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REGISTERED NUMBER: 07720749 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

CHANGE IT (UK) LIMITED

CHANGE IT (UK) LIMITED (REGISTERED NUMBER: 07720749)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CHANGE IT (UK) LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTOR: Mr K A Field



SECRETARY: Mrs J L Field



REGISTERED OFFICE: Greville House
10 Jury Street
Warwick
Warwickshire
CV34 4EW



REGISTERED NUMBER: 07720749 (England and Wales)



ACCOUNTANTS: Michael Harwood & Co
Chartered Accountants
Greville House
10 Jury Street
Warwick
Warwickshire
CV34 4EW



BANKERS: National Westminster Bank Plc
Royal Priors
59 The Parade
Leamington Spa
Warwickshire
CV32 4ZX

CHANGE IT (UK) LIMITED (REGISTERED NUMBER: 07720749)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 39,900 43,801

CURRENT ASSETS
Stocks 5 38,233 22,500
Debtors 6 69,145 106,887
Cash at bank 103,631 195,261
211,009 324,648
CREDITORS
Amounts falling due within one year 7 150,875 210,918
NET CURRENT ASSETS 60,134 113,730
TOTAL ASSETS LESS CURRENT
LIABILITIES

100,034

157,531

CREDITORS
Amounts falling due after more than one
year

8

(27,584

)

(40,921

)

PROVISIONS FOR LIABILITIES 9 (7,201 ) (8,322 )
NET ASSETS 65,249 108,288

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 65,149 108,188
SHAREHOLDERS' FUNDS 65,249 108,288

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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 director and authorised for issue on 30 August 2024 and were signed by:




Mr K A Field - Director


CHANGE IT (UK) LIMITED (REGISTERED NUMBER: 07720749)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.
Plant and equipment - 20% reducing balance
Motor vehicles - 20% reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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 balance sheet date.

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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.

CHANGE IT (UK) LIMITED (REGISTERED NUMBER: 07720749)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
equipment vehicles Totals
£    £    £   
COST
At 1 April 2023 16,946 49,020 65,966
Additions 2,903 2,760 5,663
At 31 March 2024 19,849 51,780 71,629
DEPRECIATION
At 1 April 2023 10,632 11,533 22,165
Charge for year 1,837 7,727 9,564
At 31 March 2024 12,469 19,260 31,729
NET BOOK VALUE
At 31 March 2024 7,380 32,520 39,900
At 31 March 2023 6,314 37,487 43,801

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 32,995
DEPRECIATION
At 1 April 2023 550
Charge for year 6,489
At 31 March 2024 7,039
NET BOOK VALUE
At 31 March 2024 25,956
At 31 March 2023 32,445

5. STOCKS
31.3.24 31.3.23
£    £   
Stocks 500 500
Work-in-progress 37,733 22,000
38,233 22,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 68,027 106,250
Prepayments and accrued income 1,118 637
69,145 106,887

CHANGE IT (UK) LIMITED (REGISTERED NUMBER: 07720749)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,344 10,000
Hire purchase contracts 4,086 4,086
Payments on account 5,995 5,995
Trade creditors 55,348 106,546
Amounts owed to associates 7,721 3,846
Tax 5,395 (1,022 )
Social security and other taxes 14,085 9,488
VAT 43,924 68,344
Other creditors 799 -
Directors' current accounts 271 856
Accrued expenses 2,907 2,779
150,875 210,918

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 2-5 years 12,075 21,667
Hire purchase contracts 15,509 19,254
27,584 40,921

9. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 7,201 8,322

Deferred
tax
£   
Balance at 1 April 2023 8,322
Credit to Statement of Income and Retained Earnings during year (1,121 )
Balance at 31 March 2024 7,201

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

11. RELATED PARTY DISCLOSURES

The director is also the director and shareholder of Change IT Commercial Limited.
During the year transactions between the two companies were conducted on normal commercial terms.

At 31st March 2024, there is a balance of £7,721 (2023 £3,846) owed by Change IT (UK) Limited, disclosed in creditors.