Damaged iphone4 exchange at apple store?

I'm wondering if apple store will exchange my damaged iphone4 for a new one. I heard that they take £120 and your old iphone and give you same 1- brand new. Is it true even if my iphone's screen and back side are very smashed… But still working.p.s. No insurance.

They will only do this if your warranty is still intact

They won't exchange a damaged one. But if you have a faulty product, under warranty, they replace without ant fuss.