Company Registration No. 12488891 (England and Wales)
Switch EV Ltd
Unaudited accounts
for the year ended 31 December 2023
Switch EV Ltd
Company Information
for the year ended 31 December 2023
Directors
Dr Marc Mültin
Michael Wiehl
Company Number
12488891 (England and Wales)
Registered Office
86-90 Paul Street
Shoreditch
London
EC2A 4NE
Accountants
Barnes & Scott
86-90 Paul Street
Shoreditch
London
EC2A 4NE
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Switch EV Ltd for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Switch EV Ltd for the year ended
31 December 2023 as set out on pages
5 -
9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Switch EV Ltd, as a body, in accordance with the terms of our engagement letter dated 19 January 2022. Our work has been undertaken solely to prepare for your approval the accounts of Switch EV Ltd and state those matters that we have agreed to state to the Board of Directors of Switch EV Ltd, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Switch EV Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Switch EV Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Switch EV Ltd. You consider that Switch EV Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Switch EV Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Barnes & Scott
Chartered Accountants
86-90 Paul Street
Shoreditch
London
EC2A 4NE
4 April 2024
Switch EV Ltd
Statement of financial position
as at 31 December 2023
Intangible assets
73,662
95,222
Tangible assets
67,233
50,461
Cash at bank and in hand
1,649,185
58,466
Creditors: amounts falling due within one year
(278,232)
(328,417)
Net current assets
1,958,132
234,130
Total assets less current liabilities
2,124,362
379,813
Creditors: amounts falling due after more than one year
(19,143)
(31,073)
Provisions for liabilities
Deferred tax
(13,149)
(7,247)
Net assets
2,092,070
341,493
Called up share capital
2
1
Share premium
7,958,235
2,978,236
Capital contribution reserve
445,304
154,298
Profit and loss account
(6,311,471)
(2,791,042)
Shareholders' funds
2,092,070
341,493
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by
Dr Marc Mültin
Director
Company Registration No. 12488891
Switch EV Ltd
Notes to the Accounts
for the year ended 31 December 2023
Switch EV Ltd is a private company, limited by shares, registered in England and Wales, registration number 12488891. The registered office is 86-90 Paul Street, Shoreditch, London, EC2A 4NE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared in accordance with Section 1A of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small company regime.
The financial statements have been prepared on the historical cost convention. The principal accounting policies are set out below.
The accounts are presented in £ sterling.
The director considers the going concern basis to be appropriate having paid due regard to the company's projected results during the twelve months from the date the financial statements are approved and anticipated cash flows, availability of financing facilities and mitigating actions that can be taken during the period.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
5 Years
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
Switch EV Ltd
Notes to the Accounts
for the year ended 31 December 2023
Expenditure on research and development is written off in the year in which it is incurred.
Staff Share Option Scheme
A staff share option scheme is in place. This is an equity settled scheme that is available to all staff members via an EMI scheme for employees or an unapproved option scheme for contractors.
At the period end there were 191,587 options in issue, with 123,545 having vested. The company has entered a debit of £291k through the profit and loss account, being the estimated fair value of the net movement in share options this year.
The number and weighted average exercise prices for the options are as follows:
(i) outstanding at the beginning of the period - 183,600 share options at £0.005 exercise price each;
(ii) granted during the period - 17,800 shares at £1.09 exercise price each;
(iii) forfeited during the period - 9,812 shares at £0.0114 exercise price each;
(iv) exercised during the period - Nil;
(v) expired during the period - Nil;
(vi) outstanding at the end of the period - 191,587 share options at £0.114 exercise price each; and
(vii) exercisable at the end of the period - 123,545 shares at £0.11 exercise price each.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Other
At 31 December 2023
107,799
Charge for the year
21,560
At 31 December 2023
34,137
At 31 December 2023
73,662
At 31 December 2022
95,222
Switch EV Ltd
Notes to the Accounts
for the year ended 31 December 2023
5
Tangible fixed assets
Computer equipment
At 31 December 2023
92,753
Charge for the year
15,634
At 31 December 2023
25,520
At 31 December 2023
67,233
At 31 December 2022
50,461
6
Investments
Subsidiary undertakings
Valuation at 1 January 2023
-
Valuation at 31 December 2023
25,335
Amounts falling due within one year
Trade debtors
73,694
146,401
Amounts due from group undertakings etc.
131,659
-
Accrued income and prepayments
32,302
19,145
Amounts falling due after more than one year
Other debtors
296,170
10,080
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
12,000
12,000
Trade creditors
17,554
135,710
Taxes and social security
155,688
92,761
Other creditors
7,455
5,040
Switch EV Ltd
Notes to the Accounts
for the year ended 31 December 2023
9
Creditors: amounts falling due after more than one year
2023
2022
10
Operating lease commitments
2023
2022
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
72,900
67,500
At year end an amount of £1,685 was owed by the director of the company (2022 owed by director: £2,070).
12
Average number of employees
During the year the average number of employees was 25 (2022: 23).