Registered number
10221454
Switch MK Ltd
Filleted Accounts
30 June 2023
Switch MK Ltd
Registered number: 10221454
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 225,000 225,000
Current assets
Cash at bank and in hand 816 -
Creditors: amounts falling due within one year 5 (57,809) (55,662)
Net current liabilities (56,993) (55,662)
Total assets less current liabilities 168,007 169,338
Creditors: amounts falling due after more than one year 6 (186,588) (180,019)
Net liabilities (18,581) (10,681)
Capital and reserves
Called up share capital 2 2
Profit and loss account (18,583) (10,683)
Shareholder's funds (18,581) (10,681)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs D. Reay
Director
Approved by the board on 2 February 2024
Switch MK Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2022 225,000
At 30 June 2023 225,000
Depreciation
At 30 June 2023 -
Net book value
At 30 June 2023 225,000
At 30 June 2022 225,000
4 Investments held as current assets 2023 2022
£ £
Fair value
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments - 32,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 2,755
Taxation and social security costs 6,080 6,080
Other creditors 51,729 46,827
57,809 55,662
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 186,588 180,019
7 Other information
Switch MK Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 29 Highcroft Industrail Estate
Enterprise Road
Horndean
Waterlooville
PO8 0BT
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