2022-07-012023-06-302023-06-30false10245522Changing Social 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Changing Social Ltd

Registered Number
10245522
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

Changing Social Ltd
Company Information
for the year from 1 July 2022 to 30 June 2023

Directors

S Crompton
S Hulme
G Kemp
J Mitcham

Registered Address

Building 423 - Sky View (Ro) Argosy Road
East Midlands Airport
Derby
DE74 2SA

Registered Number

10245522 (England and Wales)
Changing Social Ltd
Statement of Financial Position
30 June 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets924,28826,454
Investments10861
24,37426,455
Current assets
Debtors12599,409559,211
Cash at bank and on hand226,209140,193
825,618699,404
Creditors amounts falling due within one year13424,783342,598
Net current assets (liabilities)400,835356,806
Total assets less current liabilities425,209383,261
Creditors amounts falling due after one year1461,96694,940
Provisions for liabilities15(3,959)(3,876)
Net assets359,284284,445
Capital and reserves
Called up share capital11
Other reserves-211
Profit and loss account359,283284,233
Shareholders' funds359,284284,445
The financial statements were approved and authorised for issue by the Board of Directors on 19 February 2024, and are signed on its behalf by:
S Crompton
Director
Registered Company No. 10245522
Changing Social Ltd
Notes to the Financial Statements
for the year ended 30 June 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity during the year under review was that of software consultancy.
4.Smallest group in which results are consolidated
The financial statements contain information about Changing Social Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
5.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention.
6.Accounting policies
Functional and presentation currency policy
The financial statements are presented in pound sterling (£), which is the company's functional currency, and figures are rounded to the nearest whole pound.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Vehicles4
Office Equipment4
Revenue recognition policy
Turnover from the rendering of project services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. The statement of financial position is credited with the value of invoiced sales, as deferred income, which is then amortised to revenue over the period of the contract. At the balance sheet date, the carrying value of deferred income reflects the total value of invoiced sales which has not yet been recognised as revenue.
Taxation policy
Taxation for the year comprises current 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 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 statement of financial position date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income statement.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Valuation of financial instruments policy
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of 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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Cash and Cash Equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.
7.Critical estimates and judgements
There have been no other significant judgements or estimates applied to the numbers contained within these financial statements.
8.Employee information

20232022
Average number of employees during the year2419
9.Property, plant and equipment

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 July 2266741,03841,705
Additions-8,8678,867
At 30 June 2366749,90550,572
Depreciation and impairment
At 01 July 2235314,89815,251
Charge for year16610,86711,033
At 30 June 2351925,76526,284
Net book value
At 30 June 2314824,14024,288
At 30 June 2231426,14026,454
10.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 July 2211
Additions8585
At 30 June 238686
Net book value
At 30 June 238686
At 30 June 2211

Notes

1Investments in group undertakings and participating interests
11.Description of financial commitments other than capital commitments
Minimum future lease payments under non-cancellable operating leases fall due as follows: Within one year: £13,208 (2022: £39,625) Between one and five years: £Nil (2022: £13,208)
12.Debtors

2023

2022

££
Trade debtors / trade receivables220,474367,268
Amounts owed by group undertakings308,642187,812
Other debtors12,5162,175
Prepayments and accrued income57,7771,956
Total599,409559,211
13.Creditors within one year

2023

2022

££
Trade creditors / trade payables16,7132,159
Bank borrowings and overdrafts32,97429,821
Amounts owed to related parties85-
Taxation and social security215,326148,796
Other creditors28,93324,653
Accrued liabilities and deferred income130,752137,169
Total424,783342,598
14.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts61,96694,940
Total61,96694,940
The total bank borrowings and overdrafts disclosed in creditors within one year and creditors after one year are guaranteed by the UK government under the Coronavirus Business Support Scheme.
15.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)3,9593,876
Total3,9593,876