Registration number: 12316315

EW-Change Ltd

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

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 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	1,017	984
Current assets
Stocks	6	39,100	33,668
Debtors	7	48,496	29,569
Current investments	5	70,500	-
Cash at bank and in hand		607	19,951
		158,703	83,188
Creditors: Amounts falling due within one year	8	(72,451)	(31,258)
Net current assets		86,252	51,930
Total assets less current liabilities		87,269	52,914
Provisions for liabilities		(254)	(246)
Net assets		87,015	52,668
Capital and reserves
Called up share capital		100	100
Retained earnings		86,915	52,568
Shareholders' funds		87,015	52,668

For the financial year ending 30 November 2025 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.

EW-Change Ltd

Statement of Financial Position as at 30 November 2025

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The directors of EW-Change Ltd have elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, s444.

Approved and authorised by the Board on 13 August 2026 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 2025

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 2025 and had net assets of £87,015 at that date, including £607 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.

EW-Change Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

EW-Change Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

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 (2024 - 4).

EW-Change Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 December 2024	5,711	5,711
Additions	787	787
At 30 November 2025	6,498	6,498
Depreciation
At 1 December 2024	4,727	4,727
Charge for the year	754	754
At 30 November 2025	5,481	5,481
Carrying amount
At 30 November 2025	1,017	1,017
At 30 November 2024	984	984

5	Current investments

	£
Current investments
Fair value
Additions	70,500
At 30 November 2025	70,500
Carrying amount
At 30 November 2025	70,500

6

Stocks

	2025 £	2024 £
Stock	39,100	33,668

EW-Change Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

7

Debtors

	2025 £	2024 £
Trade debtors	34,852	25,000
Other debtors	13,644	4,569
	48,496	29,569

8

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Taxation and social security	46,799	10,606
Accruals and deferred income	13,000	6,500
Other creditors	12,652	14,152
	72,451	31,258