Company registration number 05116525 (England and Wales)
CHANGE BOARD HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
PAGES FOR FILING WITH REGISTRAR
CHANGE BOARD HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr J W Carrick-Birtwell
Mr R Timmins
Company number
05116525
Registered office
201 Haverstock Hill
Belsize Park
London
United Kingdom
NW3 4QG
Accountants
AEL Markhams Ltd
Second Floor
201 Haverstock Hill
London
Belsize Park
UK
NW3 4QG
CHANGE BOARD HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
CHANGE BOARD HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 JULY 2025
31 July 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,033,396
634,150
Tangible assets
5
18,987
20,138
Investments
6
100
100
1,052,483
654,388
Current assets
Debtors - deferred tax
150,000
-
0
Debtors - other
7
237,717
303,580
Cash at bank and in hand
22,866
17,717
410,583
321,297
Creditors: amounts falling due within one year
9
(520,801)
(971,450)
Net current liabilities
(110,218)
(650,153)
Total assets less current liabilities
942,265
4,235
Creditors: amounts falling due after more than one year
8
(1,559,264)
(1,572,822)
Provisions for liabilities
10
(2,927)
(2,883)
Net liabilities
(619,926)
(1,571,470)
Capital and reserves
Called up share capital
148
129
Share premium account
1,839,206
1,095,225
Profit and loss reserves
(2,459,280)
(2,666,824)
Total equity
(619,926)
(1,571,470)
CHANGE BOARD HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2025
31 July 2025
- 2 -

For the financial year ended 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 4 November 2025 and are signed on its behalf by:
Mr J W Carrick-Birtwell
Director
Company registration number 05116525 (England and Wales)
CHANGE BOARD HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2023
125
881,475
(1,580,557)
(698,957)
Period ended 31 July 2024:
Loss and total comprehensive income
-
-
(1,086,267)
(1,086,267)
Issue of share capital
4
213,750
-
213,754
Balance at 31 July 2024
129
1,095,225
(2,666,824)
(1,571,470)
Year ended 31 July 2025:
Profit and total comprehensive income
-
-
207,544
207,544
Issue of share capital
19
743,981
-
744,000
Balance at 31 July 2025
148
1,839,206
(2,459,280)
(619,926)
CHANGE BOARD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
- 4 -
1
Accounting policies
Company information

Change Board Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 201 Haverstock Hill, Belsize Park, London, United Kingdom, NW3 4QG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Curriculum Development costs
10% on Cost
CHANGE BOARD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 5 -

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. Capitalised curriculum development costs included within other intangibles are amortised over ten years and tested for impairment,

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over the period of the lease
Fixtures and fittings
20% on reducing balance
Computer equipment
33% on reducing balance
Website and technology
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

CHANGE BOARD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 6 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CHANGE BOARD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 7 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
34
46
CHANGE BOARD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 8 -
4
Intangible fixed assets
Curriculum Development costs
£
Cost
At 1 August 2024
884,317
Additions
485,288
At 31 July 2025
1,369,605
Amortisation and impairment
At 1 August 2024
250,168
Amortisation charged for the year
86,041
At 31 July 2025
336,209
Carrying amount
At 31 July 2025
1,033,396
At 31 July 2024
634,150
5
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computer equipment
Website and technology
Total
£
£
£
£
£
Cost
At 1 August 2024
16,000
64,375
55,597
590,604
726,576
Additions
-
0
-
0
6,610
-
0
6,610
At 31 July 2025
16,000
64,375
62,207
590,604
733,186
Depreciation and impairment
At 1 August 2024
16,000
64,375
35,460
590,604
706,439
Depreciation charged in the year
-
0
-
0
7,760
-
0
7,760
At 31 July 2025
16,000
64,375
43,220
590,604
714,199
Carrying amount
At 31 July 2025
-
0
-
0
18,987
-
0
18,987
At 31 July 2024
-
0
-
0
20,138
-
0
20,138
6
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
100
100
CHANGE BOARD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 9 -
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
35,853
130,740
Other debtors
182,578
150,114
Prepayments and accrued income
19,286
22,726
237,717
303,580
Deferred tax asset (note )
150,000
-
0
387,717
303,580
8
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
117,600
168,000
Other borrowings
1,441,664
1,404,822
1,559,264
1,572,822

The bank loan is supported by a guarantee from the UK Government to the bank under the Coronavirus Business Interruption loan.

The bank loan bears interest of 3.5% per annum over base rate.

The other loan bears interest of 4% per annum fixed rate.

