1st Choice Leisure Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07989376 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023

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

161,633

165,258

161,633

165,258

CURRENT ASSETS

Stocks

62,559

54,800

Debtors

28,177

6,002

Cash at bank

103,453

69,705

194,189

130,507

CREDITORS

Amounts falling due within one year

132,880

109,598

NET CURRENT ASSETS

61,309

20,909

TOTAL ASSETS LESS CURRENT LIABILITIES

222,942

186,167

PROVISIONS FOR LIABILITIES

6

4,406

5,107

NET ASSETS

218,536

181,060

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

218,436

180,960

SHAREHOLDERS' FUNDS

218,536

181,060

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 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 2023 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 6th November 2023 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 as modified by the revaluation of certain assets.

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 2012, has been 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.

Freehold property

-

2% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than 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 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.

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.

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 1 (2022 - NIL ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st June 2022

and 31st May 2023

7,000

AMORTISATION

At 1st June 2022

and 31st May 2023

7,000

NET BOOK VALUE

At 31st May 2023

-

At 31st May 2022

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st June 2022

209,175

Additions

3,636

At 31st May 2023

212,811

DEPRECIATION

At 1st June 2022

43,917

Charge for year

7,261

At 31st May 2023

51,178

NET BOOK VALUE

At 31st May 2023

161,633

At 31st May 2022

165,258

6.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

4,406

5,107

Deferred

tax

£

Balance at 1st June 2022

5,107

Accelerated Capital Allowances

(701

)

Balance at 31st May 2023

4,406

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1

100

100

8.	RELATED PARTY DISCLOSURES

As at the year end the amount due to the director totalled £103,240 (2022 - £88,530). This loan is interest free and is repayable on demand.