/18

31/10/17

value:

£

£

8,500

Ordinary 'A'

£1

8,500

8,500

2

Ordinary B

£1

2

2

8,502

8,502

12.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 November 2017

1,135,190

5,875

1,141,065

Profit for the year

402,907

402,907

Dividends

(209,007

)

(209,007

)

At 31 October 2018

1,329,090

5,875

1,334,965

13.	RELATED PARTY DISCLOSURES

At the year end there was a loan balance of £50,000 due to C Dowton and this amount is included in

other creditors in note 9. (2017 £50,000)

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C Dowton.