Prime Choice Limited - Accounts to registrar (filleted) - small 17.3

PRIME CHOICE LIMITED - Company Information

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REGISTERED NUMBER: 02714310 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

PRIME CHOICE LIMITED

Page

Company Information

Abridged Statement of Financial Position

Notes to the Financial Statements

DIRECTORS:

M Ghile

A M Ghile

SECRETARY:

M Ghile

REGISTERED OFFICE:

155 Wellingborough Road

RUSHDEN

Northamptonshire

NN10 9TB

REGISTERED NUMBER:

02714310 (England and Wales)

ACCOUNTANT:

Elsby & Co

155 Wellingborough Road

Rushden

Northamptonshire

NN10 9TB

FIXED ASSETS

Intangible assets

Tangible assets

19,836

30,316

19,836

30,316

CURRENT ASSETS

Debtors

98,309

63,322

Cash at bank and in hand

602,489

585,277

700,798

648,599

CREDITORS

Amounts falling due within one year

524,502

532,955

NET CURRENT ASSETS

176,296

115,644

TOTAL ASSETS LESS CURRENT
LIABILITIES

196,132

145,960

CREDITORS

Amounts falling due after more than one year

6,488

8,682

NET ASSETS

189,644

137,278

CAPITAL AND RESERVES

Called up share capital

4,000

Retained earnings

185,644

133,278

SHAREHOLDERS' FUNDS

189,644

137,278

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 September 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors on 19 December 2017 and were signed on its behalf by:

M Ghile - Director

1.	STATUTORY INFORMATION

Prime Choice Limited 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The company`s turnover represents the value, excluding value added tax, of goods and services supplied to customers

during the year.

Goodwill

Goodwill is being written off evenly over the Directors estimate of its useful life of seven years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

25% on reducing balance

Motor vehicles

25% on reducing balance

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

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.	INTANGIBLE FIXED ASSETS

Totals

COST

At 1 October 2016

and 30 September 2017

70,000

AMORTISATION

At 1 October 2016

and 30 September 2017

70,000

NET BOOK VALUE

At 30 September 2017

At 30 September 2016

4.	TANGIBLE FIXED ASSETS

Totals

COST

At 1 October 2016

114,926

Additions

11,133

Disposals

(36,192

)

At 30 September 2017

89,867

DEPRECIATION

At 1 October 2016

84,610

Charge for year

6,613

Eliminated on disposal

(21,192

)

At 30 September 2017

70,031

NET BOOK VALUE

At 30 September 2017

19,836

At 30 September 2016

30,316

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

COST

At 1 October 2016

51,936

Additions

10,249

Disposals

(36,192

)

At 30 September 2017

25,993

DEPRECIATION

At 1 October 2016

28,086

Charge for year

4,775

Eliminated on disposal

(21,192

)

At 30 September 2017

11,669

NET BOOK VALUE

At 30 September 2017

14,324

At 30 September 2016

23,850

5.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

Net obligations repayable:

Within one year

7,232

10,102

Between one and five years

6,488

8,682

13,720

18,784

Non-cancellable operating

leases

2017

2016

Within one year

30,127

Between one and five years

31,722

61,849

91,976

6.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

Hire purchase contracts

13,720

18,784

The hire purchase debt is secured against the vehicles to which it relates.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

NIL

Ordinary

£1

4,000

3,400

"A"

£1

3,400

600

"B"

£1

600

4,000

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2017 and

30 September 2016:

2017

2016

M Ghile

Balance outstanding at start of year

(1,437

)

(1,312

)

Amounts advanced

113,580

64,875

Amounts repaid

(80,280

)

(65,000

)

Amounts written off

Amounts waived

Balance outstanding at end of year

31,863

(1,437

)

Interest was charged on the above amount at 3%. The amount was repaid within 9 months of the year end.

9.	FIRST YEAR ADOPTION

Transition to FRS 102

This is the first year that the company has presented its results under FRS 102. The last financial statements under previous

UK GAAP were for the year ended 30 September 2016. The date of transition to FRS 102 was 1 October 2015. The

transition to FRS 102 did not result in any changes in accounting policies and so there are no differences between the

profit for the financial year ended 30 September 2016 and the total equity as at 1 October 2015 and 30 September 2016

under UK GAAP as previously reported and FRS 102.