1st Choice Leisure Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07989376 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2021

FOR

1ST CHOICE LEISURE LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr K A Jones

REGISTERED OFFICE:

c/o Michael Heaven & Associates Limited

47 Calthorpe Road

Edgbaston

BIRMINGHAM

West Midlands

B15 1TH

REGISTERED NUMBER:

07989376 (England and Wales)

ACCOUNTANTS:

Michael Heaven & Associates Limited

Chartered Certified Accountants

47 Calthorpe Road

Edgbaston

BIRMINGHAM

B15 1TH

BANKERS:

Lloyds Bank Plc

798 Bristol Road South

Northfield

Birmingham

B31 2NP

INCORPORATED:

14th March 2012

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

12,855

19,636

12,855

19,636

CURRENT ASSETS

Stocks

3,000

3,000

Debtors

26,347

4,506

Cash at bank

178,719

107,011

208,066

114,517

CREDITORS

Amounts falling due within one year

97,679

83,867

NET CURRENT ASSETS

110,387

30,650

TOTAL ASSETS LESS CURRENT LIABILITIES

123,242

50,286

PROVISIONS FOR LIABILITIES

6

3,406

3,731

NET ASSETS

119,836

46,555

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

119,736

46,455

SHAREHOLDERS' FUNDS

119,836

46,555

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2021 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st May 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 and authorised for issue on 15th February 2022 and were signed by:

Mr K A Jones - Director

1.	STATUTORY INFORMATION

1st Choice Leisure 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 represents the value of services and goods provided to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of seven 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.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Government grants

Government grants are accounted for under both the performance model. Grants under the performance model are recognised when the performance related conditions are met. The government grants recognised in the financial statements are as follows:

- Discretionary grant - £5,231

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from related parties.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st June 2020

and 31st May 2021

7,000

AMORTISATION

At 1st June 2020

and 31st May 2021

7,000

NET BOOK VALUE

At 31st May 2021

-

At 31st May 2020

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st June 2020

51,564

Additions

1,259

Reclassification/transfer

(3,688

)

At 31st May 2021

49,135

DEPRECIATION

At 1st June 2020

31,928

Charge for year

4,352

At 31st May 2021

36,280

NET BOOK VALUE

At 31st May 2021

12,855

At 31st May 2020

19,636

6.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

3,406

3,731

Deferred

tax

£

Balance at 1st June 2020

3,731

Accelerated Capital Allowances

(325

)

Balance at 31st May 2021

3,406

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

8.	RELATED PARTY DISCLOSURES

As at the year end the amount due to the director totalled £71,964 (2020- £63,767). This loan is interest free and is repayable on demand.