Registered number
13515668
Switch Financial Network Ltd
Filleted Accounts
31 July 2023
Switch Financial Network Ltd
Registered number: 13515668
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 585 1,167
Current assets
Cash at bank and in hand 7,020 10,000
Creditors: amounts falling due within one year 4 (18,681) (17,125)
Net current liabilities (11,661) (7,125)
Net liabilities (11,076) (5,958)
Capital and reserves
Called up share capital 100 100
Profit and loss account (11,176) (6,058)
Shareholders' funds (11,076) (5,958)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 T Griffiths
Director
Approved by the board on 10 April 2024
Switch Financial Network Ltd
Notes to the Accounts
for the year ended 31 July 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).
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, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 1,749
At 31 July 2023 1,749
Depreciation
At 1 August 2022 582
Charge for the year 582
At 31 July 2023 1,164
Net book value
At 31 July 2023 585
At 31 July 2022 1,167
4 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors 18,681 17,125
5 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mrs T Griffiths - 15,095 (85) 15,010
Mr E Culley - 1,174 (15) 1,159
- 16,269 (100) 16,169
6 Related party transactions
Included within other creditors is the amount of £17,752 (2022 - £15,010) owed to Mrs T Griffiths and £928 (2022 - £1,158) owed to Mr E Culley. This amount is undated, unsecured, interest free and repayable upon demand.
7 Other information
Switch Financial Network Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 The Briars
Waterberry Drive
Waterlooville
Hampshire
PO7 7YH
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