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Registration number: 12316315

EW-Change Ltd

Unaudited Financial Statements

for the Year Ended 30 November 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

EW-Change Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 6

 

EW-Change Ltd

Company Information

Directors

E J McDowall

V J McDowall

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

EW-Change Ltd

Statement of Financial Position as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

984

511

Current assets

 

Stocks

5

33,668

17,449

Debtors

6

29,568

64,050

Cash at bank and in hand

 

19,951

75,897

 

83,187

157,396

Creditors: Amounts falling due within one year

7

(31,257)

(38,581)

Net current assets

 

51,930

118,815

Total assets less current liabilities

 

52,914

119,326

Provisions for liabilities

(246)

(128)

Net assets

 

52,668

119,198

Capital and reserves

 

Called up share capital

100

100

Retained earnings

52,568

119,098

Shareholders' funds

 

52,668

119,198

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 29 April 2025 and signed on its behalf by:
 

.........................................

E J McDowall

Director

Company registration number: 12316315

 

EW-Change Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the provision of consultancy services to the pharmaceutical industry.

2

Accounting policies

Statement of compliance

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' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 30 November 2024 and had net assets of £52,668 at that date, including £19,951 cash at bank.

The level of client engagement has remained strong and the company has continued to trade profitably throughout the period. Turnover has increased during the year due to specific client requirements and the terms of such needs, these engagement levels reflect a diverse client base of global pharmaceutical organisations. The directors have closely monitored income levels and cashflows throughout the period whilst implementing appropriate cost management measures, and as such remain confident that the company has secure access to sufficient levels of working capital to meet the needs of the business for the foreseeable future.

On the basis of the above, the directors have a reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue in the period in which the services were provided.

 

EW-Change Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

33% straight-line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

EW-Change Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 4 (2023 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2023

4,236

4,236

Additions

1,475

1,475

At 30 November 2024

5,711

5,711

Depreciation

At 1 December 2023

3,725

3,725

Charge for the year

1,002

1,002

At 30 November 2024

4,727

4,727

Carrying amount

At 30 November 2024

984

984

At 30 November 2023

511

511

5

Stocks

2024
£

2023
£

Stock

33,668

17,449

 

EW-Change Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Debtors

2024
£

2023
£

Trade debtors

25,000

64,050

Other debtors

4,568

-

29,568

64,050

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

-

371

Taxation and social security

10,606

17,870

Accruals and deferred income

6,500

6,500

Other creditors

14,151

13,840

31,257

38,581