10 false false false false false false false false false false true false false false false false false No description of principal activity 2022-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 115,656 115,655 1 1 xbrli:pure xbrli:shares iso4217:GBP 05173031 2022-09-01 2023-08-31 05173031 2023-08-31 05173031 2022-08-31 05173031 2021-09-01 2022-08-31 05173031 2022-08-31 05173031 2021-08-31 05173031 core:NetGoodwill 2022-09-01 2023-08-31 05173031 core:LandBuildings core:ShortLeaseholdAssets 2022-09-01 2023-08-31 05173031 core:PlantMachinery 2022-09-01 2023-08-31 05173031 bus:Director3 2022-09-01 2023-08-31 05173031 core:NetGoodwill 2023-08-31 05173031 core:PlantMachinery 2022-08-31 05173031 core:LandBuildings 2023-08-31 05173031 core:PlantMachinery 2023-08-31 05173031 core:LandBuildings 2022-09-01 2023-08-31 05173031 core:WithinOneYear 2023-08-31 05173031 core:WithinOneYear 2022-08-31 05173031 core:AfterOneYear 2023-08-31 05173031 core:AfterOneYear 2022-08-31 05173031 core:ShareCapital 2023-08-31 05173031 core:ShareCapital 2022-08-31 05173031 core:CapitalRedemptionReserve 2023-08-31 05173031 core:CapitalRedemptionReserve 2022-08-31 05173031 core:RetainedEarningsAccumulatedLosses 2023-08-31 05173031 core:RetainedEarningsAccumulatedLosses 2022-08-31 05173031 core:BetweenOneFiveYears 2023-08-31 05173031 core:BetweenOneFiveYears 2022-08-31 05173031 core:MoreThanFiveYears 2023-08-31 05173031 core:MoreThanFiveYears 2022-08-31 05173031 core:NetGoodwill 2022-08-31 05173031 bus:SmallEntities 2022-09-01 2023-08-31 05173031 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 05173031 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 05173031 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 05173031 bus:FullAccounts 2022-09-01 2023-08-31 05173031 core:OfficeEquipment 2022-09-01 2023-08-31 05173031 core:OfficeEquipment 2022-08-31 05173031 core:OfficeEquipment 2023-08-31 05173031 core:KeyManagementPersonnel 2022-09-01 2023-08-31
COMPANY REGISTRATION NUMBER: 05173031
Switchgear Technology Limited
Filleted Unaudited Financial Statements
31 August 2023
Switchgear Technology Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
1
1
Tangible assets
6
47,433
2,676
--------
-------
47,434
2,677
Current assets
Stocks
31,003
24,465
Debtors
7
550,747
79,585
Cash at bank and in hand
107,006
100,248
----------
----------
688,756
204,298
Creditors: amounts falling due within one year
8
527,185
121,482
----------
----------
Net current assets
161,571
82,816
----------
--------
Total assets less current liabilities
209,005
85,493
Creditors: amounts falling due after more than one year
9
10,500
31,500
Provisions
Taxation including deferred tax
3,334
----------
--------
Net assets
195,171
53,993
----------
--------
Capital and reserves
Called up share capital
36
36
Capital redemption reserve
67
67
Profit and loss account
195,068
53,890
----------
--------
Shareholders funds
195,171
53,993
----------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Switchgear Technology Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 31 October 2023 , and are signed on behalf of the board by:
L G Fagan
Director
Company registration number: 05173031
Switchgear Technology Limited
Notes to the Financial Statements
Year Ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 3, Independent House, Independent Business Park, Imberhorne Lane, East Grinstead, West Sussex, RH19 1TU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover in the profit and loss account represents the value of goods sold during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date .
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short Leasehold Improvements
-
10% straight line
Plant & Machinery
-
33% straight line
Office Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 7 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
115,656
----------
Amortisation
At 1 September 2022 and 31 August 2023
115,655
----------
Carrying amount
At 31 August 2023
1
----------
At 31 August 2022
1
----------
6. Tangible assets
Land and buildings
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 September 2022
14,695
10,790
25,485
Additions
32,309
9,750
9,986
52,045
Disposals
( 143)
( 2,735)
( 2,878)
--------
--------
--------
--------
At 31 August 2023
32,309
24,302
18,041
74,652
--------
--------
--------
--------
Depreciation
At 1 September 2022
14,695
8,114
22,809
Charge for the year
2,423
2,167
2,698
7,288
Disposals
( 143)
( 2,735)
( 2,878)
--------
--------
--------
--------
At 31 August 2023
2,423
16,719
8,077
27,219
--------
--------
--------
--------
Carrying amount
At 31 August 2023
29,886
7,583
9,964
47,433
--------
--------
--------
--------
At 31 August 2022
2,676
2,676
--------
--------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
353,845
44,605
Other debtors
196,902
34,980
----------
--------
550,747
79,585
----------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,000
6,000
Trade creditors
377,613
37,065
Corporation tax
59,870
33,722
Social security and other taxes
13,955
5,557
Other creditors
69,747
39,138
----------
----------
527,185
121,482
----------
----------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
10,500
16,500
Other creditors
15,000
--------
--------
10,500
31,500
--------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
27,000
13,500
Later than 1 year and not later than 5 years
108,000
108,000
Later than 5 years
114,750
141,750
----------
----------
249,750
263,250
----------
----------
11. Related party transactions
The company was under the control of the board of directors throughout the current and previous year.