First Choice Naturally Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 09469197 (England and Wales)

First Choice Naturally Ltd

Unaudited Financial Statements

for the Year Ended 31 August 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

R A Hinchliffe

T Kershaw

J Kershaw

REGISTERED OFFICE:

53 To 55

St James's Wholesale Market

Bradford

West Yorkshire

BD4 7PW

REGISTERED NUMBER:

09469197 (England and Wales)

ACCOUNTANTS:

Walkers Accountants Limited

Aireside House

Aireside Business Centre

Royd Ings Avenue

Keighley

West Yorkshire

BD21 4BZ

FIXED ASSETS

Tangible assets

4

26,357

33,291

CURRENT ASSETS

Stocks

29,879

18,809

Debtors

5

414,443

285,244

Cash at bank and in hand

209,090

51,242

653,412

355,295

CREDITORS

Amounts falling due within one year

6

277,631

70,540

NET CURRENT ASSETS

375,781

284,755

TOTAL ASSETS LESS CURRENT LIABILITIES

402,138

318,046

PROVISIONS FOR LIABILITIES

4,297

5,459

NET ASSETS

397,841

312,587

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

397,741

312,487

SHAREHOLDERS' FUNDS

397,841

312,587

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2022 and were signed on its behalf by:

T Kershaw - Director

1.	STATUTORY INFORMATION

First Choice Naturally 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Tangible fixed assets

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

Plant and machinery etc

-

33% on reducing balance, 25% on reducing balance and 10% on reducing balance

All tangible fixed assets are at cost less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Assets held under finance lease are depreciated in the same manner as owned assets.

Renewals, repairs and maintenance are charged to profit and loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a mixture of methods. The depreciation bases are as detailed above.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are credited or charged to the income statement.

Impairment of fixed assets

At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indications exists, the recoverable amount of an 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 the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reserves, the carrying amount of the asset is increased to the revised estimate of its recoverable amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised as income immediately.

Government grants

Government grants are accounted for under the accrual model.

Grants received relating to revenue are recognised as income on a systematic basis over the periods in which the company recognises the related cost for which the grant is intended to compensate.

Grants received to give immediate financial support are recognised as income in the period in which they become receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first in first out basis. Overheads are charged to the profit and loss account as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

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 17 (2021 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2021

111,067

Additions

337

At 31 August 2022

111,404

DEPRECIATION

At 1 September 2021

77,776

Charge for year

7,271

At 31 August 2022

85,047

NET BOOK VALUE

At 31 August 2022

26,357

At 31 August 2021

33,291

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Trade debtors

224,590

158,912

Amounts owed by group undertakings

182,952

115,331

Other debtors

6,901

11,001

414,443

285,244

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Trade creditors

196,755

26,438

Taxation and social security

56,690

32,119

Other creditors

24,186

11,983

277,631

70,540

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.8.22

31.8.21

£

£

Within one year

4,785

7,178

Between one and five years

-

4,785

4,785

11,963

8.	RELATED PARTY DISCLOSURES

Included within other debtors is an amount of £ 182,952.16 owed by Kershaw & Kershaw Limited. This amount is repayable on demand and is interest free.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of First Choice Naturally Ltd for the year ended 31 August 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of First Choice Naturally Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of First Choice Naturally Ltd and state those matters that we have agreed to state to the Board of Directors of First Choice Naturally Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than First Choice Naturally Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that First Choice Naturally Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of First Choice Naturally Ltd. You consider that First Choice Naturally Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of First Choice Naturally Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Walkers Accountants Limited

Aireside House

Aireside Business Centre

Royd Ings Avenue

Keighley

West Yorkshire

BD21 4BZ

Date: .............................................