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REGISTERED NUMBER: 04249433 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Changeover Limited
Trading as
Moovies Distribution

Changeover Limited (Registered number: 04249433)
Trading as Moovies Distribution






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Changeover Limited
Trading as Moovies Distribution

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J R Elliott
Mrs A J Elliott
L C Hamilton





SECRETARIES: Mrs J West
Mrs H J Priestley
J J Elliott
Miss S Elliott
N J Elliott
Mrs S Hamilton





REGISTERED OFFICE: 9 St George's Yard
Farnham
Surrey
GU9 7LW





REGISTERED NUMBER: 04249433 (England and Wales)





ACCOUNTANTS: Blackwood Futcher & Co.
Chartered Accountants
9 St George's Yard
Farnham
Surrey
GU9 7LW

Changeover Limited (Registered number: 04249433)
Trading as Moovies Distribution

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,746 2,336
Tangible assets 5 66,037 47,610
Investments 6 200 200
69,983 50,146

CURRENT ASSETS
Stocks 810,108 562,997
Debtors 7 852,234 888,292
Cash at bank 614,188 114,416
2,276,530 1,565,705
CREDITORS
Amounts falling due within one year 8 1,110,967 689,923
NET CURRENT ASSETS 1,165,563 875,782
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,235,546

925,928

PROVISIONS FOR LIABILITIES 13,847 6,894
NET ASSETS 1,221,699 919,034

CAPITAL AND RESERVES
Called up share capital 500 500
Retained earnings 1,221,199 918,534
SHAREHOLDERS' FUNDS 1,221,699 919,034

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2024 and were signed on its behalf by:





J R Elliott - Director


Changeover Limited (Registered number: 04249433)
Trading as Moovies Distribution

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Changeover 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 and represents amounts receivable for the distribution of motion pictures and videos, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity.

Development costs
Development costs have been written off on a straight line basis over their expected useful life of 3 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 - 10% on cost
Plant and machinery etc - 20% - 33.33% on cost, 20% on cost, 10% on cost and not provided

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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 accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

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.

Taxation
Taxation for the year comprises current and deferred 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 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.


Changeover Limited (Registered number: 04249433)
Trading as Moovies Distribution

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 13 ) .

Changeover Limited (Registered number: 04249433)
Trading as Moovies Distribution

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 364,049
Additions 8,938
At 31 December 2023 372,987
AMORTISATION
At 1 January 2023 361,713
Charge for year 7,528
At 31 December 2023 369,241
NET BOOK VALUE
At 31 December 2023 3,746
At 31 December 2022 2,336

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 39,772 763,289 803,061
Additions - 32,731 32,731
Disposals - (43,641 ) (43,641 )
At 31 December 2023 39,772 752,379 792,151
DEPRECIATION
At 1 January 2023 39,772 715,679 755,451
Charge for year - 13,662 13,662
Eliminated on disposal - (42,999 ) (42,999 )
At 31 December 2023 39,772 686,342 726,114
NET BOOK VALUE
At 31 December 2023 - 66,037 66,037
At 31 December 2022 - 47,610 47,610

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 200
NET BOOK VALUE
At 31 December 2023 200
At 31 December 2022 200

Changeover Limited (Registered number: 04249433)
Trading as Moovies Distribution

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 347,386 364,153
Other debtors 504,848 524,139
852,234 888,292

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 767,063 477,656
Taxation and social security 221,497 97,566
Other creditors 122,407 114,701
1,110,967 689,923

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
J R Elliott
Balance outstanding at start of year 93,343 81,452
Amounts advanced 76,411 93,343
Amounts repaid (93,343 ) (81,452 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 76,411 93,343

L C Hamilton
Balance outstanding at start of year 2,372 1,249
Amounts advanced 2,859 2,373
Amounts repaid (2,372 ) (1,250 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,859 2,372

Mrs A J Elliott
Balance outstanding at start of year 65,137 53,453
Amounts advanced 52,500 65,137
Amounts repaid (65,137 ) (53,453 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 52,500 65,137

No interest was paid during the year on these balances.

10. RELATED PARTY DISCLOSURES

During the year under review the company made sales totalling £23,834 (2022 - £76,095), on an arms length basis, to Deff Limited, a company in which the company directors have a material interest.

At the balance sheet date the company was owed an amount of £9,244 (2022 - £7,884) by Deff Limited, a company in which the directors have a material interest.