CHOICE FOREX LIMITED

CHOICE FOREX LIMITED

CHOICE FOREX LIMITED - Company Information

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CHOICE FOREX LIMITED

Company Registration Number:
05680687 (England and Wales)

Unaudited abridged accounts for the year ended 30 June 2023

Period of accounts

Start date: 01 July 2022

End date: 30 June 2023

CHOICE FOREX LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2023

Balance sheet
Notes

CHOICE FOREX LIMITED

Balance sheet

As at 30 June 2023


Notes
2023
2022


£
£
Fixed assets
Intangible assets: 3 266,399 299,698
Investments: 4 76,400 76,400
Total fixed assets: 342,799 376,098
Current assets
Debtors: 5 2,267,270 3,221,570
Cash at bank and in hand: 5,912,491 656,877
Total current assets: 8,179,761 3,878,447
Creditors: amounts falling due within one year: 6 (7,978,859) (3,424,620)
Net current assets (liabilities): 200,902 453,827
Total assets less current liabilities: 543,701 829,925
Total net assets (liabilities): 543,701 829,925
Capital and reserves
Called up share capital: 210,000 210,000
Profit and loss account: 333,701 619,925
Shareholders funds: 543,701 829,925

The notes form part of these financial statements

CHOICE FOREX LIMITED

Balance sheet statements

For the year ending 30 June 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 22 May 2024
and signed on behalf of the board by:

Name: Nicholas Ian Bridges
Status: Director

The notes form part of these financial statements

CHOICE FOREX LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

CHOICE FOREX LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

2. Employees

2023 2022
Average number of employees during the period 3 3

CHOICE FOREX LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

3. Intangible Assets

Total
Cost £
At 01 July 2022 332,998
At 30 June 2023 332,998
Amortisation
At 01 July 2022 33,300
Charge for year 33,299
At 30 June 2023 66,599
Net book value
At 30 June 2023 266,399
At 30 June 2022 299,698

CHOICE FOREX LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

4. Fixed investments

Fixed asset investments include:100% of Choice International (Mauritius) Limited (registered in Mauritius) - £57,100100% of Clarency Nigeria Limited (registered in Nigeria) - £19,300

CHOICE FOREX LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

5. Debtors

2023 2022
££
Debtors due after more than one year: 260,000 91,827

CHOICE FOREX LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

6. Creditors: amounts falling due within one year note

Payments received on account 2,886,996 (2022: 3,309,347)Trade creditors 52,244 (2022: 50,390)Amounts owed to group undertakings 5,020,319 (19,299)Corporation tax - NIL (2022: NIL)Other creditors 19,300 (2022: 45,583)

CHOICE FOREX LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

7. Related party transactions

Name of the related party: Capstream Consulting Limited
Relationship:
Senior Management
Description of the Transaction: Capstream Consulting Limited is a member of Key Management Personnel for Choice ForexLimited. During the year, the company incurred consultancy expenses of £108,000 (2022:£108,000) in respect of Capstream Consulting Limited. At the year end, the company wasowed £NIL (2022: £36,137) by this entity.
£
Balance at 01 July 2022 36,137
Balance at 30 June 2023 0
Name of the related party: International Compliance Solutions Limited and Mukhtara Compliance
Relationship:
Director
Description of the Transaction: Alejandro Bustos Baez is a Director of both Choice Forex Limited and International ComplianceSolutions Limited and Mukhtara Compliance.During the year, fees of £33,155 (2022: £52,950) were paid to these companies in respect ofAlejandro's services as a non-executive director to the Company. At the year end the companyowed £Nil (2022: £Nil) to this entity.
£
Balance at 01 July 2022 0
Balance at 30 June 2023 0
Name of the related party: Salomon Smilovitz
Relationship:
Director
Description of the Transaction: During the year, fees of £9,000 (2022: £9,000) were paid to director, Salomon Smilovitz. At the yearend the company owed £Nil (2022: £Nil) to Mr Smilovitz
£
Balance at 01 July 2022 0
Balance at 30 June 2023 0
Name of the related party: Nicholas Ian Bridges
Relationship:
Director
Description of the Transaction: During the year, fees of £47,712 (2022: £NIL) were recharged from other group companies toChoice Forex Limited, with regards to Nicholas Bridges’ directors fees.
£
Balance at 01 July 2022 0
Balance at 30 June 2023 0
Name of the related party: African Business Solutions Limited
Relationship:
Non-executive director
Description of the Transaction: Nicholas Bridges is a director of both Choice Forex Limited and African Business Solutions Limited,but he does not earns advisory fees through this company.During the year, fees of £12,000 (2022: £12,000) were paid to African Business Solutions Limitedwith regards to Lord Anthony Tudor St John’s non-executive directors fees. At the year end of theyear the company owed £Nil (2022: £Nil) to this entity.
£
Balance at 01 July 2022 0
Balance at 30 June 2023 0

CHOICE FOREX LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

8. Post balance sheet events

On 4 November 2023, the mutual directors of Choice Forex Limited, and its parent company,Choice International Limited, resolved to restructure its operations. Restructuring was completed on31 January 2023 with the transfer of selected clients of Choice International Limited, to ChoiceForex Limited, by mutual consent. There was no measurable financial impact on the 2023 statementof comprehensive income or balance sheet due to these activities, and the directors believe that theaccounts are presented fairly and that the company can continue to operate as a going concern.