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REGISTERED NUMBER: NI608120 (Northern Ireland)












Exchange Accountants Limited

Unaudited Financial Statements for the Year Ended 31 August 2024






Exchange Accountants Limited (Registered number: NI608120)






Contents of the Financial Statements
for the year ended 31 August 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Exchange Accountants Limited

Company Information
for the year ended 31 August 2024







Directors: Mr W J Gould FCCA
Mr G D Laverty FCCA
Mr C Walls FCA



Registered office: Oakmont House
2 Queens Road
Lisburn
BT27 4TZ



Registered number: NI608120 (Northern Ireland)



Accountants: Exchange Accountants Limited
Chartered Certified Accountants
Oakmont House
2 Queens Road
Lisburn
BT27 4TZ



Bankers: Ulster Bank
91-93 University Road
Belfast
BT7 1NG

Exchange Accountants Limited (Registered number: NI608120)

Balance Sheet
31 August 2024

2024 2023
Notes £    £   
Fixed assets
Intangible assets 4 44,720 93,250
Tangible assets 5 17,197 22,504
61,917 115,754

Current assets
Stocks 410,732 335,870
Debtors 6 191,274 175,122
Cash at bank and in hand 101,836 114,243
703,842 625,235
Creditors
Amounts falling due within one year 7 (390,877 ) (355,599 )
Net current assets 312,965 269,636
Total assets less current liabilities 374,882 385,390

Creditors
Amounts falling due after more than one
year

8

(51,545

)

(98,639

)
Net assets 323,337 286,751

Capital and reserves
Called up share capital 100 100
Retained earnings 323,237 286,651
Shareholders' funds 323,337 286,751

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 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.

Exchange Accountants Limited (Registered number: NI608120)

Balance Sheet - continued
31 August 2024


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 14 May 2025 and were signed on its behalf by:




Mr W J Gould FCCA - Director



Mr C Walls FCA - Director


Exchange Accountants Limited (Registered number: NI608120)

Notes to the Financial Statements
for the year ended 31 August 2024

1. Statutory information

Exchange Accountants Limited is a private company, limited by shares , registered in Northern Ireland. 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.

Preparation of consolidated financial statements
The financial statements contain information about Exchange Accountants Limited 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% Reducing balance

Work in progress
In accordance with UITF 40, work in progress is reflected in the accounts at the expected revenue due for work carried out during the period that has not yet been invoiced.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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.

Exchange Accountants Limited (Registered number: NI608120)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

3. Employees and directors

The average number of employees during the year was 14 (2023 - 13 ) .

4. Intangible fixed assets
Other
intangible
Goodwill assets Totals
£    £    £   
Cost
At 1 September 2023
and 31 August 2024 688,840 7,439 696,279
Amortisation
At 1 September 2023 595,590 7,439 603,029
Charge for year 48,530 - 48,530
At 31 August 2024 644,120 7,439 651,559
Net book value
At 31 August 2024 44,720 - 44,720
At 31 August 2023 93,250 - 93,250

5. Tangible fixed assets
Plant and
machinery
etc
£   
Cost
At 1 September 2023 110,302
Additions 5,635
At 31 August 2024 115,937
Depreciation
At 1 September 2023 87,798
Charge for year 10,942
At 31 August 2024 98,740
Net book value
At 31 August 2024 17,197
At 31 August 2023 22,504

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 166,956 159,072
Amounts owed by associates 22,393 14,768
Other debtors 1,925 1,282
191,274 175,122

Exchange Accountants Limited (Registered number: NI608120)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 36,000 36,000
Hire purchase contracts 8,273 8,273
Payments on account 202,866 174,217
Trade creditors 13,258 17,251
Taxation and social security 113,653 112,165
Other creditors 16,827 7,693
390,877 355,599

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 50,855 89,677
Hire purchase contracts 690 8,962
51,545 98,639

9. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 86,855 125,677
Hire purchase contracts 8,963 17,235
95,818 142,912

Bank loans and overdrafts are secured by directors' personal guarantees.

Hire purchase contracts are secured on the assets to which they relate.