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Registered number: 07493404









CHANGEGROUP ATMS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CHANGEGROUP ATMS LIMITED
REGISTERED NUMBER: 07493404

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
139,726
111,437

Tangible assets
 6 
740,852
226,820

  
880,578
338,257

Current assets
  

Debtors: amounts falling due within one year
 7 
1,831,802
2,876,947

Cash at bank and in hand
 8 
7,241,338
6,534,744

  
9,073,140
9,411,691

Creditors: amounts falling due within one year
 9 
(5,229,580)
(7,645,666)

Net current assets
  
 
 
3,843,560
 
 
1,766,025

Total assets less current liabilities
  
4,724,138
2,104,282

Provisions for liabilities
  

Deferred tax
  
(220,153)
(23,139)

  
 
 
(220,153)
 
 
(23,139)

Net assets
  
4,503,985
2,081,143


Capital and reserves
  

Called up share capital 
  
2,200,000
2,200,000

Profit and loss account
  
2,303,985
(118,857)

  
4,503,985
2,081,143


Page 1

 
CHANGEGROUP ATMS LIMITED
REGISTERED NUMBER: 07493404
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 March 2025.




Mr P Meehan
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
CHANGEGROUP ATMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

ChangeGroup ATMs Limited is a private company limited by shares incorporated in England & Wales,
registration number 07493404. Its registered head office is located at 353 Oxford Street, London, W1C 2JG. The Company operates a number of ATM machines in Europe.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
CHANGEGROUP ATMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
CHANGEGROUP ATMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
CHANGEGROUP ATMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
5 years straight - line basis
Plant and machinery
-
5 years straight - line basis
Fixtures and fittings
-
5 years straight - line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
CHANGEGROUP ATMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The Company's financial statements require management to make significant judgments and estimates. The items in the financial statements where these judgments and estimates have been made include:
Deferred taxation
Provision is made for the deferred tax assets and liabilities arising from timing differences between treatment of gains and losses in the financial statements and tax returns.
Management make a judgment in whether to recognise a net deferred tax asset and one is only recognised if it is more likely than not that the Company will have taxable profits in the future that the future reversal of timing differences can be deducted against, as a result of the tax charge may be materially different in subsequent periods.


4.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 10).


5.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
346,488


Additions
44,010



At 31 December 2023

390,498



Amortisation


At 1 January 2023
235,051


Charge for the year on owned assets
15,721



At 31 December 2023

250,772



Net book value



At 31 December 2023
139,726



At 31 December 2022
111,437



Page 7

 
CHANGEGROUP ATMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
980,101
992,616
76,435
2,049,152


Additions
-
745,110
3,320
748,430



At 31 December 2023

980,101
1,737,726
79,755
2,797,582



Depreciation


At 1 January 2023
980,101
766,205
76,027
1,822,333


Charge for the year on owned assets
-
233,767
630
234,397



At 31 December 2023

980,101
999,972
76,657
2,056,730



Net book value



At 31 December 2023
-
737,754
3,098
740,852



At 31 December 2022
-
226,411
408
226,819


7.


Debtors

2023
2022
£
£


Trade debtors
117,242
69,322

Amounts owed by group undertakings
928,867
2,614,924

Other debtors
739,868
154,203

Prepayments and accrued income
45,825
38,498

1,831,802
2,876,947


Page 8

 
CHANGEGROUP ATMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
7,241,338
6,534,744

7,241,338
6,534,744



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
533,817
63,806

Amounts owed to group undertakings
861,250
4,458,783

Corporation tax
898,530
265,999

Other taxation and social security
156,316
128,504

Other creditors
2,179,909
1,793,347

Accruals and deferred income
599,758
935,227

5,229,580
7,645,666



10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
9,027,316
9,373,193


Financial liabilities


Other financial liabilities measured at fair value through profit or loss
4,174,734
7,251,162


Financial assets measured at fair value through profit or loss comprise cash and cash equivalents, trade
debtors and loans receivable.


Other financial liabilities measured at fair value through profit or loss comprise trade creditors, other creditors, loans payable and accruals.


11.


Deferred taxation

Page 9

 
CHANGEGROUP ATMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Deferred taxation (continued)




2023


£






At beginning of year
(23,139)


Charged to profit or loss
(197,014)



At end of year
(220,153)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(220,153)
(23,139)

(220,153)
(23,139)


12.


Controlling party

The immediate parent company is The Change Group International Plc, a company registered in England and Wales with registered office address of 353 Oxford Street, London, W1C 2JG.
The Company's financial statements are consolidated as part of the group financial statements drawn up by The Change Group International (Holdings) Ltd, the parent company of The Change Group International Plc.
The consolidated financial statements of The Change Group International (Holdings) Ltd are publicly available at Companies House.
The ultimate controlling party is Gubel S.L., a company incorporated in Madrid, Spain, and the ultimate parent of The Change Group International (Holdings) Ltd.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 6 March 2025 by Stephen Haffner (Senior Statutory Auditor) on behalf of Harris & Trotter LLP.

 
Page 10