Company registration number 12114563 (England and Wales)
SWITCH ENERGY NETWORK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
SWITCH ENERGY NETWORK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SWITCH ENERGY NETWORK LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
617
1,542
Tangible assets
4
6,881
13,929
7,498
15,471
Current assets
Stocks
228,222
60,000
Debtors
5
3,333,318
1,474,683
Cash at bank and in hand
826,276
518,170
4,387,816
2,052,853
Creditors: amounts falling due within one year
6
(2,602,187)
(1,081,085)
Net current assets
1,785,629
971,768
Total assets less current liabilities
1,793,127
987,239
Creditors: amounts falling due after more than one year
7
(38,443)
(58,333)
Provisions for liabilities
(2,647)
(2,647)
Net assets
1,752,037
926,259
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,751,037
925,259
Total equity
1,752,037
926,259

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

SWITCH ENERGY NETWORK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 April 2024 and are signed on its behalf by:
Mr T Eaglen
Director
Company registration number 12114563 (England and Wales)
SWITCH ENERGY NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

Switch Energy Network Limited is a private company limited by shares incorporated in England and Wales. The registered office is St Paul's House, 23 Park Square, Leeds, West Yorkshire, United Kingdom, LS1 2ND.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

 

Software
25% straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Fixtures and fittings
25% straight line
Computers
25% straight line
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items in other comprehensive income or directly in equity.

Current tax

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.

SWITCH ENERGY NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.7
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charge to the profit or loss in the period to which they relate.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 29 ( 2022 - 23 )

2023
2022
Number
Number
Total
29
23
3
Intangible fixed assets
Other
£
Cost
At 1 August 2022 and 31 July 2023
3,700
Amortisation and impairment
At 1 August 2022
2,158
Amortisation charged for the year
925
At 31 July 2023
3,083
Carrying amount
At 31 July 2023
617
At 31 July 2022
1,542
SWITCH ENERGY NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022
26,696
Additions
2,048
At 31 July 2023
28,744
Depreciation and impairment
At 1 August 2022
12,767
Depreciation charged in the year
9,096
At 31 July 2023
21,863
Carrying amount
At 31 July 2023
6,881
At 31 July 2022
13,929
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,213,072
1,034,260
Other debtors
2,120,246
440,423
3,333,318
1,474,683
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
21,050
20,000
Trade creditors
1,105,151
404,463
Corporation tax
490,574
220,369
Other taxation and social security
41,749
56,583
Other creditors
943,663
379,670
2,602,187
1,081,085
SWITCH ENERGY NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
38,443
58,333
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
288,000
432,000
9
Related party transactions

The following amounts were outstanding at the reporting end date:

£89,456 (2022 - £Nil) due from TOAN Limited, a corporate shareholder controlled by Directors of the company. Monies advanced are interest free with no set terms of repayment.

 

The company receives assistance with its short term cash flow through monies advanced by Scarborough House Limited, a corporate shareholder controlled by a Director of the company. At the year end an amount of £921,061 (2022 - £Nil) was due to Scarborough House Limited. Interest is payable on the monies advanced at a commercial rate.

 

Monies advanced to a Director in a prior year were repaid in the period.

2023-07-312022-08-01false15 April 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr J L WileyMr G HellierMr R J GillMr Eaglenfalsefalse121145632022-08-012023-07-31121145632023-07-31121145632022-07-3112114563core:IntangibleAssetsOtherThanGoodwill2023-07-3112114563core:IntangibleAssetsOtherThanGoodwill2022-07-3112114563core:OtherPropertyPlantEquipment2023-07-3112114563core:OtherPropertyPlantEquipment2022-07-3112114563core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3112114563core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3112114563core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-3112114563core:Non-currentFinancialInstrumentscore:AfterOneYear2022-07-3112114563core:CurrentFinancialInstruments2023-07-3112114563core:CurrentFinancialInstruments2022-07-3112114563core:ShareCapital2023-07-3112114563core:ShareCapital2022-07-3112114563core:RetainedEarningsAccumulatedLosses2023-07-3112114563core:RetainedEarningsAccumulatedLosses2022-07-3112114563bus:Director42022-08-012023-07-3112114563core:IntangibleAssetsOtherThanGoodwill2022-08-012023-07-3112114563core:ComputerSoftware2022-08-012023-07-3112114563core:FurnitureFittings2022-08-012023-07-3112114563core:ComputerEquipment2022-08-012023-07-31121145632021-08-012022-07-3112114563core:IntangibleAssetsOtherThanGoodwill2022-07-3112114563core:OtherPropertyPlantEquipment2022-07-3112114563core:OtherPropertyPlantEquipment2022-08-012023-07-3112114563core:WithinOneYear2023-07-3112114563core:WithinOneYear2022-07-3112114563core:Non-currentFinancialInstruments2023-07-3112114563core:Non-currentFinancialInstruments2022-07-3112114563bus:PrivateLimitedCompanyLtd2022-08-012023-07-3112114563bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-3112114563bus:FRS1022022-08-012023-07-3112114563bus:AuditExemptWithAccountantsReport2022-08-012023-07-3112114563bus:Director12022-08-012023-07-3112114563bus:Director22022-08-012023-07-3112114563bus:Director32022-08-012023-07-3112114563bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP