First Choice Corporate Ltd - Accounts to registrar - small 17.1

First Choice Corporate Ltd - Accounts to registrar - small 17.1

FIRST CHOICE CORPORATE LIMITED - Company Information

Print Friendly Version

03432653 1.11.15 31.10.16 31.10.16 Company accounts Private Limited Company FY true false false true true false false true false Ordinary 'A' 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure034326532015-10-31034326532016-10-31034326532015-11-012016-10-31034326532014-10-31034326532014-11-012015-10-31034326532015-10-3103432653ns12:England2015-11-012016-10-3103432653ns14:PoundSterling2015-11-012016-10-3103432653ns7:Director12015-11-012016-10-3103432653ns7:Director22015-11-012016-10-3103432653ns7:OrdinaryShareClass12015-11-012016-10-3103432653ns7:OrdinaryShareClass22015-11-012016-10-3103432653ns7:CompanySecretary2015-11-012016-10-3103432653ns7:RegisteredOffice2015-11-012016-10-3103432653ns7:EntityAccountantsOrAuditors2015-11-012016-10-3103432653ns5:LandBuildings2015-11-012016-10-3103432653ns5:PlantMachinery2015-11-012016-10-3103432653ns5:NetGoodwill2015-10-3103432653ns5:NetGoodwill2016-10-3103432653ns5:NetGoodwill2015-10-3103432653ns5:LandBuildings2015-10-3103432653ns5:PlantMachinery2015-10-3103432653ns5:LandBuildings2016-10-3103432653ns5:PlantMachinery2016-10-3103432653ns5:LandBuildings2015-10-3103432653ns5:PlantMachinery2015-10-3103432653ns5:SharesUnlistedFixedAssetInvestments2016-10-3103432653ns5:SharesUnlistedFixedAssetInvestments2015-10-3103432653ns5:WithinOneYear2016-10-3103432653ns5:WithinOneYear2015-10-3103432653ns5:AfterOneYear2016-10-3103432653ns5:AfterOneYear2015-10-3103432653ns7:OrdinaryShareClass12016-10-3103432653ns7:OrdinaryShareClass12015-10-3103432653ns7:OrdinaryShareClass22016-10-3103432653ns7:OrdinaryShareClass22015-10-31
REGISTERED NUMBER: 03432653 (England and Wales)















Unaudited Financial Statements For The Year Ended 31 October 2016

for

First Choice Corporate Ltd

First Choice Corporate Ltd (Registered number: 03432653)

Contents of the Financial Statements
For The Year Ended 31 October 2016










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


First Choice Corporate Ltd

Company Information
For The Year Ended 31 October 2016







DIRECTORS: S Ward
C Dowton





SECRETARY: S Ward





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
Page 1
First Choice Corporate Ltd (Registered number: 03432653)

Balance Sheet
31 October 2016

31/10/16 31/10/15
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 2 - -
Tangible assets 3 280,052 297,608
Investments 4 4,000 4,000
284,052 301,608

CURRENT ASSETS
Debtors 5 1,257,402 957,229
Cash at bank and in hand 118,669 2,502
1,376,071 959,731
CREDITORS
Amounts falling due within one year 6 763,895 544,553
NET CURRENT ASSETS 612,176 415,178
TOTAL ASSETS LESS CURRENT
LIABILITIES
896,228
716,786

CREDITORS
Amounts falling due after more than
one year
7
57,353
76,449
NET ASSETS 838,875 640,337

CAPITAL AND RESERVES
Called up share capital 10 7,002 7,002
Share premium 11 5,875 5,875
Profit and loss account 11 825,998 627,460
SHAREHOLDERS' FUNDS 838,875 640,337

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2016 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 notes form part of these financial statements

Page 2 continued...
First Choice Corporate Ltd (Registered number: 03432653)

Balance Sheet - continued
31 October 2016


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.

The financial statements were approved by the Board of Directors on 14 March 2017 and were signed on its
behalf by:




S Ward - Director



C Dowton - Director


The notes form part of these financial statements

Page 3
First Choice Corporate Ltd (Registered number: 03432653)

Notes to the Financial Statements
For The Year Ended 31 October 2016


1. ACCOUNTING POLICIES

Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance
with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.

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.

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

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed
at the balance sheet date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they
relate.

2. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2015
and 31 October 2016 18,000
AMORTISATION
At 1 November 2015
and 31 October 2016 18,000
NET BOOK VALUE
At 31 October 2016 -
At 31 October 2015 -

Page 4 continued...
First Choice Corporate Ltd (Registered number: 03432653)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2016


3. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 November 2015 276,344 173,601 449,945
Additions - 4,348 4,348
At 31 October 2016 276,344 177,949 454,293
DEPRECIATION
At 1 November 2015 44,215 108,122 152,337
Charge for year 5,520 16,384 21,904
At 31 October 2016 49,735 124,506 174,241
NET BOOK VALUE
At 31 October 2016 226,609 53,443 280,052
At 31 October 2015 232,129 65,479 297,608

4. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 November 2015
and 31 October 2016 4,000
NET BOOK VALUE
At 31 October 2016 4,000
At 31 October 2015 4,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/16 31/10/15
£    £   
Trade debtors 1,251,762 947,705
Other debtors 5,640 9,524
1,257,402 957,229

Page 5 continued...
First Choice Corporate Ltd (Registered number: 03432653)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2016


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/16 31/10/15
£    £   
Bank loans and overdrafts 140,314 77,757
Trade creditors 180,167 138,255
Taxation and social security 237,060 175,288
Other creditors 206,354 153,253
763,895 544,553

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/10/16 31/10/15
£    £   
Bank loans 57,353 76,449

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 57,353 76,449

8. LOANS

An analysis of the maturity of loans is given below:

31/10/16 31/10/15
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 49,255
Bank loans 14,800 14,800
Factoring loan 125,514 13,702
140,314 77,757

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 57,353 76,449

Page 6 continued...
First Choice Corporate Ltd (Registered number: 03432653)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2016


9. SECURED DEBTS

The following secured debts are included within creditors:

31/10/16 31/10/15
£    £   
Factoring loan 125,514 13,702
Bank loan 72,152 91,249
197,666 104,951

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 directors have also given joint and
several personal guarantees to the value of £147,500 by way of additional security in respect of the
bank loan.

The factoring loan at 31 October 2016 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.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/10/16 31/10/15
value: £    £   
8,500 Ordinary 'A' £1 7,000 7,000
2 Ordinary B £1 2 2
7,002 7,002

11. RESERVES
Profit
and loss Share
account premium Totals
£    £    £   

At 1 November 2015 627,460 5,875 633,335
Profit for the year 405,538 405,538
Dividends (207,000 ) (207,000 )
At 31 October 2016 825,998 5,875 831,873

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £207,000 (2015 - £304,000) were paid to the directors .

Page 7 continued...
First Choice Corporate Ltd (Registered number: 03432653)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2016


12. RELATED PARTY DISCLOSURES - continued

The company incurred overhead expenditure of £30,000 during the year with AMS, a partnership in
which the two directors are equal partners. (2015 £40,000)

At the year end there was a loan balance of £34,000 due to S Ward (2015 £24,000) as well as a loan
balance of £34,000 due to C Downton (2015 £24000). These amounts are included in other creditors
in note 9.

13. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the year by its directors Mr C Dowton and Mr S Ward.

Page 8