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Registered number: 03236198










REGARDCHANGE LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
REGARDCHANGE LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF REGARDCHANGE LIMITED
FOR THE YEAR ENDED 30 NOVEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Regardchange Limited for the year ended 30 November 2024 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Regardchange Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Regardchange Limited and state those matters that we have agreed to state to the director of Regardchange Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Regardchange Limited and its director for our work or for this report. 

It is your duty to ensure that Regardchange Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Regardchange Limited. You consider that Regardchange Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Regardchange Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
12 Church Street
Cromer
Norfolk
NR27 9ER
 
13 June 2025Date:
Page 1

 
REGARDCHANGE LIMITED
REGISTERED NUMBER: 03236198

BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,957
1,908

Investment property
 5 
1,597,500
2,180,000

  
1,599,457
2,181,908

Current assets
  

Debtors: amounts falling due within one year
 6 
2,330
3,577

Cash at bank and in hand
 7 
176,261
50,520

  
178,591
54,097

Creditors: amounts falling due within one year
 8 
(232,279)
(21,686)

Net current (liabilities)/assets
  
 
 
(53,688)
 
 
32,411

Total assets less current liabilities
  
1,545,769
2,214,319

Creditors: amounts falling due after more than one year
 9 
-
(238,391)

Provisions for liabilities
  

Deferred tax
 10 
(192,123)
(321,432)

  
 
 
(192,123)
 
 
(321,432)

Net assets
  
1,353,646
1,654,496


Capital and reserves
  

Called up share capital 
 11 
100
100

Investment property reserve
 12 
906,897
1,319,669

Profit and loss account
 12 
446,649
334,727

  
1,353,646
1,654,496


Page 2

 
REGARDCHANGE LIMITED
REGISTERED NUMBER: 03236198
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 by: 




................................................
Mrs D Browne
Director

Date: 13 June 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
REGARDCHANGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

The Company is a private Company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is 12 Church Street, Cromer, Norfolk, NR27 9ER 
The Company's principal activity is that of property rental to individuals and housing associations.  Its principal place of business is Redridge, Rattle row, Mileham, Kings Lynn, Norfolk, PE32 2PY.

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:

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 4

 
REGARDCHANGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.3

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 balance sheet 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 balance sheet 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 balance sheet date.


 
2.4

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
20% Reducing Balance

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.

Page 5

 
REGARDCHANGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

 
REGARDCHANGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 December 2023
4,402


Additions
540



At 30 November 2024

4,942



Depreciation


At 1 December 2023
2,494


Charge for the year on owned assets
491



At 30 November 2024

2,985



Net book value



At 30 November 2024
1,957



At 30 November 2023
1,908

Page 7

 
REGARDCHANGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 December 2023
2,180,000


Disposals
(40,420)


Surplus on revaluation
(542,080)



At 30 November 2024
1,597,500

The 2024 valuations were made by external advisors and reviewed by the director, using her knowledge and experience,, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
-
536,915

-
536,915


6.


Debtors

2024
2023
£
£


Prepayments and accrued income
2,330
3,577

2,330
3,577



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
176,261
50,520

176,261
50,520


Page 8

 
REGARDCHANGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
550
-

Corporation tax
29,957
4,873

Other taxation and social security
1,783
1,270

Other creditors
195,431
5,669

Accruals and deferred income
4,558
9,874

232,279
21,686



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
-
238,391

-
238,391



10.


Deferred taxation




2024


£






At beginning of year
(321,432)


Charged to profit or loss
129,308



At end of year
(192,124)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Investment property unrealised valuation gains
(192,124)
(321,432)

(192,124)
(321,432)


11.


Share capital

2024
2023
Page 9

 
REGARDCHANGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

11.Share capital (continued)

£
£
Authorised, allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



12.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve represents the cumulative value of the revaluations of the company's investment properties to fair value, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided on these fair value adjustments at the standard rate of corporation tax applicable in the UK.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


13.


Related party transactions

At the year end, the company owed the director(s) £195,430 (2023 : £5,669) in respect of an interest-free director's loan account. The loan is unsecured.
 

 
Page 10