9
Creditors
2025
2024
Amounts falling due within one year:
£
£
Bank loans
84,000
84,000
Trade creditors
40,190
152,765
Taxation and social security
105,075
72,480
Deferred income
127,554
386,876
Other creditors
76,019
103,838
Accruals
87,963
171,491
520,801
971,450
10
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
2,927
2,883
CHANGE BOARD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 10 -
11
Related party transactions

Other creditors include an amount which is owed to the directors of the company amounting to £51,504.

2025-07-31 2024-08-01 false false false 04 November 2025 CCH Software CCH Accounts Production 2025.300 No description of principal activity Mr J W Carrick-Birtwell Mr R Timmins Ms C McElligott 05116525 2024-08-01 2025-07-31 05116525 bus:Director1 2024-08-01 2025-07-31 05116525 bus:Director2 2024-08-01 2025-07-31 05116525 bus:Director3 2024-08-01 2025-07-31 05116525 bus:RegisteredOffice 2024-08-01 2025-07-31 05116525 2025-07-31 05116525 2024-07-31 05116525 core:ComputerSoftware 2025-07-31 05116525 core:ComputerSoftware 2024-07-31 05116525 core:LandBuildings 2025-07-31 05116525 core:FurnitureFittings 2025-07-31 05116525 core:ComputerEquipment 2025-07-31 05116525 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2025-07-31 05116525 core:LandBuildings 2024-07-31 05116525 core:FurnitureFittings 2024-07-31 05116525 core:ComputerEquipment 2024-07-31 05116525 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-07-31 05116525 core:CurrentFinancialInstruments 2025-07-31 05116525 core:CurrentFinancialInstruments 2024-07-31 05116525 core:WithinOneYear 2025-07-31 05116525 core:WithinOneYear 2024-07-31 05116525 core:AfterOneYear 2025-07-31 05116525 core:AfterOneYear 2024-07-31 05116525 core:Non-currentFinancialInstruments 2025-07-31 05116525 core:Non-currentFinancialInstruments 2024-07-31 05116525 core:ShareCapital 2025-07-31 05116525 core:ShareCapital 2024-07-31 05116525 core:SharePremium 2025-07-31 05116525 core:SharePremium 2024-07-31 05116525 core:RetainedEarningsAccumulatedLosses 2025-07-31 05116525 core:RetainedEarningsAccumulatedLosses 2024-07-31 05116525 core:ShareCapital 2023-04-30 05116525 core:SharePremium 2023-04-30 05116525 core:RetainedEarningsAccumulatedLosses 2023-04-30 05116525 2023-04-30 05116525 core:RetainedEarningsAccumulatedLosses 2023-05-01 2024-07-31 05116525 2023-05-01 2024-07-31 05116525 core:RetainedEarningsAccumulatedLosses 2024-08-01 2025-07-31 05116525 core:ShareCapital 2023-05-01 2024-07-31 05116525 core:SharePremium 2023-05-01 2024-07-31 05116525 core:ShareCapital 2024-08-01 2025-07-31 05116525 core:SharePremium 2024-08-01 2025-07-31 05116525 core:IntangibleAssetsOtherThanGoodwill 2024-08-01 2025-07-31 05116525 core:ComputerSoftware 2024-08-01 2025-07-31 05116525 core:LandBuildings core:LongLeaseholdAssets 2024-08-01 2025-07-31 05116525 core:FurnitureFittings 2024-08-01 2025-07-31 05116525 core:ComputerEquipment 2024-08-01 2025-07-31 05116525 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-08-01 2025-07-31 05116525 core:ComputerSoftware 2024-07-31 05116525 core:ComputerSoftware core:ExternallyAcquiredIntangibleAssets 2024-08-01 2025-07-31 05116525 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-07-31 05116525 core:FurnitureFittings 2024-07-31 05116525 core:ComputerEquipment 2024-07-31 05116525 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-07-31 05116525 2024-07-31 05116525 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-07-31 05116525 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-08-01 2025-07-31 05116525 bus:PrivateLimitedCompanyLtd 2024-08-01 2025-07-31 05116525 bus:SmallCompaniesRegimeForAccounts 2024-08-01 2025-07-31 05116525 bus:FRS102 2024-08-01 2025-07-31 05116525 bus:AuditExemptWithAccountantsReport 2024-08-01 2025-07-31 05116525 bus:FullAccounts 2024-08-01 2025-07-31 xbrli:pure xbrli:shares iso4217:GBP