7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 44,273 1,078 45,351 36,470 4,655 41,125 4,226 7,803 45 45 45 45 xbrli:pure xbrli:shares iso4217:GBP 05372001 2023-03-01 2024-02-29 05372001 2024-02-29 05372001 2023-02-28 05372001 2022-03-01 2023-02-28 05372001 2023-02-28 05372001 2022-02-28 05372001 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 05372001 bus:OrdinaryShareClass2 2023-03-01 2024-02-29 05372001 bus:OrdinaryShareClass3 2023-03-01 2024-02-29 05372001 bus:Director1 2023-03-01 2024-02-29 05372001 core:WithinOneYear 2024-02-29 05372001 core:WithinOneYear 2023-02-28 05372001 core:AfterOneYear 2024-02-29 05372001 core:AfterOneYear 2023-02-28 05372001 core:ShareCapital 2024-02-29 05372001 core:ShareCapital 2023-02-28 05372001 core:SharePremium 2024-02-29 05372001 core:SharePremium 2023-02-28 05372001 core:CapitalRedemptionReserve 2024-02-29 05372001 core:CapitalRedemptionReserve 2023-02-28 05372001 core:RetainedEarningsAccumulatedLosses 2024-02-29 05372001 core:RetainedEarningsAccumulatedLosses 2023-02-28 05372001 core:CostValuation core:Non-currentFinancialInstruments 2024-02-29 05372001 core:DisposalsDecreaseInProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2024-02-29 05372001 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2024-02-29 05372001 core:Non-currentFinancialInstruments 2023-02-28 05372001 bus:SmallEntities 2023-03-01 2024-02-29 05372001 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 05372001 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 05372001 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05372001 bus:FullAccounts 2023-03-01 2024-02-29 05372001 bus:OrdinaryShareClass1 2024-02-29 05372001 bus:OrdinaryShareClass1 2023-02-28 05372001 bus:OrdinaryShareClass2 2024-02-29 05372001 bus:OrdinaryShareClass2 2023-02-28 05372001 bus:OrdinaryShareClass3 2024-02-29 05372001 bus:OrdinaryShareClass3 2023-02-28 05372001 bus:AllOrdinaryShares 2024-02-29 05372001 bus:AllOrdinaryShares 2023-02-28 05372001 core:OfficeEquipment 2023-03-01 2024-02-29 05372001 core:OfficeEquipment 2023-02-28 05372001 core:OfficeEquipment 2024-02-29
COMPANY REGISTRATION NUMBER: 05372001
CHANGE ASSOCIATES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 February 2024
CHANGE ASSOCIATES LIMITED
BALANCE SHEET
29 February 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
4,226
7,803
Investments
6
45
------
------
4,226
7,848
CURRENT ASSETS
Debtors
7
1,387,748
1,571,995
Cash at bank and in hand
71,164
373,323
-----------
-----------
1,458,912
1,945,318
CREDITORS: amounts falling due within one year
8
( 609,727)
( 1,147,720)
-----------
-----------
NET CURRENT ASSETS
849,185
797,598
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
853,411
805,446
CREDITORS: amounts falling due after more than one year
9
( 48,330)
( 58,333)
PROVISIONS
Taxation including deferred tax
( 803)
( 1,483)
--------
--------
NET ASSETS
804,278
745,630
--------
--------
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
685,271
626,623
--------
--------
SHAREHOLDERS FUNDS
804,278
745,630
--------
--------
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 29 February 2024 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)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , 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 29 FEBRUARY 2024
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.
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 7 (2023: 11 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 March 2023
44,273
44,273
Additions
1,078
1,078
-------
-------
At 29 February 2024
45,351
45,351
-------
-------
Depreciation
At 1 March 2023
36,470
36,470
Charge for the year
4,655
4,655
-------
-------
At 29 February 2024
41,125
41,125
-------
-------
Carrying amount
At 29 February 2024
4,226
4,226
-------
-------
At 28 February 2023
7,803
7,803
-------
-------
6. Investments
Other investments other than loans
£
Cost
At 1 March 2023 and 29 February 2024
45
----
Impairment
At 1 March 2023
Disposals
45
----
At 29 February 2024
45
----
Carrying amount
At 29 February 2024
----
At 28 February 2023
45
----
7. Debtors
2024
2023
£
£
Trade debtors
1,309,587
1,463,307
Other debtors
78,161
108,688
-----------
-----------
1,387,748
1,571,995
-----------
-----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
436,125
677,829
Corporation tax
76,011
190,780
Social security and other taxes
64,429
Other creditors
87,591
204,682
--------
-----------
609,727
1,147,720
--------
-----------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
48,330
58,333
-------
-------
10. Called up share capital
Issued, called up and fully paid
2024
2023
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:
2024
2023
£
£
Not later than 1 year
19,000
----
-------