11 false false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 39,713 4,560 44,273 30,887 5,583 36,470 7,803 8,826 45 45 45 xbrli:pure xbrli:shares iso4217:GBP 05372001 2022-03-01 2023-02-28 05372001 2023-02-28 05372001 2022-02-28 05372001 2021-03-01 2022-02-28 05372001 2022-02-28 05372001 2021-02-28 05372001 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 05372001 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 05372001 bus:OrdinaryShareClass3 2022-03-01 2023-02-28 05372001 bus:Director1 2022-03-01 2023-02-28 05372001 core:WithinOneYear 2023-02-28 05372001 core:WithinOneYear 2022-02-28 05372001 core:AfterOneYear 2023-02-28 05372001 core:AfterOneYear 2022-02-28 05372001 core:ShareCapital 2023-02-28 05372001 core:ShareCapital 2022-02-28 05372001 core:SharePremium 2023-02-28 05372001 core:SharePremium 2022-02-28 05372001 core:CapitalRedemptionReserve 2023-02-28 05372001 core:CapitalRedemptionReserve 2022-02-28 05372001 core:RetainedEarningsAccumulatedLosses 2023-02-28 05372001 core:RetainedEarningsAccumulatedLosses 2022-02-28 05372001 core:BetweenOneFiveYears 2022-02-28 05372001 core:CostValuation core:Non-currentFinancialInstruments 2023-02-28 05372001 core:Non-currentFinancialInstruments 2023-02-28 05372001 core:Non-currentFinancialInstruments 2022-02-28 05372001 bus:SmallEntities 2022-03-01 2023-02-28 05372001 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 05372001 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 05372001 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 05372001 bus:FullAccounts 2022-03-01 2023-02-28 05372001 bus:OrdinaryShareClass1 2023-02-28 05372001 bus:OrdinaryShareClass1 2022-02-28 05372001 bus:OrdinaryShareClass2 2023-02-28 05372001 bus:OrdinaryShareClass2 2022-02-28 05372001 bus:OrdinaryShareClass3 2023-02-28 05372001 bus:OrdinaryShareClass3 2022-02-28 05372001 bus:AllOrdinaryShares 2023-02-28 05372001 bus:AllOrdinaryShares 2022-02-28 05372001 core:OfficeEquipment 2022-03-01 2023-02-28 05372001 core:OfficeEquipment 2022-02-28 05372001 core:OfficeEquipment 2023-02-28
COMPANY REGISTRATION NUMBER: 05372001
CHANGE ASSOCIATES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 February 2023
CHANGE ASSOCIATES LIMITED
BALANCE SHEET
28 February 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
7,803
8,826
Investments
6
45
45
------
------
7,848
8,871
CURRENT ASSETS
Debtors
7
1,571,995
977,969
Cash at bank and in hand
373,323
592,721
-----------
-----------
1,945,318
1,570,690
CREDITORS: amounts falling due within one year
8
( 1,147,720)
( 1,066,918)
-----------
-----------
NET CURRENT ASSETS
797,598
503,772
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
805,446
512,643
CREDITORS: amounts falling due after more than one year
9
( 58,333)
( 68,333)
PROVISIONS
Taxation including deferred tax
( 1,483)
( 1,677)
--------
--------
NET ASSETS
745,630
442,633
--------
--------
CAPITAL AND RESERVES
Called up share capital
10
320
320
Share premium account
118,667
118,667
Capital redemption reserve
20
20
Profit and loss account
626,623
323,626
--------
--------
SHAREHOLDERS FUNDS
745,630
442,633
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CHANGE ASSOCIATES LIMITED
BALANCE SHEET (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 27 November 2023 , and are signed on behalf of the board by:
G Russell
Director
Company registration number: 05372001
CHANGE ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 18b New Quebec Street, London, W1H 7RX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the total invoice value, excluding value added tax, of services rendered during the year, and adjusted for work in progress.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accruals model and the income is included within other operating income. Under the accruals model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. Financial assets comprise of debtors and cash. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities comprise of creditors. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 10 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 March 2022
39,713
39,713
Additions
4,560
4,560
-------
-------
At 28 February 2023
44,273
44,273
-------
-------
Depreciation
At 1 March 2022
30,887
30,887
Charge for the year
5,583
5,583
-------
-------
At 28 February 2023
36,470
36,470
-------
-------
Carrying amount
At 28 February 2023
7,803
7,803
-------
-------
At 28 February 2022
8,826
8,826
-------
-------
6. Investments
Other investments other than loans
£
Cost
At 1 March 2022 and 28 February 2023
45
----
Impairment
At 1 March 2022 and 28 February 2023
----
Carrying amount
At 28 February 2023
45
----
At 28 February 2022
45
----
7. Debtors
2023
2022
£
£
Trade debtors
1,463,307
970,213
Other debtors
108,688
7,756
-----------
--------
1,571,995
977,969
-----------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
677,829
424,623
Corporation tax
190,780
94,472
Social security and other taxes
64,429
108,945
Other creditors
204,682
428,878
-----------
-----------
1,147,720
1,066,918
-----------
-----------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
58,333
68,333
-------
-------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
'A' Ordinary shares of £ 1 each
160
160
160
160
'B' Ordinary shares of £ 1 each
20
20
20
20
'C' Ordinary shares of £ 1 each
140
140
140
140
----
----
----
----
320
320
320
320
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
19,000
19,000
Later than 1 year and not later than 5 years
19,000
-------
-------
19,000
38,000
-------
-------