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REGISTERED NUMBER: 06114080 (England and Wales)

























Financial Statements

for the Year Ended 31 July 2023

for

Switchstone Limited

Switchstone Limited (Registered number: 06114080)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Switchstone Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: J M Elmes
Mrs A Elmes





SECRETARY: Mrs A Elmes





REGISTERED OFFICE: The Old Post Office
41-43 Market Place
Chippenham
Wiltshire
SN15 3HR





REGISTERED NUMBER: 06114080 (England and Wales)





ACCOUNTANTS: Mander Duffill
Chartered Accountants
The Old Post Office
41-43 Market Place
Chippenham
Wiltshire
SN15 3HR

Switchstone Limited (Registered number: 06114080)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,772 8,658
Tangible assets 5 85,425 97,947
91,197 106,605

CURRENT ASSETS
Stocks 209,000 145,000
Debtors 6 162,125 206,137
Cash at bank 688,034 374,052
1,059,159 725,189
CREDITORS
Amounts falling due within one year 7 694,453 374,472
NET CURRENT ASSETS 364,706 350,717
TOTAL ASSETS LESS CURRENT
LIABILITIES

455,903

457,322

CREDITORS
Amounts falling due after more than one
year

8

(58,463

)

(92,030

)

PROVISIONS FOR LIABILITIES (21,481 ) (11,864 )
NET ASSETS 375,959 353,428

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 375,659 353,128
SHAREHOLDERS' FUNDS 375,959 353,428

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Switchstone Limited (Registered number: 06114080)

Balance Sheet - continued
31 July 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 February 2024 and were signed on its behalf by:




J M Elmes - Director



Mrs A Elmes - Director


Switchstone Limited (Registered number: 06114080)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Switchstone Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance, 25% on cost and 20% on reducing balance

Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture or completion.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Switchstone Limited (Registered number: 06114080)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 August 2022 22,535
Disposals (8,105 )
At 31 July 2023 14,430
AMORTISATION
At 1 August 2022 13,877
Charge for year 2,886
Eliminated on disposal (8,105 )
At 31 July 2023 8,658
NET BOOK VALUE
At 31 July 2023 5,772
At 31 July 2022 8,658

Switchstone Limited (Registered number: 06114080)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022 175,131
Additions 18,563
At 31 July 2023 193,694
DEPRECIATION
At 1 August 2022 77,184
Charge for year 31,085
At 31 July 2023 108,269
NET BOOK VALUE
At 31 July 2023 85,425
At 31 July 2022 97,947

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 August 2022
and 31 July 2023 71,337
DEPRECIATION
At 1 August 2022 17,834
Charge for year 13,376
At 31 July 2023 31,210
NET BOOK VALUE
At 31 July 2023 40,127
At 31 July 2022 53,503

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 159,045 122,427
Other debtors 3,080 83,710
162,125 206,137

Switchstone Limited (Registered number: 06114080)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade creditors 425,410 196,001
Other creditors 269,043 178,471
694,453 374,472

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Other creditors 58,463 92,030