REGISTERED NUMBER: 04249433 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Changeover Limited

Trading as

Moovies Distribution

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J R Elliott

Mrs A J Elliott

L C Hamilton

SECRETARIES:

Mrs J West

Mrs H J Priestley

J J Elliott

Miss S Elliott

N J Elliott

Mrs S Hamilton

REGISTERED OFFICE:

9 St George's Yard

Farnham

Surrey

GU9 7LW

REGISTERED NUMBER:

04249433 (England and Wales)

ACCOUNTANTS:

Blackwood Futcher & Co.

Chartered Accountants

9 St George's Yard

Farnham

Surrey

GU9 7LW

FIXED ASSETS

Intangible assets

4

16,682

3,746

Tangible assets

5

144,818

66,037

Investments

6

200

200

161,700

69,983

CURRENT ASSETS

Stocks

1,276,297

810,108

Debtors

7

1,248,793

852,234

Cash at bank

424,456

614,188

2,949,546

2,276,530

CREDITORS

Amounts falling due within one year

8

1,345,703

1,110,967

NET CURRENT ASSETS

1,603,843

1,165,563

TOTAL ASSETS LESS CURRENT LIABILITIES

1,765,543

1,235,546

PROVISIONS FOR LIABILITIES

30,327

13,847

NET ASSETS

1,735,216

1,221,699

CAPITAL AND RESERVES

Called up share capital

1,000

500

Retained earnings

1,734,216

1,221,199

SHAREHOLDERS' FUNDS

1,735,216

1,221,699

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

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

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 2 June 2025 and were signed on its behalf by:

J R Elliott - Director

1.	STATUTORY INFORMATION

Changeover Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the distribution of motion pictures and videos, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity.

Development costs

Development costs have been written off on a straight line basis over their expected useful life of 3 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

10% on cost

Plant and machinery etc

-

20% - 33.33% on cost, 20% on cost, 10% on cost and not provided

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

372,987

Additions

26,400

At 31 December 2024

399,387

AMORTISATION

At 1 January 2024

369,241

Charge for year

13,464

At 31 December 2024

382,705

NET BOOK VALUE

At 31 December 2024

16,682

At 31 December 2023

3,746

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

39,772

752,379

792,151

Additions

14,593

91,431

106,024

At 31 December 2024

54,365

843,810

898,175

DEPRECIATION

At 1 January 2024

39,772

686,342

726,114

Charge for year

1,094

26,149

27,243

At 31 December 2024

40,866

712,491

753,357

NET BOOK VALUE

At 31 December 2024

13,499

131,319

144,818

At 31 December 2023

-

66,037

66,037

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

200

NET BOOK VALUE

At 31 December 2024

200

At 31 December 2023

200

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

480,024

347,386

Other debtors

768,769

504,848

1,248,793

852,234

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

187

-

Trade creditors

988,104

767,063

Taxation and social security

309,139

221,497

Other creditors

48,273

122,407

1,345,703

1,110,967

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

£

J R Elliott

Balance outstanding at start of year

76,411

93,343

Amounts advanced

87,727

76,411

Amounts repaid

(95,012

)

(93,343

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

69,126

76,411

L C Hamilton

Balance outstanding at start of year

2,859

2,372

Amounts advanced

1,563

2,859

Amounts repaid

(2,859

)

(2,372

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,563

2,859

Mrs A J Elliott

Balance outstanding at start of year

52,500

65,137

Amounts advanced

70,928

52,500

Amounts repaid

(54,303

)

(65,137

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

69,125

52,500

No interest was paid during the year on these balances.

10.	RELATED PARTY DISCLOSURES

During the year under review the company made sales totalling £Nil (2023 - £23,834), on an arms length basis, to Deff Limited, a company in which the company directors have a material interest.

At the balance sheet date the company was owed an amount of £15,339 (2023 - £9,244) by Deff Limited, a company in which the directors have a material interest.

At the balance sheet date the company was owed an amount of £163,364 (2023 - £175,766) by Go Direct (Europe) Limited, a company in which the directors have a material interest.